Latest troubling news for Binance: Boris Johnson’s brother, Lord Johnson, apparently recently resigned from his role as advisor to the platform. The news was also reported by Watcher.Guru’s official Twitter account:
JUST IN: Former UK Prime Minister Boris Johnson's brother resigns from role as #Binance advisor.
— Watcher.Guru (@WatcherGuru) December 19, 2022
Sources reveal that Johnson will no longer be an advisor to the crypto exchange platform henceforth and that, according to official records, Lord Johnson of Marylebone had taken over the role at Binance as recently as September.
Boris Johnson’s brother: resignation and key role in Binance
The current state of cryptocurrencies is volatile, and industry challenges reportedly preceded the resignation of Boris Johnson‘s brother. In addition, Johnson’s key role in potentially helping launch Binance in the UK was highlighted.
As we know, it has been a difficult year for experts and investors in the cryptocurrency sphere. Indeed, the collapse of the widely known platform, FTX, has led to a number of challenges that the industry has seen unfold.
Now, with the criminal charges against FTX founder Sam Bankman-Fried, cryptocurrency platforms are being pushed to embrace transparency in the most honest way possible.
As a result of these obvious challenges and shortcomings, it was precisely reported that Boris Johnson’s brother, Jo, resigned from his position as an advisor to Binance. The decision was made known this week, after three months on the advisory board of a Binance subsidiary.
Apparently, awareness of the decision came as a result of increasing pressure on the transparency of Binance’s finances and a deepening crisis in the cryptocurrency industry. In addition, it was noted by the publication that Johnson’s role with the platform was driven by Binance’s desire to form a presence in the United Kingdom.
Johnson’s relationship with Binance: official statements
Officially, Johnson was an advisor to Bifinity, a payments company founded by Binance. He assumed the position alongside Lord Vaizey, who was previously the digital minister and a member of Binance’s global advisory board.
Importantly, these two additions to the Binance team were the result of efforts to build legitimacy with regulators over the past year. This followed the deterioration of the platform’s position with the Financial Conduct Authority last year. A position that led the FCA to block the launch of a UK division.
Johnson recently stated:
“I resigned from the advisory board last week and have no role with it or any related entity.”
In contrast, a Binance spokesperson shared that:
“Lord Johnson recently assumed the role of Executive Chairman of FutureLearn. He will focus on his new role within the digital learning platform and is looking to scale other businesses.”
More potential problems for Binance: deleted Proof of Reserve from the website
A few days ago Binance’s Proof of Reserve was deleted from the website. This was the recent news that created agitation among investors on the large exchange platform.
However, Changpeng Zhao, the CEO of Binance, has not yet made any official statement on the matter. Except for his confirmation in explaining that all investors should trust blockchains, as they are and always will be secure and reliable collectors of information.
It is important to note that recently, even in the wake of trust issues in the crypto world, Binance has been very committed to transparency. In fact, the platform has been precise in its communications with investors by making its crypto wallet addresses public.
In addition, CZ’s platform hired an outside accounting firm to substantiate the PoR that has since been removed, which covers a portion of its assets and liabilities, including details on financial data.
In fact, in the specific blog recently created by Binance on its website for communications in terms of transparency, it is stated:
“When we say Proof of Reserve, we are specifically referring to those assets that we hold in custody for users. This means that we are showing evidence and proof that Binance has funds covering all of our assets, as well as some reserves.”
In any case, the removal of Proof of Reserve from Binance’s website at this time may still mean nothing, as there is still no concrete information as to why it was removed.