Content Organization: Peter_Techub News
On December 3, Binance co-founder He Yi was officially appointed as co-CEO, marking an important adjustment in Binance's organizational structure. As a leading figure in the cryptocurrency industry, He Yi's first interview after taking office attracted significant attention. Techub News was invited to participate in this interview and posed relevant questions. During the interview, He Yi shared her strategic thoughts on the company's development, strategies for addressing industry challenges, as well as her personal career experiences and philosophical views. The content covered various topics, including internal cultural construction, global market layout (including development plans for Hong Kong), responses to industry liquidity crises, and investment logic for MEME coins. Her answers were straightforward and pragmatic, demonstrating a firm commitment to the "user-centered" principle while conveying a long-term vision for building a "sustainable" enterprise, providing valuable reference perspectives for industry development.
Background of the Co-CEO Position: Maintaining User-Centered Culture and Organizational Systematic Change
Before the interview, He Yi elaborated on the reasons for establishing the co-CEO position. She referred to herself as an "OG" (original gangster) in the crypto industry, emphasizing that although she is "not old," she has been involved in the core construction of the company from its early days, effectively inheriting Binance's user-centered culture. This culture emphasizes a user-demand-oriented approach, avoiding company decisions that stray from user feedback. He Yi revealed that she took over the HR department a year ago, aiming to create a professional system that does not rely on the capabilities of a single leader through continuous organizational change and experimentation. This systematic construction is the core background of the co-CEO structure. She pointed out that this model is not uncommon in traditional finance (like JP Morgan) and the crypto industry (like Bybit), aiming to achieve a "1+1 greater than 2" synergy. He Yi's ambition is evident: she hopes Binance will become a "sustainable" enterprise that can continuously iterate and develop amid market fluctuations. This sharing highlights He Yi's emphasis on organizational sustainability, stressing a comprehensive transformation from cultural inheritance to system construction, which has important implications for the management of crypto enterprises.
Hong Kong Planning and Liquidity Recovery Strategies
Techub News: Hello! First, thank you for Binance's timely donation during the Hong Kong fire. I would like to ask you two questions: First, what specific plans does Binance have for its license application and local ecosystem development in Hong Kong? How do you position Hong Kong's priority in Binance's global strategy? Second, regarding the liquidity crisis in the industry on October 11, what strategies does Binance, as a leader, have for restoring liquidity? How will this be specifically implemented under the co-CEO structure? Thank you!
He Yi: Regarding the donation for the Hong Kong fire, we were not the first to donate; Hashkey, Li Lin, and others acted earlier, and after seeing that, we decided to participate. In the past, we often supported charity through donations of coins, but this time we did not want to go through a foundation that charges high management fees, so we spent some time looking for a local foundation in Hong Kong with zero operating costs.
Although we are not the first to donate, we are among the first tier. At that time, we were concerned that participating in donations without operating in Hong Kong might be too ostentatious, but ultimately we felt that "doing good deeds without asking for the future" was the right approach. We have indeed contributed actual funds, and the donation was in fiat currency. Relevant transfer records can be provided upon request, but it is inconvenient to disclose them to avoid leaking information about cooperating banks and service providers, which could cause them unnecessary trouble. Ultimately, doing the right thing and addressing problems as they arise is what matters.
Now, regarding Binance's planning for the Hong Kong market. As a financial center in Asia, we always respect its regulatory framework. However, from the financial reports published by local exchanges, the overall operation of the industry still faces challenges, and local platforms encounter many restrictions when connecting with international resources. Currently, we maintain an open attitude towards the Hong Kong market and are in a phase of active contact and exploration. We will steadily advance based on actual conditions, taking one step at a time.
Techub News: After we shared the news of your appointment as co-CEO with the Hong Kong community, the response was very enthusiastic. It is known that the Hong Kong Securities and Futures Commission allows local compliant virtual asset exchanges to connect with overseas platforms. I would like to ask: Does Binance have plans to achieve liquidity interconnection with compliant exchanges in Hong Kong? Thank you!
He Yi: Regarding liquidity interconnection with local exchanges in Hong Kong, we always maintain an open mindset. However, based on feedback from discussions with some local exchanges, the conditions for advancement are not yet mature. Although there are open discussions between both parties, the specific execution path and feasibility still need to be explored in stages, and we cannot determine the landing rhythm at this time.
Now, let's talk about the industry's liquidity issues: the "liquidity drain" that everyone perceives is essentially due to some leading market makers pausing trading during a crisis, rather than a long-term exit. From the perspective of user assets, the market is not lacking in liquidity—many users hold a large amount of stablecoins, and the core issue is the lack of sufficient quality investment targets.
