Breaking: Binance Exchange Names First Board of Directors

After facing several regulatory challenges including a $4.3 billion settlement with the United States Department of Justice (DOJ), top cryptocurrency exchange Binance Holdings Ltd has announced its first Board of Directors. 

Richard Teng On Binance Board of Directors

Binance is trying to restructure and retain its position as the world’s largest cryptocurrency exchange after the regulatory hurdles it encountered especially in the United States last year. The digital asset service provider was caught up in several criminal charges including Anti-money Laundering (AML) and sanctions violations that led to a guilty plea from the then CEO Changpeng “CZ” Zhao.

According to a Bloomberg report, Binance now has a seven-member board which includes Richard Teng, the new CEO of the exchange after Changpeng Zhao resigned. 

Heina Chen, Jinkai He, and Lilai Wang who are also executives at Binance equally sit on the board. The other three external members are Gabriel Abed, who served as ambassador of Barbados to the United Arab Emirates, Arnaud Ventura, a managing partner at investment firm Gojo & Co, and Xin Wang, who is the current CEO of Bayview Acquisition Corp.

According to the Abu Dhabi Global Market website, their appointments have been effective since March 7. These are undoubtedly some of the most notable adjustments that have been made since Teng became CEO of the exchange. When he took up the office in November 2023, he lauded some of the plans that he has for Binance, most of which are centered on the users of the exchange.

The Push Toward Regulatory Compliance

Teng has highlighted ongoing investments in security and product sustainability and Binance’s dedication to supporting financial freedom globally. He assured users that there would be no misappropriation of user funds as there are ongoing efforts to enhance compliance. 

As part of his lofty plans, the Binance CEO stated his plan to establish a more corporate structure including naming its headquarters and board of directors. Since its existence in the last seven years, the exchange has never revealed any headquarters even though it started in China. 

Crypto enthusiasts are expecting the CEO to name the location but up until this time, Binance is yet to publicly announce its global headquarters.

While Binance is celebrating its new board of directors, its former CEO is also celebrating his new project. CZ launched Giggle Academy a few days back. The project is focused on offering free basic education to children in different jurisdictions.