Written by: Clow
In December 2025, Binance made a decision.
The world’s largest cryptocurrency exchange announced that co-founder Yi He Yi will serve as co-CEO with current CEO Richard Teng.
This is not a simple job reshuffle. Binance has nearly 300 million users, but it also carries a historic $4.3 billion fine and is under independent surveillance for five years by the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) and the Department of Justice (DOJ).
At Dubai Blockchain Week (BBW 2025), He Yi made her first public appearance as co-CEO. Her message was clear: Binance is moving away from "wild growth" and towards "institutionalized maturity."
The core question is: how to transform a crypto-native exchange into a "lasting" company under regulatory constraints?
The co-CEO system is Binance's answer.
Two CEOs, one outward-looking and one inward-looking.
Having two CEOs is nothing new in the business world, but Binance's design is a bit different—it's not about sharing power, but about precise division of labor.
He Yi this "1+1>2". The responsibilities of the two CEOs are very clear:
Deng Weizheng: Getting the Regulators Handled
Deng Weizheng works on the external side. He has decades of experience in traditional financial markets and is positioned as Binance's "best bridge between global regulators."
His task is clear: obtain global licenses, raise compliance standards, and ensure Binance operates smoothly in various jurisdictions. This role is crucial for a company under scrutiny from US regulators.
He Yi: Manage internal affairs well
He Yi is in charge of internal operations. As a co-founder, she shaped Binance's culture from the very beginning.
At the Dubai conference, He Yi mentioned three things:
- First, users come first. This is the foundation of Binance and the driving force behind product innovation.
- Second, build a system. We can no longer rely on a single person; instead, we must rely on an organizational system to drive the company's operation.
- Third, bet on AI. Technological innovation is the fundamental driving force for industry progress.
Specifically, He Yi oversees user experience, corporate culture, human resources, customer support, institutional business, marketing, P2P lending, and wealth management.
The logic behind this division of labor is clear: Deng Weizheng sets the framework, and He Yi innovates within that framework. One builds trust externally, while the other maintains vitality internally.
Hiring, hiring a lot of people
He Yi repeatedly mentioned one word in Dubai: "evergreen organization".
What does this mean? Binance can't rely on a single leader; it needs a system. How to achieve this? Increase the "talent density."
He Yi listed "recruiting" as his top priority. Data shows that Binance recruited more than 1,000 new employees in 2024, and has more than 500 positions available, covering core roles such as technology, compliance, and customer support.
This is not simply expansion, but a restructuring of capabilities.
Binance's early success largely relied on the charisma and decisions of its founders. However, as the company approached 300 million users and its operations spanned dozens of countries worldwide, individual capabilities became insufficient.
More importantly, regulatory failures often stem from inadequate "people"—a lack of professional compliance personnel and an over-reliance on the founder's decision-making.
Therefore, He Yi's concept of "talent density" essentially replaces individual ability with organizational capability. This is an inevitable choice in the post-founder era.
AI's Dual Role
Technological innovation is another key focus for He Yi. She believes that AI is the fundamental driving force for industry progress.
Binance's AI strategy follows two lines:
On the one hand, AI is used for compliance and risk monitoring. Transaction monitoring, sanctions screening, and KYC automation all require AI support. This is crucial for meeting FinCEN's regulatory requirements.
On the other hand, AI is used to optimize products and user experience. From customer support to transaction optimization, from risk warnings to personalized services, AI is permeating every aspect.
The logic is clear: first use AI to handle compliance, then use AI to drive innovation.
Listing criteria: No fees, providing users with affordable tokens.
During the Q&A session in Dubai, He Yi discussed Binance's significant shift in its listing strategy.
Zero tolerance for "white gloves"
There have been persistent rumors in the market about corruption involving "front men" in Binance's listing process. He Yi directly responded: "Binance has never had any front men," and the so-called relatives and friends are all imposters.
She also revealed the listing rules: Binance does not charge listing fees. Projects wishing to be listed must airdrop tokens or offer them at a low price to users.
He Yi said that it is precisely because of the high standards and high barriers to entry that some people want to profit from it. However, with the increase in global licenses, the crypto market is no longer a lawless place, and any behavior that undermines a fair and transparent market will be severely punished.
