Binance Co-Founder Yi He Appointed Co-CEO in Leadership Consolidation

In a strategic move signaling a new chapter, Binance has formally elevated co-founder Yi He to the role of co-CEO, consolidating its executive leadership as the world's largest cryptocurrency exchange navigates a global regulatory landscape.

The appointment, announced by CEO Richard Teng on stage at Binance Blockchain Week, marks a significant formalization of power within the company’s upper echelons. Yi He, a core architect of the Binance ecosystem since its 2017 inception and previously its Chief Marketing Officer, now shares the chief executive title with Teng. This leadership consolidation comes as Binance leans into a stated strategy of regulated global expansion, seeking to stabilize its operations following the departure of former CEO Changpeng "CZ" Zhao. The move underscores a deliberate pairing of deep crypto-native experience with traditional financial regulatory expertise at the helm of one of the most influential entities in digital assets.

The Announcement: A "Natural Progression" for a Founding Architect

The formal announcement was made publicly during a key industry event, Binance Blockchain Week. CEO Richard Teng framed the promotion not as a reactionary shift but as an organic evolution for both Yi He and the company. In his statement, Teng noted that Yi He “has been an integral part of the executive leadership team since the launch of Binance,” describing her elevation to co-CEO as “a natural progression.”

This characterization is rooted in Yi He’s historical involvement. As a co-founder alongside CZ, she has been instrumental in shaping Binance’s culture, community, and product suite from its earliest days. While her previous official title was Chief Marketing Officer, her influence extended far beyond marketing, touching on core strategic decisions, brand development, and user experience. The appointment formalizes this broad executive authority and grants her an equal share of the public-facing leadership mantle with Richard Teng. The company’s announcement emphasized that her new role will leverage her deep understanding of the crypto ecosystem and the Binance community.

Dual Leadership: Blending Crypto-Native Vision with Regulatory Experience

A central theme of the announcement was the complementary skill sets that the new co-CEO structure brings to Binance’s top management. In comments following the appointment, Yi He highlighted that sharing the CEO role with Teng would utilize “two very different perspectives.” This duality is pivotal to Binance’s current strategic positioning.

Yi He represents the crypto-native pillar. Her career is deeply embedded in the blockchain industry’s growth. Co-founding one of the sector’s most successful companies provides her with an intrinsic understanding of crypto traders, builders, and community dynamics. Her prior role as CMO was centered on expanding this very community and driving product innovation—responsibilities Teng confirmed remain crucial to her co-CEO mandate. She embodies the innovative, user-centric, and agile ethos upon which Binance was built.

Richard Teng represents the regulatory and traditional finance pillar. Appointed as sole CEO in November 2023 following CZ’s resignation, Teng brought a starkly different resume to the role. His background includes leadership positions at the Monetary Authority of Singapore (MAS), Abu Dhabi Global Market (ADGM), and Singapore Exchange (SGX). His experience is in navigating complex financial regulations, engaging with government authorities, and operating within established legal frameworks. As Teng himself pointed out, his expertise lies in "regulated financial markets."

This partnership creates a balanced leadership team designed to address Binance’s dual challenges: maintaining its dominant position and connection with the core crypto market while successfully operating within an increasingly stringent global regulatory environment.

Historical Context: From CZ’s Departure to a New Executive Era

To fully understand the significance of Yi He’s promotion, it is essential to consider the recent leadership transition that preceded it. The current co-CEO structure is a direct consequence of events in late 2023.

In November 2023, Binance founder and then-CEO Changpeng "CZ" Zhao resigned from his position after pleading guilty to charges levied by the U.S. Department of Justice. As part of a $4.3 billion settlement with U.S. authorities, CZ stepped down and later received a sentence. This created an immediate leadership vacuum at the top of the world's largest crypto exchange.

At that time, Richard Teng was elevated from his role as Head of Regional Markets outside of the United States to become Binance’s new Global CEO. This choice signaled a clear intent to prioritize regulatory engagement and compliance. For approximately five months following this transition, Teng served as the sole public CEO, while Yi He continued in her executive capacity as CMO.

The latest move to appoint Yi He as co-CEO therefore represents a second phase in this leadership restructuring. It moves from a single successor model to a shared leadership model, effectively reintegrating a powerful founding voice back into the most formal level of corporate governance. It consolidates internal authority by formally placing two of its most experienced leaders—one from its founding crypto roots and one from its new regulatory-forward direction—in joint command.

Strategic Implications: Driving Product Innovation and Global Expansion

According to statements made during the announcement, the division of focus under the new co-CEO model aligns with each leader’s established strengths. Richard Teng explicitly stated that Yi He is “crucial in expanding Binance’s community and driving product innovation.” This suggests her operational purview will likely encompass areas like:

• User Experience & Product Development: Overseeing the core exchange platform, Binance Launchpad, Earn products, and other consumer-facing innovations.
• Brand & Community Growth: Leading marketing initiatives, influencer partnerships, and global community engagement to maintain user loyalty and acquisition.
• Binance Labs & Venture Investing: Guiding the exchange’s investment arm which backs early-stage blockchain projects.

Conversely, Richard Teng’s focus is expected to remain firmly on regulated expansion, government relations, licensing, and overall corporate compliance. His mandate is to secure operational legitimacy in key markets worldwide and steward the company through its post-settlement obligations with U.S. regulators.

This strategic bifurcation allows Binance to pursue a dual-track strategy aggressively: continuing to innovate and compete for users in the dynamic crypto product space while simultaneously building sustainable, licensed operations across different jurisdictions. It is a structure designed to prevent either priority from being neglected.

Comparative Leadership Structures in Crypto Exchanges

The co-CEO model remains relatively uncommon within major cryptocurrency exchanges, making Binance’s adoption noteworthy. Most leading platforms operate under a single CEO or Founder-CEO model.

• Coinbase, often viewed as Binance’s primary competitor for global reach (though with different strategic emphases), has long operated under CEO Brian Armstrong, who also co-founded the company. Its leadership is singular and centralized.
• Kraken is led by CEO Dave Ripley.
• OKX operates under CEO Star Xu (Xu Mingxing).

Binance’s move to a shared leadership structure is more reminiscent of some traditional finance or big tech firms where complementary skill sets are formally recognized at the very top. The success of this model in crypto will depend on clear internal demarcation of responsibilities and cohesive decision-making between Yi He and Richard Teng.

Conclusion: Consolidation for a New Phase

The appointment of Yi He as co-CEO is more than a simple executive promotion; it is a calculated consolidation of Binance’s leadership designed for stability and strategic clarity. By formally uniting its foundational crypto vision with its necessary regulatory future, Binance is attempting to solidify its foundation for its next chapter.

The move acknowledges that for Binance to thrive post-2023 settlement, it must be equally adept at building compelling products for users and navigating complex legal frameworks for governments. Yi He’s deep institutional knowledge and community trust provide continuity from the Binance of old, while Richard Teng’s expertise charts the course for its future in regulated markets.

For observers and users of the crypto ecosystem, this development signals that Binance is entering a period of deliberate executive governance. The market should watch how this dual leadership manifests in tangible outcomes: the pace and nature of new product launches under Yi He’s influence, and the success rate of securing licenses and establishing compliant operations in new regions under Teng’s guidance. The effectiveness of this consolidated leadership will ultimately be measured by Binance’s ability to retain its market dominance while achieving its stated goal of being a "user-focused, compliance-led" organization.