London，UK-July 22,2022
SMARTCHAIN DEFI, a one-stop LaaS DeFi protocol provider, announced the appointment of Jonathan Farnell as its new Chief Compliance Officer. Jonathan Farnell is the former head of Binance UK, a cryptocurrency exchange.
Farnell served as compliance director of eToro Money UK, board member and compliance director of eToroX. He has a deep background in financial services and co-founded EMI, which is based in the UK and was acquired by eToro Group in 2019. His rich experience in electronic money and cryptocurrency regulation and his focus on creating exciting new products for users will strength the ability of SMARTCHAIN DEFI’s fast-growing compliance team.
Jonathan Farnell commented, “Putting users first, SMARTCHAIN DEFI has a culture that promotes innovation and promotes the creation of game-changing products. My work will focus on helping SMARTCHAIN DEFI develop these products and promoting further regulatory compliance and the development of regulated products in Europe. ”
“My role will also focus on the continuous cooperation with regulatory authorities and partners, as well as keeping up with the ever-changing demand in the changing cryptocurrency ecosystem in the monetary ecosystem. The crypto industry is developing rapidly and facing unique challenges. I look forward to helping SMARTCHAIN DEFI grow in its next stage of development.
SMART CHAIN DEFI’s brand display in Times Square, New York. The company has made a series of brand promotion plans in the near future.
Emin Sirer, director of SMARTCHAIN DEFI Foundation, added: “Jonathan is a very accomplished compliance professional. He brings important expertise in the development of regulated products, which will be a great asset for SMARTCHAIN DEFI. We are committed to fulfilling our compliance obligations in any place where we operate. Jonathan’s joining is an important step in the development of our team. ”
Ross Sandler, an analyst at Bank of Barclays(Barclays: BARC, NYSE：BCS), pointed out that SMARTCHAIN DEFI had received Series A financing of $16 million led by Binance LABS in May. This personnel adjustment will most likely be as part of the shareholding agreement. Binance has the right to appoint the CEO, CFO and Chief Compliance Officer of SMARTCHAIN DEFI.
On July 21st, the day before this appointment, the UK Treasury issued the draft digital assets legislation. These rules were introduced in the turbulent process of the encryption market. Many well-known crypto enterprises closed down and about $2 trillion left the industry. The regulations also follow the British government’s promise to turn the country into a cryptocurrency center before the cabinet resigned and threatened to shelve the regulatory scheme.
The company is likely to make this personnel adjustment in order to obtain the cryptocurrency license approved by The U.K.’ s Financial Conductor Authority (FCA), which also reflects Binance’s support for the quasi-unicorn enterprise with the current valuation of $300 million for its compliance and capitalization and a series of subsequent routes.
Jonathan Farnell biography
Jonathan has worked in financial services for more than 20 years, specializing in electronic money, payment and cryptocurrency supervision. He is the co-founder of Arro Money, an EMI based in the UK, which was acquired by eToro Group in 2019. During his time at eToro, Jonathan held several senior positions, including the compliance director of eToro Money. There, he advised the group to develop electronic money services in the UK, EU and Southeast Asia. He is also a board member and operations director of eToroX. eToroX is the DLT crypto exchange and managed wallet provider of the group in Gibraltar.
About SMARTCHAIN DEFI
SMARTCHAIN DEFI is a DeFi protocol that provides one-stop LaaS. Its idea is that tokens should get better liquidity on the chain in an effective and lasting way. SMARTCHAIN DEFI is deployed on BNB Chain to provide liquidity services for Pancakeswap and more than 10 contracts. It manages over $200 million in liquidity from well-known institutions and over 80,000 individual liquidity providers. The ultimate goal of SMARTCHAIN DEFI is to help every partner and token enjoy the liquidity in the chain.
