Binance has established its first board of directors but has not yet chosen a site for its headquarters.
Binance appoints board of directors for the first time as regulatory crackdown intensifies.
The newly formed Board of Directors will be chaired by Gabriel Abed, former Barbadian Ambassador to the United Arab Emirates. The Board of Directors consists of seven members, including Binance CEO Richard Teng and other key executives including platform founding members Heina Chen, Jinkai He, and Lilai Wang.
Additionally, two external members will join the board: Arnaud Ventura, managing partner of Gojo & Co., and Xin Wang, CEO of Bayview Acquisition Corp. The development was officially confirmed on March 7, as reported by Bloomberg.
This strategic move is one of the earliest significant changes under Teng’s leadership, who took up the position in November. The exchange, which has yet to declare a fixed location for its global headquarters, sees the formation of this board as an important step in its ongoing transformation and compliance efforts.
The largest cryptocurrency exchanges have recently come under significant regulatory scrutiny. Following criminal charges and a $4 billion settlement in the United States, the exchange is also under scrutiny in other regions such as Nigeria and the Philippines. Most recently, the Philippine SEC sought to block the exchange for non-compliance with licensing requirements.