Binance Mobile App Running at Smartphone Screen With Binance Logo at Background. Source: Iryna Budanova - stock.adobe.com

Key Takeaways:

Binance Holdings has launched a new board of directors consisting of seven members, including a mix of internal executives and independent figures, chaired by Gabriel Abed, the former ambassador of Barbados to the UAE.
The restructuring includes notable appointments such as Binance CEO Richard Teng and external members like Xin Wang and Arnaud Ventura, aiming to guide Binance through its next phase with a focus on compliance and governance.
This change follows a $4.3 billion settlement with U.S. regulatory bodies, requiring Binance to overhaul its governance structure in the wake of charges related to insufficient Anti-Money Laundering measures, marking a significant shift in the company’s management and strategic direction.

Binance Holdings, renowned for its cryptocurrency exchange, has recently introduced a seven-member board of directors, blending internal executives with independent figures.

The helm of this new board is taken by Gabriel Abed, notable for his role as the former ambassador of Barbados to the United Arab Emirates.

Binance named a board of directors for the first time https://t.co/dSHxILRz2e
— Bloomberg Crypto (@crypto) April 1, 2024

Joining him on the board are key figures such as Binance CEO Richard Teng, co-founder Heina Chen, alongside external members like Xin Wang of Bayview Acquisition Corp, Arnaud Ventura from Gojo & Company, with Roger Wang and Rock He completing the lineup.

A spokesperson expressed the company’s enthusiasm, stating, “Binance is excited to announce the formation of our new Board of Directors.

This board, comprising seven directors with three independent ones, brings together leading minds in the Web3 space to guide Binance into its forthcoming phase.”

Binance taps board of directors for the first time: Bloomberg News https://t.co/gv91pdqate
— The Block (@TheBlock__) April 1, 2024

This strategic move marks a pivotal adjustment in Binance’s governance, coinciding with Richard Teng’s elevation to CEO in November 2023, following the resignation of the previous CEO, Changpeng “CZ” Zhao.

Zhao’s departure was part of a settlement with U.S. regulatory bodies including the Justice Department, the Treasury Department, and the Commodity Futures Trading Commission.

Breaking: @Binance names new 7 member board 👀

Binance Holdings Ltd. named a board of directors for the first time, as the world’s largest cryptocurrency exchange seeks to reshape itself after pleading guilty last year to US charges of anti-money laundering and sanctions… pic.twitter.com/PEacvbRndb
— MartyParty (@martypartymusic) April 1, 2024

This settlement also involved Binance agreeing to a $4.3 billion penalty, with Zhao pleading guilty to a felony charge over inadequate Anti-Money Laundering measures at the exchange.

His sentencing is anticipated on April 30, amidst ongoing scrutiny from the U.S. Securities and Exchange Commission.

Originally established in China in 2017, Binance rapidly ascended to become a leading global crypto exchange under Zhao’s leadership, maintaining a decentralized approach to its operations and staff.

BINANCE APPOINTS FIRST BOARD OF DIRECTORS AMID RESTRUCTURING

– @Binance Holdings Ltd. appoints its inaugural board of directors, marking a significant move for the world's largest crypto exchange.

– The seven-member board includes CEO Richard Teng and three company executives,… https://t.co/usboxIdlxK pic.twitter.com/CkHas5PSCf
— BSCN (@BSCNews) April 1, 2024

The exchange currently operates from the UAE for its Middle East and North Africa activities, and from France for its European operations.

As part of its agreement with U.S. authorities, Binance was required to establish a board featuring independent members alongside compliance and audit committees, a structure that CEO Teng has committed to reporting to as of December 2023.