Power Shift in Crypto Market: Binance Appoints Co-CEO as Wall Street Enters Trading

Binance Appoints Yi He as Co-CEO

Binance is executing its largest leadership overhaul since Richard Teng took office in 2023. The crypto exchange has appointed its co-founder Yi He as Co-CEO, as Richard Teng announced at the Binance Blockchain Week in Dubai. He justified the move with the platform's rapid growth: Binance is approaching 300 million users and requires expanded leadership ^[1].

Yi He has been instrumental in shaping Binance's core structures since its founding in 2017 and has significantly influenced product strategy, customer service, brand identity, and internal operations. Internally, she has long been regarded as a crucial power figure ^[1].

CZ's Return to Power Center

The appointment significantly shifts the center of power back to the immediate circle of Changpeng "CZ" Zhao, who no longer holds a formal leadership position. Shortly after the announcement, CZ commented on X: "Yi He should have been CEO from day one." ^[1] Yi He is his long-time business and life partner, and the two have worked closely together for over a decade ^[1].

Following his pardon by President Trump, the largest political obstacle keeping CZ from any leadership role has been removed. His return to the informal power structure through Yi He's appointment is thus considered effectively complete ^[1].

Governance Questions Remain Unresolved

Despite formally clear role divisions, it remains unclear who makes important strategic decisions at Binance. The company's leadership continues to appear highly personalized and opaque ^[1]. The appointment also occurs during a period when Binance faces regulatory pressure while continuing global expansion ^[1].

Charles Schwab Challenges Established Crypto Exchanges

While Binance restructures its leadership, the industry faces a new challenge from Wall Street. Charles Schwab, one of the largest U.S. brokers managing over $12 trillion in client assets, plans to offer direct trading of Bitcoin and Ethereum starting in 2026 ^[2].

By integrating cryptocurrencies into existing trading platforms, Schwab places digital assets in the same investment context as stocks, bonds, ETFs, and retirement accounts. Millions of Schwab customers who previously used external exchanges for crypto purchases could consolidate all their investment activities under a single account ^[2].

Price Pressure for Coinbase and Kraken

Established crypto exchanges like Coinbase and Kraken face direct competitive pressure. Schwab is known for its zero-commission policy and can easily extend this pricing model to cryptocurrencies. While crypto exchanges typically charge retail customers around one percent in fees, Schwab can significantly undercut these prices because the company diversifies its revenue through interest, wealth management, and order routing ^[2].

These developments signal growing consolidation in the crypto market: while established exchanges reorganize their power structures, traditional financial institutions are entering the market with substantial competitive advantages.