Binance Co-Founder Yi He Steps Up as Co-CEO Amid 300M User Milestone: A New Era of Dual Leadership

In a defining moment for the world's largest cryptocurrency exchange, Binance has ushered in a new governance era. On December 3, 2025, during his keynote at Binance Blockchain Week in Dubai, CEO Richard Teng announced the appointment of company co-founder Yi He as Co-CEO. This strategic move establishes a formal dual leadership structure at a pivotal juncture, as the platform approaches a staggering 300 million registered users globally. The promotion of a foundational figure signals a deliberate consolidation of Binance's core vision with its future-facing compliance and growth ambitions, all while navigating the complex legacy of its recent past.

The Significance of Yi He's Appointment to Co-CEO

The elevation of Yi He to Co-CEO is far from a routine executive shuffle; it is a profound reinforcement of Binance's founding DNA at the highest level of operational command. As articulated in the company's official announcement on X (formerly Twitter), Teng described the move as a "natural progression," underscoring Yi He's indelible influence since inception. Her new role formalizes a leadership dynamic that has existed in spirit since Binance's creation in July 2017.

Historically, while Changpeng "CZ" Zhao was the public face and CEO, Yi He operated as a central pillar in the background, shaping critical aspects of the company. Her promotion to Co-CEO alongside Richard Teng creates a powerful synergy: Teng, who assumed the CEO role in November 2023 following a major U.S. regulatory settlement, brings a focus on global regulatory navigation and institutional partnerships. In contrast, Yi He embodies the company's entrepreneurial culture, user-centric product philosophy, and innovative drive. This partnership bridges Binance's disruptive origins with its current mandate as a compliant, mature financial infrastructure provider.

Yi He's Foundational Role: From CMO to Ecosystem Architect

To understand the weight of this appointment, one must examine Yi He's journey with Binance. She co-founded the exchange with CZ and has been instrumental in its trajectory through several key executive roles. Initially serving as Chief Marketing Officer, she was pivotal in crafting Binance's brand identity and user acquisition strategies during its explosive early growth phase.

Perhaps her most significant legacy is her leadership of Binance Labs, the exchange's venture capital arm and innovation incubator. As Head of Binance Labs, Yi He was responsible for identifying and nurturing early-stage blockchain projects across DeFi, Web3, and infrastructure. This role positioned her at the forefront of ecosystem development, giving her a unique, ground-level view of industry trends and technological innovation. Her experience here translates directly into an ability to guide Binance's strategic direction in product development and ecosystem expansion—a critical skill as the company pursues its "one billion users" target.

Contextualizing the Leadership Timeline: From CZ to Teng to Dual Command

The current leadership structure cannot be viewed in isolation; it is the latest chapter in a multi-year transition shaped by regulatory confrontation and resolution. The sequence is critical:

1. November 2023: Changpeng Zhao stepped down as CEO after pleading guilty to charges related to failing to maintain an adequate anti-money laundering program. As part of a comprehensive $4.3 billion settlement with the U.S. Department of Justice and Treasury Department, Binace agreed to significant penalties and compliance overhauls.
2. November 2023: Richard Teng, formerly Head of Regional Markets, was appointed CEO. His background as former CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market made him a figure suited to steer Binance through a period of intensified regulatory scrutiny.
3. October 2025: CZ received a presidential pardon after serving a four-month prison sentence. However, the terms of the 2023 settlement explicitly bar him from holding any executive position at Binance, despite his retained estimated 90% ownership stake.
4. December 2025: Yi He is appointed Co-CEO alongside Richard Teng.

This timeline reveals a deliberate evolution: from founder-led growth, to compliance-focused stewardship post-settlement, and now to a balanced model that reintegrates founding vision with operational control under a compliant framework. The appointment strategically fills a perceived gap in "founder's voice" at the executive table without violating the legal restrictions placed on CZ.

Driving Toward One Billion: The User Growth Engine

The leadership announcement coincides with Binance nearing an extraordinary milestone: 300 million registered users. This figure, revealed by Teng in Dubai, underscores the platform's relentless growth even amidst regulatory challenges. To provide context, Binance reported having 280 million users by July 2025, meaning it added approximately 20 million users in roughly five months.

This growth is part of a longer-term acceleration. Company data indicates Binance added 130 million users over an 18-month period leading up to mid-2025. This trajectory is central to understanding corporate priorities. The stated goal of "one billion users" is not merely aspirational; it is the central metric driving business strategy. Yi He's background in marketing and user experience, combined with Teng's focus on forging institutional pathways (like the September 2025 partnership with Franklin Templeton to develop digital asset products), creates a leadership team designed to attack this goal on both retail and institutional fronts.

The Broader Market Impact: Stability and Strategic Continuity

For the broader cryptocurrency market, leadership stability at its largest exchange is paramount. Periods of executive uncertainty at major platforms have historically contributed to market anxiety. The formalization of a dual-CEO structure with deep internal roots provides a signal of operational continuity and strategic clarity.

The move can be interpreted as Binance doubling down on its core identity while publicly reinforcing its commitment to the compliance frameworks established under Teng's tenure. By appointing a co-founder deeply associated with Binance's culture and innovative history, the company assures its vast user base and ecosystem projects that the ethos that fueled its rise remains in command. Simultaneously, maintaining Teng as Co-CEO reaffirms to regulators and traditional finance partners that the commitments made in 2023 are enduring.

Conclusion: A Calculated Synthesis for the Next Phase

Binance's appointment of Yi He as Co-CEO is a masterclass in corporate navigation. It is a calculated synthesis of past, present, and future—honoring its innovative origins while steadfastly adhering to its reformed regulatory obligations. The dual-leadership model leverages Richard Teng's regulatory expertise and Yi He's product-centric, user-first vision to create a comprehensive governance approach.

As Binance stands on the precipice of serving 300 million users, this new structure is poised to guide the exchange through its most complex phase yet: scaling toward a billion users in an increasingly regulated and competitive global landscape. For observers and participants in the crypto space, the key developments to watch will be how this leadership duo executes on high-profile partnerships like that with Franklin Templeton, innovates within product suites like Binance Labs' portfolio, and navigates diverse international regulatory regimes. The promotion of Yi He ensures that as Binance builds for this future, it does so without leaving its foundational principles behind