Yi He: The Untold Success Story of Binance
Yi He, a co-founder and a leading expert in business, marketing, and branding at Binance, is among the most influential women in the worldwide cryptocurrency market. However, her significant contribution to the growth of this cryptocurrency exchange isn’t often acknowledged, as Changpeng Zhao (CZ) is traditionally viewed as the company’s public face.
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Yi He conveys that her limited proficiency in English is the main reason for her reluctance to be in the limelight. This explanation seems questionable, particularly when considering her astonishing career advancements over recent years.
She openly shares that CZ invited her to helm Binance due to her preceding triumphs within the crypto sector.
I was the one who brought CZ into the cryptocurrency exchange business,
Yi He emphasizes.
Born in 1986 into a poverty-stricken family in a small Sichuan province village, Yi He's career began humbly, handing out soda samples outside a supermarket. At the age of 26, her striking appearance landed her a presenting role on a travel TV show. Two years later, she was drawn towards a startup by the allure of Bitcoin. Within the crypto realm, she felt completely in her element. Rapidly, she became a co-founder of the crypto project, OKCoin. Under Yi's guidance in 2015, OKCoin transformed into China's largest crypto-to-fiat exchange, seizing approximately 60% of the local market share. Subsequently, Yi He joined Yixia Technology, a mobile platform for exchanging short videos, as Vice President. In 2017, she departed to join Changpeng Zhao at the helm of Binance.
And it was a difficult situation for me, because I had a better-paying job. But then, I told him that I didn’t want his company to be successful only in China, but that I wanted a bigger challenge. It was already 3am or 4am in the morning, and it was just an offer over the phone, but I finally said yes,
Yi He reminisces.
Yi He – The Grey Eminence Behind Binance Source: Bloomberg
Today, Binance accounts for about 50% of global crypto trading. Yi He's influence on this business is immense. Additionally, she manages the billion-dollar budget of Binance Labs, a venture capital fund that supports more than 200 projects, including BitTorrent and the leading blockchain game – Axie Infinity. Moreover, Yi He had a hand in the roll-out of BNB Chain and manages the dealings with institutional clients.
However, the present situation poses a significant problem for Binance. US regulatory bodies are accusing the crypto exchange of illegal activities, violation of trading rules, and non-compliance with regulatory requirements. In the final weeks of June, Binance exited the markets in the Netherlands, Cyprus, Belgium, Austria, and Germany. Additionally, Binance's partner, Paysafe, announced that it would cease supporting Binance payments in EUR by the end of September. The British Nomo Bank has also begun blocking Binance payments.
While discussing these events with Bloomberg, Yi He highlighted two essential points. Firstly, she suggests that there may be more common ground between Binance and the regulators than it seems. Secondly, she argues that the company is not the villain it is often portrayed as. According to Yi He, Binance offers more transparency than its critics suggest and works in conjunction with US regulatory authorities (even though Washington disputes these claims). She insists that unlike FTX, Binance has never used its users' funds for its own purposes, and its own BNB token has never been used as collateral for loans.
We respect the attitude of regulators, whether it supports or opposes the development of crypto,” she said. “I understand that the overall intention of regulation is good in order to protect investors,
Yi He comments in a reconciliatory tone.
It's worth noting that Yi He and CZ maintain a close collaboration not just in business but also in their personal lives, raising children together. Yet, Yi perceives the CEO of Binance not as her partner, but rather akin to a dorm roommate from college. She vehemently refutes any comparison between her relationship with CZ and that of the bankrupt FTX's ‘Curly Sam' and his lover, Caroline Ellison.
There is a significant distinction here: Caroline was an employee, whereas I am a partner. The relationship between co-founders requires much more than what a dating relationship does. The former is based on shared beliefs and goes beyond gender, the latter is based on physical attraction and selfish desires,
Yi He argues.
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