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Binance Leadership Shake-Up: Yi He Appointed Co-CEO Amid Regulatory Storm

by THEFUTURE.TEAM

Binance Holdings, the world’s largest cryptocurrency exchange, has announced a decisive leadership change as Yi He, co-founder of Binance, is named Co-CEO. This development marks the most significant leadership restructuring since Richard Teng took over from Changpeng Zhao, following Zhao’s legal challenges related to U.S. money-laundering charges.

Strategic Leadership Transition

Yi He, who co-founded Binance in 2017 alongside Changpeng Zhao (commonly known as CZ), will now share the chief executive responsibilities with acting CEO Richard Teng. Teng, who previously held a prominent regulatory role at the Monetary Authority of Singapore, reinforced that Yi He’s deep-rooted involvement in the company has been instrumental to its growth and cultural vision. In a conversation with CNBC’s Dan Murphy, Teng highlighted that Yi He’s longstanding commitment to the firm was a critical factor in this strategic decision.

Navigating Complex Regulatory Waters

This leadership shake-up comes at a time when Binance is contending with intensified regulatory scrutiny along with the broader crypto industry. The appointment of a seasoned financial services professional like Teng was seen as a calculated move to insulate the company while managing evolving international compliance requirements.

A Profile in Steadfast Partnership

Though maintaining a lower public profile compared to her partner CZ, Yi He has long been a central figure behind Binance’s operational strategies. Her previous role as Chief Customer Service Officer underscores her commitment to driving user-focused innovation. In a personal statement, Yi He reiterated her shared vision with Teng, emphasizing that their complementary perspectives are vital as Binance scales its global operations and pursues sustainable innovation.

Industry Implications and Future Outlook

The appointment of Yi He reinforces Binance’s internal stability while navigating turbulent regulatory environments. Recent high-profile legal developments, such as former CEO CZ’s legal challenges and subsequent pardon by former U.S. President Donald Trump, have underscored the need for strong, reliable leadership. Observers note that this transition could set a precedent for other cryptocurrency exchanges facing similar regulatory pressures.

As Binance continues its trajectory as a market leader, the new co-CEO model is expected to bolster both strategic innovation and operational resilience in an increasingly complex global financial landscape.

New EU Tobacco Tax Rules Trigger Market Stability Concerns

by THEFUTURE.TEAM

Amid an ongoing European consultation on taxation policies, the Association of Convenience Stores (SYKADE), a member of the Cyprus Chamber of Commerce and Industry, held a high-level meeting with the Director of the Customs Department to assess the potential consequences of proposed EU tax revisions on tobacco and nicotine products. The dialogue focused on how pricing shifts could affect both legal retailers and overall market equilibrium.

Price Projections And Consumer Impact

Industry representatives warned that if higher minimum excise duties are introduced, the average retail price of a cigarette pack could rise from approximately €4.50–€5.00 to €7.00–€7.50. Such an increase, they argue, would not only reduce affordability but could also redirect a portion of demand away from regulated sales channels, reshaping purchasing behaviour across the legal tobacco market.

Smuggling And Revenue Losses

A central concern in the discussion was the persistent issue of illicit trade. SYKADE emphasized the importance of strengthening border inspections and upgrading customs monitoring systems, alongside introducing stricter penalties for trafficking offenses. According to industry estimates, illegal cigarettes account for roughly 13% of total consumption, while hand-rolled tobacco products may reach levels of up to 53%. These parallel markets are believed to deprive public finances of more than €50 million annually in lost tax revenue.

Balanced Taxation And Policy Outlook

While expressing support for public-health initiatives aimed at reducing smoking rates, the association urged policymakers to adopt a data-driven and proportionate fiscal strategy. SYKADE cautioned that excessively sharp tax increases risk expanding the shadow market and undermining legitimate businesses without delivering the intended health outcomes. The organization confirmed that further consultations with the Ministry of Finance are planned, with the goal of aligning revenue protection, consumer regulation, and public-health priorities within a stable and predictable policy framework.

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