Yi He Responds to 34 Questions After Becoming Binance Co-CEO

Dec 09, 2025

At the Binance Blockchain Week 2025 held in Dubai on December 3–4, Binance co-founder Yi He officially assumed the role of co-CEO of Binance. In interviews with media and KOLs, Yi He shared insights on her work since becoming co-CEO, responded to questions regarding the “middlemen” accusations, and stated that Binance’s biggest challenge currently is insufficient talent density. She also discussed the current market conditions and explained why she admires Duan Yongping. In addition, the interview covered topics such as Hong Kong, the U.S., liquidity, and women in the workplace.

The audio transcription is done by GPT and may contain errors. Please listen to the complete podcast:

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Part 1: Yi He Media Group Interview

On Binance’s Executive Division of Labor

PANews: This morning, we saw that you’ve taken on the role of co-CEO. Could you explain why this system was introduced? Also, how is the division of responsibilities between you and Richard Teng?

Yi He: First of all, as everyone knows, Richard has a regulatory background and is very familiar with compliance processes. Many times when we communicate with regulators, he serves as the best bridge. He’s also helped us raise our compliance standards. As for me personally, I’m considered an OG (veteran). Although I might not be the most “OG,” I’ve been in the industry long enough. With that foundation, I can help the company better carry forward and develop our culture with a user-centered approach.

Additionally, as I’ve mentioned in previous interviews, I have a big ambition to make Binance a company that stands the test of time. About a year ago, I also took over the HR department, which made me continuously think about and try new changes, aiming to build a long-term business system that doesn’t rely solely on the abilities of any one individual. This is why we introduced the co-CEO arrangement. In fact, the co-CEO model is quite common in both the crypto industry and traditional financial companies, like JPMorgan and BYBIT. I believe 1+1 is greater than 2.

On the “Middlemen” Accusations

WuBlockchain: Recently, there have been a number of intermediary agencies claiming to help with listing on Binance Alpha. Have you heard of this? Have you discovered any similar violations and fired some of these so-called “middlemen”? Also, has Binance tightened its listing rules because of this?

Yi He: First of all, Binance has never had any “middlemen.” While many people claim to be my close friends, or CZ’s relatives, there are actually quite a few impostors. If you think about it from Binance’s perspective, do we need these “middlemen”? No, we don’t. So why do these “middlemen” situations exist? It’s because Binance doesn’t charge listing fees.

The condition for listing on Binance is simple: if you meet our standards and are willing to sell your tokens at a lower price to our retail investors, or if you’re willing to offer airdrops to our users, Binance doesn’t charge any fees. These “middlemen” phenomena emerged because our listing standards and thresholds are relatively high. As a result, many people claim to be able to help you list your token. In reality, they’re just walking you through the listing process and submitting the relevant information. They may have helped you fill out a form or acted like a salesperson, talking to 100 projects with the same pitch, and maybe only one or two succeed, but that success is likely unrelated to anything they did in the process. I think this is more of a probability issue — the project itself might simply be good quality.

Secondly, if anyone notices any fraudulent activities where someone is impersonating Binance or claiming to have influence over listings, we welcome reports and encourage law enforcement to step in. In the early years, Binance was indeed an offshore exchange with fewer licenses, but in the past two years, we’ve obtained more and more licenses, and we are no longer operating in a legal grey area.

Therefore, we will take strong action against these impersonators. Finally, many people claim to be “middlemen” working on my behalf, but as everyone knows, I am Binance’s second-largest shareholder. Why would anyone impersonate me or Binance’s “middlemen”? That would be like stealing from my own pocket. Do I need to steal from myself? Do I need to harm Binance’s reputation or interests to line my own pockets? If you understand Binance’s ownership structure, you would know that there’s absolutely no need to engage in such behavior.

Yi He on Gender and Workplace Competition

BlockBeats: As a woman who became co-CEO, and with plans to make the company a long-lasting enterprise, do you have any new perspectives or thoughts on this?

Yi He: When it comes to the topic of women, it’s certainly not easy. First of all, I believe the key issue, whether in the fast-moving consumer goods industry or any other industry, isn’t about which industry you’re in, but whether you set a ceiling for yourself, thinking that you can’t do something. Once you think you can’t, you really can’t.

Secondly, many women in the workplace often try to leverage their gender advantage, such as “I’m a woman, I have good communication skills,” or “I have a better appearance,” which helps me get along with everyone. This may increase influence in some ways.

