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BNB Binance has appointed co-founder He Yi as co-CEO. This appointment sees He Yi, one of the early architects of Binance, take on a leadership role alongside CEO Deng Rui. During the Binance Blockchain Week event held on Wednesday, Binance CEO Deng Yongchang announced that He Yi had been appointed as co-CEO. Deng stated that He Yi “has been an important member of the executive team since the founding of Binance,” and said this appointment was “natural.”
Teng added that before being appointed as co-CEO, He Yi served as Binance’s Chief Marketing Officer. His expertise in expanding the Binance community and driving product innovation is invaluable. He Yi said that working together with Teng as CEO will allow them to leverage two distinctly different perspectives. Teng brings his experience in regulated financial markets.
He Yi is a seasoned figure in the cryptocurrency industry. He co-founded Binance with CZ in 2017.
Image of He Yi’s appointment announcement. Source: Binance
Two backgrounds, one leadership team
At the end of November 2023, after CZ resigned and admitted to the charges brought by the US Department of Justice, Teng Ruoyu was appointed as Binance’s CEO. Prior to this, Teng Ruoyu was responsible for managing the company’s markets outside of the United States.
Mr. Deng began his career at PwC, one of the four major accounting firms. In 1997, he joined the Monetary Authority of Singapore, where he worked for 13 years, holding senior positions including Director of Corporate Finance.
He Yi has over a decade of experience in the cryptocurrency industry. She is one of the leaders who helped Binance become a market leader.
In 2017, she co-founded Binance. In 2014, she also co-founded OkCoin (now known as OKX). Since 2022, she has led Binance’s venture capital department, Binance Labs, and is responsible for managing the exchange’s operations, marketing, and brand strategy.
According to The Wall Street Journal, as early as 2023, she owned at least 10% of the shares in a Cayman Islands-registered holding company related to Binance.
“She was an important part of the financing strategy that helped the company’s valuation reach over $3 billion,” according to Binance’s “About Us” page.
In November, Binance launched a service similar to private managers, aimed at helping family offices, asset management companies, and private funds that are not familiar with cryptocurrencies. Binance also began accepting Digital Dollar Institutional Liquidity Funds from BlackRock as collateral, allowing institutions to trade while keeping their assets managed by a custodian institution.
At the end of September, Binance introduced a cryptocurrency as-a-service solution for licensed banks, brokers, and stock exchanges, aiming to help them provide cryptocurrency services to their customers. In early August, Binance partnered with BBVA, one of Spain’s largest banks, with BBVA serving as the independent custodian of customer funds.
