On the morning of December 3rd, Dubai time, Binance CEO Richard Teng announced at Binance Blockchain Week that co-founder He Yi has officially taken on the role of co-CEO.
The news sparked widespread discussion.
For many years, He Yi's title has been Co-Founder & Chief Customer Service Officer, and she often refers to herself as "Customer Service Xiao He" within the community. On October 22, Trump signed a pardon for CZ (see details in the article Trump Pardons Binance Founder CZ: 13 Months from Prison to Complete Freedom). CZ subsequently confirmed the news on October 25 and stated that he would focus on YZi Labs investment business in the future. Clearly, the public announcement of such a position change at this time reflects larger adjustments within Binance.
Odaily Planet Daily was fortunate to be invited to interview He Yi on her "Day 1" in the new role, alongside several friendly media outlets. We discussed key topics such as Binance's strategic direction, business focus, internal responsibilities, and moments of controversy, and we have summarized the Q&A as follows for our readers:
Q: Why has Binance introduced the co-CEO position, and what will be Richard's future responsibilities?
He Yi: As you know, Richard comes from a regulatory background, familiar with the dialogue process with regulators, making him the best bridge to help Binance improve compliance standards; I, as an OG, hope to preserve the culture within the company and retain users.
I have a big ambition for "long-lasting success," which is why I took over HR work more than a year ago, constantly thinking and trying to figure out how to move Binance forward as an "organization" rather than just relying on "individual capabilities."
The co-CEO role is actually quite common in both traditional and crypto fields, such as JP Morgan or Bybit. Ultimately, we hope to achieve a "1+1>2" effect.
Q: Regarding token listings, what is the truth behind the rumors of "white gloves"?
He Yi: Binance has never had white gloves. Many people claim to be relatives of CZ, my brother, or close friends, but let's think from another perspective, do I need white gloves? Binance does not charge listing fees, only has listing standards. If a project is willing to airdrop tokens to users, we welcome that. Additionally, I am the second-largest shareholder of Binance; I do not need to steal money from my own pocket while harming the brand.
I also know another reason is that Binance has high listing thresholds and standards. Some people want to act as intermediaries, saying "no success, no fee." The fact is, whether a project gets listed has nothing to do with what individuals do; the core is the quality of the project.
Binance is now licensed around the world; listing is not a "lawless area." If anyone hears of such white gloves, please report it and hand over the relevant law enforcement agencies for "legal action."
Q: As co-CEO and also as a woman, what is your positioning or thoughts on your new role?
He Yi: Being a woman is not easy (everyone laughs). The essence is not whether women are in any industry, but whether you set a ceiling for yourself. If you think you can't do it, then you can't.
Moreover, if you are willing to leverage gender advantages, using a friendlier image, more influence, and better communication skills, that is another level of "anti-professionalism."
In the business world, others still focus more on your professionalism; they won't give way just because you are a woman (except for opening doors). Both men and women endure the same attacks and insults. Weaknesses can be strengths, and strengths can also be weaknesses.
Stepping away from gender discussions, no matter what position you are in, just be the strongest in your profession.
Q: What is Binance's layout in the prediction market, and will it meet the community's calls?
He Yi: never say never. Years ago, I said Binance would not do contracts, and Memecoins were not viable; that was because I didn't understand back then. Now I have learned to be smart, not saying we won't, nor saying we will. Voices can be influenced by interests, and every statement is a slice from a different perspective.
I haven't had time to study the prediction market properly yet, so I don't understand it well enough.
Q: Binance has 300 million users; from an internal perspective, how would you evaluate Binance's achievements and shortcomings in 2025?
He Yi: I am a picky boss, and my employees work under a lot of pressure. Binance's products are still not smooth enough in user experience, and localization features are lacking. There are many areas Binance needs to improve, but one thing we do better than competitors is valuing users.
No matter how the industry attacks each other, in reality, we rise and fall together. We want to collectively showcase the positive side of the industry.
Crypto is already a fully competitive market with more and more people joining, and prices are starting to synchronize with traditional finance. In this context, our user structure has changed; whales and traditional giants have joined, and when they sell altcoins, they often do so before Bitcoin. We strive to balance and care for retail investors' interests, which is Binance's foundation, and this is also why I have been on the front lines for many years, hoping that retail investors still have more opportunities to enjoy inclusive finance and free finance in the cracks.
We do not trade with users (counterparties). In extreme market conditions, market makers and retail investors face off, and liquidity can become a vacuum. It is precisely because of Binance's "non-participation" that (K-line) can have spikes. This is the basic principle of the matching engine. Binance is constantly thinking about how to be fairer and more reasonable.
Q: What is Binance's biggest challenge right now? Which business sectors will you focus on next?
He Yi: Low talent density. As the tech industry has developed, the talent density in the internet and AI sectors is very high. We also want the best group of people, but crypto has been stigmatized, and the talent pool is relatively small. Talents who understand financial products and believe in the future of crypto are very precious; we need to rely on these people to build a top global company.
