Binance's Leadership Shift: Yi He's Co-CEO Appointment and the Case for Long-Term Growth

Binance, the world's largest cryptocurrency exchange by trading volume, has undergone a pivotal leadership transformation in 2025. The appointment of co-founder Yi He as Co-CEO, alongside Richard Teng, marks a strategic recalibration for the company as it navigates a maturing crypto market, regulatory scrutiny, and the growing demand for institutional-grade infrastructure. This shift is not merely a personnel change-it signals a renewed focus on innovation, global expansion, and institutional adoption, all of which position Binance as a compelling investment opportunity in the evolving crypto landscape.

A Leadership Structure for Dual Priorities: Innovation and Compliance

Yi He's promotion to Co-CEO reflects Binance's intent to balance two critical imperatives: fostering product innovation and adhering to increasingly stringent global regulations. Yi He, who previously oversaw marketing, strategy, and product development, brings a user-centric and entrepreneurial mindset to the role. Her focus on innovation aligns with Binance's broader mission to expand its Web3 infrastructure and drive sustainable growth according to reports. Meanwhile, Richard Teng, who took the helm in mid-2023 following Changpeng Zhao's resignation due to U.S. regulatory investigations, brings deep regulatory and institutional expertise according to industry analysis.

This dual-leadership model is a calculated response to the industry's evolving dynamics. As Yi He noted, the new role allows her to "contribute to Binance's long-term growth while maintaining a focus on user trust and safety." Teng, on the other hand, has emphasized the importance of regulatory clarity and institutional adoption in transitioning crypto from a niche asset class to a mainstream financial tool according to interviews. Together, their complementary skill sets create a governance structure that addresses both the creative and compliance-driven challenges of scaling a global crypto business.

Binance's Market Dominance and Strategic Positioning

Binance's leadership in the crypto market remains unshaken. In Q3 2025, the exchange captured 35.09% of global trading volume, according to TokenInsight. This dominance is underpinned by robust spot trading activity-$4.7 trillion in Q3 alone-and a 24.61% share of derivatives open interest according to market data. The exchange's ecosystem tokens, such as BNB, have also maintained steady performance, reflecting user and institutional confidence in centralized platforms according to market analysis.

This market strength is not accidental. Binance's strategic investments in infrastructure, including high-speed APIs, low fees, and cross-collateral features, have made it a preferred platform for institutional clients according to industry reports. As Richard Teng highlighted, institutional adoption is a "key driver for mainstream crypto adoption," with clear regulatory frameworks and deep liquidity being critical enablers according to interviews. Binance's ability to cater to high-volume execution needs while maintaining compliance across multiple jurisdictions has solidified its position as a bridge between traditional finance and crypto.

Global Expansion and the Path to One Billion Users

Binance's ambitions extend far beyond its current 300 million users according to company announcements. The company has set its sights on reaching one billion users-a goal that aligns with broader industry trends. According to the 2025 Global Crypto Adoption Index, 9.9% of the global internet population now owns cryptocurrency, with developing markets like Turkey, Brazil, and South Africa leading adoption. India and the United States have emerged as the top two crypto markets, driven by regulatory clarity (e.g., U.S. spot bitcoin ETF approvals) and surging retail and institutional activity according to market analysis.

Yi He's leadership is expected to accelerate Binance's expansion into these markets. Her track record in building Binance's product ecosystem and community growth positions her to drive user acquisition in regions where crypto adoption is still nascent according to industry reports. Meanwhile, Teng's regulatory expertise ensures that Binance can navigate the complex compliance landscapes of emerging markets without compromising its global brand. This dual focus on innovation and compliance is critical for scaling sustainably in a sector where regulatory missteps can have catastrophic consequences.

Institutional Adoption: The Next Frontier

Institutional adoption has become a defining theme for crypto in 2025. Traditional financial institutions are increasingly allocating capital to crypto, with stablecoins alone accounting for 30% of on-chain transaction volume. Binance's institutional strategies-deep liquidity, ultra-fast execution, and tailored APIs-position it to capture a significant share of this growing demand according to industry analysis.

The U.S. market, in particular, has seen a 50% surge in crypto activity compared to 2024, driven by regulatory progress and the approval of spot bitcoin ETFs according to market data. Binance's ability to serve as a bridge between institutional clients and the broader crypto ecosystem is a key differentiator. As Teng noted, crypto's potential to improve financial inclusion-through low-cost remittances and cross-border payments-further underscores its strategic value for institutional investors according to interviews.

Why This Leadership Change Matters for Investors

The appointment of Yi He as Co-CEO is more than a symbolic gesture; it is a strategic pivot that aligns Binance with the industry's long-term trajectory. By combining Yi He's innovation-driven approach with Teng's regulatory acumen, Binance is well-positioned to:
1. Scale its user base to one billion, leveraging both emerging markets and institutional demand.
2. Strengthen its infrastructure to meet the needs of a maturing market, including advanced derivatives and cross-collateral tools.
3. Navigate regulatory challenges while maintaining its dominance in trading volume and derivatives.

For investors, this leadership shift validates Binance's commitment to sustainable growth. The company's Q3 2025 performance-35% market share and $4.7 trillion in spot trading demonstrates its ability to execute under pressure. Meanwhile, the broader crypto market is projected to grow at a 30.10% CAGR through 2030, reaching $7.98 trillion in value according to market analysis. Binance's dual focus on innovation and compliance positions it to capture a disproportionate share of this growth.

Conclusion

Binance's leadership change under Yi He and Richard Teng is a masterstroke in an industry where adaptability is paramount. By balancing product innovation with regulatory rigor, the exchange is not only defending its market leadership but also laying the groundwork for long-term dominance. For investors, this strategic pivot-coupled with Binance's existing market share, institutional appeal, and global expansion plans-makes a compelling case for the company to be a core holding in a crypto-focused portfolio.