Binance Holdings, the world’s largest cryptocurrency exchange, named a new co-CEO Wednesday in a major shake-up of its leadership structure.
Yi He, who co-founded Binance with former head Changpeng Zhao in 2017 and has children with the crypto mogul, will now split duties with acting CEO Richard Teng, who announced the news this week.
The move represents the firm’s most significant leadership change since Teng succeeded Zhao, who pleaded guilty to violating U.S. money-laundering laws in 2023.
Teng, who was appointed amid intense regulatory scrutiny of Binance and crypto more broadly, notably had a background in financial regulation and services, formerly holding a senior regulatory role at Singapore’s central bank.
″[Yi He] has been there from the start, and she has been driving a lot of changes and driving the growth of Binance,” Teng told CNBC’s Dan Murphy on Wednesday shortly after the announcement.
