- Binance has formed a seven-person board of directors for the first time
- The board is chaired by Gabriel Abed, the former ambassador of Barbados to the UAE
- Forming the board with independent members was part of Binance’s agreement with U.S. authorities in November 2023
Binance Holdings, which operates the cryptocurrency exchange of the same name, has formed a seven-person board of directors filled with company executives and independent members.
Board Composition
According to Binance’s website, the firm’s board of directors is now chaired by Gabriel Abed, the former ambassador of Barbados to the United Arab Emirates (UAE). Other members included 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.
“We are pleased to share that Binance has established a new Board of Directors,” a spokesperson told Cointelegraph. “The Board consists of seven total Directors, three of whom are Independent Directors. We are proud to have some of the world’s strongest Web3 leaders advising our company as we enter our next chapter.”
Settlement Agreement Requirements
The formation of the board is likely one of the most significant changes to Binance’s leadership since Teng moved from his position as head of regional markets to become CEO in November 2022. Former Binance CEO Changpeng “CZ” Zhao resigned as CEO at roughly the same time as part of a settlement agreement with United States authorities.
As part of the deal with the US Justice Department, Treasury Department, and Commodity Futures Trading Commission, Binance agreed to pay $1.5 billion in penalties and CZ pleaded guilty to one felony count related to his failure to maintain an effective Anti-Money Laundering program at the crypto exchange. Zhao is expected to be sentenced on April 30, and Binance still faces enforcement action from the US Securities and Exchange Commission.
Binance’s agreement with US authorities required the firm to form a board of directors with independent members and compliance and audit committees. Teng said in December 2022 that he intended to report to the board.
Company Background
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.