In fact, market funds have not disappeared; they have simply shifted from ordinary investors to more professional players. Liquidity remains within the market system, but the allocation methods have become more cautious. The overall market scale is still expanding, but during periods of volatility, more people will choose conservative strategies such as stablecoin investments and positioning in leading assets, which makes short-term liquidity appear relatively tight.
Regulatory Crackdown on Listing Intermediaries and "White Gloves" Issues
Wu Says Blockchain: Recently, there have been intermediary agencies in the market promising to help projects list on Binance. Have you heard of such situations? Has Binance discovered any violations, dismissed "white gloves," and tightened listing rules as a result?
He Yi: Binance has never had so-called "white gloves," but there are often criminals impersonating Binance-related personnel, such as friends or relatives, to commit fraud. The root of this phenomenon lies in Binance's insistence on zero listing fees and high entry standards; listings are solely based on project quality, requiring project parties to reward users through low-priced sales or airdrops, without charging any intermediary fees throughout the process. Those who claim to be "white gloves" are merely providing form-filling assistance or playing "probability games," with no connection to Binance.
Binance has zero tolerance for such impersonation and encourages the community to report and will cooperate with law enforcement agencies to hold them accountable. Binance has now obtained compliance licenses in many parts of the world, and it is certainly not a "lawless land." As the second-largest shareholder, personal interests are deeply tied to the company, making it impossible to "steal money into my own pocket." In the future, Binance will strengthen the listing review process, adding transparency requirements and a community voting mechanism to eliminate the space for intermediaries and promote the crypto industry from barbaric growth to regulated development.
Positioning and Professionalism of Female Leaders in the Crypto Industry
Vlog Beats: As a female co-CEO, what new positioning or ideas do you have for Binance's sustainability? How does your female identity influence your leadership style?
He Yi: It is particularly challenging for women to fight in the workplace. I believe the core issue is not the industry itself, but rather not to set limits on oneself—if you believe you "cannot do it," then it is highly likely that you really cannot achieve it. Breaking through the internal ceiling is the first step.
Many women tend to rely on gender-related advantages, such as believing that women are good at communication and have a good image, making it easier to establish friendly relationships and thus enhance influence. However, this perception can actually backfire on professionalism, as what others initially respect may only be your communication skills, not your core abilities.
Whether in Web3, the crypto space, or other fields, what women should do is to excel in their professionalism: if you are in marketing, become the best in the industry; if you are in user growth, achieve optimal results; if you are in PR, write the strongest copy; if you are a KOL, produce the highest quality content. When your professional abilities are convincing, gender will naturally not become the focus of discussion.
Business competition will never go easy on you just because you are a woman; in fact, you may face more challenges. The so-called "advantages" can sometimes turn into shortcomings, and what ultimately allows you to stand firm is still your core strengths. Instead of getting caught up in gender differences, it is better to focus on honing professionalism, as this is the foundation for establishing oneself in the workplace.
Impact of Predictive Markets on Binance's Decisions
Dongxu: As co-CEO, will you consider integrating predictive market voting into Binance's policies to meet community needs?
He Yi: My experience is to "never say absolute"—back when I didn't understand contracts or Macquarie, I made judgments easily, and I still haven't deeply studied predictive markets, so I won't say "yes" or "no."
When the influence of predictive markets is significant, it will be affected by interests and positions, and the data only reflects a single perspective. Currently, I haven't spent time delving into it, so I cannot provide a clear answer. Thank you.
Binance's Achievements and Shortcomings in 2025: An Internal Perspective
Foresight News: Binance has over 300 million users. From the perspective of co-CEO, what has been done well in 2025? What are the shortcomings? How can sustainability be achieved?
He Yi: Binance still has many areas that need improvement. As a demanding manager, I believe the user experience of our products needs optimization, as some user feedback is not smooth; in terms of localized operations, we also need to learn from peers who better understand local user needs. Additionally, the entire crypto industry often faces negative perceptions from the outside, and Binance needs to showcase the positive value and legitimate contributions of the industry to society, conveying a positive image.
Binance's advantage lies in its consistent emphasis on user interests, especially for the retail user base that forms the foundation. Currently, the user scale in the crypto market is approaching 300 million, making it a fully competitive market with traditional giants involved, and the correlation with traditional financial markets is increasing during fluctuations. Against this backdrop, Binance insists on not trading with users while striving to balance retail interests amid market volatility, avoiding extreme market conditions caused by liquidity vacuums. He Yi remains grounded in frontline user feedback, driving product iteration, and is committed to creating more financial freedom opportunities for retail users, continuously building a fair trading environment.
