Binance poaches OKX exec Rachel Conlan to lead global marketing

Crypto exchange Binance hired Rachel Conlan as its vice president of global marketing, while the company looks to strengthen its shrinking market share.

Conlan previously spent a year at Binance rival OKX as its global head of brand and partnerships. At Binance, she will aim to help the company reach a billion users from its currently over 128 million users and help grow crypto adoption.

"My focus is threefold: to celebrate our existing community, to use that community to invite others in and to deepen how we resonate with new audiences," Conlan told The Block. "In an incredibly short time, Binance has done an incredible job connecting emotionally with the crypto community, but I'm looking forward to finding ways to play into the emotional connections with non-believers and cynics, which is critical in order for us to bring in the next billion users and ensure the continued success of this industry."

Conlan will oversee Binance's global and regional marketing teams and report to Yi He, the company's co-founder and chief marketing officer.

She will also oversee the management and growth of Binance's brand collaborations, which include influential figures such as Cristiano Ronaldo and The Weeknd. During her tenure at OKX, Conlan spearheaded the exchange's partnerships with Manchester City F.C., McLaren Racing, and the Tribeca Film Festival.

Conlan's appointment comes as Binance's market share has declined over the past few months amid regulatory woes. Binance and its co-founder and CEO, Changpeng "CZ" Zhao, were sued by the U.S. Commodity Futures Trading Commission in March for allegedly operating an "illegal" exchange with a "sham" compliance program.

As regulatory scrutiny intensifies on Binance, the company last month promoted Richard Teng as head of regional markets except for the U.S.

Teng, who previously held leadership roles at the Monetary Authority of Singapore and Abu Dhabi Global Market, is reportedly seen as a possible heir to Zhao.