Editorial staff
The decision to appoint Yi He comes at a pivotal time for the industry, and Binance will continue its policy of growing its customer base while facing renewed regulatory scrutiny. Experts such as the ones from CCN claim that the decision only formalizes the power Yi already held within the company and behind the scenes.
Who Is Yi He? The Architect Behind Binance's Rise
Yi He had an unusual path to the CEO position, as she hadn't started her career in crypto or even in finance. Born in China's Sichuan province, she worked in education and media before shifting to crypto in 2014. Her first crypto-related job was as an OKCoin marketing lead. This is where she met Changpeng Zhao and later cofounded Binance with him.
CZ was a public face of the company, one even those outside the industry knew. At the same time, Yi He quietly built its global brand, scaled its user base to the hundreds of millions, and worked to build the company culture.
Many feel that, in effect, Yi He was a CEO in everything but name, and that this decision simply puts in writing what was already the case.
Yi He's Role Before the Co-CEO Appointment
Yi He led global marketing efforts and expanded into new markets as the crypto industry grew and became more mainstream. Now, 11 years after Yi founded Binance, users can buy crypto almost anywhere in the world, and the industry is recognized by nearly all governments worldwide.
She played a key role in shaping the company's long-term vision and executing its strategies to turn Binance into one of the biggest names in the industry. The only downside experts mention when choosing Yi as the new co-CEO is that she doesn't have a public profile recognizable outside the industry.
Why Binance Chose Dual Leadership
Binance instituted a dual leadership approach, and Yi He is no longer a co-CEO alongside Richard Teng, who took over as CEO following Changpeng Zhao's departure. The decision was very deliberate and a part of a larger strategy deployed by Binance.
Teng is focused on the regulatory side of the business, as his experience is in compliance, policy engagement, and institutional finance. The company saw this as an especially important role now, when crypto is widely accepted and therefore more heavily regulated. Yi He, on the other hand, focused on product vision, user experience, and brand strategy. The two CEOs, therefore, complement each other.
Binance will need leadership that can grow and expand the service while complying with increasingly stringent regulations. Some users who saw crypto as a way out of traditional finance may be scared off by the new mainstream crypto, and Binance is working to prevent it.
Importance beyond Binance
The decision to appoint Yi He has an importance beyond the dealings of a single company. Women remain significantly underrepresented in senior leadership roles in the crypto and fintech industries. Many companies have spoken about addressing this issue, and the best way to do so is simply to appoint more women.
The decision is therefore inspirational, especially for young women and girls interested in crypto and finance.
Criticisms and Challenges
Not all reactions to the promotion were positive, and some criticized the decision. Some critics feel that the company should step back from its founder-driven approach and move to professional leadership that joined the company after it was founded and established.
However, the market didn't react negatively to the announcement, which is usually a better metric of public sentiment than those coming from pundits and think pieces. For many, however, the real challenge isn't Yi He but the dual leadership itself, which is a novel approach for the industry.
To Sum Up
Yi He, a founder of the Binance network, has been appointed as one of its co-CEOs. The markets and the industry welcomed the decision. It's also a milestone, since she will be the first woman CEO of a crypto company of that size and importance. She's been with the company since the funding and has worked behind the scenes to expand it.
The network has a dual leadership approach, with one of the co-CEOs focused on regulation and the other on growth, with Yi He covering the growth side. This approach has caused some criticism, often more than the actual choice of who the CEOs will be.
Editorial staff
