Binance Names Co-CEO Yi He Alongside Richard Teng

Binance Holdings, the world's largest cryptocurrency exchange, named co-founder Yi He as its new co-CEO, splitting duties with acting CEO Richard Teng [1]. The appointment, announced recently, marks the firm's most significant leadership change since former head Changpeng Zhao (CZ) resigned in 2023 after pleading guilty to violating U.S. money-laundering laws [1].

New Leadership Structure

Yi He, who co-founded Binance with CZ in 2017 and has three children with him, will now lead alongside Richard Teng [1, 2]. Teng, who took over as CEO amid regulatory scrutiny, has a background in financial regulation, including a senior role at Singapore's central bank [1]. Yi He's elevation represents the appointment of an insider with longstanding ties to CZ, coming after former U.S. President Donald Trump pardoned CZ [1].

Binance stated that Yi He has "played a fundamental role in shaping Binance's vision and culture, guiding a strategy focused on users' needs and innovation" [1]. Yi He emphasized her and Teng's "complementary perspectives and shared vision," noting their aim to "responsibly expand our global presence and drive sustainable innovation" [1]. The division of responsibilities will see Teng overseeing legal, regulatory, and administrative matters, while Yi He leads product development, retail operations, and user-focused initiatives [3].

Yi He's Background and Influence

Before co-founding Binance, Yi He worked at cryptocurrency exchange OKCoin, where she recruited CZ in 2014 [1, 3]. She was previously a Chinese talk-show host [1]. Despite maintaining a relatively low public profile compared to CZ, media reports have described her as a "Crypto Queen" with significant influence behind the scenes [1]. Her social profiles list her most recent position as Chief Customer Service Officer at Binance [1].

In 2024, Yi He defended CZ during his trial, submitting a letter to the court where she identified herself as his business partner and the mother of his three children [1]. Federal probes into Binance in 2020 reportedly sought records of communications involving Yi He and other executives related to anti-money laundering compliance and the creation of Binance's U.S. entity [1].

Yi He's leadership style is characterized by a user-first approach; she reportedly required all Binance staff to spend time on customer service and personally monitored social media channels [3]. During Binance's regulatory challenges in 2023, which included a $4.3 billion settlement with U.S. authorities, she remained with the company to help guide its transformation [3]. Binance's institutional user base grew 97% during 2024, and the exchange maintained its position as the world's largest [3].

What to watch

• Regulatory Compliance: Monitor how the new co-CEO structure impacts Binance's ongoing efforts to navigate intense regulatory scrutiny across multiple jurisdictions [3].
• Product and User Initiatives: Observe new product developments and user-focused strategies under Yi He's leadership, particularly in retail operations [3].
• Global Expansion: Track Binance's efforts to expand its global presence responsibly, balancing growth with compliance in an evolving regulatory environment [1, 3].

The appointment formalizes Yi He's long-standing influence within Binance, positioning an internal figure with deep ties to the company's origins alongside a CEO with a strong regulatory background as the exchange navigates a complex global landscape.