Binance Holdings Ltd. announced the appointment of its first-ever board of directors after the company pleaded guilty last year to anti-money laundering and sanctions violations in the United States.
The new board is chaired by Gabriel Abed, who previously served as Barbados' Ambassador to the United Arab Emirates. Other board members include Binance CEO Richard Teng; Senior Executives Heina Chen, Jinkai He and Lilai Wang; Arnaud Ventura, Managing Partner of investment firm Gojo & Co.; and Xin Wang, CEO of Bayview Acquisition Corp.
Austin Campbell, a consultant to blockchain companies at Columbia Business School, said, "Binance's board of directors, made up mostly of company insiders, suggests that they are still resistant to external scrutiny and oversight, and the lack of independent members on the board with extensive experience in financial risk and compliance is not ideal."
At the same time, he emphasized that the creation of a board of directors is an important step for Binance, reaffirming the company's goals to evolve in line with international regulatory requirements.
The appointment of the board is one of the first major changes at Binance under Richard Teng's leadership, according to the exchange's website.
Richard Teng, who previously served as Binance's Head of Regional Markets, took the helm of the exchange on Nov. 21, 2023, after its founder, Changpeng Zhao, pleaded guilty to violating US anti-money laundering laws as part of a $4.3 billion deal to settle a multi-year US investigation.
In one of his first statements as CEO, Teng said the company faces a difficult journey of transformation, with a complete overhaul of its culture and a defined headquarters.
It's worth noting that, despite Changpeng Zhao's guilty plea and agreements with US regulators, Binance's legal battle with the Securities and Exchange Commission continues. The company is also under scrutiny in other regions, such as Nigeria and the Philippines.
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