The largest cryptocurrency exchange in the world, Binance Holdings Ltd., has appointed a board of directors for the first time as it attempts to improve its image following its guilty plea to US accusations of anti-money laundering and sanctions violations last year.
Chief Executive Officer Richard Teng is one of the seven members of the board, the other three being other executives from the company: Heina Chen, Jinkai He, and Lilai Wang.
The three external members are Xin Wang, the CEO of Bayview Acquisition Corp., Arnaud Ventura, the managing partner of Gojo & Co., and Gabriel Abed, the former ambassador of Barbados to the United Arab Emirates. Effective March 7, the appointments were made, as stated on the Abu Dhabi Global Market website.
In response to an email, a Binance representative stated, “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.”
The board nominations are said to be among the company’s most notable adjustments under Teng, who took over as CEO in November after the company settled with US authorities. The company has yet to reveal its global headquarters. An inquiry for comments was not immediately answered by Abed, Ventura, or Wang.
Since its establishment in China in 2017, Binance has maintained its existence without a physical headquarters. Teng stated that he will create a more traditional business structure, identifying its headquarters and board of directors, following his settlement with US authorities in November.
In February, a US judge approved a plea deal against Binance, the cryptocurrency exchange, for which Binance agreed to pay $4.3 billion. Changpeng Zhao, the founder of Binance, entered a guilty plea to allegations of money laundering and sanctions violations. Zhao’s sentencing is anticipated for later in April.
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