In recent years, Binance has faced numerous legal challenges, leading the company to establish a board of directors for the first time. The board, consisting of seven members, will assist CEO Richard Teng in decision-making and business resolutions. This move comes after Nigerian authorities summoned Binance on suspicions of involvement in unlawful activities.
Gabriel Abed, the ambassador of Barbados to the UAE, has been appointed as the chairperson of Binance’s board of directors. CEO Teng and co-founder Heina Chen are also part of the board. This marks a significant shift in leadership at Binance, following Teng’s appointment in November after the company’s settlement with US authorities.
Despite efforts to establish a more conventional corporate structure, Binance continues to face legal challenges. The company was investigated by the US SEC last year and founder Changpeng Zhao pleaded guilty to AML violations. After Zhao’s resignation, Teng took over as CEO, but legal issues persist.
Nigeria’s House of Representatives Committee on Financial Crimes recently summoned Teng over suspicions of money laundering and terror financing. Binance’s goal of becoming the most licensed crypto exchange has also been hindered by a ban in the Philippines due to lack of an operational license.
Since 2022, Binance has been building a legal team to address these challenges.
