Binance has officially announced a significant restructuring of its leadership, with co-founder Yi He stepping into the role of co-CEO. She will now share this position with Richard Teng, marking a new phase for the cryptocurrency exchange as it pursues a goal of one billion users worldwide.
In brief
- •Yi He has been appointed co-CEO of Binance, a move intended to strengthen the crypto exchange's vision for innovation and community engagement.
- •Binance is adopting a dual governance model, aiming to combine stringent regulatory compliance with the aggressive expansion of its services.
Yi He: The Discreet Architect Driving Binance's Growth
Yi He, who has been an integral part of Binance since its inception in 2017, brings a deep-rooted understanding of the crypto exchange's core vision. Her experience predates Binance, having co-founded OKCoin (now known as OKX), establishing her as a significant pioneering figure within the cryptocurrency ecosystem.
During her tenure at Binance, Yi He has been instrumental in leading several key areas:
- •Brand strategy development;
- •Community growth initiatives;
- •The execution of initial fundraising rounds.
Her contributions were pivotal in elevating the valuation of the crypto platform to over 3 billion dollars. Since 2022, she has been at the helm of Binance Labs, the exchange's venture capital arm. Reports indicate that she held a substantial stake, at least 10%, in a holding company registered in the Cayman Islands, as detailed in the official announcement.
Furthermore, Yi He played a crucial role in shaping the user-centric product strategy that has become a cornerstone of Binance's remarkable growth.
A Co-Leadership Model Designed for Regulatory Balance and Crypto Innovation
The partnership between Yi He and Richard Teng signifies a deliberate strategic pivot for Binance. Following the resignation of CZ in November 2023, Richard Teng, formerly a regulator at the Monetary Authority of Singapore, has been spearheading a comprehensive transformation of the exchange. His appointment was widely seen as a choice for continuity and has been well-received by global crypto regulators.
While Teng focuses on establishing and reinforcing regulatory compliance frameworks, Yi He is tasked with maintaining product agility and fostering the vibrant community spirit that characterizes Binance. This strategic alignment is particularly important as Binance expands its offerings to cater to institutional clients. Recent developments include:
- •The establishment of independent custody services in partnership with BBVA;
- •The acceptance of BlackRock’s digital liquidity fund as collateral;
- •The development of crypto-as-a-service solutions tailored for banks and licensed brokers.
This dual-headed governance approach positions Binance to effectively navigate the evolving cryptocurrency landscape. It is a model that could potentially serve as an inspiration for other major players in the Web3 industry aiming to strike a balance between regulatory adherence and disruptive innovation.