However, I believe that if a woman is friendlier, others may be more willing to interact with you. The problem is, this can actually undermine a woman’s professionalism. When others see you, they may not respect your expertise but rather focus on your communication skills. My point is, whether in Web2 or Web3, the most important thing for women is to enhance their professional abilities. If you’re in marketing, become the best marketing expert in the industry; if you’re focused on user growth, make that your strongest area; if you’re in PR, hone your writing skills to the best level. If you can do these things, and others respect your expertise, discussions about gender will naturally fade.

From my personal perspective, I don’t think being a female entrepreneur means people will go easy on you because you’re a woman. While I may say “ladies first” when I’m out, once you enter business competition, it’s a ruthless environment. Who would go easier on you or criticize you less just because you’re a woman? In fact, sometimes it might be even harsher. So, I think your weaknesses can sometimes be your strengths, but if you treat your weaknesses as strengths, it could actually become your disadvantage. Ultimately, a person should find their real strength.

Yi He on the Potential of Prediction Markets

BlockTempo: Recently, prediction markets have been gaining a lot of attention. I’d like to ask, in the future, will Binance consider adopting policies or making changes based on the outcomes of prediction markets and the needs of the community?

Yi He: I have a huge lesson learned called “never say never.” You might remember that I once said Binance would never do futures, because at that time, I didn’t understand futures. Then I also said that memecoins were no good, only to later realize I didn’t understand them. So, when it comes to prediction markets, I might not fully understand them either. I’ve learned to be smarter now, not to say “never,” but I can’t confidently say “it will definitely happen.”

In fact, unless a market doesn’t have enough influence, when its influence is strong enough, it will inevitably attract different voices and be influenced by vested interests. A simple example is that different people have different positions and interests, and what is reflected in the data is essentially just a snapshot, one perspective.

I’m not sure how to answer your question, thank you. Overall, I don’t know enough about prediction markets and haven’t spent enough time researching them in depth.

Binance’s Future Development: Reflections and Areas for Improvement

ForsightNews: You mentioned that Binance’s user base has exceeded 300 million, making it the company with the largest number of users in the crypto space, and no other platform can compare. Now that you’re in your new role as co-CEO, could you share from an internal perspective what you think Binance will do well in 2025? Also, as a company that has reached its current size, what areas do you think are still lacking, and how can Binance become a long-lasting enterprise? Such companies are rare.

Yi He: Well, let me start by saying that my brain might have crashed (laughs). Let me begin with the areas where we’re lacking. I think Binance still has many areas that need improvement. I’m a rather picky and high-demand boss, so a lot of my colleagues feel a lot of pressure working with me (laughs). From my perspective, there are definitely many areas where Binance needs to improve. For example, in terms of product user experience, we’ve received feedback that the experience may not be as smooth as it could be, or in terms of localization, where some local exchanges offer more user-friendly features because they better understand local users’ needs. In terms of technology, we also need to improve stability.

Additionally, it’s important for us to establish a more representative image in the entire industry. Despite the many controversies and attacks within the industry, the external perception of the crypto industry is still that it’s a “messy” space. Therefore, I think, no matter what, we should showcase more of the positive side and bring positive value to society.

Overall, Binance still has many areas that need improvement. In this process, I think one thing we’ve done relatively well is that we truly focus on user needs. Many people fall into the misunderstanding that losing money means others are taking it. When the market falls, people think others are selling tokens, and when it rises, they think it’s because of market manipulation. But as our user base nears 300 million, you’ll see that the market is highly competitive, and more traditional financial institutions are entering the space. In the past, when the traditional financial market dropped, the crypto market would rise, but now, when traditional markets rise, we also rise with them; when traditional markets fall, we also follow the trend.

As the industry expands, the user structure has changed. The low-quality users have been replaced by more large whales and traditional giants. When the market fluctuates, these giants tend to sell altcoins first, then Bitcoin. So, you can understand that as the industry grows, people’s behavior has changed as well.

In this process, one thing we’ve done a little better is trying to balance and take care of the interests of retail investors, since they are still Binance’s core base. That’s also why I’ve stayed on the front lines. I want to hear user feedback and see how we can iterate on our products to provide more inclusive financial opportunities for retail investors and help them gain more financial freedom. Of course, I can’t say that we’ve done this perfectly, but for example, on October 11th this year, we didn’t engage in trading with users during a market downturn.

