Binance, the world's largest cryptocurrency exchange, has made the most significant change in its management in recent years. The company announced that co-founder Yi He has been appointed co-CEO alongside Richard Teng. This move is considered the biggest leadership shakeup since Changpeng Zhao (CZ) stepped down as CEO two years ago.
Leadership Transition and Yi He's Influence
Teng succeeded CZ as CEO in November 2023. While Yi He hasn't officially assumed the title of “director of customer service” since then, he is known as one of the most influential figures behind the scenes in Binance's corporate strategy. Yi He and Zhao have children together.
CZ resigned from his position after pleading guilty to money laundering and sanctions violations in the US. Analysts say this development eases years of regulatory pressure on Binance and could make it easier for the company to reconsolidate its US operations.
Strategic Expansion and Future Outlook
INSEAD finance professor Ben Charoenwong argued that Yi He's appointment signaled a strategic expansion, saying:
“Following the amnesty, the perception is this: It's time to expand our business. As a company, we were on the defensive for a long time due to regulatory pressures, but now we're transitioning to much more active management.”
Yi He's Key Roles and Contributions
While not as visible in the media as Zhao, Yi He has been recognized as one of the most influential figures within Binance for years. He is considered a key figure behind BNB Chain's growth and largely responsible for the institution's institutional client division. He has also played an active role in coordinating major acquisitions like CoinMarketCap.
Early Career and Founding of Binance
Yi He, who has a background as a presenter on Chinese television, has cited his English proficiency as the primary reason for his less public profile. He first encountered the crypto industry at OKCoin in 2014, hiring Zhao as CTO at the time. He then invited him as an advisor when he founded Binance in 2017.
Binance's Vision for the Future
Binance used the following statements in its statement on X:
“Together with Teng, Yi will lead Binance's next phase of development. We will continue to build a reliable, transparent, and responsible platform for digital assets while strengthening our global regulatory foundations.”
Binance's Growth and Regulatory Challenges
Binance, built from the ground up by CZ and Yi He, had become an industry leader over the years, capturing over 50% of global spot trading volume. However, ongoing tensions with regulators in numerous countries culminated in charges in the US in late 2023, with both Binance and CZ pleading guilty to charges of failing to implement anti-money laundering controls.