🌐Former UK Prime Minister’s Brother Jo Johnson Resigns From Binance Advisory Role🌐

TheDinarian

News • Business • Investing & Finance

December 19, 2022

Jo Johnson, brother of former UK Prime Minister Boris Johnson, resigned from his advisory role at Binance's subsidiary firm Bifinity.

Joseph Edmund Johnson or Jo Johnson, the brother of former UK Prime Minister Boris Johnson, has resigned from his position as an advisor to a subsidiary firm of the Binance crypto exchange. The subsidiary in question is a Binance-founded payment tech company called Bifinity.

Jo Johnson Quits Binance

The Binance-powered Bifinity, which was established in March of this year, includes Joseph Johnson on its advisory board. He had been in that role since September, but according to a major media outlet, Johnson resigned last week as a result of growing demands for transparency from Binance.

The 50-year-old member of the House of Lords of the United Kingdom, was quoted as saying:

I stepped down from the advisory board last week and have no role with it [or] any related entity.

This development comes at a time when the crypto giant is facing trouble gaining regulatory approval to launch operations in the United Kingdom.

Binance’s Growing Legal Issues

Earlier, in June of this year, authorities in the UK prohibited the Binance exchange from providing any kind of financial services. As according to the United Kingdom’s Financial Conduct Authority, the company in question did not have the appropriate authorization to provide regulated services anywhere within the country’s borders.

Only in November of this year, Binance began the process of applying for the appropriate regulatory permits from official authoritative bodies.

Additionally, the company is dealing with a possible indictment by the United States Department of Justice as the government body is considering filing criminal charges against Binance for violating anti-money laundering laws.

About Binance’s Bifinity

According to Binance, Bifinity is a fintech company that connects businesses, merchants and millions of users to the world of crypto and blockchain.

Led by Helen Hai, Bifinity’s President, the platform currently supports over 50 cryptocurrencies and all major payment methods, including VISA, Mastercard and more.

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Advanced Security Tooling: Projects can enhance their security self-serve through complimentary or discounted access to specialized tooling, which provide vulnerability detection and formal verification capabilities (see full list of available tooling). These tools are encouraged to capture ‘easy-to-spot’ issues prior to audit as well as a final check post-audit to increase the effectiveness and thoroughness of audits.
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If you're already funded through the Stellar Community Fund, meet the criteria and ready to secure your smart contracts, check your email for an invitation to submit an audit request–if you haven’t received one, contact [email protected].

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Santander’s involvement could extend beyond an individual initiative. The bank is a shareholder in The Clearing House, where the Wall Street Journal reported that US banks are exploring the potential to create a joint stablecoin. If a US initiative took that route it could involve nine more G-SIBs including Bank of America, Barclays, BMO, BNY Mellon, Citi, HSBC, JP Morgan, TD Bank and Wells Fargo.

Apart from these initiatives, our research shows that more than 20 other banks have been involved in stablecoin projects.

Until recently stablecoins were mainly used to settle cryptocurrency transactions and by residents in countries with volatile domestic currencies. During the last year stablecoin infrastructure has been expanding, especially for mainstream cross border payments. Plus, President Trump issued an executive order prioritizing stablecoins. One of the administration’s motivations is this increases demand for US Treasuries, lowering the interest rate the government pays on the Treasury bills.

Santander as an early digital assets mover

Santander’s stablecoin consideration builds on years of blockchain experience. The bank was an early Ripple investor and previously used Ripple’s permissioned network for payments (not XRP), while also embracing permissionless blockchain activities including issuing a digital bond on Ethereum in 2019. This dual approach led to collaborations with other major players – alongside Societe Generale FORGE and Goldman Sachs, Santander participated in the European Investment Bank’s first digital bond, also on Ethereum. Currently, the bank’s most significant digital money initiative involves Fnality, the wholesale blockchain-based settlement network, where Santander ranks among 20 institutional backers and is part of the early adopter group alongside Lloyds Bank and UBS.

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