Binance Holdings Ltd has named a board of directors for the first time.
Details
The seven-member board includes Chief Executive Officer Richard Teng, along with three other company executives – Heina Chen, Jinkai He, and Lilai Wang.
The two other outside members are Arnaud Ventura, managing partner at investment firm Gojo & Co, and Bayview Acquisition Corp. CEO Xin Wang.
Gabriel Abed, who served as ambassador of Barbados to the United Arab Emirates, was named as chairman.
Why This Matters
The appointment of the board is seen as among the first significant changes at Binance under Teng, who became Binance’s CEO in November, — following the company’s settlement with US authorities.
Zoom Out
Binance agreed to pay $4.3 billion in February after a US judge approved a plea deal against the crypto exchange.
Binance’s founder Changpeng Zhao also pleaded guilty to anti-money laundering and sanctions charges. Zhao is expected to be sentenced later in April.
Other Matters
On the African continent, Binance has been in trouble with Nigerian authorities with Nigeria’s central bank alleging that over $26 billion worth of transactions had passed through Binance with untraceable sources.
It accused the platforms of fixing exchange rates and currency speculation leading to the free-fall of the naira, the local currency, and ordered the firm to pay a fine of $10 billion.
Source: Bloomberg
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