Amidst an escalating regulatory crackdown, Binance has appointed its first-ever board of directors. The newly established board, led by Gabriel Abed, formerly Barbados’ ambassador to the United Arab Emirates, consists of seven members. Notable figures include Binance CEO Richard Teng, as well as other key executives like Heina Chen, Jinkai He, and Lilai Wang, who played pivotal roles during the platform’s inception.

In addition to internal members, two external individuals will join the board: Arnaud Ventura, a managing partner at Gojo & Co., and Xin Wang, CEO of Bayview Acquisition Corp. This significant development was officially confirmed on March 7, as reported by Bloomberg.

Under the leadership of Teng, who assumed the role in November, this strategic move represents a crucial step in Binance’s ongoing transformation and compliance efforts. Despite not yet designating a fixed location for its global headquarters, the exchange recognizes the formation of this board as a pivotal milestone.

Binance, the largest cryptocurrency exchange, has recently faced intense regulatory scrutiny. Following criminal charges and a $4 billion settlement in the U.S., the exchange remains under close examination in other regions, including Nigeria and the Philippines. Most notably, the Philippine SEC has taken steps to block the exchange due to alleged non-compliance with licensing requirements.