Crypto: Binance appoints its first board of directors

Binance takes a significant step by appointing its very first board of directors. This move marks a turning point in the history of one of the world’s most important crypto exchanges. But that’s not all! It will also undoubtedly affect the entire cryptocurrency industry.

Bloomberg: Binance has appointed its inaugural board of directors, which includes three independent directors and four internal executives. Gabriel Abed, who previously served as Barbados’ Ambassador to the UAE, has been appointed Chairman of the Board. The remaining members…

— Wu Blockchain (@WuBlockchain) April 2, 2024

Here’s how the crypto exchange Binance is reinventing its governance

Subject to legal retaliation in a number of countries, the crypto exchange Binance is now placing compliance at the forefront of its concerns. The appointment of a first board of directors at Binance represents a significant evolution in the governance of the crypto company.

According to explanations, this board of directors has seven members:

• 4 internal members
• 3 independents

The first board of directors of the crypto exchange Binance will be led by Gabriel Abed, former ambassador of Barbados to the United Arab Emirates. He will bring his experience in diplomacy and international affairs.

The internal members consist of:

• Richard Teng (current CEO of the crypto company Binance)
• Heina Chen
• Jinkai He
• Lilai Wang

The independent members are:

• Arnaud Ventura, managing partner at Gojo & Co (investment and risk management expert)
• Xin Wang, CEO of Bayview Acquisition Corp (merger and acquisition specialist)

The composition of Binance’s board of directors is not unanimous within the crypto community

Some cryptography experts welcome Binance’s initiative as a step towards more transparent and responsible governance. However, others express concerns about the real independence of the board and its supervisory power.

The predominance of internal members indeed raises questions about the real ability of the board to exercise effective control over Binance’s strategic decisions. Some crypto observers fear that this could compromise the objectivity and independence of the board, turning it more into an organ for validating decisions made by Binance’s management.

Some in the crypto space believe that the presence of independent external members will bring a diversity of perspectives and expertise. Enough to strengthen the board’s ability to fulfill its supervisory role! Also, their experience could provide significant added value to the management of the crypto exchange Binance.

In any case, the future of Binance under this new structure will be closely monitored by the entire crypto community.