Business News

Binance sets up its first Board of Directors, remains without global headquarters

Binance, the world’s largest cryptocurrency exchange has finally established its first board of directors after many years of operating without a board.

The crypto exchange platform is still without a global headquarters despite being the biggest exchange in the crypto industry.

According to Bitcoin News, the board of directors is chaired by Gabriel Abed, Barbados’ former ambassador to the United Arab Emirates. Abed is one of the three non-executive directors in the seven-man board.

The two other non-executive directors are Arnaud Ventura, managing partner at the investment firm Gojo & Co., and Xin Wang, CEO of Bayview Acquisition Corp.

The board also includes Richard Teng, the current CEO of Binance, and three other executives: Heina Chen, Jinkai He, and Lilai Wang.

The appointments are seen as the first major change at Binance since the ousting of its former CEO Changpeng Zhou and the takeover by current CEO Richard Teng.

The announcement of Binance setting up a board was welcomed by crypto enthusiasts although some critics opine that the new board members lack the necessary experience for a board like Binance.

One of the loudest voices criticizing the move is Austin Campbell an Adjunct Professor at Columbia Business School stressing the number of insiders on the board.

“Binance having a board composed primarily of company insiders tells me they are still resistant to outside control and oversight, and the lack of depth on the board of independent members with deep regulated financial risk or compliance experience is not ideal,” the adjunct professor reportedly said.

Campbell although agreed that the establishment of the Board is the right step for Binance weighing on the importance of the board members steering the company in the right direction.