Let exchanges and users stand together
Eliminating listing fees and forcing users to accept tokens is a clever design.
It ties the interests of trading platforms and retail investors together, while keeping out projects that are only for speculation and have no real value.
Project teams must share value with users, so listing a token becomes a tool for user acquisition rather than a source of revenue.
This shift is crucial. By moving from "trading volume driven" to "user value driven," Binance is setting the standard for the entire industry.
He Yi also emphasized that she doesn't come from a wealthy family, so she understands ordinary users better. "Binance's innovation must start from the user's perspective."
With nearly 300 million users and daily transaction volume of tens of billions of dollars, the ability to adhere to "user first" is itself a testament to governance capabilities.
Betting on the Middle East and Asia
He Yi clarified Binance's geographical expansion focus: the Middle East and Asia.
Two pillar markets
Binance aims to strengthen its presence in the Middle East and Asia, making these two regions its main engines of growth.
The fact that BBW 2025 is being held in Dubai sends a signal. Dubai, with its regulatory framework such as the Virtual Asset Regulatory Authority (VARA), has become a crucial hub for the global crypto industry.
In Asia, Binance considers South Korea "one of the most important countries." Binance is committed to continuing to invest and improve the user experience in South Korea, regarding it as a "core market that can never be abandoned."
Why choose these locations? Because of clear regulations and rapid growth. Demonstrating compliance achievements in these markets, while avoiding the hindrance of historical issues in the US, can also accelerate user growth.
1 billion users target
Binance's goal is 1 billion users. Going from nearly 300 million to 1 billion is not just about numerical growth, but also a comprehensive test of infrastructure, compliance capabilities, and operational efficiency.
The regulatory-friendly environment in the Middle East and Asia makes this goal possible. Success in these markets will not only bring in users but also accumulate compliance milestones and strengthen Binance's global image.
Transformation is not easy
Despite a clear strategy, institutional transformation is never easy. The co-CEO system faces three challenges:
How can two CEOs work together?
With two CEOs, who has the final say? This is especially true when it comes to high-risk decisions involving regulatory risks and operational execution.
He Yi statement that "1+1>2" hinges on a clear division of labor—external vs. internal, compliance vs. innovation. More importantly, the two CEOs must be compatible politically and culturally. There will inevitably be friction between growth and compliance; the key is to ensure that this friction is constructive.
How to balance innovation and compliance?
Binance is now under scrutiny from FinCEN/DOJ, with every new product and every market entry subject to compliance checks. This will undoubtedly slow down He Yi pace of innovation.
The approach is to prioritize: first apply AI to compliance and risk management, then to product innovation.
The co-CEO system is designed to manage this tension between speed and compliance. Through institutional design, it ensures that innovation doesn't outpace compliance.
Can it be implemented effectively?
Binance is undergoing a difficult transformation: from a decentralized, high-growth startup culture to a formal, regulated financial institution.
He Yi prioritizes talent density to lay the foundation for this transformation. Recruiting world-class experts makes decision-making more professional and reduces single-point risks. If a truly "evergreen" system can be built, regulatory and operational risks can be significantly reduced.
summary
When He Yi became co-CEO, the strategies she discussed in Dubai were not a passive response to regulation, but a proactive evolution.
The co-CEO structure is a key step for Binance in shifting from rapid, unregulated growth to sustainable scaling. Deng Weizheng handled external regulatory issues, He Yi internally upgraded systems, enhanced talent, and innovated using AI.
From talent density to AI deployment, from user-first listing standards to betting on the Middle East and Asia, Binance is building a long-term foundation.
Over the next five to ten years, Binance's success will depend on its ability to balance the responsibilities of its two CEOs. In the short term, it must accept regulatory constraints; in the long term, it must become a global infrastructure connecting crypto innovation and traditional finance.
The co-CEO system is an organizational tool for achieving this goal. Its results will become an industry model for the governance of large exchanges in the post-founder era.
Binance is not just writing the story of a company's transformation, but also the turning point for the entire crypto industry as it moves from a "lawless land" to "institutional maturity".
When He Yi said in Dubai that "Binance will become a century-old company," she was describing a more responsible, sustainable, and powerful crypto world.
Whether this experiment succeeds or not will redefine what "responsible scaling growth" means.
