Binance Holdings, the entity behind the popular cryptocurrency exchange Binance, has established a new seven-member board of directors.

Gabriel Abed, Barbados’s former ambassador to the United Arab Emirates, is appointed as the chair of the board.

The board comprises Binance's CEO Richard Teng, co-founder Heina Chen, and leaders from other sectors, including Bayview Acquisition Corp's CEO Xin Wang and Gojo & Company's Managing Partner Arnaud Ventura, along with Roger Wang and Rock He.

This restructuring marks a significant shift in Binance’s leadership hierarchy, with Richard Teng promoted to CEO in November 2023, replacing former CEO Changpeng “CZ” Zhao who stepped down as part of a settlement with U.S. authorities.

The new board is expected to influence Binance’s strategic direction and operational dynamics moving forward.