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Binance Establishes First Board of Directors Amid Regulatory Pressures: Bloomberg

Binance Tick Size

Binance Holdings Ltd. has reportedly appointed its inaugural board of directors, as revealed by Bloomberg News, following a tumultuous year marked by significant changes. The board comprises seven members, including CEO Richard Teng and three other top company executives—Heina Chen, Jinkai He, and Lilai Wang. Additionally, there are three external members: Gabriel Abed, Arnaud Ventura, and Xin Wang, according to Bloomberg’s reporting.

Gabriel Abed, previously serving as the Ambassador of Barbados to the United Arab Emirates and Kuwait, resigned from his diplomatic post two months ago, as indicated by his LinkedIn profile. Arnaud Ventura is an entrepreneur with a track record of founding multiple enterprises, including PlaNet Finance. Xin Wang holds the position of CEO at Bayview Acquisition Corp. and offers advisory services to financial institutions on matters concerning mergers and acquisitions, as outlined on her LinkedIn profile.

At the time of this report, Binance had not provided immediate comment on the matter. The company did, however, publish the roster of its board of directors on its website, although the exact date of release remains undisclosed.

In late 2023, Binance admitted guilt to charges related to money laundering, conspiracy to conduct an unlicensed money-transmitting business, and sanctions violations, agreeing to settle for a total of $4.3 billion in fines. The exchange’s former CEO, Changpeng Zhao, also known as CZ, admitted guilt to charges involving anti-money laundering and sanctions violations, accepted a $50 million fine, and resigned from his position. CZ’s sentencing is scheduled for April 30.

Following CZ’s resignation, Binance appointed Richard Teng as its new CEO. Teng previously served as Binance‘s Global Head of Regional Markets.

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