Binance Leadership Shifts as Yi He Steps Into Co-CEO Role at Dubai Blockchain Week

A Strategic Pivot in Global Crypto Leadership

In a significant development for the cryptocurrency industry, Binance, the world’s largest digital asset exchange by trading volume, announced a major leadership transition during Dubai Blockchain Week. Yi He, a co-founder of Binance and a towering figure within the company’s ecosystem, has formally stepped into the role of Co-CEO. This move represents a strategic consolidation of leadership as Binance navigates a complex global regulatory landscape and continues to expand its suite of services. The announcement, made against the backdrop of one of the industry’s premier gatherings, signals a new chapter for the exchange, emphasizing stability, compliance, and user-centric innovation under its revised executive structure.

The Announcement: A Defining Moment at Dubai Blockchain Week

Dubai Blockchain Week has cemented its status as a critical nexus for decision-makers in the digital assets space. The 2024 event provided the stage for Binance to make its leadership evolution public. The company confirmed that Yi He would assume the Co-CEO position alongside CEO Richard Teng, who took over from founder Changpeng “CZ” Zhao in November 2023. This appointment is not an internal reaction but a deliberate, planned succession that underscores Binance’s commitment to robust corporate governance.

The timing and location of the announcement are strategically significant. Dubai has aggressively positioned itself as a global hub for blockchain innovation, establishing clear regulatory frameworks through bodies like the Virtual Assets Regulatory Authority (VARA). By announcing this key appointment there, Binance aligns itself with a jurisdiction actively working to integrate cryptocurrency into the mainstream financial ecosystem. It sends a clear message to regulators, partners, and users worldwide about the company’s focus on compliance and structured growth in regulated markets.

Who is Yi He? The Architect Behind Binance’s Ecosystem

To understand the import of this appointment, one must examine Yi He’s foundational role at Binance. As a co-founder, her influence extends far beyond a single title. She has been instrumental in shaping core segments of the Binance empire, most notably Binance Launchpad and Binance Labs.

Binance Launchpad, the exchange’s token launch platform, became a paradigm-shifting service under her guidance. It provided a curated platform for new blockchain projects to raise funds and gain exposure, playing a pivotal role in the initial exchange offering (IEO) boom. Her oversight ensured a focus on project viability and user protection, which helped establish trust in a space often marred by questionable offerings.

Furthermore, Binance Labs, the venture capital arm and incubator she leads, has been a critical engine for ecosystem growth. With a multi-billion dollar portfolio spanning hundreds of projects across DeFi, NFTs, infrastructure, and Web3, Binance Labs does more than just invest; it provides portfolio companies with technical expertise, networking, and strategic support. This work has cemented Binance not just as an exchange but as a fundamental pillar of the entire blockchain startup landscape. Her move to Co-CEO formalizes her overarching influence and brings this deep, ecosystem-oriented perspective directly into the company’s highest operational echelon.

Contextualizing the Shift: From CZ to Teng and Now Yi He

This leadership shift cannot be viewed in isolation. It is the latest step in a carefully managed transition that began in late 2023. In November 2023, Changpeng “CZ” Zhao stepped down as CEO as part of a historic $4.3 billion settlement with U.S. authorities. Richard Teng, then Head of Regional Markets, was appointed CEO. Teng, a former regulator from Abu Dhabi’s Global Market (ADGM), was seen as the ideal leader to steer Binance through its new era of enhanced regulatory engagement.

The promotion of Yi He to Co-CEO complements Teng’s regulatory expertise with her unparalleled internal knowledge and product vision. While Teng focuses on navigating global regulatory frameworks, licensing, and government relations—a monumental task given Binance’s scale—Yi He can concentrate on driving product innovation, user experience, and ecosystem development. This bifurcation of responsibilities creates a balanced leadership team capable of addressing both external pressures and internal growth imperatives simultaneously. It is a classic corporate strategy: one leader looks outward (Teng on regulation/compliance), while the other looks inward (Yi He on product/ecosystem).

The Evolving Regulatory Landscape and Binance’s Response

The regulatory environment for cryptocurrency exchanges has undergone seismic changes since Binance’s founding in 2017. What began as a largely unregulated frontier has attracted intense scrutiny from financial authorities worldwide concerned with consumer protection, market integrity, and financial crime.

