Teng announced the appointment during his keynote speech at Binance Blockchain Week, the company said in a Tuesday (Dec. 2) press release.
“Yi has been an integral part of the executive leadership team since the launch of Binance,” Teng said in the release, adding that she “will continue to guide the organization from strength to strength.”
Teng was appointed CEO in November 2023, succeeding Changpeng Zhao, who agreed to resign and plead guilty to violating criminal U.S. anti-money laundering requirements as part of a deal with the U.S. Department of Justice.
Zhao was pardoned by President Donald Trump in October.
It was reported in September 2023, when Binance was facing legal battles with regulators and a decline in trading volume, that Yi pledged to staff to help get past the company’s troubles.
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“Every battle is a do-or-die situation, and the only thing that can defeat us is ourselves,” Yi wrote in an internal memo. “We have won countless times, and we need to win this time as well.”
The Wall Street Journal reported Wednesday (Dec. 3) that Yi led Binance’s growth from a crypto-to-crypto trading platform to a “global blockchain ecosystem.”
It added that before co-founding Binance with Zhao, Yi helped to found crypto exchange OKCoin and that prior to her recent appointment as co-CEO, she served as Binance’s chief customer services officer.
In the company’s Tuesday press release, Binance said Yi’s “user-centric leadership” will drive product innovation and community growth that will lift the platform’s number of users from the current 300 million to the company’s goal of 1 billion.
The company added that Yi and Teng will lead Binance’s “next phase of growth” by strengthening regulatory compliance, fostering innovation and empowering users globally.
“I am honored to build alongside Richard, who brings decade of experience in regulated financial markets,” Yi said in the release. “Together, we bring diverse perspectives and are confident in leading the future of the industry during this pivotal time, as we responsibly expand our global presence and drive sustainable innovation with our users always at the center.”
