Binance Appoints Board of Directors Amid Regulatory Pressure

Binance, the largest cryptocurrency exchange, has taken a significant step by appointing a board of directors for the first time. The newly formed board, chaired by Gabriel Abed, includes key executives like CEO Richard Teng, Heina Chen, Jinkai He, and Lilai Wang. Two external members, Arnaud Ventura and Xin Wang, will also join the board.

This move comes as Binance faces increasing regulatory scrutiny worldwide. The exchange, led by Richard Teng since November, sees the formation of the board as a crucial step in its transformation and compliance efforts.

Following legal challenges and a $4 billion settlement in the U.S., Binance has come under scrutiny in other countries like Nigeria and the Philippines. The Philippines SEC has recently taken steps to block Binance for non-compliance with licensing requirements.

This development underscores Binance’s commitment to addressing regulatory concerns and ensuring compliance in the evolving cryptocurrency landscape. Stay tuned for more updates on Global Crypto News.

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