Binance Holdings, the company behind the popular cryptocurrency exchange, has established a new board of directors consisting of seven individuals, including company executives and independent members. The board is now headed by Gabriel Abed, the former ambassador of Barbados to the UAE. Other members include Binance CEO Richard Teng, co-founder Heina Chen, Bayview Acquisition Corp CEO Xin Wang, Gojo & Company Managing Partner Arnaud Ventura, Roger Wang, and Rock He.
This new board is considered one of the most significant changes to Binance’s leadership since Richard Teng took over as CEO in November 2023. Former CEO Changpeng “CZ” Zhao stepped down from his position around the same time as part of a settlement agreement with US authorities. As part of the deal, Binance agreed to pay $4.3 billion in penalties, and CZ pleaded guilty to one felony count related to the lack of an effective Anti-Money Laundering program.
Zhao’s sentencing is scheduled for April 30, and Binance still faces regulatory action from the US Securities and Exchange Commission. Binance, which was founded in China in 2017, soared to become one of the largest cryptocurrency exchanges under Zhao’s leadership. The company operated with a decentralized approach, but after the settlement with US authorities, it was required to establish a board of directors with independent members and compliance and audit committees.
Binance runs its Middle East and North Africa operations from the UAE and its European business from France. Richard Teng has stated that he plans to report to the newly formed board of directors, indicating a shift in the company’s decision-making structure. These changes aim to enhance compliance and ensure more effective governance within the organization.
