Two CEOs, One Binance: Can Yi He Rise Without Pulling CZ Back Into Power

Binance has named co-founder Yi He as co-chief executive, creating a dual leadership with Richard Teng, the regulator-turned-CEO. The appointment shows that Binance is changing how it distributes authority at the top.

Richard Teng, a former regulator who became CEO in 2023, represents the company’s intended image of compliance, while Yi He — CZ Zhao’s longtime partner and current leader of product and strategy — reflects its founder-driven origins.

The move follows Zhao’s pardon by U.S. President Donald Trump, which lifts Zhao’s personal criminal restrictions but leaves Binance’s corporate settlement and global regulatory matters unchanged.

A Split Structure, Not a Split Personality

Based on the professional backgrounds of both executives, the new structure suggests a clear split in responsibilities:

Richard Teng serves as the “External CEO,” tasked specifically with regulatory affairs, corporate governance, and ensuring operational stability. He is chiefly responsible for managing Binance’s interactions with global regulators, representing the company externally.

Yi He serves as the “Internal CEO,” overseeing product development, marketing, user community engagement, and the Web3 ecosystem. She also continues to lead Binance Labs and is focused on internal growth, innovation, and user experience.

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This structure makes official an internal balance that has long existed. Yi He, instrumental in Binance’s growth and product strategy, now receives formal recognition of her influence.

In a letter to the judge during Zhao’s sentencing, He explained their earlier approach and described their mistakes as rooted in a founding team with limited legal experience.

While Zhao himself tried to play down any potential return, the rise of his closest partner to the top job sends a clear signal that Binance is keeping its original product-driven style.

The company is now relying on a plan that depends on keeping two competing priorities in place: its founder’s fast-growth approach and the demands of global compliance. It hopes this structure will allow it to expand well beyond its current size without becoming just another “boring” corporate project.