Ex-head of Binance UK to become Eqonex CEO

NASDAQ-listed digital assets firm Eqonex has appointed a new chief as part of its strategic partnership with Binance’s newly-launched subsidiary Bifinity. The position will now be headed by the former Head of Binance UK and CEO of Bifinity Jonathan Farnell, the company announced in a Thursday press release.

Singapore-based company Equonex is the parent company of its UK-based crypto custodian subsidiary Digivault. Digivault became the first crypto custody firm to obtain an operating license from the UK’s financial watchdog Financial Conduct Authority (FCA).

In addition to Farnell, Eqonex has also provided Helen Hai, President of Bifinity, a seat at the company’s board of directors.

Chi-Won Yoon, EQONEX Chairman commented on the deal:

“Their appointments mark the next critical step in developing the Bifinity and EQONEX strategic partnership. I look forward to working with them closely to optimize our businesses and fulfil our joint vision to become a bridge between the old world of traditional finance and cryptocurrencies.”

The appointment came as part of Bifinity and Eqonex’s latest strategic partnership wherein Eqonex received a convertible loan worth $36 million from the custodian. Per the terms, Bifinity obtained the right to appoint the Chief Executive Officer, Chief Financial Officer, Chief Legal Officer of Eqonex, and two seats on the Eqonex’s Board of Directors from Bifinity.

The move will likely be closely monitored by the FCA which recently issued a statement warning that Binance may indirectly conduct unauthorized activities in the region through FCA-registered Digivault.

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