Binance Appoints Co-Founder Yi He as Co-CEO

Binance appointed co-founder Yi He as Co-CEO alongside Richard Teng on Dec. 3, which establishes a dual leadership structure as the cryptocurrency exchange approaches 300 million registered users globally.

Teng announced the appointment during his keynote speech at Binance Blockchain Week in Dubai and described the move as a natural progression given Yi He’s role since the company’s founding. The company stated it remains focused on strengthening compliance programs while pursuing its goal of reaching one billion users.

Background

Yi He co-founded Binance with Changpeng Zhao in July 2017 and has served in executive roles throughout the company’s history. She previously held positions as Chief Marketing Officer and Head of the company’s investment division.

The one billion users target builds on recent growth that saw Binance reach 280 million users by July 2025. The company added 130 million users over an 18-month period, according to data from that time.

Leadership Transition Context

Teng assumed the CEO role in November 2023 after Zhao pleaded guilty to failing to maintain an adequate anti-money laundering program. Binance paid $4.3 billion in penalties to the US Department of Justice and Treasury Department as part of the settlement, according to Treasury records.

The appointment announcement did not mention Zhao, who holds an estimated 90% ownership stake in the company. Settlement terms bar him from executive positions at Binance despite retaining controlling ownership.

Zhao received a presidential pardon in October 2025 after serving a four-month prison sentence. He has since taken on government advisory roles in countries including Kyrgyzstan and Pakistan.

The leadership change follows a series of partnerships with major financial firms, including an agreement with Franklin Templeton announced in September 2025 to develop digital asset products.

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