Binance Holdings Ltd., the world’s largest cryptocurrencycurrency exchange, has appointed a board of directors for the first time as it seeks to rehabilitate its reputation after pleading guilty to US anti-money laundering and sanctions offenses last year.
Chief Executive Officer Richard Teng is one of seven board members, with the other three being firm leaders Heina Chen, Jinkai He, and Lilai Wang.
The three external members are Xin Wang, CEO of Bayview Acquisition Corp., Arnaud Ventura, managing partner of Gojo & Co., and Gabriel Abed, Barbados’ former ambassador to the UAE. The appointments were effective March 7, according to the Abu Dhabi Global Market website.
In response to an email, a Binance spokesperson replied, “The board is comprised of seven directors, three of whom are independent directors. We are thrilled to have some of the world’s most influential Web3 leaders guiding our organization as we embark on our next chapter.”
The board nominees are thought to be among the company’s most significant changes under Teng, who took over as CEO in November after the company reached a settlement with US authorities. The company has yet to announce its global headquarters. Abed, Ventura, and Wang did not immediately respond to a request for comment.
Binance has not had a physical headquarters since its inception in China in 2017. Teng indicated that following his settlement with US authorities in November, he will establish a more traditional firm structure, including a headquarters and board of directors.
In February, a US judge authorized a plea deal against Binance, the cryptocurrencycurrency exchange, in exchange for $4.3 billion. Binance’s founder, Changpeng Zhao, pleaded guilty to allegations of money laundering and sanctions violations. Zhao’s sentencing is expected later in April.
