Binance Announces First-Ever Board of Directors in Bid to Reinvent Itself

Binance Holdings Ltd recently appointed its inaugural board of directors. This change comes after Binance pleaded guilty last year to allegations of anti-money laundering and sanctions violations in the US.

The newly formed seven-member board of directors will be chaired by Gabriel Abed, the former ambassador of Barbados to the UAE, with a tenure effective from March 7th, as per the Abu Dhabi Global Market website. Binance CEO Richard Teng, and senior executives Heina Chen, Jinkai He, and Lilai Wang, all Binance early employees and co-founders, join Abed on the board. Other board members include Arnaud Ventura, managing partner at investment firm Gojo & Co., and Bayview Acquisition Corp CEO, Xin Wang.

Austin Campbell, a consultant for blockchain firms and adjunct professor at Columbia Business School commented on the formation of the board. Although he finds the board selection leaning heavily towards company insiders that might resist external governance and control, he recognizes it as a progressive move at Binance that will be indicative of the company's forward direction.

This significant change in leadership is viewed as a central shift at Binance under the supervision of CEO Richard Teng, appointed in November following Binance's settlement with US authorities. Since its establishment in China in 2017, Binance claimed to operate without a global headquarters. Teng, however, has indicated the desire to apply a more conventional corporate structure, including defining its headquarters and effective board of directors.

This development comes after Binance agreed to pay $4.3 billion following the acceptance of a plea deal by a US judge in February. Binance's founder Changpeng Zhao also admitted guilt to charges of anti-money laundering and sanctions. Zhao's sentencing is expected later in April.