Binance Elevates Yi He to Co-CEO to Steer Regulatory and Growth Push

Binance Leadership Restructuring: Yi He Appointed Co-CEO with Richard Teng

Binance, the world's largest cryptocurrency exchange, has announced a major leadership restructuring, appointing co-founder Yi He as co-CEO alongside Richard Teng. This marks the biggest shift in Binance's top executive team since the resignation of its former CEO, Changpeng Zhao (CZ), two years ago. Yi He, who previously served as Chief Customer Service Officer and was a core part of the leadership team, will now share the top role with Teng.

The change comes as Binance continues to navigate regulatory challenges and global expansion efforts. In the wake of U.S. enforcement actions against the exchange and its former CEO, Teng has focused on stabilizing operations and strengthening compliance frameworks. Yi He's appointment is seen as a strategic move to reinforce the company's brand, user engagement, and product development.

Teng emphasized Yi He's role in shaping Binance's growth from its inception in 2017. "Yi has been an integral part of the executive leadership team since the launch of Binance," he said in a statement. "Her innovative and user-focused approach has been instrumental in shaping the company's vision and business strategy."

Strategic Leadership for Global Growth

The dual leadership structure is intended to balance Binance's regulatory and operational priorities. Richard Teng, a former financial regulator, brings expertise in navigating legal frameworks and addressing enforcement actions. Yi He, on the other hand, has been central to the development of Binance's ecosystem, including branding, product innovation, and the growth of the BNB Chain.

Yi He's role has expanded significantly over the years. She co-founded Binance in 2017 and helped transform it from a crypto-to-crypto trading platform into a global blockchain ecosystem. Her influence has extended to ventures such as CoinMarketCap and Binance Labs, where she oversaw key investments and product launches. With her new co-CEO title, she is now tasked with ensuring Binance reaches its goal of 1 billion users.

Legal and Regulatory Context

Binance's leadership change occurs amid ongoing legal and regulatory challenges. The exchange is currently facing a $1 billion terrorism financing lawsuit from victims of the 2023 Hamas attack, accusing it of enabling illicit transactions through weak compliance measures. These legal pressures have intensified since CZ's guilty plea and subsequent imprisonment for failing to implement adequate anti-money laundering (AML) controls.

The leadership reshaping is also occurring against the backdrop of CZ's recent U.S. presidential pardon. His release from prison and return to public advisory roles in countries like Kyrgyzstan and Pakistan highlight his continued influence within the crypto world, despite his barred status as an executive at Binance. Yi He and Teng must now steer the company through these challenges while maintaining compliance and investor confidence.

Institutional and Regulatory Expansion

Binance has been making strides to align itself with traditional finance. The company recently launched a concierge service for institutional clients, including asset managers and family offices, to help them navigate crypto adoption. It also partnered with BBVA, one of Spain's largest banks, to provide custodial services for European clients, reinforcing its commitment to institutional-grade security. These moves are part of a broader strategy to integrate crypto into mainstream financial infrastructure.

Additionally, Binance has accepted BlackRock's USD Institutional Digital Liquidity Fund as off-exchange collateral, a move that allows institutions to trade while maintaining custody of their assets elsewhere. These partnerships and offerings signal a shift toward a more regulated and institutional-friendly environment, aligning with the leadership's stated goals of global expansion and compliance.

Outlook and Industry Implications

The appointment of Yi He as co-CEO signals a commitment to long-term stability and innovation within Binance. With over 300 million registered users and a vision to reach one billion, the company is under pressure to demonstrate that it can scale responsibly while maintaining trust. Yi He's leadership is expected to focus on product development, user engagement, and the continued expansion of Binance's Web3 infrastructure.

Analysts and industry observers will be watching how the new leadership handles ongoing legal battles and regulatory scrutiny, particularly in the U.S. and Europe. Binance's ability to maintain its dominance in a rapidly evolving market will depend on its capacity to adapt to global compliance standards while fostering innovation and user growth.