Binance appoints board of directors for the first time

Richard Teng, CEO of Binance / Photo credit: Binance

For the first time, global crypto exchange firm Binance has named a board of directors, which is led by Gabriel Abed, who is the ex-Barbados ambassador to the United Arab Emirates, Bloomberg reported.

Abed will serve as chairman, with Binance CEO Richard Teng and senior executives Heina Chen, Jinkai He, and Lilai Wang serving as members.

Additional board members include Arnaud Ventura, managing partner at investment firm Gojo & Co, as well as Xin Wang, CEO of Bayview Acquisition Corp. All of these appointments became effective on March 7.

Binance appointed Teng as CEO in November, following founder Changpeng Zhao’s resignation after pleading guilty to anti-money laundering charges in the US. Zhao agreed to step down as CEO of the crypto exchange as part of a US$4.3 billion settlement with the US Department of Justice.

Since it was founded in China in 2017, Binance claimed to operate without a global headquarters. However, Teng has expressed a desire to adopt a more conventional corporate structure, which includes establishing a headquarters and forming a board of directors.

Last month, Zhao unveiled his new project called Giggle Academy, a platform that provides education for grades one to 12 learners. It is also a zero-revenue platform that uses AI and automation and is fully online.

The former CEO is currently awaiting a criminal trial, which has been postponed to April 30.

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