Binance, the world’s leading cryptocurrency exchange, has established its inaugural board of directors after years of operating without one, despite its stature in the crypto industry.
News About Nigeria reports that despite its position as the largest exchange in the crypto market, Binance still does not have a global headquarters.
According to reports from Bitcoin News, the newly formed board of directors is headed by Gabriel Abed, Barbados’ former ambassador to the United Arab Emirates.
Abed is joined by two other non-executive directors, Arnaud Ventura, managing partner at Gojo & Co., and Xin Wang, CEO of Bayview Acquisition Corp.
The board also comprises Richard Teng, the current CEO of Binance, along with three other executives: Heina Chen, Jinkai He, and Lilai Wang.
These appointments mark the first major organisational change at Binance following the departure of former CEO Changpeng Zhou and the subsequent takeover by current CEO Richard Teng.
While the establishment of a board has been welcomed by crypto enthusiasts, some critics have raised concerns about the lack of relevant experience among the new board members.
Austin Campbell, an adjunct professor at Columbia Business School, voiced one of the most prominent criticisms, particularly stressing the presence 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,” Campbell said.
However, Campbell also acknowledged the importance of establishing the board, stating that it plays a crucial role in steering the company in the right direction.
This comes as the Federal High Court in Abuja adjourned the tax evasion case involving Binance and its executives, Tigran Gambaryan and Nadeem Anjarwalla, who is currently at large.
News About Nigeria reports that the case was brought to court by the Federal Inland Revenue Service (FIRS).
The FIRS accused Binance of failing to register with the service for tax purposes and failing to issue invoices to subscribers on its trading platform for the payment of Value Added Taxes (VAT).
The suit, marked FHC/ABJ/CR/115/2024, alleges that Binance evaded taxes while offering taxable services to its subscribers.
During the court proceedings on Thursday, the case was adjourned due to the FIRS’ inability to serve Gambaryan, one of the company’s executives, with the charges.
Gambaryan is currently in the custody of the Economic and Financial Crimes Commission (EFCC), facing alleged money laundering charges.
