Binance, the world's largest cryptocurrency exchange, is looking to firm up its board of directors as soon as the first quarter of 2024 as it moves to clean house.
Its chief executive Richard Teng, 53, told The Straits Times in an exclusive interview that the selection process is intricate and that the firm will have three independent directors.
"We are moving on quite an aggressive timeline on some of these things because this is what is necessary for us for the next stage of growth... we're approaching important, credible people (and) working with them, the board constitution will take some time," he said.
Asked if he has the resources and power to revamp the company given the control wielded by co-founder and former chief executive Zhao Changpeng, Mr Teng said Binance's new corporate structure will evolve quickly.
He said the board, which is accountable to global regulators, stakeholders and shareholders, would be the steward and governing body of the firm. Binance did not have a corporate board under Zhao.
This new board would decide Binance's future path and the type of investments it makes.
Zhao, who is more commonly known as CZ, will no longer operate or manage the company as part of a deal with the US authorities, noted Mr Teng.
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