New Binance’s Board of Directors Introduced With 7 Key Members

Key Points:

• Binance’s board of directors was appointed, signaling a strategic shift post-guilty plea to US charges.
• Gabriel Abed, former Barbados ambassador to the UAE, will lead the seven-member board.
• The move underscores Binance’s commitment to enhanced transparency under CEO Richard Teng’s leadership.

According to Bloomberg, Binance has unveiled its inaugural board of directors, marking a pivotal move for the world’s largest cryptocurrency exchange following its admission of guilt to US charges related to anti-money laundering and sanctions violations last year.

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Binance’s Board of Directors Were Appointed After Settlement With US Government

Heading the newly formed Binance’s board of directors is Gabriel Abed, the former ambassador of Barbados to the United Arab Emirates, who was appointed as chairman. Joining him are six others, including Chief Executive Officer Richard Teng and three internal executives – Heina Chen, Jinkai He, and Lilai Wang.

Additionally, Arnaud Ventura, managing partner at investment firm Gojo & Co, and Bayview Acquisition Corp. CEO Xin Wang round up the outside members. These appointments, effective on March 7, were confirmed via the Abu Dhabi Global Market website.

Chen, He, and Wang, considered among Binance‘s earliest employees and founders, bring extensive experience to the board. Chen currently holds a senior executive position and is a co-founder of the exchange, while Wang oversees technology development and He leads crucial operational units.

Move Signals Transparency Push Under New CEO

The move towards establishing Binance’s board of directors signals the exchange’s shift towards increased transparency and accountability under Teng’s leadership following the settlement with US authorities. However, concerns persist regarding the lack of independent members with robust financial risk and compliance backgrounds.

Since its inception in China in 2017, Binance has operated without a fixed headquarters, with founder Changpeng Zhao maintaining a decentralized approach. The exchange operates out of the UAE for its Middle East and North Africa operations and in France for its European business. Notably, Binance agreed to a $4.3 billion settlement in February and CZ pleading guilty to related charges.