Yi He Joins Richard Teng at the Top as Binance Co-CEO

Binance appointed co-founder Yi He as co-CEO. Her crypto-native background complements CEO Richard Teng’s regulatory expertise as the company expands into new institutional and service-focused offerings. At the same time, Forward Industries named former ParaFi and KKR investor Ryan Navi as chief investment officer to steer its expanding Solana-focused treasury strategy.

Yi He Steps Into Co-CEO Role

Binance expanded its top leadership structure by appointing co-founder Yi He as co-CEO alongside current chief executive Richard Teng. The announcement was made on stage at Binance Blockchain Week, where Teng described the move as a “natural progression,” as Yi He has been central to Binance’s growth and strategy since its inception in 2017. He placed a lot of emphasis on her importance in shaping the exchange’s global community, driving product innovation, and helping solidify Binance as a dominant player in the crypto sector.

Yi He was previously Binance’s chief marketing officer and head of Binance Labs, and she brings deep crypto-native experience to the dual leadership model. She co-founded Binance with Changpeng “CZ” Zhao and was instrumental in building Binance’s brand, business strategy, and venture arm. 

Her influence stretches across almost every major phase of Binance’s rise, from product development to market expansion. The Wall Street Journal previously reported that she held at least 10% ownership in a Cayman-based holding company linked to the exchange, shedding more light on her long-standing role as a key stakeholder.

Richard Teng’s background complements Yi He’s in many ways. Teng was appointed CEO in late 2023 after CZ’s resignation and guilty plea to US federal charges, and brought regulatory expertise from  his years at PricewaterhouseCoopers and the Monetary Authority of Singapore. His work in overseeing global markets for Binance before assuming the CEO position laid the groundwork for the company’s continued push toward institutional compliance and regulatory engagement. Yi He believes that their contrasting backgrounds—her crypto-native entrepreneurial path and Teng’s traditional finance and regulatory experience—will strengthen Binance’s leadership and help navigate the industry.

The leadership update comes as Binance expands into new institutional and service-focused offerings. Recently, it launched a concierge service for family offices, private funds, and asset managers entering crypto for the first time. The exchange also began accepting BlackRock’s USD Institutional Digital Liquidity Fund as off-exchange collateral, allowing institutions to trade while keeping custody elsewhere. 

In September, Binance also unveiled a crypto-as-a-service platform for licensed banks, brokerages, and exchanges seeking to integrate digital asset capabilities. Earlier in the year, it partnered with BBVA—one of Spain’s largest banks—to serve as an independent custodian for customer funds. 

Forward Industries Hires New CIO

Meanwhile, Forward Industries, one of the largest corporate holders of Solana’s native token, appointed Ryan Navi as chief investment officer to guide the company’s expanding Solana-focused treasury strategy. The firm announced Monday that Navi will lead the sourcing and structuring of capital markets opportunities while also overseeing how Forward uses its staking and validator infrastructure to continue accumulating SOL. The company currently holds 6.91 million SOL, which is worth roughly $863 million.

Announcement from Forward Industries

Navi brings a strong background in digital assets and traditional finance. Before joining Forward, he led digital-asset investments at ParaFi Capital and previously worked as a principal at KKR, where he focused on liquid and distressed credit. He began his career in investment banking at Citi. His appointment was announced as Forward accelerates is sifting from its former identity as a global design firm into a Solana-focused digital asset treasury.

The company has been steadily deepening its role in the Solana ecosystem. In October, it launched its first institutional-grade validator node on the network to strengthen its technical footprint. Forward also authorized a $1 billion share repurchase program in November, giving the company the flexibility to buy back shares on the open market, through block trades, or via private transactions.

On the other hand, Forward’s appointment of a new CIO also arrives at a tough moment for companies pursuing similar SOL-focused treasury strategies. Several firms that pivoted into accumulating Solana earlier this year initially saw large spikes in their stock prices. Sharps Technology, for example, saw its stock jump more than 96% in August after revealing its plan to accumulate SOL.

Forward Industries YTD share price (Source: Google Finance)

However, that enthusiasm cooled as Solana’s price dropped more than 30% over the past month, now sitting near $125. Shares of Solana Co. (HSDT), the second-largest SOL treasury company, fell almost 37% over the past 30 days, while DeFi Development Corporation (DFDV) plunged 40% in the same period. Forward Industries also faced heavy pressure, with its stock down nearly 80% from its September peak of $39.