Eqonex (EQOS), the parent 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 would 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 had said at the time.

As Digivault is an FCA-registered firm, the watchdog issued a statement regarding its 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, however, whether or not the FCA plans to take any further action.


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