(Bloomberg/Suvashree Ghosh) — Binance Holdings Ltd. named co-founder Yi He as co-chief executive officer in the biggest change to its top leadership since Changpeng Zhao stepped down from running the crypto exchange two years ago.

She will share the title with Richard Teng, who succeeded Zhao as CEO of the world’s largest crypto trading venue in November 2023. Yi He and Zhao, who resigned after pleading guilty to anti-money laundering and sanctions violations, have children together.

Zhao was pardoned by US President Donald Trump in October, removing some of the regulatory overhang that had dogged the billionaire and the exchange he started for years. Analysts have said the pardon could make it easier for Binance to consolidate its US operations, which remains structurally separate from

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