Binance Creates Board of Directors for the First Time

Crypto News– Binance Holdings, the company behind the renowned cryptocurrency exchange, has recently established a seven-member board of directors comprising both company insiders and independent professionals.

Binance Creates Board of Directors for the First Time

Heading the board is Gabriel Abed, the former Barbadian ambassador to the United Arab Emirates (UAE). Alongside Abed, the board boasts key figures such as Binance CEO Richard Teng, co-founder Heina Chen, Xin Wang, CEO of Bayview Acquisition Corp, Arnaud Ventura, managing partner at Gojo & Company, Roger Wang, and Rock He.

We are pleased to share that Binance has established a new Board of Directors, he Board consists of seven total Directors, three of whom are Independent Directors. We are proud to have some of the world’s strongest Web3 leaders advising our company as we enter our next chapter.

a spokesperson

This development marks a pivotal moment in Binance’s leadership structure, notably since Teng’s transition from his previous role overseeing regional markets to assuming the CEO position in November 2023. Notably, this shift coincided with the departure of former CEO Changpeng CZ Zhao, who resigned amidst a settlement agreement with U.S. authorities.

Under the terms of this agreement with the U.S. Justice Department, Treasury Department, and Commodity Futures Trading Commission, Binance consented to pay $4.3 billion in penalties. Additionally, CZ pleaded guilty to a felony charge linked to inadequate Anti-Money Laundering measures at the exchange. CZ’s sentencing is scheduled for April 30, while Binance still awaits further regulatory actions from the U.S. Securities and Exchange Commission.

Established in China in 2017, Binance swiftly rose to prominence as one of the premier cryptocurrency exchanges globally, spearheaded by Zhao’s leadership. Notably, Zhao’s approach maintained a decentralized structure for the firm’s operations and workforce.

With operational bases in the United Arab Emirates (UAE) for its Middle East and North Africa endeavors and in France to cater to its European clientele, Binance expanded its footprint across diverse regions.

Following its agreement with U.S. authorities, Binance was mandated to establish a board of directors comprising independent members along with compliance and audit committees. In a statement made in December 2023, Teng expressed his commitment to providing regular updates and reports to the newly formed board, highlighting the company’s dedication to transparency and compliance.