Binance’s journey reflects this evolution. The company’s previous stance of operating without a fixed headquarters (“decentralized” corporate structure) increasingly clashed with regulators’ demands for clear jurisdictional accountability. The 2023 settlement with U.S. agencies was a watershed moment, resolving lengthy investigations and imposing significant penalties and compliance undertakings.

The current leadership structure is a direct response to this new reality. Richard Teng’s background is a strategic asset in rebuilding trust with regulators globally. His public statements have consistently emphasized collaboration with policymakers. Yi He’s elevation further stabilizes the company internally during this transition, assuring teams and partners of continuity in vision and execution. Together, they represent Binance 2.0: an exchange that maintains its innovative DNA while operating within established legal and compliance perimeters.

Comparative Analysis: Leadership Models in Major Crypto Exchanges

Examining how other major exchanges structure their leadership provides context for Binance’s move.

• Coinbase, as a publicly traded U.S. company, has maintained a traditional single-CEO model with Brian Armstrong at the helm since inception, supported by a deep bench of experienced executives from traditional finance and tech.
• Kraken has also largely operated under CEO Jesse Powell, though he transitioned to Chairmanship in 2022, passing the CEO role to Dave Ripley.
• OKX operates with a single CEO.

Binance’s choice of a Co-CEO model is less common in crypto but signifies the unique scale and complexity of its operations. It acknowledges that the challenges facing the world’s largest exchange—spanning hundreds of products, services across trading, investing, education (Binance Academy), research (Binance Research), and charity (Binance Charity)—may be too vast for a single point of leadership. This model allows for specialized focus while presenting a united front.

Implications for the Binance Ecosystem and Its Users

For the millions of users and thousands of projects within the Binance ecosystem, this leadership change is designed to signal stability and focused growth.

For Retail and Institutional Users: The primary expectation will be continuity of service with an enhanced emphasis on security and compliance. Users can anticipate that Richard Teng’s regulatory work will aim to secure more licenses (like the VARA license in Dubai), potentially enabling full services in more regions. Concurrently, Yi He’s product focus may lead to refinements in user interface, customer support channels like Binance Support, and educational initiatives through Binance Academy.

For BNB Chain and Project Builders: As a co-founder deeply involved with Binance Labs, Yi He’s increased operational authority is likely positive for the BNB Chain ecosystem and startups incubated or funded by the venture arm. Her understanding of builder needs could translate into more robust developer tools, grant programs, and strategic support for projects on BNB Chain, reinforcing its position as one of the leading smart contract platforms by activity.

For the Broader Crypto Market: A stable, compliant Binance is generally viewed as beneficial for overall market health due to its liquidity provision and role as an on-ramp for new users. Its continued navigation of regulatory challenges provides a case study for the entire industry on transitioning from a startup to a regulated financial services entity.

Strategic Conclusion: Navigating the Future with Dual Leadership

The appointment of Yi He as Co-CEO during Dubai Blockchain Week is far more than a routine executive change. It is a strategically timed declaration of Binance’s future trajectory. The company is moving decisively from its founding phase—characterized by rapid growth and disruptive agility—into its next maturity phase, which demands regulatory harmony, institutional trust, and sustainable ecosystem development.

The dual-leadership model of Richard Teng and Yi He effectively combines two critical pillars for success in today’s crypto landscape: regulatory mastery and product-ecosystem excellence. Teng’s mandate is to secure Binance’s social license to operate globally, while Yi He’s is to ensure that platform remains innovative, user-friendly, and central to the blockchain economy.

For observers and participants in the cryptocurrency market, this shift underscores several key trends: the irreversible professionalization of major crypto entities, the strategic importance of hubs like Dubai with clear regulations, and the growing complexity of managing organizations that are simultaneously technology companies, financial platforms, and investment firms.

What to Watch Next: The industry should monitor how this new leadership dynamic translates into tangible outcomes over the next 12-18 months. Key indicators will include new regulatory licenses secured in major markets under Teng’s purview and significant product launches or ecosystem growth initiatives driven by Yi He’s teams—particularly from Binance Labs, Launchpad, or new ventures incubated within BNB Chain. The success of this Co-CEO model will not only define Binance’s future but may also set a precedent for governance in other large-scale Web3 organizations navigating similar crossroads between innovation and regulation