On Wednesday, the foremost global cryptocurrency exchange revealed a major executive change, appointing veteran leader and co-founder Yi He to the position of co-CEO. Yi He will now jointly manage Binance with Richard Teng, who stepped into the top job during the middle of 2023 following the departure of its long-standing chief, Changpeng Zhao, amid a U.S. Criminal inquiry.
TL;DR
- Binance appointed co-founder Yi He as co-CEO, joining Richard Teng.
- Yi He brings extensive crypto experience, having joined OKX and helped launch Binance.
- The move occurs during a turbulent period, following a $4 billion penalty and Zhao's departure.
- Yi He's promotion is significant as a female executive leading a digital currency firm.
“I am honored to build alongside Richard, who brings decades of experience in regulated financial markets and was among the first to regulate crypto in its early days,” said Yi He in a statement.
Yi He boasts extensive experience in the cryptocurrency sector across Asia, having joined the exchange OKX (formerly OKCoin) in 2014. During her tenure there, she brought Zhao on board as the firm's chief technology officer. Subsequently, Zhao enlisted Yi He's expertise when he launched Binance in 2017, contributing to its rapid ascent to become the globe's premier exchange in just over twelve months.
Binance offered no specifics regarding the division of duties between its two co-chief executive officers. However, it's probable that Teng, a former senior official in Singapore, will concentrate on regulatory and corporate matters. Yi He, recognized for her marketing expertise and direct customer engagement, will probably oversee consumer-facing and product functions.
The recent executive reshuffling marks another development in a turbulent period for Binance. In 2023, Zhao admitted to U.S. Accusations of neglecting adequate anti-money laundering protocols, and Binance consented to a substantial $4 billion penalty. Zhao concluded a four-month incarceration last year, subsequently receiving clemency from President Trump in October.
Under Teng's leadership as CEO, Binance has strived to enact stricter compliance protocols and has obtained a multitude of essential permits globally. Nevertheless, it still struggles to completely shed its image as a center for illegal activities, as a recent inquiry spearheaded by The New York Times revealed that wrongdoers persist in utilizing its services.
Notwithstanding the upheaval, Binance has held onto its position as the leading global cryptocurrency exchange, and has proceeded to broaden its international presence and its array of offerings.
Yi He's selection is significant, marking a scarce instance of a female executive heading a digital currency firm. However, this promotion could also invite closer examination, given her children with Zhao, who is presently prohibited by a U.S. Legal agreement from actively participating in the company's operations.
“My personal life is independent from my professional life. My achievements and capabilities as co-founder are often overlooked with my personal life in question. Binance has nearly 300 million users who trust us for upholding our core values; looking after their interests, protections and security, and 1:1 backing for every user asset,” said Yi He in response to a question about whether Zhao will have influence over Binance’s operations.
