📰 Table Of Contents
Binance Appoints Board of Directors
Binance has named a board of directors for the first time in an effort to reshape its image following last year’s guilty plea to US charges of anti-money laundering and sanctions violations.
Board Members
- Gabriel Abed appointed as chairman
- Richard Teng, Heina Chen, Jinkai He, Lilai Wang from company executives
- Arnaud Ventura and Xin Wang as outside members
Founding Members Included
Chen, He, and Wang are among the earliest employees at Binance and are recognized as founding team members of the crypto exchange.
Industry Expert Reservations
Austin Campbell, an adjunct professor at Columbia Business School, expressed some reservations about the board composition, primarily consisting of company insiders.
Binance Seeks Corporate Structure
Establishing a board and appointing a chairman are among the first steps Binance has taken to adopt a more conventional corporate structure after years of operating without a headquarters.
Legal Troubles and Regulatory Scrutiny
The company agreed to pay $4.3 billion in February as part of a plea deal approved by a US judge. Binance’s founder, Changpeng Zhao, also pleaded guilty to anti-money laundering and sanctions violations and is awaiting sentencing in April.
The Nigerian government imposed a $10 billion fine on Binance as part of a crackdown on the platform in an effort to stabilize the nation’s local currency.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
