For the first time, Binance has appointed a board of directors.

Binance Holdings has appointed its first board of directors, with Gabriel Abed, who served as the Ambassador of Barbados to the UAE, taking the role of chairman.

The board of directors also includes CEO Richard Teng, Jingkai He, and Lilai Wan.

Teng, He, and Wan are among the first employees of Binance and have been named members of the founding team of the cryptocurrency exchange.

External members of the board include Managing Partner of investment company Gojo & Co, Arnaud Ventura, and CEO of Bayview Acquisition, Xing Wan.

The creation of the board of directors was previously required by US authorities as part of a plea deal.