Binance Appoints Board of Directors to Restore Reputation After Legal Issues

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.