Binance establishes 1st board of directors, yet to select HQ site

Binance has appointed a board of directors for the first time as regulatory crackdown intensifies. 

The newly formed board will be chaired by Gabriel Abed, previously Barbados’ ambassador to the United Arab Emirates. The board comprises seven members, including Binance CEO Richard Teng and other key executives such as Heina Chen, Jinkai He, and Lilai Wang, who were among the platform’s founding members. 

Additionally, two external members, Arnaud Ventura, a managing partner at Gojo & Co., and Xin Wang, CEO of Bayview Acquisition Corp., will join the board. The development was officially confirmed on March 7, as reported by Bloomberg. 

This strategic move marks one of the initial significant changes under the leadership of Teng, who took the role in November. The exchange, yet to declare a fixed location for its global headquarters, views the formation of this board as a critical step in its ongoing transformation and compliance efforts. 

The largest crypto exchange has been under significant regulatory scrutiny lately. Following its criminal charges and $4 billion settlement in the U.S., the exchange has been under a microscope in other regions like Nigeria and the Philippines. Most recently, the Philippines SEC has made efforts to block the exchange, citing non-compliance with licensing requirements. 

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