Binance has announced the promotion of co-founder He Yi to the position of co-CEO, elevating this early core architect of the company to a leadership role parallel to that of CEO Richard Teng.
At the Binance Blockchain Week event on Wednesday, Binance CEO Richard Teng announced He Yi's appointment as co-CEO. Teng noted, "He Yi has been a core member of the executive leadership team since Binance's inception, and this appointment is a natural progression."
Teng further stated that He Yi, who previously served as Binance's Chief Marketing Officer, played a crucial role in expanding Binance's community influence and driving product innovation. He Yi expressed that serving as co-CEO with Teng will allow for the combination of two different professional perspectives, particularly Teng's extensive experience in regulated financial markets.
He Yi is a native talent in the cryptocurrency industry, having co-founded Binance with Changpeng Zhao ("CZ") in 2017.
In late November 2023, Teng was appointed as CEO of Binance after CZ resigned and pleaded guilty to charges brought by the U.S. Department of Justice. Prior to this, Teng served as the head of regional markets outside the U.S. for the company.
Teng's career began at the "Big Four" auditing firm PwC, after which he joined the Monetary Authority of Singapore in 1997, where he worked for 13 years in senior positions, including as head of corporate finance.
He Yi has been deeply involved in the crypto industry for over a decade and is one of the core leaders driving Binance's rise as an industry leader.
Not only did she co-found Binance in 2017, but she also co-founded the cryptocurrency exchange now known as OKX (formerly OkCoin) in 2014. Since 2022, she has also overseen Binance's venture capital arm, Binance Labs, while managing the exchange's business, market, and brand strategy.
According to The Wall Street Journal, in 2023, she was reported to hold at least 10% of the shares in a Cayman Islands-registered holding company related to Binance.
Binance's official website states, "She is also a key figure in driving the company's fundraising strategy, which has led to a valuation exceeding $3 billion." The cryptocurrency exchange appears to still be striving to expand its market share. Earlier this month, Binance launched an exclusive service aimed at family offices, asset management companies, and private equity funds to assist institutions unfamiliar with cryptocurrency in trading. Last month, Binance began accepting BlackRock's USD Institutional Digital Liquidity Fund as over-the-counter collateral, allowing institutions to trade while their assets are held by custodians.
At the end of September, Binance also launched a Cryptocurrency-as-a-Service (CaaS) solution for licensed banks, brokers, and exchanges looking to offer cryptocurrency services to their clients. In early August, the platform partnered with BBVA, one of Spain's largest banks, with BBVA serving as the independent custodian of client funds.
Related: CZ's Trust Wallet partners with Myriad to launch a prediction market
Original: “Binance Appoints Co-Founder He Yi as Co-CEO Alongside Richard Teng”
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