Binance Holdings, which operates the cryptocurrency exchange of the same name, has formed a seven-person board of directors filled with company executives and independent members.

According to Binance’s website, the firm’s board of directors is now chaired by Gabriel Abed, the former ambassador of Barbados to the United Arab Emirates (UAE). Other members included Binance CEO Richard Teng, Binance co-founder Heina Chen, Bayview Acquisition Corp CEO Xin Wang, Gojo & Company managing partner Arnaud Ventura, Roger Wang and Rock He.

“We are pleased to share that Binance has established a new Board of Directors,” a spokesperson told Cointelegraph. “The Board consists of seven total Directors, three of whom are Independent Directors. We are proud to have some of the world’s strongest Web3 leaders advising our company as we enter our next chapter.”

The formation of the board is likely one of the most significant changes to Binance’s leadership since Teng moved from his position as head of regional markets to become CEO in November 2023. Former Binance CEO Changpeng “CZ” Zhao resigned as CEO at roughly the same time as part of a settlement agreement with United States authorities.

As part of the deal with the U.S. Justice Department, Treasury Department, and Commodity Futures Trading Commission, Binance agreed to pay $4.3 billion in penalties, and CZ pleaded guilty to one felony count related to his failure to maintain an effective Anti-Money Laundering program at the crypto exchange. Zhao is expected to be sentenced on April 30, and Binance still faces enforcement action from the U.S. Securities and Exchange Commission.

Related: Binance is now ‘totally different’: Interview with CEO Richard Teng

Founded in China in 2017, Binance became one of the largest crypto exchanges in the world under Zhao, who largely kept the firm’s operations and personnel decentralized. The firm runs out of the UAE for its Middle East and North Africa operations and in France for its European business.

Binance’s agreement with U.S. authorities required the firm to form a board of directors with independent members and compliance and audit committees. Teng said in December 2023 that he intended to report to the board.

Magazine: Fake news crypto panic, Binance gains users as market share falls? Asia Express

Update (April 1 at 9:41 pm UTC): This article has been updated to include a statement from Binance.