Binance Forms Board of Directors for The First Time – Binance Holdings, the entity behind the cryptocurrency exchange bearing the same name, has established a seven-member board of directors comprising both company executives and independent individuals.
As per information on Binance’s official website, the chairmanship of the board now falls under Gabriel Abed, formerly the ambassador of Barbados to the United Arab Emirates (UAE). Among the other members are Binance CEO Richard Teng, Binance co-founder Heina Chen, CEO of Bayview Acquisition Corp Xin Wang, Managing Partner of Gojo & Company Arnaud Ventura, as well as Roger Wang and Rock He.
People Also Read: Binance Launches New Platform for VIP and Institutional Crypto Investors
This formation of the board marks one of the most notable changes to Binance’s leadership since Teng transitioned from leading regional markets to assume the role of CEO in November 2023. Former CEO Changpeng “CZ” Zhao stepped down from his position around the same period as part of a settlement agreement with United States authorities.
As part of an agreement with the U.S. Justice Department, Treasury, and Commodity Futures Trading Commission, Binance has consented to pay $4.3 billion in penalties, while CZ has pleaded guilty to one felony count linked to his failure in maintaining an effective Anti-Money Laundering program at the cryptocurrency exchange. Sentencing for Zhao is anticipated on April 30, while Binance remains subject to enforcement action from the U.S. Securities and Exchange Commission.
Established in China in 2017, Binance experienced remarkable growth to become one of the world’s largest cryptocurrency exchanges under the leadership of Zhao, who predominantly preserved the firm’s decentralized operations and personnel structure. Presently, the company conducts its Middle East and North Africa operations from the UAE and its European business from France.
People Also Read: FTX Former Execs and Promoters to Settle Class-Action Lawsuit for $1.3M
Following its agreement with U.S. authorities, Binance is required to establish a board of directors featuring independent members alongside compliance and audit committees. Teng declared in December 2023 his intention to report to this board, marking a notable shift in the company’s governance structure.
