Boris Johnson’s brother quits his job as an advisor to Binance.
Binance announced on Monday that Jo Johnson, the brother of former British Prime Minister Boris Johnson, had quit the UK advisory board of its unit. This comes as the cryptocurrency industry prepares for more pain in the wake of last month’s FTX fiasco.
The Telegraph, which broke the news of Johnson’s departure, said that he became an adviser for Bifinity in September. Bifinity is a payments technology company that Binance started in March of this year.
After Binance rival FTX filed for bankruptcy last month due to a lack of cash, celebrities and other well-known crypto supporters tried to distance themselves from the new asset class.
Related: A data firm says that $1.9 billion was taken out of Binance in 24 hours.
Binance, a crypto exchange, said that Johnson might have stepped down to handle his workload.
“Lord Johnson recently became the Executive Chairman of FutureLearn. He will focus on his new job on the digital learning platform and try to cut down on other things, Binance said in a message sent by email.
Reuters asked Johnson’s spokesperson for a comment, but they didn’t answer.
In October, Reuters said that Binance had looked for ways to avoid being watched by regulators in Britain. Last year, the country’s Financial Conduct Authority (FCA) also said that Binance did not have any permission to offer services regulated by Britain.