Binance has appointed co-founder Yi He as co-CEO, joining CEO Richard Teng. This move is expected to leverage He's deep crypto-native experience alongside Teng's regulatory expertise as the company expands its institutional and service-focused offerings. Concurrently, Forward Industries has named former ParaFi and KKR investor Ryan Navi as its chief investment officer to oversee its growing Solana-focused treasury strategy.
Yi He Assumes Co-CEO Role at Binance
Binance has expanded its senior leadership by appointing co-founder Yi He as co-CEO, working alongside the current chief executive, Richard Teng. The announcement was made during Binance Blockchain Week, with Teng describing the transition as a "natural progression." He has been a pivotal figure in Binance's development and strategic direction since its founding in 2017, significantly contributing to the exchange's global community growth, product innovation, and its establishment as a major player in the cryptocurrency sector.
Previously serving as Binance's chief marketing officer and head of Binance Labs, Yi He brings extensive experience within the crypto industry to this dual leadership position. Her co-founding role with Changpeng “CZ” Zhao was crucial in building Binance's brand, business strategy, and venture capital arm. Her involvement has been instrumental across various stages of Binance's expansion, from product development to market reach. Reports from The Wall Street Journal indicated that she held a significant ownership stake in a Cayman-based holding company associated with the exchange, underscoring her long-term importance as a key stakeholder.
Richard Teng's background offers a complementary skill set to Yi He's. Teng took over as CEO in late 2023 following CZ's departure and guilty plea to U.S. federal charges. He brought substantial regulatory experience from his tenure at PricewaterhouseCoopers and the Monetary Authority of Singapore. His previous role overseeing global markets for Binance provided a strong foundation for the company's ongoing efforts in regulatory compliance and engagement. Yi He believes that the combination of her entrepreneurial, crypto-native journey and Teng's background in traditional finance and regulation will enhance Binance's leadership capabilities and its ability to navigate the evolving industry landscape.
This leadership change occurs as Binance broadens its reach into new institutional and service-oriented products. The exchange recently introduced a concierge service designed for family offices, private funds, and asset managers entering the crypto space. Additionally, Binance has begun accepting BlackRock’s USD Institutional Digital Liquidity Fund as off-exchange collateral, enabling institutions to trade while maintaining custody of their assets elsewhere.
In September, Binance also launched a crypto-as-a-service platform aimed at licensed banks, brokerages, and exchanges looking to integrate digital asset functionalities. Earlier in the year, the company partnered with BBVA, a prominent Spanish bank, to act as an independent custodian for customer funds.
Forward Industries Appoints New Chief Investment Officer
Forward Industries, recognized as one of the largest corporate holders of Solana's native token, has appointed Ryan Navi as its chief investment officer. In this role, Navi will be responsible for steering the company's expanding treasury strategy focused on Solana. The firm announced that Navi will lead efforts in sourcing and structuring capital markets opportunities, as well as optimizing the utilization of Forward's staking and validator infrastructure to further accumulate SOL. The company currently holds approximately 6.91 million SOL, valued at around $863 million.
Navi brings a robust background in both digital assets and traditional finance. Prior to joining Forward Industries, he managed digital asset investments at ParaFi Capital and previously held a principal position at KKR, where his focus was on liquid and distressed credit. His career began in investment banking at Citi. His appointment marks a significant step as Forward Industries transitions from its previous identity as a global design firm to a company primarily focused on digital asset treasury operations within the Solana ecosystem.
The company has been progressively increasing its involvement in the Solana ecosystem. In October, Forward Industries launched its first institutional-grade validator node on the network to enhance its technical presence. Furthermore, in November, the company authorized a $1 billion share repurchase program, providing it with the flexibility to buy back its shares through various channels, including open market transactions, block trades, or private agreements.
The appointment of a new CIO by Forward Industries comes at a challenging time for companies pursuing similar Solana-focused treasury strategies. Several firms that had shifted to accumulating Solana earlier in the year initially experienced significant surges in their stock prices. For instance, Sharps Technology saw its stock increase by over 96% in August after announcing its intention to accumulate SOL.
However, this initial enthusiasm has waned as Solana's price has decreased by more than 30% over the past month, currently trading near $125. Shares of Solana Co. (HSDT), another significant SOL treasury holder, have fallen by nearly 37% in the last 30 days. Similarly, DeFi Development Corporation (DFDV) experienced a 40% decline during the same period. Forward Industries has also faced considerable downward pressure, with its stock price down nearly 80% from its peak of $39 in September.