Binance, the world's largest cryptocurrency exchange, took an important step towards restructuring and announced its first board of directors.
Binance Takes a Step towards Reform: Announces Its First Board of Directors
This development marks a significant milestone in Binance's efforts to revamp its operations after it was found guilty of money laundering and sanctions violations charges in the United States last year.
The newly formed board of directors is headed by Gabriel Abed, who previously served as Barbados' Ambassador to the United Arab Emirates.
Abed assumes the chairman role along with six other members, including CEO Richard Teng and three internal executives – Heina Chen, Jinkai He and Lilai Wang.
Adding an outside perspective, the board includes Arnaud Ventura, managing partner of investment firm Gojo & Co, and Bayview Acquisition Corp. Its CEO is Xin Wang. These appointments are documented on the Abu Dhabi Global Market website, effective March 7.
As integral members of Binance's founding team, Chen, He and Wang bring extensive experience to their roles at the exchange.
Chen currently holds a senior executive position and serves as a co-founder of Binance, while Wang spearheads the company's technological advancements. Wang has been instrumental in leading several key units, including fiat entry and exit.
However, this composition of the board, consisting mainly of insiders, has raised questions about the level of external oversight and regulatory expertise within Binance.
The formation of the board of directors by CEO Richard Teng, who took on the leadership role in November, shows that Binance has taken a proactive stance towards improving its corporate governance following the agreement with the US authorities.
Binance has yet to announce its global headquarters, a detail expected to emerge as part of its evolving corporate structure.
*This is not investment advice.