In a major leadership announcement at Binance Blockchain Week in Dubai, the world's largest cryptocurrency exchange has elevated co-founder Yi He to co-CEO, where she will share leadership duties with Richard Teng. The move formalizes Yi He's longstanding influence and signals Binance's strategic emphasis on balancing regulatory compliance with user-centric innovation.

Leadership Restructuring After CZ's Departure

Yi He's appointment represents a significant move following the departure of founder Changpeng "CZ" Zhao in November 2023. Zhao stepped down after pleading guilty to violating U.S. anti-money laundering laws, paying a $50 million fine, and serving nearly four months in prison. The company paid $4.3 billion in penalties. CZ has since been pardoned by sitting President Donald Trump.

Richard Teng himself brings more than three decades of financial services and regulatory experience, including senior positions at the Monetary Authority of Singapore and as CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market.

"Yi has been an integral part of the executive leadership team since the launch of Binance," Teng said during his keynote. "Her innovative and user-focused approach has been instrumental in shaping the company's vision, culture, and bottom-up business strategy."

Teng & He: Complementary Leadership

The dual-CEO model creates clear divisions: Teng focuses on regulatory compliance and international partnerships, while Yi He concentrates on product development, community growth, and user experience.

"I am honored to build alongside Richard, who brings decades of experience in regulated financial markets," Yi He stated. "Together, we bring diverse perspectives and are confident in leading the future of the industry during this pivotal time."

Yi He: Binance's Strategic Planner

Born in 1988 in China, Yi He has operated strategically behind the scenes throughout Binance's rise. Before co-founding Binance, she worked at OKX, where she recruited Zhao in 2014.

When Zhao launched Binance in 2017, Yi He joined as Chief Marketing Officer, her contributions driving the platform's explosive growth. Within just over a year, Binance became the world's largest exchange. The Wall Street Journal reported that she held at least 10% ownership in a Cayman-based holding company connected to the exchange.

Yi He served many years at Binance, most recently as Chief Customer Service Officer. On Twitter, CZ expressed strong support for the appointment, saying, "She should have been the Binance CEO from day 1."

Strategic Timing: Binance’s Lofty Goals

The announcement comes as Binance approaches 300 million global users, with an ambitious target of one billion users. The co-CEO structure enables faster decision-making as the exchange expands offerings in spot trading, futures, DeFi, infrastructure, and several other verticals.

Under Teng's leadership, Binance has intensified regulatory compliance efforts, obtaining licenses in key markets and partnering with institutions like BBVA, one of Spain's largest banks. In September, Binance launched a crypto-as-a-service platform for licensed banks and brokerages.

The CZ Factor…

Yi He and Zhao have a long personal and professional history, having been in a romantic relationship with children together. However, Yi He has emphasized her professional independence.

To date, no public decision has been made as to whether CZ himself will rejoin the Binance team in any official capacity, following his pardoning by President Trump.

What This Means for Binance

Yi He's elevation signals Binance's commitment to institutionalizing its leadership while maintaining entrepreneurial agility. The appointment provides:

• Strengthened governance as Binance interfaces with traditional financial institutions.
• Balanced perspective combining regulatory expertise (Teng) with crypto-native innovation (He).
• Operational continuity and strategic consistency.
• Institutional credibility through an expanded professional management structure.

Yi He's appointment also carries symbolic significance as a rare example of a woman leading a global cryptocurrency platform at this scale.

Sources

• US Department of Justice: Binance and CEO Plead Guilty to Federal Charges in $4B Resolution
• Reuters: Binance co-founder Yi He joins Richard Teng in dual leadership structure
• BBC: Trump pardons Binance founder Changpeng Zhao
• CoinDesk: Yi He, Arguably Crypto's Most Powerful Woman, Becomes Binance’s New Co-CEO
• DL News: Binance co-founder Yi He didn’t come up in the bombshell $4bn money laundering case — who is the former TV host?
• Coinpaper: Yi He Joins Richard Teng at the Top as Binance Co-CEO
• CZ’s X/Twitter Posts
• Binance News (Binance Square): Yi He Gives First Interview as Binance Co-CEO: ‘300M Users Trust Us — That’s Why I’m Here’
• Binance News (Binance Square): Binance Co-CEO Richard Teng Unveils New App, Institutional Partnerships, and 300M Users at Blockchain Week 2025
• Binance News (Binance Square): Binance Introduces Crypto-as-a-Service for Financial Institutions
• Euronews: Mega crypto exchange Binance partners with Spain's BBVA in a bid to restore investor confidence
• The Block: Binance's Yi He sheds light on relationship with CZ, tells Bloomberg she's no Caroline Ellison

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