The world’s largest cryptocurrency exchange Binance Holdings Ltd. has named its first board of directors as a step to reshape itself after pleading guilty last year to US anti-money laundering and sanctions charges. Barbados’ former ambassador to the United Arab Emirates, Gabriel Abed, was named chairman of the board.
Who are the other six members?
In addition to Richard Teng serving as the Chief Executive Officer (CEO), three other company executives are on the board – Heina Chen, Jinkai He, and Lilai Wang. The other two outside members are Arnaud Ventura, managing partner at investment firm Gojo & Co, and Xin Wang, CEO of Bayview Acquisition Corp. According to the Abu Dhabi Global Market website, the appointments took effect on March 7.
Since Teng moved from his role as head of regional markets to CEO in November 2023, the formation of the board is likely one of the most significant changes to Binance’s leadership. At approximately the same time, Changpeng “CZ” Zhao resigned as CEO of Binance as part of a settlement agreement with United States authorities.
Binance paid $4.3 billion in penalties to the US Justice Department, Treasury Department and Commodity Futures Trading Commission as part of the deal and CZ pleaded guilty to one felony count for failing to implement an effective Anti-Money Laundering program. Zhao is scheduled to be sentenced on April 30 and Binance is still facing enforcement action from the US Securities and Exchange Commission (SEC).
Since it was founded in 2017, Binance has grown to be one of the world’s largest crypto exchanges under Zhao’s leadership, who kept the firm’s operations and personnel decentralized. It runs its Middle East and North Africa operations from the UAE, and its European operations from France.
Other details are yet to be disclosed
As part of the agreement with US authorities, Binance was required to have an independent board of directors, as well as audit and compliance committees. According to Teng, he intends to report to the board in December 2023.
Teng highlighted Binance’s commitment to financial freedom globally and ongoing investments in security and sustainability. Due to ongoing efforts to enhance compliance, users won’t have to worry about their funds being misappropriated.
Binance’s CEO said he wanted to establish a more corporate structure and name its headquarters and board of directors. Even though it started in China, the exchange hasn’t revealed its headquarters in the last seven years.
Crypto enthusiasts expect the CEO to name the location but up until this time, Binance is yet to publicly announce its global headquarters.
While Binance celebrates its new board, its former CEO is celebrating his new project. CZ just launched Giggle Academy a few days ago. Children in different jurisdictions will receive free basic education through the project.
The world’s largest cryptocurrency exchange Binance Holdings Ltd. has named its first board of directors as a step to reshape itself after pleading guilty last year to US anti-money laundering and sanctions charges. Barbados’ former ambassador to the United Arab Emirates, Gabriel Abed, was named chairman of the board. Who are the other six members? […] Read MoreNews, Binance, Crypto
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