Binance Holdings Ltd., the world's largest cryptocurrency exchange, revealed its first board of directors as part of ongoing efforts to revamp its operations after admitting guilt last year to US charges related to money laundering and sanctions violations. The new chairman of the board is Gabriel Abed, former ambassador of Barbados to the UAE.

The remaining six members of the board are comprised of top company executives and outside individuals. CEO Richard Teng is joined by Heina Chen, Jinkai He, and Lilai Wang from within the company, while external members include Arnaud Ventura, a managing partner at investment firm Gojo & Co, and Xin Wang, CEO of Bayview Acquisition Corp. These appointments officially began on March 7, as reported by the Abu Dhabi Global Market website.

The decision to form a board of directors is a notable change within Binance's leadership, particularly following Teng's promotion to CEO from his previous role as head of regional markets in November 2023. In a related development, Changpeng Zhao ("CZ") stepped down as CEO of Binance as part of a settlement agreement with US authorities.

To comply with the settlement agreement reached with US agencies, Binance paid $4.3 billion in penalties and CZ admitted to a felony charge for failing to establish an effective Anti-Money Laundering program. CZ's sentencing is scheduled for April 30, and Binance still faces ongoing enforcement actions by the SEC.

Established in 2017, Binance emerged as one of the largest cryptocurrency exchanges globally under Zhao's leadership. Zhao's decentralization of the firm's operations and personnel proved instrumental in its growth. Binance operates in the Middle East and North Africa from the UAE and in Europe from France, building a reputation marked by its decentralized structure.

Following the settlement with US authorities, the formation of an independent board of directors, as well as audit and compliance committees, was mandated for Binance. Teng confirmed his intention to update the board in December 2023, emphasizing Binance's dedication to financial freedom, global investment in security, and its efforts to strengthen compliance standards to reassure users about their funds' security.

While Binance confirmed the establishment of its board, the location of its global headquarters remains undisclosed. Despite the exchange's roots in China, its headquarters have not been publicly announced over the past seven years.

As Binance moves forward with its new board, CZ is pursuing new ventures, launching Giggle Academy, a project offering free basic education to children in different jurisdictions.