Binance, the world’s biggest cryptocurrency exchange has named longtime executive and co-founder Yi He as co-CEO. Yi He will share the role with Richard Teng, who took on the position mid-2023 after the company’s longtime leader Changpeng Zhao resigned amid a U.S. criminal investigation.
“I am honored to build alongside Richard, who brings decades of experience in regulated financial markets,” Yi said. “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,” she added.
READ: 50 Indian Americans among Forbes’ 2026 30 Under 30 changemakers (
Binance states that together with Teng, Yi He is poised to lead Binance’s next phase of growth by strengthening regulatory compliance, fostering innovation, and empowering users globally.
Binance said that Yi has been an integral part of the executive leadership team since the launch of Binance, and that her and Teng’s joint leadership will be focused on building Web3 infrastructure to empower people in a more open and fair financial system.
“We remain steadfast in our mission to create a trusted, user-centric platform to empower billions worldwide through innovation, regulation, and community-driven growth,” Binance said.
Binance did not provide details about how the two co-CEOs will divide responsibilities. According to Fortune, 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.
READ: Kruti Patel Goyal set to become Etsy CEO (
This new arrangement comes following rather troubled 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 Donald Trump this October.
During Teng’s time as CEO, Binance has sought to implement tougher compliance measures and secured numerous key licenses around the world. At the same time, it has yet to fully shake its reputation as a hub for illicit operations. However, despite all this, 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.
Earlier this year, Trump ‘s stablecoin entered a $2 billion crypto deal with Binance. The stablecoin named “USD1”, is pegged 1:1 to the U.S. dollar and backed by U.S. Treasuries, cash, and other equivalents to maintain a stable $1 value. It was being used by Abu Dhabi-based investment firm MGX to facilitate a $2 billion investment in Binance.