Binance, the world's largest cryptocurrency exchange, has appointed co-founder Yi He as co-CEO, sharing the leadership role with Richard Teng. The announcement was made by Richard Teng at Binance Blockchain Week in Dubai. This strategic move aims to leverage Yi He's extensive experience and vision to further strengthen Binance's global presence and commitment to user-centric innovation.
Richard Teng, who assumed the role of CEO in November 2023, will primarily focus on legal, regulatory, and administrative responsibilities, drawing upon his experience in regulated markets. Yi He will concentrate on product development, retail operations, and user-oriented initiatives, ensuring smooth operations and customer satisfaction.
Yi He has been an integral part of Binance since its inception in 2017 and has significantly shaped the company's culture and strategic direction. She has been instrumental in driving Binance's user-first approach and has played a key role in developing many of Binance's core products and services. Her appointment as co-CEO recognizes her long-standing contributions and influence within the organization.
The appointment of Yi He as co-CEO comes at a crucial time for Binance, as the company navigates increasing regulatory scrutiny and seeks to enhance its compliance standards. Binance is facing a lawsuit regarding allegations of $1 billion in terrorism financing, as well as the aftermath of founder Changpeng Zhao's criminal conviction. The dual leadership structure signifies Binance's commitment to transparency, regulatory compliance, and building trust in the digital asset sector.
Teng has emphasized the importance of the UAE as a global hub for digital innovation, highlighting the country's agile and innovative approach. He noted the UAE's commitment to blockchain infrastructure and regulatory clarity as key factors in Binance's decision to host its Blockchain Week in Dubai.
During his keynote address, Teng highlighted the rapid growth and maturation of the digital asset market, with stablecoins leading the way in global transformation. He noted that stablecoin market capitalization is up approximately 50% year-to-date, and stablecoin wallet holders have also climbed 50%, reaching 130 million users. Daily stablecoin settlement volume surpassed Visa in 2024, signaling a major shift in global value transfer.
Binance also unveiled Binance Junior, a supervised digital finance application for users aged 6-17.
Yi He's promotion is also seen as a step forward for gender diversity in crypto leadership. She has addressed her connection with Changpeng Zhao, emphasizing her independence and the importance of acknowledging her role in Binance's success.
