Binance, the world’s largest cryptocurrency exchange by trading volume, has taken an important step toward reorganizing its operations by appointing its first board of directors. The move comes after the exchange pleaded guilty last year. US rates Relates to anti-money laundering (AML) and sanctions violations.
Binance reveals founding board of directors
According to Bloomberg reportThe Board of Directors consists of seven members and is chaired by Gabriel Abed, former Ambassador of Barbados to the United Arab Emirates. Binance CEO Richard Teng is also a member of the board of directors, along with three other company executives: Heina Chen, Jinkai He, and Lilai Wang.
External members Arnaud Ventura (Managing Partner at Gojo & Co) and Xin Wang (CEO at Bayview Acquisition Corp.) are also newly appointed members of the exchange’s Board of Directors.
Chen, He, and Wang, who are known to have been with Binance since its founding, are among the founding team members of the exchange. Chen currently holds a senior executive and co-founder position at Binance, while Wang is responsible for the exchange’s operations. technology development.
Some experts expressed their views on board composition. Austin Campbell, an associate professor at Columbia Business School and a consultant to blockchain companies, believes that having a board comprised primarily of company insiders means “resistance” to external control and oversight.
Campbell also alleged or raised a “lack of independent members” with “severely” regulated financial risks. Compliance The experience may not be ideal. But he acknowledges the board appointments are a step in the right direction and emphasizes the importance of “effective governance” moving forward.
Steps toward a traditional corporate structure
The board appointment is one of the significant changes being implemented at Binance since Richard Teng took over as CEO in November. like reported Per Bitcoinist, Teng assumed leadership following an agreement between Binance and US authorities.
The exchange has yet to announce its global headquarters, and the board formation is seen as part of the company’s efforts to establish a more traditional corporate structure, according to Bloomberg.
Last February, Binance agreed to pay $4.3 billion after a U.S. judge approved the conviction. The settlement was part of the founder’s lawsuit against Binance. Zhao Changfeng (CZ) Also plead guilty The charges relate to anti-money laundering and sanctions violations. Zhao is scheduled to be sentenced around April 25.
The appointment of the Binance Board of Directors represents an important milestone in the exchange’s ongoing transformation.
By strengthening its governance and compliance measures, Binance aims to address regulatory challenges and rebuild trust within the cryptocurrency industry. The effectiveness of the board of directors in guiding the company’s future efforts will be key to its success as it navigates the evolving landscape of digital assets.
Featured image from Shutterstock, chart from TradingView.com