Binance has appointed co-founder Yi He as its new co-CEO in the biggest change to its leadership structure since Richard Teng stepped into Changpeng "CZ" Zhao's shoes in November 2023 following U.S. enforcement actions.
Teng, who will continue to serve alongside Yi He as co-CEO, announced the news at Binance Blockchain Week in Dubai on Wednesday amid claims that the crypto exchange giant is now closing in on 300 million users.
Yi He previously held the role of Chief Customer Service Officer at Binance, according to her LinkedIn page, having been involved in the company's operations for over eight years since it was formed in 2017.
"Yi has been an integral part of the executive leadership team since the launch of Binance. Her innovative and user-focused approach has been instrumental in shaping the company's vision, culture, and bottom-up business strategy," Teng said in a statement. "This appointment is a natural progression, and she will continue to guide the organization from strength to strength."
"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," Yi He said. "Together, we bring diverse perspectives and are confident in leading the future of the industry during this pivotal time, as we responsibly expand our global presence and drive sustainable innovation with our users always at the center."
Fellow Binance co-founder Zhao took to X to congratulate the new co-CEO. "[Yi He] should have been the Binance CEO from day 1," he said. "Great journey ahead with two strong leaders (with complementary skills) leading Binance."
Yi He and Zhao have known each other since at least their OKCoin days, becoming both business and life partners and having children together. Yi He previously described Zhao as a "comrade-in-arms," comparing the relationship to that of a college roommate.
In October, speculation rose on a potential return for Zhao to a leadership role at Binance amid reports that President Trump was considering a pardon for the former CEO. However, no decision has officially been made.
