"The world's biggest cryptocurrency exchange announced a significant leadership move on Wednesday, naming longtime executive and co-founder Yi He as a co-CEO to lead the company. Yi He will share the role at Binance with Richard Teng who stepped into the top job in mid-2023 after its longtime leader Changpeng Zhao resigned amidst a U.S. criminal investigation. "I am honored to build alongside Richard, who brings decades of experience in regulated financial markets and was among the first to regulate crypto in its early days," said Yi He in a statement."
"In 2023, Zhao agreed to plead guilty to U.S. charges that he failed to implement proper anti-money laundering controls, while Binance agreed to pay a record $4 billion fine. Zhao finished a four month prison sentence last year, but then received a pardon from President Trump this October. During Teng's tenure as CEO, Binance has sought to implement tougher compliance measures andsecured numerous key licenses around the world. At the same time, it has yet to fully shake its reputation as a hub for illicit operations as, according to a recent New York Times-led investigation, criminals continue to make use of its platform."
Binance named Yi He as co-CEO to share leadership with Richard Teng, who became CEO in mid-2023 after Changpeng Zhao's resignation. Yi He has deep experience in the Asian crypto industry, having worked at OKX (then OKCoin) and helped recruit Zhao before co-founding Binance in 2017. Teng is expected to focus on legal and administrative matters while Yi He will likely oversee retail and product operations. Binance adopted tougher compliance measures under Teng and secured key licenses globally. The company paid a $4 billion fine in 2023 amid U.S. anti-money-laundering charges against Zhao and continues to face scrutiny over illicit use of its platform.
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