Talent Density: Binance's Biggest Challenge
Planet Daily: What is the biggest challenge Binance faces? How to attract high-density talent, especially in a stigmatized industry?
He Yi: The biggest challenge Binance currently faces is talent density. With the rise of AI, the talent level in traditional finance and internet companies has reached a high point, and Binance needs to compete for top talent with these industries. However, the crypto industry itself has a stigma, leading to a relatively narrow potential talent pool.
The core difficulty in attracting talent lies in finding individuals who are not only highly professional and compatible with the business system but also truly believe in the value of the crypto industry—if they come solely for salary and lack recognition of the industry, it is difficult to cultivate them long-term. Additionally, region-related work arrangements may also be a concern for some candidates.
She emphasized that she is broadly exploring quality talent across the industry, not targeting any specific company. She also calls for recommendations for excellent talent interested in entering the crypto industry.
Investment and Incubation: Building the Crypto Ecosystem
Techflow Deep Tide: Admiring Duan Yongping, will you invest your energy in Binance-related investments or incubation to create a crypto version of BBK, OPPO, or Pinduoduo?!**
He Yi: I admire Duan Yongping for stepping back after achieving success, allowing the company to continue iterating. Not only BBK, but also Little Genius has continued this legacy. I pursue Binance's success and aim to support entrepreneurs based on the ecosystem, creating personal brands like OPPO, Vivo, and Pinduoduo. I admire his system-building approach rather than relying on individual capabilities. The investment logic is similar to Buffett's: focus on leading assets. In the crypto space, the leaders are Bitcoin and Binance. Why trust small startups? Binance is like an aircraft carrier, supporting the industry but not guaranteeing only upward trends. I hope the media can educate the public and not believe in insider information. Duan Yongping's success inspires me; he started with BBK, incubated OPPO, Vivo, and Pinduoduo, forming an ecosystem. This is precisely my vision for Binance: not just an exchange, but an incubator. Stepping back after success requires a strong system to ensure the company operates independently. I admire his system construction, such as cultural inheritance and talent mechanisms. At Binance, I will invest energy in incubating projects, supporting entrepreneurs based on the ecosystem, allowing them to build brands. In terms of investment, I follow Buffett's approach: focus on leading assets like Bitcoin (the most decentralized) and Binance (the largest scale). Small startups carry high risks, and many are just stories without products; we only assess whether the logic is sound. Binance is like an aircraft carrier, providing resources but not guaranteeing returns. The media should educate on rational investment to avoid chasing insider information. In the future, through incubation, Binance can build a crypto empire.
Bitcoin Correction and Industry Predictions for 2026
Sina Finance: During the Bitcoin correction, you mentioned that it hasn't reached the bottom and that the underlying logic is changing. What do you mean? What is your outlook for the industry in 2026?
He Yi: As the most representative decentralized crypto asset, Bitcoin's price fluctuations should be viewed from a long-term perspective. The current correction is essentially a short-term fluctuation in the industry's development.
Unlike past cycles, Bitcoin has transitioned from a niche asset to the mainstream, with more equity funds and wealth institutions beginning to allocate this type of core asset. This suggests that its future declines and volatility are likely to be lower than in previous cycles. The so-called "changing underlying logic" means that traditional absolute cycle theories are no longer applicable, and the patterns of volatility will undergo new changes.
As the market expands, participants are shifting from primarily retail investors to a diverse group that includes traditional financial giants. This means that effective profit-making strategies from past cycles may become ineffective, and the previous niche market approaches can no longer adapt to the current mainstream market environment. Investors need to adapt to the new market ecology and volatility logic.
Changes in the Co-CEO Structure and Key Initiatives
Chain Catcher: Why implement the co-CEO structure at this moment? What are the essential changes in the new structure? What are the three key initiatives you are personally leading?
There are no major changes in daily operations. From my perspective: First, inheriting Binance's culture, with a user-centered approach being key. Second, establishing systematic organizational efficiency, rather than relying on single-point functions. Third, although I don't have a technical background, I believe in technological innovation. We will introduce more AI to advance the industry. The co-CEO structure does not change daily operations but strengthens strategy. First, the inheritance of user-centered culture ensures that decisions are based on users. Second, a systematic organization avoids reliance on individuals. Third, introducing AI innovation to drive product upgrades. This will ensure Binance's sustainability.
