In a move that marks a transformation, Binance Holdings, the company that operates the cryptocurrency exchange of the same name, has established a seven-member board of directors, of which four are executives. Binance and 3 independent members, according to the Binance homepage on April 2

Mr. Gabriel Abed, former ambassador of Barbados to the United Arab Emirates (UAE), will serve as Chairman of the board of directors. Other members include Binance CEO Richard Teng; Binance co-founder Heina Chen; Bayview Acquisition Corp CEO Xin Wang; Gojo & Company Arnaud Ventura managing partners are Roger Wang and Rock He.

Since it was founded in China in 2017, Binance has always declared that it operates without a headquarters. However, after reaching an agreement with US authorities last November, CEO Richard Teng said Binance would establish a more traditional corporate structure, including establishing a headquarters and administrative Council.

Last February, Binance and its founder, Changpeng Zhao, agreed to pay a $4.3 billion fine on charges related to money laundering and sanctions violations. Zhao is expected to be sentenced at the end of April.