^{Photo: Bloomberg.com}

Binance Holdings, the world’s largest cryptocurrency exchange by trading volume, has announced a major restructuring at the top of its leadership hierarchy. Yi He, a key figure in the company since its founding in 2017, has been appointed co-CEO alongside Richard Teng. The decision marks the most significant shift since Teng replaced Changpeng Zhao (CZ) in 2023, after Zhao pleaded guilty to violating U.S. anti–money laundering laws.

Yi He’s elevation follows weeks of international attention, culminating in former Binance chief CZ receiving a presidential pardon from Donald Trump for charges tied to enabling illicit financial activity. With this move, Binance appears to be solidifying internal continuity while signaling stability amid ongoing global regulatory pressures.

Yi He’s Rise and Strategic Influence

While often portrayed as discreet and enigmatic, Yi He has been central to Binance’s identity and evolution. She co-founded the company with CZ, with whom she shares three children, and has long been regarded internally as one of the architects behind Binance’s rapid expansion.

Her background includes roles at the early-stage cryptocurrency exchange OKCoin, where she reportedly recruited CZ in 2014 after meeting him at a blockchain event. Before entering the crypto world, she built a public career in China as a talk-show host, later transitioning into tech and digital finance.

Despite maintaining a low public profile, her influence has been substantial. Her most recent public-facing role at Binance was Chief Customer Service Officer, but internal reports and U.S. federal investigations have repeatedly highlighted her deeper strategic involvement. U.S. prosecutors in 2020 sought communications referencing Yi He as part of broader inquiries into Binance’s compliance practices and the foundation of its U.S. entity.

Media analyses have described her as a “Crypto Queen,” exercising extensive control over marketing, product direction, and investment decisions. A 2023 Wall Street Journal investigation noted she held broad influence over the company’s branding, partnerships, and long-term growth strategy.

Leadership Realignment After Regulatory Pressure

Richard Teng, who now shares the top executive role with Yi He, stepped in during a period of tightening global oversight on crypto exchanges. With decades in financial regulation—including a senior post at Singapore’s central bank—Teng was seen as a stabilizing force capable of navigating legal scrutiny.

His appointment as co-CEO reflects strategic balance. Teng serves as a regulatory-focused operator, while Yi He brings deep institutional knowledge, cultural alignment, and strategic continuity. The two represent a dual-leadership approach designed to reinforce international confidence as the company responds to pressure from regulators across the U.S., Europe, and Asia.

Teng acknowledged Yi He’s longstanding role in shaping Binance’s trajectory, calling her a key driver of operational and cultural development since its inception. Yi He echoed the sentiment, describing their leadership as grounded in complementary strengths and a shared commitment to expanding responsibly and placing users at the center of the firm’s mission.

The CZ Factor and Shifting U.S. Policy Toward Crypto

The timing of Yi He’s appointment has drawn attention due to the political backdrop. Former CEO CZ, once the face of Binance, pleaded guilty in 2023 to failing to prevent money laundering on the platform. In late 2024, he received a pardon from U.S. President Donald Trump, signaling a notable shift in Washington’s approach to digital assets.

Under the Trump administration, several high-profile enforcement actions against crypto firms were delayed or dismissed, aligning with the administration’s stated goal of fostering innovation and reducing barriers for digital-asset businesses. This policy shift has created new space for Binance to recalibrate its leadership and public image.

During CZ’s trial, Yi He was among 161 individuals who wrote letters requesting leniency. In her own statement, written in Chinese, she described CZ as her business partner and “the father of her three children,” providing a personal defense alongside professional testimony.

A New Era for Binance

Binance’s announcement framed Yi He as an essential force behind the platform’s growth, crediting her with shaping its mission and internal culture. The company said she will take on expanded responsibilities in global strategy, innovation, and user experience, areas where she has long been influential.

Her new role formalizes what many insiders and U.S. investigators already believed: that she was one of the most powerful executives at the firm, operating just behind CZ.

Despite repeated media inquiries, neither Binance nor Yi He issued further comment after Wednesday’s announcement.

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Yi He’s move into the co-CEO position cements her status as one of the most consequential leaders in global crypto. Combining deep institutional knowledge, strategic influence, and a direct connection to Binance’s founding, she now steps into a role that will define the company’s direction as it navigates shifting regulations, renewed political attention, and intensified competition in the digital-asset ecosystem.