This means that liquidity in the market primarily relies on retail investors and market makers. When the market suddenly drops, it’s not surprising that retail investors incur losses, and market makers also face losses — they must trade even when they’re losing money. When they stop trading, a liquidity vacuum emerges, causing the price to plummet quickly.

If I had participated in trading, the counterpart’s orders would have filled this vacuum. Specifically, this is akin to the matching engine mechanism. If there are no orders in the middle, the market eats away at the lower price and then returns to the higher price. That’s why we’ve been thinking about how to build a fairer, more reasonable, and transparent market.

Strategic Focus for Future Development

ODaily: What do you think is the biggest challenge Binance is currently facing? And what areas of business will be the focus moving forward?

Yi He: Actually, I discussed this on stage earlier today. I believe the biggest challenge right now is the issue of talent density. With the development of technology, not only in the cryptocurrency sector but also in AI, industries like traditional finance and internet companies already have very high talent density. In reality, we are competing for top-tier talent with these sectors.

Everyone is fighting for the best talent, but since the cryptocurrency industry is still somewhat stigmatized, you’ll find that our talent pool is relatively small. When you encounter a good candidate, the first reaction might be, “Do you want to move to the UAE?” But their response could be, “Why would you want to take me to the desert?” (laughs) Do you understand what I mean? In this process, we need to find people who not only understand financial products and cryptocurrency but also truly believe in the industry.

I’ve always believed in one thing: “If you don’t believe in something yourself, you won’t be able to do it well.” If I find someone who says, “I want to earn $10,000 a month, I’ll write you some code,” then what is the output of that? They themselves don’t care. It’s very hard for such employees to help a company build a world-class team and business. So, I think the biggest pain point right now is our talent pool. This is also a responsibility I feel I carry — to find the best talent for Binance.

So, maybe you’ve heard some strong reactions from friends lately, and I want to clarify that I’m really out there searching for people, talking to many people. It’s not aimed at any particular company, but rather about looking for top talent across the entire industry. So if there are any outstanding individuals who want to join the crypto world, feel free to introduce them to me, and they are very welcome.

Why Yi He Admires Duan Yongping

TechFlow: I want to ask a lighter question. I remember you mentioned in a previous livestream that you really admire Duan Yongping, who has been successful both in business management and investment. Today, you’ve just announced that you’ve become co-CEO of Binance. So, my question is, in Binance’s future development, will you consider allocating some of your focus on investment or incubation projects related to Binance, like creating more companies similar to BBK Electronics, OPPO, or Pinduoduo?

Yi He: I remember admiring Duan Yongping when he wasn’t as famous as he is today, and now he’s really become a prominent figure. You could say that I really envy Duan Yongping because he successfully built a company, then gracefully stepped down, and the company continued to operate and evolve. It’s not just about BBK Electronics, but also products like the Xiao Tian Cai smartwatches. They all represent a lineage of companies. You can understand it as not only do I want Binance to succeed, but I also hope that based on the Binance ecosystem, we can nurture more outstanding entrepreneurs and help them create their own brands in the process.

I hope to see companies like OPPO, VIVO, Xiao Tian Cai, and Pinduoduo emerge in the crypto industry in the future. So, my admiration for Duan Yongping isn’t just because of his investments, but because he’s good at building systems, not just developing a single capability. Of course, now when people talk about Duan Yongping, it’s more about his investment work, because the crypto space itself is also an investment industry.

Duan Yongping’s investment philosophy is very similar to Warren Buffett’s — focusing on top-tier assets. So, what are the top-tier assets in the crypto industry? What is the most decentralized asset? You can easily understand that question. Additionally, another choice would be the largest and most competitive companies in the industry — Binance Coin (BNB) is an example. Whether Buffett understands the crypto space or Duan Yongping understands it, their underlying logic is actually the same.

However, many people might wonder, why would you believe in a small startup? A project made by a team of three people, why could it increase 10x? We can discuss with them, ask if their valuation is reasonable, if they can offer low-priced airdrops to attract users. But the problem is, I’m not confident about these companies’ success because I can’t confirm if they’re real projects, whether they have actual products, or if they’re just telling a story with nothing behind it. Therefore, I can’t take responsibility for every price fluctuation in the market.

What we can do is launch Binance Coin, which is like our aircraft carrier. We hope to support more entrepreneurs to succeed based on Binance Coin, but I can’t guarantee that every project in the crypto space will only go up and never go down. That situation just doesn’t exist. So, I also hope that media friends can help investors understand this reality better and do some public education.

