Binance Exchange has announced its first Board of Directors in an effort to make amends for past mistakes regarding regulatory compliance.
TakeAway Points:
- Binance has unveiled its seven-member board of directors.
- Four internal executives and three external directors are on the list.
- More regulatory compliance is becoming the norm in Richard Teng’s era.
The leading cryptocurrency exchange Binance Holdings Ltd has announced its first board of directors following a series of regulatory setbacks, including a $4.3 billion settlement with the US Department of Justice (DOJ).
Richard Teng Member of the Board of Directors
Binance is trying to restructure and retain its position as the world’s largest cryptocurrency exchange after the regulatory hurdles it encountered last year, especially in the United States. The digital asset service provider was caught up in several criminal charges, including anti-money laundering (AML) and sanctions violations, that led to a guilty plea from the then CEO Changpeng “CZ” Zhao.
According to a Bloomberg report, Binance now has a seven-member board, which includes Richard Teng, the new CEO of the exchange after Changpeng Zhao resigned.
Heina Chen, Jinkai He, and Lilai Wang, who are also executives at Binance, on the board. The other three external members are Gabriel Abed, who served as ambassador of Barbados to the United Arab Emirates; Arnaud Ventura, a managing partner at investment firm Gojo & Co.; and Xin Wang, who is the current CEO of Bayview Acquisition Corp.
According to the Abu Dhabi Global Market website, their appointments have been effective since March 7. These are undoubtedly some of the most notable adjustments that have been made since Teng became CEO of the exchange. When he took up the office in November 2023, he lauded some of the plans that he has for Binance, most of which are centered on the users of the exchange.
The Drive for Regulatory Compliance
Teng has highlighted ongoing investments in security and product sustainability and Binance’s dedication to supporting financial freedom globally. He assured users that there would be no misappropriation of user funds as there are ongoing efforts to enhance compliance.
As part of his lofty plans, the Binance CEO stated his plan to establish a more corporate structure, including naming its headquarters and board of directors. Since its existence in the last seven years, the exchange has never revealed any headquarters, even though it started in China.
Crypto enthusiasts are expecting the CEO to name the location, but up until this time, Binance is yet to publicly announce its global headquarters.
While Binance is celebrating its new board of directors, its former CEO is also celebrating his new project. CZ launched Giggle Academy a few days ago. The project is focused on offering free basic education to children in different jurisdictions.
About
Founded in China in 2017, Binance became one of the largest crypto exchanges in the world under Zhao, who largely kept the firm’s operations and personnel decentralized. The firm runs out of the UAE for its Middle East and North Africa operations and in France for its European business.
Binance’s agreement with U.S. authorities required the firm to form a board of directors with independent members and compliance and audit committees. Teng said in December 2023 that he intended to report to the board.
