Binance’s regulatory challenges continue to mount, with the resignation of UK chief Jonathan Farnell this week in the wake of intensified crackdowns.
Farnell, who was CEO of Binance subsidiary Bifinity, departs as the exchange suspended new UK customer registrations last week per new marketing rules from the Financial Conduct Authority (FCA).
His exit follows a series of other executive resignations amid mounting regulatory pressure on Binance from agencies like the U.S. SEC. It deals another blow as Binance aims to gain an FCA-approved UK foothold.
Farnell led compliance at eToro before joining Binance in 2021 to navigate its UK regulatory strategy. But the FCA has taken an increasingly hard line, including banning Binance entirely in June 2021 over unapproved activity.
This October, the FCA blocked Binance’s marketing partner Rebuildingsociety.com from approving promotions, forcing the signup suspension. Ongoing FCA clashes have stifled Binance’s growth ambitions in the closely-watched UK crypto market.
With its UK chief now resigning after less than two years, Binance faces further uncertainty in a region where it once sought aggressive expansion. But determined regulators continue to stymie its plans.
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