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📌 Cryptocurrency exchange Binance strengthens its board of directors with three new independent members.

The new board members bring diverse experience to Binance. Binance

– The new board members bring diverse experience to Binance.

Binance is committed to meeting regulatory requirements.

Strategic appointments emphasize efforts to improve governance and transparency.

Cryptocurrency exchange platform Binance has added three new independent members to its board of directors: on August 1, in a tacit update on the company’s official website, Gabriel Abed, Xin Wang, and Arnaud Ventura joined the board as independent directors, primarily The board of directors representing Binance’s senior management has been expanded. This development comes as Binance struggles to survive a period of regulatory conflicts.

The newly elected chairman of the board, Gabriel Abed, is a well-known figure in the cryptocurrency community. Abed is also an entrepreneur, founder of Bitt, which led the digital money revolution in the fintech sector, and later served as the United Arab Emirates Ambassador to Barbados.

The knowledge and experience he has gained in the blockchain industry and diplomatic arena is important to the company’s recovery and future endeavors. Candidate Singh Wang has some legal background as well as significant business acumen to contribute to the board.

Ms. Wang is the CEO of Bayview Acquisition Corporation, a SPAC listed company, and is qualified to practice law in California, England and Wales, so the combination of her legal experience and strategic vision for compliance and global expansion is expected to be essential to the right compliance and global expansion strategy.

Rounding out the new board of directors is Arno Ventura, a partner at Tokyo-based investment holding company Gojo and Co. Mr. Ventura, who is responsible for EU listed companies in France, will provide a wealth of experience in investment and compliance, particularly in the EU.

The addition of a new member is a welcome addition to the Binance team, which is constantly working to build robust governance and compliance systems to protect itself from legal scrutiny. The addition of new members is part of a strategic process to strengthen the exchange’s position and is seen as a working mechanism to increase the stability of the exchange.

The most recent development for Binance was the company’s commitment to include independent directors on its board after a long-running dispute with regulators and active litigation against the company.

Nigerian authorities launched an investigation into Binance after the governor of the Central Bank of Nigeria said that about $26 billion was involved in transactions between Binance and Nigeria.

This led to the severing of the relationship between Binance and the Nigerian naira and discussions within the Nigerian government to resolve the issue.

In addition, Binance resolved allegations by the US Department of Justice (DOJ) that it failed to set up an adequate compliance scheme by paying over $4 billion in compensation.

The platform also saw a change in leadership, with casting officer Zhao stepping down after pleading guilty.

The settlement is a conditional agreement and Binance must implement a strict compliance regime to repair its image. Binance’s CEO Richard Teng and Chief Compliance Officer must take responsibility for all regulatory compliance and disclosures. Corporate reputation and consumer confidence are very sensitive to regulatory fluctuations. Creating a diverse board of directors with competent independent members will strongly support the company on the long road to full regulatory compliance and operating at the highest level of quality.

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