Binance has appointed co-founder Yi He as co-CEO, a move that formalizes her long-running influence on the company as it nears 300 million users worldwide.
Yi has shaped Binance’s culture and strategic direction since its earliest days, often focusing on product development and how the exchange adapts to user needs.
The appointment was announced by co-CEO Richard Teng during his keynote at Binance Blockchain Week. Teng noted that Yi has been part of the core executive group since launch and described the leadership change as a straightforward extension of her existing responsibilities.
“Yi has been an integral part of the executive leadership team since the launch of Binance.”
Leadership for the next stage of growth
Yi’s work has supported Binance’s push toward a broader global footprint and steady expansion of its community. The exchange continues to invest in new products while adjusting to an environment that now demands deeper engagement with regulators.
Teng said Yi contributes directly to how Binance builds and improves its services, pointing to her involvement across product, brand, and long-term strategy. He added that her transition into the co-CEO role reflects the company’s intention to balance operational scale with clearer governance.
“I am honored to build alongside Richard, who brings decades of experience in regulated financial markets.”
She described their collaboration as one built on different but compatible viewpoints that help steer the company as it adapts to global standards. Yi said she values the partnership with Teng, noting that his background in regulated markets pairs well with her own experience in building Binance from the ground up.
A unified approach to regulation and innovation
Both executives are expected to focus on expanding Binance’s regulatory alignment while continuing to develop infrastructure that supports Web3 applications. Yi’s new role places her alongside Teng as the exchange prepares for its next growth cycle, where compliance, product quality, and user trust are likely to shape its trajectory.
The company has previously stated that it intends to reach one billion users. Although that milestone remains ahead, Binance continues to frame its development around access to digital finance, user protection, and new tools that could support broader participation in Web3.
Ongoing legal pressure in the United States
A separate legal case in the U.S. continues to shape the environment around major global exchanges. Families of victims of the October 7, 2023 Hamas attack on Israel have filed a complaint in federal court in North Dakota, accusing Binance and former CEO Changpeng Zhao of allowing illicit transfers connected to designated foreign terrorist organizations.
The nearly 300-page filing claims that wallets tied to groups such as Hamas, Hezbollah, and the Islamic Revolutionary Guard Corps were able to move funds through the exchange because of weak oversight.
According to Financial Times, the plaintiffs argue that Binance gave “substantial assistance” by permitting those transfers. Another passage from the complaint says the exchange “intentionally structured itself as a refuge for illicit activity.” Binance has said it cannot comment on ongoing litigation but pointed to statements from U.S. Treasury officials noting that cryptocurrency is not widely used by Hamas. A spokesperson added that the platform follows sanctions rules in the same way as traditional financial institutions.
The case arrives less than two years after Binance’s multi-billion-dollar settlement with U.S. authorities over earlier compliance failures. Former U.S. ambassador Lee Wolosky, who represents the plaintiffs, told Decrypt that the families believe Binance should be held liable for the events connected to the October 7 attack.
Tanya Petrusenko
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