Binance’s development has not been smooth in recent years, and it has been involved in legal problems time and time again. First, Binance Holdings established a seven-member board of directors who will weigh in on the company’s decisions and business-related resolutions to assist CEO Richard Teng. The decision comes after the exchange recently received a summons from Nigerian authorities for its alleged involvement in facilitating illegal activities.

This is the first time in the seven years since Binance was founded that the company has formed a board of directors. Gabriel Abed, Barbados’ ambassador to the United Arab Emirates, has been appointed chairman of Binance’s board of directors.Company CEO Teng and co-founder Chen Haina are also board members, an official said blog post revealed.

“This major change in leadership is seen as a major shift for Binance under the oversight of CEO Richard Teng, who was appointed in November following Binance’s settlement with U.S. authorities. Since 2017 Since its founding in China in 2017, Binance has claimed to operate without a global headquarters. However, Teng expressed a desire to adopt a more traditional corporate structure, including a defined headquarters and an effective board of directors,” the Binance post said.

Given the company’s ongoing legal troubles, it seems only natural that the company would decide to hire more industry experts to boost its operations.

Binance was investigated by the U.S. Securities and Exchange Commission (SEC) last year for violating U.S. business-related laws. In November 2023, the exchange’s founder, Changpeng Zhao, admitted to failing to maintain an effective anti-money laundering program at the company.

Soon after, Zhao resigned as the company’s CEO, and Binance paid a $4.3 billion (approximately Rs. 35,855 crore) settlement fine to the U.S. Department of Justice, Treasury and the Commodity Futures Trading Commission.

After Zhao stepped down, Teng was appointed as the exchange’s new CEO. However, even under Teng’s leadership, Binance’s legal issues appear no closer to resolution.

Earlier this month, Nigeria’s House of Representatives Committee on Financial Crimes It is said Binance CEO Teng has been summoned amid suspicions that the exchange may be involved in money laundering and terrorist financing.While details of Teng’s arrival in Nigeria for this conference are unclear, a Binance executive detained by Nigerian authorities It is said Fleeing abroad put the company in an awkward position.

Binance’s bid to become the world’s most licensed cryptocurrency exchange has also hit a snag after the Philippines banned the exchange citing lack of an official operating license.

Since 2022, Binance has been building a solid team of lawyers to help it resolve its legal troubles.