The world’s biggest cryptocurrency exchange announced a significant leadership move on Wednesday, naming longtime executive and co-founder Yi He as a co-CEO to lead the company. Yi He will share the role at Binance with Richard Teng who stepped into the top job in mid-2023 after its longtime leader Changpeng Zhao resigned amidst a U.S. criminal investigation.
“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,” said Yi He in a statement.
Yi He is a longtime veteran of the crypto scene in Asia, working at the exchange OKX (then OKCoin) in 2014, where she recruited Zhao to be the company’s chief technology officer. Zhao in turn recruited Yi He when he started Binance in 2017, helping to build the company into the world’s largest exchange in a little over a year.
Binance did not provide details about how the two co-CEOs will divide responsibilities, but it is likely that Teng, a former top regulator in Singapore, will focus on legal and administrative issues. Yi He, who is known for marketing savvy and working on the front line with customers, will likely handle retail and product operations.
The new C-suite arrangement is the latest twist in a tumultuous few years for Binance. In 2023, Zhao agreed to plead guilty to U.S. charges that he failed to implement proper anti-money laundering controls, while Binance agreed to pay a record $4 billion fine. Zhao finished a four month prison sentence last year, but then received a pardon from President Trump this October.
During Teng’s tenure as CEO, Binance has sought to implement tougher compliance measures andsecured numerous key licenses around the world. At the same time, it has yet to fully shake its reputation as a hub for illicit operations as, according to a recent New York Times-led investigation, criminals continue to make use of its platform.
Despite the tumult, Binance has maintained its role as the dominant cryptocurrency platform in the world, and has continued to expand both its global footprint and its product line.
Yi He’s appointment is notable as a rare woman to lead a cryptocurrency company. A former TV host, Yi He ascended from poverty in China, where she drew water from a well and frequently relied on kerosene for electricity. Today, she is a multi-billionaire thanks to owning an estimated 10% of Binance.
Yi He’s appointment as co-CEO may, though, also give rise to scrutiny as she has children with Zhao, who is currently barred by a U.S. legal settlement from having an active role at the company.
“My personal life is independent from my professional life. My achievements and capabilities as co-founder are often overlooked with my personal life in question. Binance has nearly 300 million users who trust us for upholding our core values; looking after their interests, protections and security, and 1:1 backing for every user asset,” said Yi He in response to a question about whether Zhao will have influence over Binance’s operations.
