Binance Forms Inaugural Board of Directors, Deliberating on Headquarters Location
In response to the increasing regulatory crackdown, Binance has made a significant move by appointing a board of directors for the first time. The newly formed board will be led by Gabriel Abed, who was previously Barbados’ ambassador to the United Arab Emirates. The board consists of seven members, including Binance CEO Richard Teng and other key executives who were among the platform’s founders, namely Heina Chen, Jinkai He, and Lilai Wang. In addition, two external members, Arnaud Ventura from Gojo & Co. and Xin Wang, CEO of Bayview Acquisition Corp., will also join the board. This development was officially confirmed on March 7, according to Bloomberg.
This strategic decision represents one of the initial significant changes implemented under Teng’s leadership, who assumed the role in November. As Binance has yet to establish a fixed location for its global headquarters, the formation of the board is viewed as a crucial step in the exchange’s ongoing transformation and compliance efforts.
Binance, being the largest cryptocurrency exchange, has recently faced substantial regulatory scrutiny. After facing criminal charges and settling for $4 billion in the U.S., the exchange has come under close examination in other regions such as Nigeria and the Philippines. Most recently, the Philippines SEC has taken steps to block the exchange due to non-compliance with licensing requirements.
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