Jo Johnson, brother of former British Prime Minister Boris Johnson, has quit as an advisor to Bifinity, a payments technology company launched by Binance in March this year.

His resignation has come after Binance rival FTX filed for bankruptcy last month following a liquidity crunch.

Binance is a blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange.

FTX fiasco indicates that the cryptocurrency industry braces for further pain. However, Binance said that Johnson stepped down to manage his workload.

“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,” Binance said in an emailed statement.

A member of Parliament between 2010-2019, Johnson held prominent positions in Government under three Prime Ministers, including Head of the No10 Downing Street Policy Unit and Minister of State, attending Cabinet, for Universities, Science & Innovation.

Before entering Parliament, he worked at the Financial Times for 13 years, in various roles. He was a scholar at Balliol College, Oxford, where he received a first-class degree in Modern History in 1994. He also has an MBA from INSEAD and a licence spéciale from the Institut d'Etudes Européennes of the Université Libre de Bruxelles, where he was a Wiener Anspach Fellow.