Binance Holdings, the entity behind the cryptocurrency exchange Binance, has established a new seven-member board of directors, comprising company executives and independent figures. Gabriel Abed, former ambassador of Barbados to the UAE, leads the board as its chairman, alongside Binance CEO Richard Teng, co-founder Heina Chen, CEO of Bayview Acquisition Corp Xin Wang, managing partner at Gojo & Company Arnaud Ventura, Roger Wang, and Rock He.

A spokesperson informed Cointelegraph about the formation of the board, highlighting the inclusion of three independent directors renowned for their expertise in Web3 technologies. This move represents a significant leadership change for Binance, particularly since Teng's elevation to CEO in November 2023, succeeding former CEO Changpeng "CZ" Zhao, who stepped down amidst a settlement with U.S. authorities.

In the settlement, Binance agreed to pay $4.3 billion in penalties, while CZ pleaded guilty to a felony charge related to inadequate Anti-Money Laundering measures at the exchange. CZ's sentencing is scheduled for April 30, and Binance still faces regulatory scrutiny from the U.S. SEC.

Initially founded in China in 2017, Binance expanded globally under Zhao's leadership, maintaining a decentralized operational model. The exchange now operates from the UAE for its Middle East and North Africa operations and in France for its European business. As part of its agreement with U.S. authorities, Binance was mandated to establish a board of directors with independent members, along with compliance and audit committees, with Teng committing to report to the board since December 2023.