Binance has promoted co-founder Yi He to Co-CEO, joining Richard Teng in shared leadership as the company faces a $1 billion terrorism financing lawsuit and the aftermath of founder Changpeng Zhao’s criminal conviction.
This leadership change is a crucial moment for the world’s largest cryptocurrency exchange as it works to repair its reputation following years of regulatory scrutiny.
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Dual Leadership Structure and Focus
Binance announced Yi He’s appointment 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 sector.
Binance is stressing global regulatory compliance and a commitment to transparency.
Teng will focus on legal, regulatory, and administrative responsibilities, using his experience with regulated markets.
Yi He will concentrate on product development, retail operations, and user-oriented initiatives, ensuring smooth operations and customer satisfaction. She previously served as chief customer service officer at Binance.
While customer experience remains a strong focus, her influence has expanded its interactionfrom operational oversight to strategic leadership. She now helps shape Binance’s overall direction, not just how it interacts with users.
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Yi He has publicly addressed her connection with CZ, stating her independence despite having children together.
Legal and Regulatory Hurdles After Trump Pardon
Binance’s executive changes come with ongoing legal challenges. The exchange faces a $1 billion federal lawsuit from victims and families of the October 7, 2023 Hamas attack. The suit, filed in North Dakota, lists Binance, CZ, and Gunagying “Heina” Chen as defendants.
Plaintiffs accuse Binance of facilitating funding to terrorist groups including Hamas and Hezbollah. The lawsuit alleges weak compliance, off-chain transactions, and operation of questionable accounts in Venezuela and Brazil.
The suit followed President Trump’s pardon of CZ in early 2025. Trump’s move overturned a four-month prison sentence CZ received after pleading guilty to inadequate anti-money laundering controls. The US Senate condemned the pardon in an October 2025 resolution.
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According to CZ’s lawyer Teresa Goody Guillén, the pardon resulted from a formal review by the Justice Department and the White House. She called CZ’s case a compliance matter, not criminal fraud or money laundering.
In a 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 industry involvement. Goody rejected claims of improper Binance-Trump connections, citing transparent blockchain records.
Amid questions about whether CZ could still influence Binance’s operations, Yi He stressed her professional independence, saying her “achievements and capabilities as co-founder are often overlooked” due to personal associations.
With dual leadership now in place, Binance faces the challenge of stabilizing its reputation while navigating one of the most consequential legal threats in its history.
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Yi He’s Rise: From OKX to Binance’s Helm
Yi He entered the cryptocurrency arena in 2013 at OKX, where she worked in marketing and branding. While at OKX, she recruited CZ in 2014. Later, in 2017, CZ brought her into Binance as Chief Marketing Officer, a key moment for the new exchange.
As co-founder, Yi He has been crucial in establishing Binance’s culture and improving user experience. Her strategies fueled the expansion into spot trading, futures, and DeFi products. Binance now claims over 300 million users worldwide.
Yi He has strongly denied the terrorism financing accusations, highlighting that much criticism comes from traditional financial sectors. She maintains the company’s compliance and pointed to US Treasury statements showing crypto is rarely used by Hamas.
Nonetheless, the lawsuit provides examples allegedly linking Binance customers to illicit transactions. Plaintiffs say internal Binance messaging shows knowledge of suspicious funds. The pending civil trial in North Dakota could set important precedents for crypto exchange liability.