Binance names cofounder Yi He as new co-CEO

“I am honored to work alongside Richard, who has decades of experience in regulated financial markets and was among the first to regulate cryptocurrencies in their early days,” Yi He said in a statement.

Yi He is a long-time veteran of the cryptocurrency space in Asia, having worked at the OKX exchange (then known as OKCoin) in 2014, where she hired Zhao to be the company’s chief technology officer. Zhao, in turn, hired Yi He when he created Binance in 2017, helping turn the company into the world’s largest exchange in just over a year.

Binance did not provide details on how responsibilities will be divided between the two co-CEOs, but it is likely that Teng, a former top regulator in Singapore, will focus on legal and administrative issues. Yi He, known for his marketing expertise and front-line work with customers, will likely take over retail and product operations.

The new C-suite arrangement is the latest development in a turbulent few years for Binance. In 2023, Zhao agreed to plead guilty to US charges that he failed to implement proper anti-money laundering controls, while Binance agreed to pay a record $4 billion fine. Chow completed a four-month prison sentence last year, but was then pardoned by president Trump last October.

During Teng’s tenure as CEO, Binance sought to implement stricter compliance measures and obtained several major licenses around the world. At the same time, it has not completely shaken its reputation as a center for illicit operations, as stated in a recent report New York TimesLed by the investigation, criminals continue to take advantage of his platform.

Despite the turmoil, Binance has maintained its role as the world’s dominant cryptocurrency platform, and has continued to expand its global footprint and product line.

Yi He’s appointment is notable as a rare woman to lead a cryptocurrency company. Yi He, a former TV presenter, rose out of poverty in China, where she drew water from a well and often relied on kerosene for electricity. Today, she is a billionaire thanks to her ownership of an estimated 10% of Binance.

However, the appointment of Yi He as co-CEO could also draw scrutiny given that she has children with Zhao, who is currently barred by a US legal settlement from taking an active role in the company.

“My personal life is independent from my professional life. My achievements and abilities as a co-founder are often overlooked with my personal life being called into question. Binance has nearly 300 million users who trust us to uphold our core values; looking after their interests, protecting and security, and 1:1 support for every user’s assets,” Yi He said in response to a question about whether Zhao will have an influence on Binance’s operations.