On December 3rd, at the annual Binance Blockchain Week, Binance announced the largest management adjustment since the post-CZ era, with co-founder He Yi officially appointed as co-CEO, sharing leadership of the crypto giant with Richard Teng.
After the meeting, He Yi, in interviews with multiple media outlets including PANews, displayed a pragmatic and resolute "parental" demeanor, candidly responding to and sharing insights on the division of responsibilities in her new role, the "white glove" rumors, predictions about industry cycles, and Binance's future plans. She clearly stated that in this new phase, Binance's focus will return to users and technology, establishing systematic capabilities and upgrading to a self-sustaining organization.
The Co-CEO Structure Reflects Regulatory and Organizational Considerations, Will Lead Three Core Lines
Regarding the much-discussed co-CEO structure, He Yi defined it as a strategic complement of "1+1>2."
She has a clear delineation of responsibilities between the two, with Richard Teng serving as the best bridge for communication between Binance and global regulatory bodies, leveraging his extensive regulatory experience to elevate compliance standards; while as an industry OG, He Yi will return to focus internally on user experience, corporate culture inheritance, and human resources operations. She pointed out that the co-CEO system is not uncommon in modern enterprises pursuing equality and efficiency, whether in traditional financial giants like JPMorgan or peers like Bybit.
"I have a big ambition to make Binance a company that lasts for generations," He Yi admitted. As early as a year ago, when she took over the HR department, she began to think about how to drive Binance forward as an "organization" rather than relying solely on "individual capabilities."
In terms of management philosophy, He Yi admires Duan Yongping and appreciates his idea of building systems rather than relying on individual abilities. She hopes that Binance can nurture new enterprises like OPPO, Vivo, Xiaotiancai, and Pinduoduo, "supporting more outstanding entrepreneurs to succeed based on the BNB aircraft carrier."
As a rare female leader in the industry, He Yi refuses to label herself by gender and is also averse to workplace strategies that leverage "female advantages."
"Business competition is a scene where knives are drawn; no one will attack you less because you are a woman; in fact, they might insult you even more," He Yi believes. Women should not self-limit, nor should they attempt to cover up a lack of professionalism with communication skills. Whether in Web2 or Web3, the only way to earn respect is to excel in professional skills, whether in marketing, growth, or PR.
"Your weakness may be your strength, but if you treat it as a strength, it could also become your weakness," He Yi suggested, emphasizing that breaking the glass ceiling lies in finding core strengths rather than relying on gender dividends.
After taking office, He Yi will be responsible for three main lines at Binance, including continuing the "user-centered" Binance culture, building an organizational system that goes beyond single-point empowerment, and introducing technological innovations like AI within the organization. She firmly believes that technological innovation is the fundamental driving force for the industry to go further.
Denying "White Glove" Rumors, Maintaining a Cautiously Open Attitude Towards New Fields
Recently, rumors about "Binance's white glove for listing tokens" have been rampant in the market. In response, He Yi clearly stated in the interview that she adopts a zero-tolerance attitude towards such behavior.
"Binance has never had white gloves," He Yi stated unequivocally, asserting that the so-called relatives and close friends are impostors. She pointed out that Binance does not charge listing fees; the core condition is that project parties must provide airdrops or low-priced tokens to users. It is precisely because of the high threshold and strict standards that scams attempting to profit from this have emerged. "If you have any understanding of Binance's equity structure, you would know I don't need to do such things. That would be stealing from my own pocket; do I need to steal from my own pocket?"
He Yi stated that Binance welcomes reports and is willing to cooperate with law enforcement to combat such fraud. She emphasized that with the increase in licensing, crypto is no longer a lawless land, and any attempts to undermine a fair and transparent market will be severely punished.
When discussing her views on hot sectors, He Yi also shared her reflections. She admitted that in the past, she made incorrect judgments due to a lack of understanding, saying, "I once said Binance wouldn't do contracts and that meme wouldn't work, but later it proved I didn't understand." Therefore, she now maintains a cautious and open attitude towards new fields, "never say never."
When discussing memes, she admitted feeling a lot of pressure, saying, "If I post a meme and it goes up, everyone is happy; if it goes down, they come to blame me." In her view, memes are carriers of market sentiment, but in the long run, they will still return to value logic. What Binance can do is to ensure the quality of listed projects and strive for as many benefits for users as possible.
Achieving the Goal of 300 Million Users, Talent Shortage Becomes Binance's Biggest Challenge
At the conference, Binance announced that its registered users have reached 300 million, with the next target set at 1 billion users.
In light of this achievement, He Yi admitted that she is a "picky boss" and pointed out that Binance still has many shortcomings, such as product experience not being smooth enough, localization needing to be strengthened, technical stability needing further improvement, and the industry image needing to be presented more positively to the outside world.
She specifically mentioned, "In the eyes of the outside world, the crypto circle is often seen as 'a den of snakes and rats.' But the industry rises and falls together; Binance hopes to take the lead in showcasing more positive values."
When discussing current challenges, He Yi admitted that the talent shortage is a significant issue. She stated that the crypto industry has long been stigmatized, and compared to traditional finance and the internet, the candidate pool is noticeably smaller. The talent Binance needs is someone who understands finance and crypto and truly believes in the industry's future. "If someone just wants to earn $10,000 writing code and doesn't care about what their code does, it's hard to build a top global company."
To this end, she is constantly searching for top talent globally, which has led outsiders to mistakenly believe that Binance is "poaching." He Yi clarified that this is not targeted at any specific company but reflects a talent shortage across the entire industry.
Additionally, regarding global expansion, He Yi shared her views. Concerning the Hong Kong market, she believes its regulatory framework has made significant progress, but local exchanges still face difficulties in accessing global liquidity, and Binance will "cross the river by feeling the stones." When asked whether Binance would restart BUSD and enter the U.S. market, she stated, "I want to try; if we can do it, we will, and we will also accept the facts. Binance is just a small company trying to survive in a narrow space; we cannot influence the government."
The Underlying Logic of Crypto is Changing, Sharing Investment Strategies and Life Philosophy
When discussing the industry cycle, He Yi reminded investors that the underlying logic of the crypto market is changing.
"As Bitcoin moves from niche to mainstream, and sovereign nations and traditional financial giants enter the space, absolute cycle theories may no longer apply; the money-making logic that was effective in the past may fail in the new 'big pond,'" she pointed out. In the crypto industry, one must either hold the most decentralized top assets (like BTC) or invest in the largest and most competitive companies in the industry (like BNB). The underlying logic of the world is interconnected.
He Yi also emphasized that retail investors are still a group that needs protection. Therefore, Binance strives to balance the market environment in terms of risk control, liquidity, and trading mechanisms to ensure fair and safe market operations.
At the end of the interview, He Yi recalled her dream at the age of 18. From liking the phrase "I want to try" from the novel "The King's Avatar" to being reminded by friends that she has realized her childhood wish of "being someone who influences the world," He Yi stated that her original motivation has always remained unchanged. From being a host to starting a business and now to today, she has always been someone who keeps trying.
She believes that the key to life is to accept emotions and changes, "The clouds are in the blue sky, and the water is in the bottle. Treat everything that happens as the best arrangement."
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