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Boris Johnson’s brother quits as special adviser to Binance

By Darius McQuaid

16:28, 21 December 2022

Conservative MP Jo Johnson, former minister and brother of Boris Johnson, is seen at the Houses of Parliament in London on 20 June, 2019
Johnson joined the company in September and sat on Bifinity’s UK advisory board - Photo: Getty Images

Jo Johnson, the brother of former British Prime Minister (PM) Boris Johnson, has stepped down from his advisory role at Bifinity, a payments technology company that Binance launched in March 2022.

The former Conservative MP for Orpington, now Lord Johnson of Marylebone, joined the company in September and sat on Bifinity’s UK advisory board, The Daily Telegraph reported.   

Commenting on the move, Binance, the world’s largest cryptocurrency exchange by trading volume, said: “Lord Johnson has recently taken on the role of executive chairman of FutureLearn. He will be focusing on his new role within the digital learning platform and is looking to scale back other activities.”

FutureLearn is a British digital education platform founded in December 2012.

Capital.com requested a comment from Johnson but did not immediately receive a reply.

BTC to USD 

Not the only lord to step down

Lord Edward Vaizey of Didcot, former minister for culture and Conservative MP for Wantage, has also now resigned from his post at Bifinity. He joined in September as well.

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67,048.80 Price
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Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
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Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
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3,507.04 Price
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Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

Bifinity

Bifinity offers application programming interface (API) integration for both mainstream and crypto merchants, and supports more than 50 cryptocurrencies, as well as major payment methods such as Visa and Mastercard.

It claims to connect “millions of users to the world of crypto and blockchain”.

Binance says merchants can use Bifinity’s APIs to get their business “crypto-ready and start accepting crypto payments”.

At the timer of its launch, Helen Hai, president of Bifinity said: “As the crypto and the Web 3.0 economy continue to grow, we see greater demand to build improved fiat-to-crypto on-ramps to bridge the gap between the traditional finance industry and the decentralised and centralised crypto economy.

“At Binance, the vision is to increase the freedom of money globally. With the launch of Bifinity, we aim to accelerate mass crypto adoption.”

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that Capital.com believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

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