Richard Teng's Dual Leadership Model Reshapes Crypto Exchange Strategy

The cryptocurrency sector witnessed a significant leadership reshuffle as a major trading platform named co-founder Yi He to share top executive responsibilities with CEO Richard Teng. This structural change reflects the platform’s shift toward balancing entrepreneurial innovation with institutional compliance as it launches new service offerings targeting wealth managers and traditional financial institutions.

Complementary Leadership Approaches Drive Institutional Push

The co-leadership appointment signals a strategic realignment at a major crypto exchange. Yi He, who co-established the platform in 2017 and previously oversaw marketing and venture investments, brings deep experience in building community engagement and driving product evolution. Her tenure shaped critical phases of the platform’s expansion into global markets and ecosystem development.

Richard Teng, who assumed the CEO role in late 2023, brings contrasting expertise grounded in regulatory frameworks and institutional compliance. His background spans financial compliance roles at PricewaterhouseCoopers and Singapore’s Monetary Authority, combined with previous oversight of international market operations. This dual expertise model—blending crypto-native entrepreneurship with traditional finance governance—positions the organization to navigate the evolving regulatory landscape.

The leadership announcement coincided with the platform’s expansion into institutional-grade services, including concierge support for family offices and private investment vehicles. The exchange also integrated high-grade collateral options for institutional traders and launched a digital-asset-as-a-service framework for licensed financial intermediaries.

Solana Treasury Focus Attracts New Investment Leadership

In parallel market developments, Forward Industries—a substantial holder of Solana tokens—appointed Ryan Navi as chief investment officer to orchestrate its expanded digital-asset treasury strategy. Navi’s mandate includes sourcing capital markets opportunities and optimizing the company’s validator infrastructure to accumulate SOL holdings.

Forward currently maintains 6.91 million SOL tokens, representing approximately $863 million in holdings based on previous valuations. Navi brings institutional investment experience from his previous roles at digital asset investment firm ParaFi Capital and investment powerhouse KKR, where he specialized in credit and distressed asset strategies.

The appointment reflects Forward’s ongoing transformation from a design-focused corporation into a blockchain-native treasury management entity. In October, the company launched institutional-grade validator infrastructure on the Solana network. November saw authorization of a $1 billion share repurchase framework, enabling flexible capital redeployment across open market, block trade, and private transaction channels.

Market Pressure Tests SOL-Focused Strategies

However, the CIO appointment arrives amid challenging market conditions for companies pursuing concentrated Solana accumulation strategies. Several firms that pivoted toward SOL treasury building experienced significant stock volatility. Earlier enthusiasm gave way to pressure following SOL’s recent price movements, with the token currently trading near $141.25, reflecting a +10.66% adjustment over 30 days.

Market participants holding substantial SOL positions faced headwinds. Forward Industries experienced particular strain, with shares declining approximately 80% from September peaks, reflecting broader market skepticism toward concentrated digital asset treasury strategies. Similar pressure affected comparable companies pursuing equivalent SOL-focused approaches, demonstrating the sector’s sensitivity to cryptocurrency market cycles and broader institutional adoption timelines.