Binance has promoted co-founder Yi He to co-CEO and joined Richard Teng on its co-management team as the company faces the fallout from a $1 billion terrorist financing case and founder Changpeng Chao’s conviction.
The leadership change comes at a pivotal moment for the world’s largest cryptocurrency exchange as it works to repair its reputation after years of regulatory scrutiny.
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Dual leadership structure and focus
Binance announced the appointment of Yi He as co-CEO. She joins Richard Teng and together they are tasked with strengthening the company’s regulatory standards and building trust in the digital asset space.
Binance emphasizes its commitment to global regulatory compliance and transparency.
Mr. Teng brings experience in regulated markets and will focus on legal, regulatory, and administrative responsibilities.
Yi He will focus on product development, retail operations, and user-oriented efforts to ensure smooth operations and customer satisfaction. She previously served as Chief Customer Service Officer at Binance.
While the focus remains on customer experience, her influence extends interactions from operational oversight to strategic leadership. She currently helps shape Binance’s overall direction, as well as how it interacts with its users.
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Yi He has spoken publicly about her relationship with CZ, stating that she is independent despite having children.
Legal and regulatory hurdles after Trump pardon
Binance’s executive changes come with ongoing legal issues. The exchange is facing a $1 billion federal lawsuit from victims and families of the Oct. 7, 2023 Hamas attack. The lawsuit, filed in North Dakota, names Binance, CZ, and Gunagin “Haina” Chen as defendants.
The plaintiffs accuse Binance of facilitating funding for terrorist organizations, including Hamas and Hezbollah. The lawsuit alleges weak compliance, off-chain transactions, and questionable account operations in Venezuela and Brazil.
The lawsuit follows President Trump’s pardon of CZ in early 2025, which led to Trump overturning the four-month prison sentence CZ received after pleading guilty to insufficient anti-money laundering measures. The U.S. Senate condemned pardons in an October 2025 resolution.
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Teresa Goody Guillen, CZ’s attorney, said the pardon was the result of a formal review by the Justice Department and the White House. She argued that CZ’s case was a compliance issue, not criminal fraud or money laundering.
In the November 2023 settlement, Binance agreed to pay $4.3 billion and CZ paid a $50 million fine. He resigned as CEO and accepted restrictions on his involvement in the industry. Goody rejected claims of an improper relationship between Binance and Trump, citing transparent blockchain records.
Amid questions about whether CZ can still influence Binance’s operations, Yi He emphasized his professional independence, saying that his “accomplishments and abilities as a co-founder are often overlooked” due to his personal relationships.
Now with dual leadership in place, Binance faces the challenge of stabilizing its reputation while navigating one of the most significant legal threats in its history.
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The Rise of Yi He: From OKX to taking the helm of Binance
Yi He entered the cryptocurrency space in 2013 at OKX, where he was responsible for marketing and branding. She adopted CZ in 2014 while at OKX. CZ then brought her to Binance as Chief Marketing Officer in 2017, marking a key moment for the new exchange.
As a co-founder, Yi He has played a key role in establishing Binance’s culture and improving the user experience. Her strategy has fueled expansion into spot trading, futures, and DeFi products. Binance currently claims to have over 300 million users worldwide.
Yihe strongly denied the allegations of terrorist financing and stressed that much of the criticism came from the traditional financial sector. She maintained the company’s compliance and pointed to U.S. Treasury Department statements showing that cryptocurrencies are rarely used by Hamas.
Nevertheless, the lawsuit cites examples of Binance allegedly linking customers to illegal transactions. Plaintiffs allege that Binance’s internal messages indicate knowledge of suspicious funds. A pending civil case in North Dakota could set an important precedent regarding the liability of crypto exchanges.
