Binance Appoints Board of Directors for First Time in Effort to Rebuild Reputation Following Legal Troubles
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.
Gabriel Abed, former ambassador of Barbados to the United Arab Emirates, has been appointed as the chairman of the seven-member board, according to a report by Bloomberg .
The remaining board members include Chief Executive Officer Richard Teng, along with three other company executives, namely Heina Chen, Jinkai He, and Lilai Wang.
The two outside members are Arnaud Ventura, managing partner at investment firm Gojo & Co, and Bayview Acquisition Corp. CEO Xin Wang.
These appointments became effective on March 7.
Chen, He, and Wang are among the earliest employees at Binance and are recognized as founding team members of the crypto exchange.
Chen currently holds a senior executive position and is a co-founder of Binance, while Wang is responsible for Binance’s technology development.
He has played a crucial role in leading various key units at Binance, including fiat for on- and off-ramps.
While the appointment of the board is considered a significant change for Binance under the leadership of CEO Richard Teng, who took over in November after the company’s settlement with US authorities, industry experts have expressed some reservations.
Binance has formed a board of directors, which includes Guangying "Heina" Chen, who Binance told me was an obscure admin employee and later elevated to co-founder. Legal filings have since shown that Chen controlled many of Binance's bank accounts.https://t.co/P2q4c9Cr0j pic.twitter.com/YD60I2qp64
— Jacob Silverman (@SilvermanJacob) April 2, 2024
Austin Campbell, an adjunct professor at
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