Binance, the world’s largest cryptocurrency exchange, has announced a major restructuring of its leadership, appointing co-founder Yi He as its new Co-Chief Executive Officer. She will serve alongside current CEO Richard Teng, marking the biggest change to the executive structure since Teng took the helm from Changpeng “CZ” Zhao in November 2023 following U.S. enforcement actions.
The news was announced by Teng on Wednesday during Binance Blockchain Week in Dubai, as the company celebrated approaching a milestone of 300 million global users.
Yi He has been an integral part of Binance since its inception in 2017, having previously served as Chief Customer Service Officer and leading the exchange’s marketing, branding, and venture arm, Binance Labs.
CEO Richard Teng described the appointment as a “natural progression,” stating in an official statement:
“Yi has been an integral part of the executive leadership team since the launch of Binance. Her innovative and user-focused approach has been instrumental in shaping the company’s vision, culture, and bottom-up business strategy.”
Yi He emphasized the complementary nature of the new joint leadership:
“I am honored to build alongside Richard, who brings decades of experience in regulated financial markets and was among the first to regulate crypto in its early days. Together, we bring diverse perspectives and are confident in leading the future of the industry during this pivotal time, as we responsibly expand our global presence and drive sustainable innovation with our users always at the center.”
Former CEO and co-founder Changpeng “CZ” Zhao, who stepped down last year after pleading guilty to violating U.S. anti-money laundering laws, offered his congratulations on social media platform X.
“[Yi He] should have been the Binance CEO from day 1,” Zhao posted. “Great journey ahead with two strong leaders (with complementary skills) leading Binance.”
The co-founders have a long-standing personal and professional relationship, dating back to their days at the crypto exchange OKCoin.
