For the first time in history, Binance has named its Board of Directors consisting of three independent members and four insiders.

Gabriel Abed, who served as ambassador of Barbados to the UAE, was named as the Board chairman. Furthermore, Binance's CEO Richard Teng, along with three other company executives - Heina Chen, Jinkai He, and Lilai Wang are part of the Board. Chen, He, and Wang are some of the earliest employees at Binance and are named as founding team members of the exchange.

The two outside members include Arnaud Ventura, managing partner at investment firm Gojo & Co, and Xin Wang, who is the CEO at Bayview Acquisition Corp.

Despite the Board announcement, Binance has still not announced its global headquarters.