Therefore, one of my significant responsibilities is to help Binance find the best people. Recently, I have been looking for talent across the industry and not targeting any specific company. We welcome excellent friends to join us.
Q: You mentioned that you admire Duan Yongping for his approach to business and investment. What insights will you borrow from him? Can you create a Bit by Bit, Oppo, and Pinduoduo in the crypto field?
He Yi: While Binance continues to iterate, we are also building a lineage—I not only pursue Binance's success but also hope that based on the Binance ecosystem, "individuals" can grow. What I admire about Duan Yongping is—building a system rather than relying on singular abilities.
The "crypto circle" itself focuses more on investment, and people pay more attention to this aspect. Whether it's Buffett or Duan Yongping, they both emphasize holding top assets. My personal opinion does not constitute investment advice; crypto certainly has a better future. It is not difficult to choose the most decentralized asset—BTC; to select the most competitive and largest in scale—BNB. Regardless of whether Buffett or Duan Yongping understands the crypto circle, the underlying logic of the world is the same.
Additionally, we invite good projects to boost and alpha; we can only confirm whether they have a product foundation but cannot be responsible for their prices. We hope to support other listing projects based on the BNB aircraft carrier.
Q: Recently, when BTC retraced, you mentioned that the underlying logic of the industry is changing. What are your predictions for 2026?
He Yi: This is a personal opinion and does not constitute investment advice—BTC is the most decentralized crypto asset. The so-called "prosperity leads to decline" also depends on the cycle. When you extend the cycle, today's decline may just be a "small shake." Crypto assets like BTC have already moved from niche to mainstream. The market often has news about "a certain country seizing a certain amount of BTC, which may be sold," but with more sovereign holdings, the "absolute cycle theory" has changed; effective ways to make money in past cycles may no longer apply to today's "big pond and big fish."
Q: What essential changes will the new organizational structure bring? What are the three most important things you will personally lead?
He Yi: First is the continuation of Binance's culture; success ultimately comes down to culture, which is "user-centered."
Second is the establishment of a system; as mentioned earlier, organizational efficiency > single-point empowerment.
Third is the belief that "technological innovation is the fundamental driving force of the world's progress," Binance will introduce more AI.
Q: How does Binance view Hong Kong's supportive policies, and how do you assess and plan for local development?
He Yi: Hong Kong is a financial center in Asia. Binance respects Hong Kong's regulations but also sees the "difficult" financial reports of local competitors. While maintaining an open attitude towards engaging with regulators, we have found that there are many restrictions and difficulties in accessing global liquidity. Therefore, we will take it step by step and understand that there is always a process from discussion to execution.
Q: After the "10.11 liquidity drain" incident, how will Binance, as a leader, restore liquidity, and what are the specific implementation strategies?
He Yi: The concept of industry liquidity being drained refers to the fact that there were no transactions "at that moment," which does not mean that once the crisis is over, there will be no more transactions. Moreover, it is not that users do not have coins; they just have a large position in stablecoins. Some people lose money, which means that money is in the hands of another group of people, but it does not necessarily mean "all the money is running away."
We also need to see that the market size continues to expand; it is just that during periods of volatility and when the market lacks good targets, everyone's strategies become more conservative, such as wealth management.
Q: What are Binance's follow-up plans regarding Memes?
He Yi: Actually, I don't like everyone looking at my Twitter to post Memes. When it goes up, they are happy; when it goes down, they blame me. I feel a lot of pressure and don't dare to play with memes. Traders actually don't care who posts; they just want to find targets that carry everyone's trading emotions.
Although everything can be a meme, I admire Buffett's long-term return to value investing. There are often oversold and overbought situations with memes. Binance's simple logic is that we hope every coin listed will rise, but that is not realistic. What we can do is negotiate with project parties to seek benefits for users. Ultimately, it is about finding a balance in the dynamic game between bullishness and risk control.
Q: What was your dream at 18? Have you achieved it today? What is your belief and driving force?
He Yi: I don't quite remember; at 18, I didn't have a clear concept of wealth. But I have a book I didn't finish reading called "The Choice of Heaven," and I like the character Chen Changsheng, who says "I want to try" when facing challenges. I have tried being a host and starting a business, just to try.
When I was a host and not very famous, my friend Li Jiayi asked me about my life dream. I said: I want to be someone who influences the world. Later, I forgot about it. Until many years later, I was selected for an award I had never heard of, and she told me, you have achieved your childhood dream.
My driving force is "I want to try."
Everyone has fears and emotions; the most important thing is to accept that emotions happen. "The clouds are in the blue sky, and the water is in the bottle," accept the good and bad that happen in life; everything is the best arrangement.
Q: Will Binance restart BUSD? Are there plans to enter the U.S. market? Will the regulatory environment be stricter in the next election?
He Yi: I want to try; if I can do it, I will do it, and I also accept the facts.
American politics is vast, and we are not too close to it. Let's look at the essence of America simply; Binance is just a company trying to survive in the cracks and cannot influence the government or policy-making.
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