Binance Establishes Its First Board of Directors, Remains Without Global Headquarters

After years of operating without a board, Binance recently established its first board of directors, chaired by a former diplomat from Barbados. The cryptocurrency exchange still lacks a global headquarters. Some critics argue that the board members do not possess the necessary experience for an organization like Binance.

Binance Remains Without Global Headquarters

Binance recently appointed its first-ever board of directors, chaired by Gabriel Abed, Barbados’ former ambassador to the United Arab Emirates (UAE). Abed is one of three non-executive directors on the seven-member board.

According to a report by Bloomberg, the two other non-executive directors are Arnaud Ventura, managing partner at the investment firm Gojo & Co., and Xin Wang, CEO of Bayview Acquisition Corp. The board also includes Richard Teng, the current CEO of Binance, and three other executives: Heina Chen, Jinkai He, and Lilai Wang.

The appointments, which reportedly took effect on March 17, are seen as the first significant changes at Binance since its founder and former CEO, Changpeng Zhou, was ousted. Despite these changes, Binance remains without a global headquarters.

Binance Continues to Resist Outside Control

While some have welcomed the decision by the Teng-led crypto exchange to establish a board, critics argue it lacks the necessary experience for an organization like Binance. One critic, Austin Campbell, an adjunct professor at Columbia Business School, expressed concern about the number of insiders on the board.

“Binance having a board composed primarily of company insiders tells me they are still resistant to outside control and oversight, and the lack of depth on the board of independent members with deep regulated financial risk or compliance experience is not ideal,” the adjunct professor reportedly said.

Campbell, a consultant for blockchain firms, agreed that the establishment of the board is a “step in the right direction” for Binance. He said what matters now is the board’s effective steering of the company going forward.

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