Binance has elevated co-founder Yi He to co-CEO alongside Richard Teng, in a move that formalises her long-standing influence and signals the next phase of the exchange’s reset
Cryptocurrency exchange Binance has appointed co-founder and long-serving executive Yi He as co-CEO, creating a dual leadership structure alongside Richard Teng, who has led the group since founder Changpeng Zhao stepped down in 2023.
The move, announced during Binance Blockchain Week on December 2, aims to “drive global growth” and support a renewed focus on user-centric innovation as the exchange sets its sights on reaching one billion users.
Yi He is one of Binance’s original architects, having co-founded the exchange in 2017 and shaped its branding, culture and global expansion strategy. Before the promotion she held senior roles across marketing, customer operations and venture investing, and continues to lead Binance Labs, the firm’s venture arm.
In a blog post confirming the decision, Binance framed the appointment as a “natural progression” for an executive who has already been central to its internal leadership. Teng said Yi’s vision and instinct for users had guided the company through every phase of its growth and that her new role reflects responsibility she has “already been exercising across the organisation.”
Post Zhao Binance leans into shared leadership
The co-CEO structure is the most significant governance shift at Binance since Teng replaced Zhao as chief executive in November 2023 following a high-profile settlement with US authorities.
Zhao and Binance pleaded guilty to violations of US anti money laundering laws in 2023, with the firm agreeing to pay $4.3bn in fines and Zhao personally receiving a four-month prison sentence. He later received a presidential pardon from Donald Trump this year, a development that has prompted speculation about Binance’s long-term ambitions in the US market.
Teng, a former regulator at the Monetary Authority of Singapore and ex-CEO of Abu Dhabi Global Market, was brought in to lead Binance through that regulatory reset and shore up its licensing and compliance footprint.
Yi He’s elevation now appears to formalise an internal division of labour. Teng is expected to keep his focus on regulatory relations, corporate structure and institutional expansion, while Yi leads on product strategy, user experience, brand and ecosystem growth, including Web3 infrastructure via Binance Labs.
Consolidating influence that was already there
Industry coverage has consistently described Yi He as one of the most influential figures in crypto and the strategic mind behind Binance’s rise to the top of the global exchange rankings, even while Zhao became the public face of the brand.
That influence has been tied to core commercial outcomes. Binance has grown from a trading platform into a broader ecosystem which spans derivatives, staking, payments and venture investment. It remains the largest crypto exchange by trading volume, processing tens of billions of dollars in daily trades, and reports a user base approaching 300 million globally.
The company says its mission “remains unchanged” and links the leadership structure directly to plans to strengthen its global regulatory foundations and build a “trusted, transparent and responsible” platform while expanding crypto adoption.
