Binance Expands Board with New Members Amid Regulatory Challenges
Binance bolsters board with three experts, facing global regulatory scrutiny
Binance, a leading cryptocurrency platform, recently updated its leadership team by adding three new independent members to its board.
This change quietly announced on the company's website on Monday, aims to bolster Binance's governance with fresh perspectives.
Gabriel Abed, who has taken on the role of board chairman, is known for founding Bitt and his tenure as Barbados' ambassador to the UAE.
Xin Wang, with her background as CEO of Bayview Acquisition Corporation and her legal expertise across California, England, and Wales, along with Arnaud Ventura, a partner at Tokyo's Gojo & Company and chairman of Binance France, have also joined the board.
These appointments introduce a diverse set of skills and international experience to Binance's leadership.
The new members join a board that includes CEO Richard Teng and other key figures within Binance.
The company also has a global advisory board with members from countries such as Germany, Brazil, and the US, reflecting its international reach and focus on compliance.
Bloomberg first reported this strategic expansion at a time when Binance is navigating regulatory challenges, notably in Nigeria and the United States.
In Nigeria, the company halted support for the local currency following an investigation that tied $26 billion in transactions to Binance Nigeria.
This led to the detention of two executives and prompted a collaborative effort with the Nigerian government to address the issues.
In the United States, Binance settled a significant legal case with the Department of Justice (DOJ) for over $4 billion.
This settlement came after accusations of operating without adequate compliance programs.
As part of the agreement, co-founder Changpeng Zhao stepped down and admitted to charges, with sentencing anticipated at the month's end.
The settlement obligates Binance to establish a comprehensive compliance program to prevent future regulatory violations.
CEO Richard Teng and the chief compliance officer are now tasked with certifying Binance's adherence to compliance and disclosure requirements, marking a critical step toward regulatory compliance and operational transparency.
