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Binance Appoints First Board of Directors

TL;DR

  • Binance Holdings Ltd. has formed its first board of directors, consisting of seven members, including CEO Richard Teng and three company executives, alongside three external experts.
  • The board’s formation follows a period of legal challenges for Binance, including a guilty plea to charges of money laundering and agreeing to pay $4.3 billion in fines.
  • This move is part of Binance’s strategy to enhance governance and regulatory compliance, with Richard Teng stepping in as the new CEO following the resignation of former CEO Changpeng Zhao.

Binance Holdings Ltd. has installed its first board of directors, which signifies a very meaningful occurrence for the cryptocurrency exchange. 

According to a Bloomberg report, the new board has a composition of seven members, combining company functional heads with external specialists to steer it through its operational and regulatory environment.

The New Board Composition

The board features Binance CEO and three other executives from within the company: Heina Chen, Jinkai He, and Lilai Wang. They are accompanied by three external members who are very knowledgeable from different industries. Gabriel Abed, previous Ambassador of Barbados to the United Arab Emirates and Kuwait; Arnaud Ventura, an entrepreneur with a track record of founding companies, such as PlaNet Finance; and Xin Wang, CEO at Bayview Acquisition Corp., serve as the selected external advisors. This mix of different participants is one of Binance’s strategies to improve its governance and compliance approaches.

Background and Developments

This announcement follows a year of lawsuits for Binance. The allegations that the exchange faced had to do with money laundering as well as unauthorized money transmission, and this ended with a plea of guilty to these. Binance agreed to pay the aggregate fines of $4.3 billion to resolve these issues. Further, the former CEO, Changpeng Zhao also pleaded guilty to the charges and agreed to a fine of $50 Million and terminated from the position.

After Zhao’s resignation, Richard Teng, who had earlier served as Binance’s Global Head of Regional Markets, was appointed the new CEO. The formation of the board of directors is one of the first major steps of Teng’s administration, and it indicates a transition toward the enhancement of the company’s adherence to global financial rules.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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