Binance Holdings, which operates the crypto-currency exchange of the same name, has formed a board of directors for the first time. The board is made up of seven people, including executive and independent members.
According to the Binance website, the Binance Board of Directors is now chaired by Gabriel Abed, the former Barbadian ambassador to the United Arab Emirates (UAE). Other members include Binance CEO Richard Teng, Binance co-founder Heina Chen, Bayview Acquisition Corp CEO Xin Wang, Gojo & Company managing director Arnaud Ventura, Roger Wang and Rock He.
Formation of the Board of Directors
The formation of Binance’s Board of Directors is considered one of the most significant changes to Binance’s leadership since Teng stepped down from his position as Head of Regional Markets to become CEO in November 2023. At the same time, Binance co-founder and former CEO Changpeng “CZ” Zhao resigned as CEO as part of a settlement agreement with US authorities.
Payment of penalties
Under the agreement with the Department of Justice, the Treasury and the Futures Market Commission, Binance has agreed to pay $4.3 billion in penalties and Zhao has admitted to one misdemeanor count related to his failure to maintain an effective anti-money laundering program at the crypto-currency exchange. Zhao is scheduled to be sentenced on April 30, and Binance continues to face enforcement action from the Securities and Exchange Commission in the United States.
Conclusion
The formation of Binance’s Board of Directors marks an important step in the company’s transformation process, which has seen significant changes in its leadership since Zhao’s departure. The board is made up of experienced and independent members, which could help Binance manage the challenges ahead in the crypto-currency sector.
