Boris Johnson’s brother quits at Binance

Lord Johnson of Marylebonealso called John Johnsonwould have left his functions at Binance. The brother of Boris Johnson, former Prime Minister of the United Kingdom, announced that he had left the ship after the start of the storm which agitated the number one exchange platform.

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Leaving the Binance ship before a possible storm

Bitfinitya daughter company of Binance, would have been created in March 2022 following the advice of John Johnson. The company aims to convert fiat currencies (dollars, pounds sterling) into cryptocurrencies. Johnson reportedly held a position on the company’s advisory board for the past six months.

But after the FTX scandal, we must remain cautious. And if Binance is trying to show its credentials after dousing the fire with a little oil, the few turmoil of the last few days would have forced the brother of the former Prime Minister to leave its functions.

Jo Johnson leaves Binance

Because the withdrawal of the Mazars cabinet made noise. In effect, the audit firm withdrew from the files related to cryptocurrency exchanges of which Binance was a part. The general feeling changed very quickly from ” trust ” to ” mistrust “ vis-à-vis the exchange, which would have prompted Jo Johnson to resign, fearing a possible second case FTX.

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Time, work and goodwill

As the saying goes: “Do not sell the skin of the bear before killing it”. And nothing at the moment suggests that Binance is in the same situation as its former competitor. On the contrary, CZ would tend to do his utmost to prove that client funds are there and safe.

But the fall of the number two exchange has done a lot of damage to the ecosystem. And it is not surprising to see sudden departures appear when the turbulence is unfortunately present.
Lord Johnsonformer Minister of Universities, had joined the Board alongside Lord Vaizey, former Minister of Digital, when Binance announced its desire to strengthen its legitimacy with UK regulators. Many areas of concern about the transparency of the company had led to the creation of Bitfinity in order to be able to move forward hand in hand with the FCA (Financial Conduct Authority).

The trust vis-à-vis exchange platforms has been tarnished, whether with the general public, institutions or politicians. It will take weeks, and a lot of work on the part of the platforms, for the relationship to be healthy and constructive again.

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