Binance introduces new co-CEO as leadership reshapes for global growth

 Binance has now appointed Yi He as co-CEO beside Richard Teng as the exchange expands into regulated markets.

Binance introduced a new leadership structure as the exchange continues to expand in regulated markets. 

The decision shows a trend toward clearer responsibilities at the top. The move also arrives during a period of heavy trading activity across several crypto assets.

Binance appoints Yi He as co-CEO

Binance placed co-founder Yi He beside Richard Teng as co-CEO. Teng made the announcement during Binance Blockchain Week. 

He praised her long record at the company and said the move shows her influence since Binance launched in 2017. Yi He has helped shape aspects of the exchange like product strategy, community growth and the exchange’s wider reach.

Teng said her promotion brings two very different viewpoints together. He has a long background in crypto and marketing. Teng built his career in regulated financial environments, and he believes that this pairing will help guide Binance through its next phase.

Yi He entered crypto long before Binance existed. She co-founded OkCoin, now known as OKX, three years before she co-founded Binance with Changpeng Zhao. 

She later led Binance’s branding and marketing efforts and guided Binance Labs (the company’s venture arm) starting in 2022.

Reports from 2023 stated that she owned at least 10 percent of a Cayman holding company linked to Binance. Binance has also credited her for shaping fundraising strategies that helped lift the firm’s valuation above $3 billion during its early years.

Richard Teng’s path toward the top role

Teng took over as CEO in late 2023. He stepped into the position shortly after Changpeng Zhao resigned. 

Teng had already served as head of regional markets outside the United States. His earlier career included roles at PricewaterhouseCoopers and the Monetary Authority of Singapore. 

He spent more than a decade at the regulator and held senior positions such as director of corporate finance.

His arrival at the top coincided with a push from Binance to work more closely with regulated entities and institutional clients. The exchange launched a concierge service designed to help family offices and asset managers who were new to crypto. 

Binance also began accepting BlackRock’s USD Institutional Digital Liquidity Fund as collateral held off the exchange, giving institutions more flexibility when trading.

Around the same period, Binance released a crypto-as-a-service product for banks, brokerages and stock exchanges. 

These institutions could use the service to offer crypto trading while keeping custody under their control. Binance also partnered with BBVA in Spain, one of the country’s largest banks, to act as an independent custodian for customer funds.

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How the leadership shift fits Binance’s direction

The exchange wants to grow its presence in markets that place heavy focus on compliance. This requires steady communication with regulators, and Teng’s experience fits this need. 

A photo of Teng and Yi He | source: X

Yi He on the other hand, brings long involvement in the crypto community and a strong record in product development.

Together both CEOs aim to strengthen Binance in regions where rules change very quickly.

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