Meet Binance's new co-CEO Yi He: The mysterious and omnipresent 'life partner' of CZ

In a significant shift within its leadership, Binance Holdings, the leading cryptocurrency exchange globally, has appointed Yi He as co-CEO, marking a new chapter for the company. Yi, who co-founded Binance alongside Changpeng Zhao in 2017 and shares three children with him, will now co-lead the firm alongside acting CEO Richard Teng. The announcement came as Teng confirmed the changes this week, representing the most notable leadership transition since he took over following Zhao's guilty plea for violating U.S. money-laundering laws earlier this year. Richard Teng, who has a background in financial regulation and previously held a senior position at Singapore's central bank, emphasized Yi He's long-standing contributions to Binance. "[Yi He] has been there from the start, and she has been driving a lot of changes and driving the growth of Binance," Teng shared during an interview with CNBC shortly after the announcement. This internal promotion of Yi He reflects the firm's strategy to rely on established insiders amidst ongoing regulatory challenges. The leadership change comes in the wake of the U.S. government taking a more lenient stance toward the cryptocurrency sector, evidenced by several high-profile cases being dropped, including the pardon of Zhao by former President Donald Trump. While Yi He has maintained a lower public profile compared to Zhao, her influence within the company is significant. Previously serving as Chief Customer Service Officer, she has recently been involved in supporting Zhao during his legal challenges, having penned a letter to the court that highlights her personal and professional relationship with him, claiming to understand his character deeply. Binance released a statement praising Yi He's pivotal role in shaping the company’s vision and culture, focusing on user needs and innovation. In her own statement, Yi expressed excitement about the partnership with Teng, noting their complementary perspectives and shared goals for the future. "Together, we bring diverse perspectives and are confident in leading the future of the industry during this pivotal time," she said, emphasizing a commitment to sustainable innovation for users. Federal investigations have also looked into Yi He's involvement in the company, particularly regarding compliance with anti-money laundering regulations. Reports suggest that in 2020, U.S. prosecutors requested communications from her and other executives related to Binance's operations in the U.S. Furthermore, media accounts have depicted Yi He as a powerful force behind the scenes at Binance, with a background as a former Chinese talk-show host prior to her entry into the cryptocurrency world, where she met Zhao. As Yi He steps into her new role, the cryptocurrency community watches closely, aware that her leadership could steer Binance through challenging waters as it seeks to expand responsibly on a global scale.