Women Leading the World’s Largest Crypto Exchanges

It might come as a surprise to many that women have played pivotal roles in the creation and management of two of the largest cryptocurrency exchanges globally. Gracy Chen and He Yi are significant figures in this industry, each with unique stories of perseverance and innovation. Gracy Chen, now the CEO of Bitget, recounted her journey in a blog post on May 21. She shared how she rose from humble beginnings, guided by the simple expectations of her single mother, to become a leader in the crypto space.

Chen revealed that her mother, like many Asian parents, wanted her to have a happy childhood and find a life partner. From an early age, though, Chen was drawn to leadership roles, not for power, but to create value. This intrinsic motivation propelled her to seek leadership opportunities from primary school onward. At 18, Chen received a scholarship to study Applied Mathematics in Singapore. Upon graduation, she became a television host for a Chinese finance and technology program, where she first encountered Bitcoin.

During her time as a TV host in 2015, Bitcoin was valued at $300. Chen became fascinated with its concept after reading the Bitcoin white paper. She appreciated the mathematical elegance of Bitcoin and the democratization it offered through its decentralized ledger system. Shortly thereafter, she left her television career to co-found two startups in fintech and virtual reality, while also pursuing an MBA at the Massachusetts Institute of Technology.

By the spring of 2022, Chen saw an opportunity to join Bitget as a managing director and has since ascended to the role of CEO, overseeing a workforce of over 1,500 employees. Under her leadership, Bitget facilitates $4 billion in daily trading volume, reflecting her significant impact on the company.

Similarly inspiring is the story of He Yi, born into a family of teachers in Sichuan Province, China, in 1986. Despite her modest upbringing, He Yi excelled academically, securing top positions in her school exams and dedicating her spare time to reading. She moved to Beijing to study psychology but soon realized there were few career prospects in the field at the time. The communication and interaction skills she developed proved invaluable.

In 2012, Yi He auditioned for a Chinese tourism TV program and became a TV host, gaining nationwide recognition. During her travels in this role, she met Star Xu, the founder of Okcoin, now known as OKX exchange. Xu was seeking a well-known influencer to promote his brand, and Yi He, intrigued by the potential of cryptocurrency, took on the role of vice president at OKcoin.

Under Yi He’s leadership, OKX rapidly became a leading exchange in mainland China. It was during this period that she introduced her friend Changpeng “CZ” Zhao to the company, where he served as chief technology officer. CZ’s tenure at OKcoin was rocky, leading to his resignation in 2015. Yi He also left the company that year, unwilling to remain amidst the turmoil.

After spending two years navigating the tech industry, Yi He set her sights on creating a business with global influence. By 2017, CZ had published a white paper on a global crypto exchange, Binance. Recognizing CZ’s expertise and integrity, Yi He joined him in co-founding Binance in June 2017. Today, Binance stands as the world’s largest cryptocurrency exchange, with $36.5 billion in daily trading volume and $134.6 billion in total assets.

Although CZ is no longer involved in Binance’s day-to-day operations, Yi He and the current CEO, Richard Teng, have continued to steer the company forward. They frequently share their insights and visions for the future of the cryptocurrency industry, demonstrating the enduring impact and leadership of women in this dynamic field.