Author: Clow
In December 2025, Binance made a decision.
The world's largest cryptocurrency exchange announced that co-founder Yi He would serve as co-CEO alongside current CEO Richard Teng.
This is not a simple position adjustment. Binance has nearly 300 million users but is also burdened with a historic fine of $4.3 billion and is undergoing five years of independent monitoring by the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) and the Department of Justice (DOJ).
At the Dubai Blockchain Week (BBW 2025), Yi He publicly spoke for the first time as co-CEO. The message she conveyed was clear: Binance aims to say goodbye to "barbaric growth" and transition to "institutional maturity."
The core question is: how to transform a crypto-native exchange into a "evergreen" company under regulatory constraints?
The co-CEO system is Binance's answer.
Two CEOs, One Outward, One Inward
Having dual CEOs is not a novel concept in the business world, but Binance's design is somewhat different—this is not a power-sharing arrangement but rather a precise division of labor.
Yi He refers to this as "1+1>2." The responsibilities of the two CEOs are very clear:
Richard Teng: Managing Regulation
Richard Teng handles external affairs. With decades of experience in traditional financial markets, he is positioned as the best bridge between Binance and "global regulatory bodies."
His tasks are straightforward: obtain global licenses, enhance compliance standards, and ensure Binance operates smoothly across various jurisdictions. This role is crucial for a company under scrutiny from U.S. regulators.
Yi He: Managing Internal Operations
Yi He is responsible for internal operations. As a co-founder, she has shaped Binance's culture from the very beginning.
At the Dubai conference, Yi He mentioned three things:
- First, user-centricity. This is the foundation of Binance and the driving force behind product innovation.
- Second, building systems. The company can no longer rely on any one individual but must depend on organizational systems to drive operations.
- Third, betting on AI. Technological innovation is the fundamental driving force for advancing the industry.
Specifically, Yi He oversees user experience, corporate culture, human resources, customer support, institutional business, marketing, P2P, and wealth management.
The logic behind this division of labor is clear: Richard Teng builds the framework, while Yi He innovates within it. One builds trust externally, while the other maintains internal vitality.
Hiring, Lots of Hiring
Yi He repeatedly mentioned a term in Dubai: "evergreen organization."
What does it mean? Binance cannot rely on a single leader but must depend on a system. How to achieve this? By increasing "talent density."
Yi He lists "hiring" as the top priority. Data shows that Binance hired over 1,000 new employees in 2024, with more than 500 positions still open, covering core roles in technology, compliance, customer support, and more.
This is not merely expansion but a reconstruction of capabilities.
Binance's early success largely depended on the charisma and decision-making of its founders. But as the company approaches 300 million users and operates in dozens of countries worldwide, individual capabilities are no longer sufficient.
More importantly, regulatory failures often stem from inadequate "people"—a lack of professional compliance personnel and an over-reliance on the founder's decisions.
Thus, Yi He's concept of "talent density" essentially replaces individual capability with organizational capability. This is an inevitable choice in the post-founder era.
The Dual Role of AI
Technological innovation is another focus for Yi He. She believes that AI is the fundamental driving force for advancing the industry.
Binance's AI strategy has two lines:
On one hand, AI is used for compliance and risk monitoring. Trade monitoring, sanctions screening, and KYC automation all require AI support. This is crucial for meeting FinCEN's regulatory requirements.
On the other hand, AI is used to optimize products and user experience. From customer support to trade optimization, from risk alerts to personalized services, AI is permeating every aspect.
The logic is clear: first, use AI to address compliance, then use AI to drive innovation.
Listing Standards: No Fees, Providing Users with Cheap Tokens
During the Q&A session in Dubai, Yi He discussed a significant shift in Binance's listing strategy.
Zero Tolerance for "White Gloves"
There have been rumors in the market that Binance's listing process involves "white glove" corruption. Yi He directly responded: "Binance has never had white gloves," and those so-called relatives and friends are impostors.
She also revealed the listing rules: Binance does not charge listing fees. If a project wants to be listed, it must provide users with airdrops or low-priced tokens.
Yi He stated that it is precisely because of the high standards and high thresholds that some people want to profit from it. However, with the increase in global licenses, the crypto market is "no longer a lawless land; any behavior that undermines a fair and transparent market will be severely punished."
