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Binance establishes its first board of directors, but has not yet selected its headquarters site

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Binance has appointed a board of directors for the first time as regulatory crackdown intensifies.

The newly formed board of directors will be chaired by Gabriel Abed, former Barbados ambassador to the United Arab Emirates. The board comprises seven members, including Binance CEO Richard Teng and other key executives such as Heina Chen, Jinkai He and Lilai Wang, who were among the platform’s founding members.

Additionally, two external members, Arnaud Ventura, managing partner at Gojo & Co., and Xin Wang, CEO of Bayview Acquisition Corp., will join the board. The development was officially confirmed on March 7, as reported by Bloomberg.

The strategic move marks one of the first significant changes under the leadership of Teng, who took office in November. The exchange, which is yet to declare a fixed location for its global headquarters, sees the formation of this board as a crucial step in its ongoing transformation and compliance efforts.

The largest cryptocurrency exchange has recently faced increased regulatory scrutiny. Following the criminal charges and $4 billion settlement in the United States, the exchange has come under scrutiny in other regions such as Nigeria and the Philippines. Most recently, the Philippines SEC made efforts to block the exchange, citing non-compliance with licensing requirements.

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