Binance has promoted co-founder Yi He to the position of co-CEO. She thus joins Richard Teng in a new shared leadership as the company faces a lawsuit for financing terrorism and the consequences of its founder, Changpeng Zhao's, criminal conviction.
This change in direction is a crucial moment for the world's largest cryptocurrency exchange, which is striving to restore its reputation after years of intense regulatory scrutiny.
A new leadership structure
Binance announced the appointment of Yi He as co-CEO. She thus joins Richard Teng at the helm of the company, tasked with jointly strengthening the company's regulatory standards and consolidating trust in the digital asset sector. Binance emphasizes compliance with global regulations and is committed to ensuring transparency.
Teng will focus on legal, regulatory, and administrative responsibilities, leveraging her experience in regulated markets. Yi He, for her part, will dedicate herself to product development, retail operations, and user-focused initiatives to ensure smooth operations and customer satisfaction.
This promotion of Yi He constitutes a major advancement for gender diversity among crypto leaders. Since 2017, she has played a central role in Binance's growth.
Additionally, Yi He has publicly addressed her personal relationship with CZ, affirming her independence even though they have children together.
New legal and regulatory hurdles after Trump's pardon
These changes in Binance's leadership come as legal challenges are still very much present. Indeed, the exchange is facing a federal lawsuit of one billion dollars filed by the victims and families of the Hamas attack on October 7, 2023. The complaint, filed in North Dakota, names Binance, CZ, and Gunagying “Heina” Chen as defendants.
The plaintiffs accuse Binance of contributing to the financing of terrorist groups, including Hamas and Hezbollah. The lawsuit alleges insufficient compliance, off-chain transactions, and exploitation of suspicious accounts in Venezuela and Brazil.
The lawsuit followed CZ's presidential pardon by President Trump in 2025. Trump's decision thus nullified a four-month prison sentence that CZ received after pleading guilty to inadequate anti-money laundering controls. However, the U.S. Senate expressed its opposition to this pardon in a resolution in October 2025.
According to CZ's lawyer, Teresa Goody Guillén, the presidential pardon stems from a formal review by the Department of Justice and the White House. She characterized CZ's case as a compliance issue, not criminal fraud or money laundering.
In a settlement in November 2023, Binance agreed to pay $4.3 billion, while CZ paid a fine of $50 million. He resigned from his position as CEO and accepted restrictions on his participation in the industry. Goody rejected allegations of inappropriate links between Binance and Trump, citing transparent blockchain records.
The rise of Yi He: from OKX to the head of Binance
Yi He entered the cryptocurrency field in 2013 at OKCoin (renamed OKX), notably in marketing and branding. She recruited CZ in 2014 and then, in 2017, he brought her to Binance as marketing director, a key moment for the new exchange.
As a co-founder, Yi He has been a crucial figure in establishing Binance's culture and improving the user experience. Her strategies have thus fueled the expansion into spot trading, futures, and DeFi products. Binance now claims over 300 million users worldwide.
Meanwhile, Yi He has firmly denied the accusations of financing terrorism, emphasizing that many criticisms come from traditional financial sectors. She supports the company's compliance and referenced statements from the U.S. Treasury indicating that crypto is rarely used by Hamas.
However, the lawsuit would include scenarios linking Binance customers to illicit transactions. The plaintiffs also claim that internal messages from Binance show awareness of suspicious funds. The ongoing civil lawsuit in North Dakota could thus establish significant precedents regarding the liability of cryptocurrency exchanges.
Binance therefore still faces strict regulatory scrutiny in the United States, although the exchange claims to have no American clients. Moreover, the Department of the Treasury still requires improvements in compliance. The outcome of this litigation could influence future regulations for cryptocurrency exchanges.
The moral of the story: Binance, the best enemy of the United States.
