Compliance expert Jonathan Farnell, who served as Binance's UK chief before becoming head of subsidiary Bifinity, has left the company.
Binance's UK Chief Leaves Amid Increasing Regulatory Scrutiny
This development marks another high-profile departure within the company recently.
Farnell previously left his senior compliance role at Binance Europe in June.
“We thank Jonathan for his contributions and wish him success in his next challenge,” a Binance spokesperson said. However, Farnell is yet to comment on the matter.
This news comes at a time when regulatory pressure is increasing on Binance both in the United States, where it is at loggerheads with two regulators, and in the United Kingdom.
The Financial Conduct Authority's crackdown on cryptocurrencies, which came into force at the beginning of October, led Binance to stop new customer registrations in the UK last week.
Farnell played a key role in Binance's efforts to gain regulation in the United Kingdom.
Farnell, who joined the crypto exchange in 2021, moved from retail trading firm eToro to head compliance there.
Originally hired for a compliance-focused role, Farnell was later named head of Binance's UK operations.
In March 2022, Farnell took on the role of CEO at Bifinity, a newly launched payments initiative under Binance, while also remaining a director at Binance Markets Limited.
*This is not investment advice.
