Share this article
Eqonex Names Former Head of Binance UK Jonathan Farnell CEO
The move is part of an agreement that the lender signed with Bifinity, a new Binance entity.
Updated May 11, 2023, 4:01 p.m. Published Mar 17, 2022, 11:12 a.m.
Eqonex (EQOS), the parent company of crypto custodian Digivault, has appointed Jonathan Farnell as its new CEO. Farnell is the former head of cryptocurrency exchange Binance's U.K. operations.
- Digivault last year became the first crypto custody firm to win regulatory approval from the U.K.'s Financial Conduct Authority (FCA).
- Last week, Binance launched fiat-to-crypto payments provider Bifinity, through which it will provide a convertible loan to Eqonex. A convertible loan is one that under certain conditions can be converted into an equity stake.
- As part of the terms of the arrangement, Binance was given the right to appoint the CEO, chief financial officer and chief legal officer of Eqonex from within Bifinity.
- Last year, Eqonex CEO Richard Byworth stepped down from the company as it held talks over a potential merger or takeover. Byworth was replaced by Chief Operating Officer Andrew Eldon on an interim basis, Eqonex said at the time.
- As Digivault is an FCA-registered firm, the watchdog issued a statement acknowledging its awareness of Digivault's relationship with Binance. The FCA has previously voiced concerns about Binance.
- "The FCA did not have powers to assess the fitness and propriety of the new beneficial owners or the change in control before the transaction was completed," the agency said. It is unclear whether the FCA plans to take any further action.
Advertentie
Read more: Eqonex CEO Steps Down Amid Talks of Potential Merger Options
STORY CONTINUES BELOW
Mis geen enkel verhaal.Abonneer je vandaag nog op de Crypto Daybook Americas Nieuwsbrief. Bekijk Alle Nieuwsbrieven
Más para ti
Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
Lo que debes saber:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
Más para ti
Top Stories
