Binance Elevates Co-Founder Yi He To Co-CEO Role

Binance appointed co-founder Yi He as co-CEO, elevating one in all its earliest architects to a proper management position alongside chief government Richard Teng.

In a Wednesday announcement on stage at Binance Blockchain Week, Teng mentioned co-founder Yi He had been appointed co-CEO. Teng mentioned He “has been an integral a part of the manager management staff for the reason that launch of Binance,” calling the appointment “a pure development.”

Teng added that He, Binance’s chief advertising and marketing officer earlier than her appointment as co-CEO, is essential in increasing Binance’s neighborhood and driving product innovation. Yi He mentioned that sharing the CEO position with Teng will leverage two very completely different views, with Teng bringing his expertise in regulated monetary markets.

Yi He is a crypto native who co-founded Binance in 2017 alongside Changpeng “CZ” Zhao.

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Two backgrounds, one management staff

Teng was appointed as Binance’s CEO back in late November 2023 after CZ resigned and pleaded responsible to prices levied in opposition to him by the US Division of Justice. Earlier than that, Teng had served as the corporate’s head of regional markets exterior the US.

Teng began his profession as an auditor on the Large 4 auditing agency PricewaterhouseCoopers earlier than becoming a member of the Financial Authority of Singapore in 1997, the place he labored for 13 years, holding senior roles, together with director of company finance.

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Yi He has effectively over a decade of expertise on the forefront of the crypto business and was among the many Binance leaders who helped the platform rise to change into a market chief.

She not solely co-founded Binance in 2017 and OkCoin in 2014 — the crypto change now generally known as OKX — but in addition headed Binance’s enterprise capital arm, Binance Labs, since 2022 and led the change’s enterprise, advertising and marketing, and branding technique.

He was additionally reported to personal not less than 10% of a Cayman-registered holding firm related to Binance again in 2023, in line with The Wall Avenue Journal.

“She was additionally a elementary a part of the fundraising technique that drove the agency’s valuation to [over $3] billion,” Binance’s about web page states.

Binance launched a concierge-style service in November designed for household places of work, asset managers and personal funds which can be unfamiliar with crypto. Binance additionally started accepting BlackRock’s USD Institutional Digital Liquidity Fund as off-exchange collateral, permitting establishments to commerce whereas keeping their assets with custodians.

On the finish of September, the change launched its own crypto-as-a-service solution for licensed banks, brokerages and inventory exchanges trying to provide crypto providers to their purchasers. In early August, Binance partnered with BBVA, one in all Spain’s greatest banks, to behave as an impartial custodian for buyer funds.

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