He Yi: Respecting regulatory institutions is the trend, regulatory compliance is the way forward.
Respect for regulatory institutions is a trend, and complying with regulations is the way forward.
Recently, Binance co-founder He Yi gave an interview to Bloomberg in Dubai, during which she tried to convey two key messages: first, there may not be too much disagreement between Binance and regulatory agencies; second, the company is far from the “evil-doers” that some critics claim. She said, “If they really take the time to understand our industry, they will find that if Binance is not compliant, there are hardly any other global trading platforms or offshore companies that are compliant.”
Regarding the series of regulatory actions that the SEC and even global market regulators have taken against Binance recently, she said, “We respect the attitudes of regulatory agencies, whether they support or oppose the development of cryptocurrencies. I understand that, to protect investors, the overall intent of regulation is good. The global regulatory trend is inevitable, and this is not something that can be solved by shouting slogans of struggle.”
In He Yi’s view, the transparency provided by Binance is higher than what critics claim, and the company has been working with US regulatory agencies. Unlike the allegations against FTX, Binance did not use user funds for its own purposes, nor did it use its BNB as collateral for loans.
Behind the scenes, He Yi has a huge influence in Binance. In addition to other responsibilities, she is also responsible for overseeing Binance Labs, a venture capital fund worth billions of dollars that supports more than 200 projects, including the decentralized file sharing platform BitTorrent and the blockchain game Axie Infinity. She is considered to have promoted the development of the BNB Chain launched by Binance (whose native token BNB was recently called an unregistered security by the SEC), and also helped supervise institutional customer business and acquisitions such as CoinMarketCap.
When asked what would happen if Binance didn’t have her or CZ, He Yi said, “CZ and I both have reserve executives who are receiving training. I refuse to disclose their names for now, but I think we’ll be fine. We won’t have a single point of failure.”
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Bloomberg mentioned that He Yi’s relationship with CZ makes it easy to associate her with Caroline and SBF of FTX, but He Yi firmly denies this: “Caroline is an employee, and I am a partner. The relationship between co-founders requires more than just a dating relationship. The relationship between co-founders is about comradeship or comradeship, while dating relationships are based on physical attraction and selfish desires.”
As Yi He, a pioneer in the cryptocurrency industry, said, her position predates CZ. “Even without considering personal relationships, I was the one who brought CZ into the cryptocurrency trading business, and CZ brought me to Binance based on the achievements I had already made.”