Binance will establish a board of directors for the first time
Binance Holdings, which operates the cryptocurrency exchange of the same name, has established a seven-person board of directors filled with company executives and independent members.
According to Binance's website, the company's board of directors is now chaired by Gabriel Abd, Ambassador of Barbados to the United Arab Emirates. Other members include Binance CEO Richard Teng, Binance Co-Founder Heina Chen, Bayview Acquisition Corp CEO Xin Wang, Gojo & Company Managing Partner Arnaud Ventura, Roger Wang and Rock He.
The formation of the board is likely to be one of the changes in Binance's leadership since Teng stepped down from his regional market role and became CEO in November 2023. As part of a settlement agreement with the United States authorities.
Under a settlement with the US Department of Justice, Treasury and Commodity Futures Trading Commission, Binance agreed to pay $4.3 billion in fines, and CZ pleaded guilty to one felony count of failing to maintain an effective anti-money laundering program. Crypto exchange. Zhao is expected to be fined on April 30, and Binance still faces enforcement action from the US Securities and Exchange Commission.
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In the year Founded in China in 2017, Binance has become one of the world's largest crypto exchanges under Zhao, who has decentralized the company's operations and workforce. The company ends outside the UAE for its operations in the Middle East and North Africa and in France for its European business.
Binance's settlement with US authorities requires the firm to establish a board of directors with independent members and compliance and audit committees. Teng said he intends to report to the board in December 2023.
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