Binance, the cryptocurrency exchange, has experienced another high-level departure from its UK office. Jonathan Farnell, the CEO of Binance subsidiary Bifinity and the UK chief, has resigned from the company. This comes after Binance announced a suspension of new customer registrations in the UK due to regulatory restrictions from the Financial Conduct Authority (FCA). There have been several other executive departures from Binance in recent times, including the managing director of its French unit. Farnell played a key role in Binance's efforts to become a regulated entity in the UK before leaving in late September. The FCA's strict regulations on crypto have caused challenges for Binance in the UK, including the blocking of its promotional partner, Rebuildingsociety.com. Binance is currently searching for a new FCA-authorized partner to approve its crypto promotions. The FCA's issues with Binance began in June 2021 when it banned the exchange from carrying out regulated activities in the UK. In March 2022, the FCA expressed concerns about Binance's tie-up with UK crypto firm Eqonex through Bifinity.
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