Binance has announced that co-founder Yi He will now serve as co-CEO alongside Richard Teng, marking a major shift in leadership at the world’s largest crypto exchange.
Key Takeaways
- Yi He has been promoted to co-CEO of Binance, joining Richard Teng in leading the company through its next phase of global expansion.
- The announcement was made during Binance Blockchain Week in Dubai, where Teng praised Yi He’s long-standing role in shaping the company’s strategy.
- Yi He co-founded Binance in 2017 and previously led marketing, branding, and Binance Labs, playing a key role in community growth and product development.
- This leadership restructuring reflects Binance’s push into regulated markets and its efforts to balance innovation with compliance.
What Happened?
Binance has appointed its co-founder Yi He as co-CEO, making her one of the most powerful figures in the crypto industry today. Richard Teng, who became CEO in late 2023, will now serve alongside Yi He as the company navigates a critical period of regulatory engagement and institutional expansion. The change was announced publicly at Binance Blockchain Week in Dubai.
Leadership Update:
— Binance (@binance) December 3, 2025
We are delighted to welcome Binance co-founder @heyibinance into her new role as Co-CEO.
Yi has always played an important role, shaping our culture, driving innovation, and championing a user-first approach across our entire ecosystem.
Her leadership has… pic.twitter.com/CqsuTkb0gc
Inside Binance’s Leadership Transformation
The co-CEO announcement marks the most significant leadership shift at Binance since Richard Teng took over following Changpeng Zhao’s resignation in November 2023. Yi He’s appointment comes at a time of heightened trading activity and a renewed push for compliance in various jurisdictions.
Yi He, who previously served as Chief Customer Service Officer according to her LinkedIn profile, has been deeply involved in Binance since co-founding it with Zhao in 2017. She is known for shaping the company’s product strategy, branding efforts, and overall vision, and played a leading role in launching Binance Labs, the company’s venture arm, in 2022.
Binance credited Yi He for helping steer the exchange’s early fundraising efforts that lifted its valuation past $3 billion. Reports from 2023 indicated that she owns at least 10 percent of a Cayman-based holding company associated with Binance.
Richard Teng, a former regulator with the Monetary Authority of Singapore and executive at PricewaterhouseCoopers, emphasized the complementary nature of their leadership. While Yi He brings deep roots in the crypto space and a user-centric mindset, Teng offers experience in regulated financial environments.
Building Toward One Billion Users
Yi He’s new leadership role comes with big goals. Binance is reportedly nearing 300 million users worldwide, and the exchange is aiming to grow even further by offering secure, regulated crypto access to both retail and institutional clients.
As Binance pushes into regulated territories, Teng’s background supports efforts to communicate more effectively with financial authorities. His initiatives include:
- Launching crypto-as-a-service solutions for banks, brokerages, and exchanges.
- Partnering with BBVA in Spain to act as an independent custodian.
- Supporting institutional clients by accepting BlackRock’s USD Institutional Digital Liquidity Fund as collateral.
Yi He, in turn, has been described by Binance leadership as the “strategizing and innovation powerhouse” behind the company. Her rise to co-CEO is seen as a natural progression by those inside Binance.
Endorsements and Industry Reactions
Former CEO Changpeng Zhao congratulated Yi He on the promotion via X, stating, “[Yi He] should have been the Binance CEO from day 1.” Zhao and Yi He have known each other since their time at OKCoin, and are both business and life partners. Their long history working together further underscores the strategic trust at the top of Binance.
Yi He expressed enthusiasm for her new role, stating:
CoinLaw’s Takeaway
In my experience watching crypto’s leadership landscape evolve, this is one of the most interesting power shifts we’ve seen. Yi He has been quietly but consistently driving Binance’s innovation for years. Her promotion is not just a formality, it’s a signal that Binance is serious about maturing its structure while staying true to its roots in crypto culture. What stands out most to me is the balance they’re striking: Teng brings the rules and compliance, Yi He brings the community and product vision. That’s a rare and powerful mix in this space.