Open Q&A Session — MEME Coins, Personal Experiences, and Beliefs
Open Question 1: As a loyal user of Binance (self-identified as a "little leek"), I want to ask on behalf of many investors: He Yi previously mentioned wanting more fun MEMEs. What further thoughts do you have on this?
He Yi: As a trading platform, I actually don't want users to focus on my Twitter for MEMEs—if I throw out a joke, it might be turned into a MEME asset. If it rises, everyone is happy; if it falls, I get blamed, which puts a lot of pressure on me. Essentially, users don't care about the name or initiator of the MEME; they just need a vehicle to carry trading emotions.
While everything can be a MEME, long-term investment should still return to value investment logic. I may be traditional, but I always believe that value determines price, and short-term fluctuations are often driven by emotions, inevitably leading to overbought and oversold phenomena. Only MEMEs with long-term value support can go far.
Binance's logic is simple: we hope every coin listed can rise, and the project quality is solid. We will try to encourage project parties to lower the issuance price and give users airdrops, but it gets misinterpreted as "charging exorbitant listing fees." In actual operations, we need to dynamically balance the richness of trading categories with platform risk control—neither can we refuse user demand out of fear of declines, nor can we ignore risks. We can only find a balance in the game between meeting user needs and controlling risks.
Open Question 2: How different is your dream at 18 from the strategic career you are driving now? From the media industry, internet technology industry to the crypto industry, what psychological driving force and firm belief have supported you along the way? Was your pursuit of life in youth wealth, family, or something else?
He Yi: At 18, I didn't have a clear concept of wealth. The core driving force that supported me was the adventurous spirit of "I want to try." This is similar to the character Chen Changsheng in my favorite show "The Destiny of Heaven"—willing to boldly try when faced with challenges. I had never been a host, but I tried it with a "low cost, non-picky" mindset, doing my own makeup and accepting whatever salary came my way; I had never ventured into entrepreneurship, but I was willing to take the first step. I vividly remember that in the early days of being a host, before I became famous, I told my friend Li Jiaqi that I wanted to be someone who influences the world, which he thought was unrealistic. Years later, I unexpectedly made it onto a list of influential internet figures, and Li Jiaqi specifically sent me a message saying, "You did it." For me, whether transitioning from media to the crypto field or now serving as co-CEO, doing things I've never done before is not scary. "I want to try" is the greatest driving force for me to keep moving forward; as long as I dare to try, I will find my direction.
Open Question 3: How do you cope with negative emotions such as fear and confusion?
He Yi: I believe everyone experiences emotions, whether fear, tension, sadness, or disappointment; these are all normal human feelings, and I am no exception.
The most important thing in dealing with emotions is to learn to accept—accept that these emotions are normal human reactions and that they will inevitably appear in life. I really like the saying "the clouds are in the blue sky, and the water is in the bottle," which perfectly illustrates this mindset: clouds in the blue sky, water in the bottle, everything is in its place, both good and bad are part of life.
I didn't come from a wealthy family, but it is precisely this experience that has taught me that rather than resisting the ups and downs of fate, it is better to accept them calmly. Everything fate gives you, whether in good times or bad, is a unique gift. The saying "everything is the best arrangement" is actually about learning to settle in acceptance and move forward in that settling. Whatever fate gives you, just enjoy it without getting entangled or anxious. Thank you, everyone.
Open Question 4: Will BUSD be restarted in the future? Does Binance plan to re-enter the U.S. market comprehensively? If the Democratic Party regains power in the U.S., will the regulatory environment Binance faces become more severe?
He Yi: I have always maintained a "never say never" attitude. There is no clear answer to how the future will unfold or what will happen next; the core is to take it step by step and dare to try—do everything possible to give it a shot, and even if it doesn't work out, accept the result calmly, as what happens is a given fact.
Regarding the U.S. market and regulatory issues, the political landscape in the U.S. is complex and vast, which is beyond our control. Moreover, to be honest, we are not as closely connected to the so-called political families as the outside world speculates. Some reports from Chinese media tend to demonize the situation excessively, such as claims about CZ, fines, or even "buying amnesty," which are all false information.
Everyone should view this matter from a more straightforward and objective perspective: there are competitive party struggles within the U.S., and Binance is essentially just a victim in this game. As a commercial company, we are currently just trying to survive in the cracks; we are far from being able to influence political parties or intervene in party struggles. If one day Binance can truly influence the government and engage in politics, that would be impressive, but we are indeed not at that level yet.
Thank you, everyone! And thank you for your continued attention to our activities over the past two days.
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