Binance Establishes First Board of Directors, Considers Global Headquarters Location
In an interview with CNBC on Tuesday, Richard Teng, CEO of Binance, outlined the company’s future plans. Binance has previously reached a settlement with US authorities, including the Department of Justice (DOJ). When addressing concerns about the company’s past practices, Teng stated that the charges against Binance related to activities during the “very early stages” of its development, when the rules were still unclear.
However, Teng emphasized that as the company has matured, it has moved beyond that stage. “We are focusing on sustainability; our development direction is clear, which is to achieve more compliance,” he said. “This is why we are building a very robust compliance plan.”
Recently, Binance has established its first board of directors, which has sparked interest as most of the members are internal employees, with only a few non-executive directors. Teng defended this decision, stating that the board needs a deep understanding of Binance’s unique business model. “It is a good combination of internal and external opinions on how to lead the company forward,” he added.
Additionally, Binance has yet to decide on the location of its official global headquarters. Teng confirmed that the company is considering several options but emphasized that choosing the right location is a “very careful process.” He noted that finding a jurisdiction with a regulatory framework that can accommodate the breadth and depth of their products, serve their users, and allow for the establishment of more headquarters personnel is not easy. Paris has previously been mentioned as a possible location for the global headquarters.
Source: PANews