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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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    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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    #Cryptocurrency

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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.
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