Binance, the world’s largest cryptocurrency exchange, has appointed a board of directors for the first time. This move follows last year’s guilty plea to US charges related to anti-money laundering and sanctions violations.
Board Members
The seven-member board includes:
- Gabriel Abed (Chairman)
- Richard Teng (Binance CEO)
- Heina Chen
- Jinkai He
- Lilai Wang
- Arnaud Ventura (Gojo & Co Managing Partner)
- Xin Wang (Bayview Acquisition Corp CEO)
Insider Composition
Some experts have raised concerns about the board’s composition, which is primarily made up of company insiders. This could indicate resistance to external oversight. However, the appointment of a board is still seen as a positive step towards improving governance.
Towards a Conventional Structure
The board’s formation is part of Binance’s efforts to establish a more conventional corporate structure. The exchange has yet to announce its global headquarters.
Legal Settlement
In February, Binance agreed to pay $4.3 billion after a US judge approved a plea deal related to anti-money laundering and sanctions violations. Founder Changpeng Zhao (CZ) also pleaded guilty to the charges.
Conclusion
The appointment of a board of directors marks a significant milestone in Binance’s transformation. The board aims to enhance governance and compliance, addressing regulatory challenges and rebuilding trust in the crypto industry.