Aligning the Interests of Exchanges and Users
Eliminating listing fees and mandating that users receive tokens is a clever design.
It aligns the interests of trading platforms and retail investors while keeping out projects that only seek speculation without real value.
Project teams must share value with users, turning listings into tools for user acquisition rather than sources of revenue.
This shift is crucial. Moving from "volume-driven" to "user value-driven," Binance is setting rules for the entire industry.
Yi He also emphasized that she does not come from a wealthy background, so she understands ordinary users better. "Binance's innovation must start from the user's perspective."
With nearly 300 million users and daily trading volumes in the hundreds of billions, maintaining a "user-first" approach is itself a reflection of governance capability.
Betting on the Middle East and Asia
Yi He clarified Binance's geographic expansion focus: the Middle East and Asia.
Two Major Pillar Markets
Binance aims to strengthen its presence in the Middle East and Asia, positioning these two regions as primary engines for growth.
Hosting BBW 2025 in Dubai is a signal in itself. Dubai has a regulatory framework like the Virtual Assets Regulatory Authority (VARA) and has become an important hub for the global crypto industry.
In Asia, South Korea is viewed by Binance as "one of the most important countries." Binance has committed to continuing investment, improving the user experience for South Korean users, and treating South Korea as a "core market that can never be abandoned."
Why choose these places? Because of clear regulations and rapid growth. Demonstrating compliance achievements in these markets, while not being burdened by historical issues from the U.S., can accelerate user growth.
One Billion User Goal
Binance's goal is to reach one billion users. Growing from nearly 300 million to one billion is not just a numerical increase but a comprehensive test of infrastructure, compliance capabilities, and operational efficiency.
The regulatory-friendly environment in the Middle East and Asia makes this goal feasible. Success in these markets can bring users and accumulate compliance milestones, strengthening Binance's global image.
Transformation is Not Easy
Despite a clear strategy, institutional transformation is never simple. The co-CEO system faces three challenges:
How Will the Two CEOs Collaborate?
With two CEOs, who calls the shots? Especially when it comes to high-risk decisions involving regulatory risks and operational execution.
Yi He's "1+1>2" hinges on clear division of labor—external vs. internal, compliance vs. innovation. More importantly, the two CEOs must be politically and culturally compatible. There will undoubtedly be friction between growth and compliance, and the key is to make that friction constructive.
How to Balance Innovation and Compliance?
Binance is currently under scrutiny from FinCEN/DOJ, and every new product and market entry must pass compliance checks. This will certainly slow down Yi He's pace of innovation.
The approach is to prioritize: use AI first for compliance and risk management, then for product innovation.
The co-CEO system is designed to manage the tension between speed and compliance. Through institutional design, it ensures that innovation does not outpace compliance.
Can It Be Executed Effectively?
Binance is undergoing a difficult transformation: from a decentralized, high-growth startup culture to a formal, regulated financial institution.
Yi He prioritizing talent density is laying the groundwork for this transformation. Hiring world-class experts will make decision-making more professional and reduce single-point risks. If a truly "evergreen" system can be established, it will significantly reduce regulatory and operational risks.
Conclusion
Yi He's role as co-CEO and the strategies she discussed in Dubai are not merely reactive measures to regulation but proactive evolution.
The co-CEO structure is a key step for Binance in transitioning from barbaric growth to sustainable scale. Richard Teng manages external regulatory relations, while Yi He upgrades internal systems, enhances talent, and innovates with AI.
From "talent density" to AI strategy, from user-first listing standards to a focus on the Middle East and Asia, Binance is building a long-term foundation.
In the next five to ten years, Binance's success will depend on its ability to balance the domains of these two CEOs. In the short term, it must accept regulatory constraints, while in the long term, it aims to become a global infrastructure connecting crypto innovation and traditional finance.
The co-CEO system is the organizational tool to achieve this goal. Its operational results will become an industry model for governance in large exchanges in the post-founder era.
Binance is not just writing a story of a company's transformation but is also a turning point for the entire crypto industry in moving from a "lawless land" to "institutional maturity."
When Yi He said in Dubai that "Binance aims to become a century-old company," she envisioned a more responsible, sustainable, and powerful crypto world.
Whether this experiment can succeed will redefine what "responsible scalable growth" means.
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