Many people rely on “brotherly” recommendations when investing, or they listen to “insider information,” thinking that this is how they’ll make money. But why do you believe your friend knows more about investing than you? Why do you trust insider information to be reliable? Sometimes, others just shout out, attracting more people to follow, causing the price to rise, and then you become the one left holding the bag.

Bottom Prediction for the Crypto Market

Sina Finance: Recently, Bitcoin, the representative cryptocurrency, has seen a significant pullback. I remember you previously mentioned that Bitcoin might not have reached its bottom yet, and the underlying logic of the entire industry is changing. Could you explain what these two points specifically mean? Additionally, 2025 is a particularly booming year for the blockchain industry. As the Chinese saying goes, “What flourishes will decline.” Looking ahead to 2026, what is your prediction for this industry?

Yi He: First of all, this is my personal opinion and should not be considered as investment advice. Bitcoin itself is the most decentralized crypto asset. The saying “What flourishes will decline” is really about looking at the cycle. In a longer cycle, you might feel that today’s drop is just a small fluctuation, similar to past cycles where, when Bitcoin dropped, some people thought it was just a minor pullback.

But my point is that assets like Bitcoin might not experience the same sharp decline as in past cycles. The reason is that Bitcoin has evolved from being a niche asset to becoming a more mainstream one. Even though some countries might seize large amounts of Bitcoin and plan to sell them, as more sovereign funds, national treasuries, and other institutions start allocating this decentralized core asset, Bitcoin has become a mainstream asset. This means that its volatility and the scale of its downturn should be lower than in previous cycles.

So, when I say that the underlying logic is changing, I mean that the theory of absolute cycles may no longer apply, but its volatility patterns might change. In other words, in some past cycles, certain basic strategies worked very well, but those strategies might no longer be effective because the players in the market have changed. The pond has grown bigger, and the fish in it are larger. If you continue using strategies from a smaller pond with small fish, it might not work in this new cycle.

On Binance’s Co-CEO System

Chain Catcher: Why did Binance decide to implement the co-CEO system at this moment? What fundamental changes will this new structure bring to Binance? Could you specifically highlight the three most important things you personally will lead?

Yi He: From a day-to-day work perspective, there isn’t much of a drastic change. But from my personal standpoint, there are a few key points that are most important. First, I believe that Binance’s success fundamentally relies on its culture, and the most crucial aspect of Binance’s culture is being “user-centric.” That’s the number one priority.

Second, I want to spend more time bringing in more systematic improvements to enhance organizational efficiency, rather than focusing on isolated empowerment. In other words, how can we make the organization more efficient overall, rather than just improving one particular aspect?

Third, while I don’t have a technical or product background, I have always believed that technological innovation is the driving force that moves the world forward. With that in mind, I hope to integrate more artificial intelligence into Binance’s operations. Based on these technological changes, I believe AI can ultimately drive the entire industry forward.

Hong Kong Market Strategy

Techhub News: As co-CEO, how would you assess Hong Kong’s priority in Binance’s global strategy?

Yi He: First of all, I want to clarify that regarding the donation for the Hong Kong fire disaster, we were not the first to donate. In fact, HashKey made a donation earlier, and Li Lin’s team also donated early on. After seeing their actions, we felt that we should donate as well, but we chose to donate directly in cryptocurrency rather than through a foundation because typically, foundations charge a 20% service fee. We didn’t want any unnecessary fees deducted from the funds, so we found a Hong Kong-based foundation that doesn’t charge operational fees, and that’s why we decided to make the donation. As for the timing of the donation, I hesitated a bit, worrying it might appear too ostentatious, but in the end, we decided to do what was right, regardless of others’ opinions. We did donate fiat, and the transaction records are available for review, but we hope this won’t be made public, mainly to avoid leaking information between banks and causing trouble for the involved parties.

Regarding the regulatory situation in Hong Kong, I believe Hong Kong is a financial hub in Asia, and we have a great deal of respect for its regulatory framework. However, we also see that some local exchanges have had difficulty in their operations, as reflected in their financial reports. Overall, we are open to Hong Kong and willing to engage with local stakeholders, of course, we hope to make significant progress in Hong Kong. But local exchanges do face some restrictions in accessing international liquidity, which makes their operations more difficult. So, our current approach is to take things step by step, “feeling our way forward.”

As for the Hong Kong Securities and Futures Commission’s stance on linking compliant licensed exchanges with overseas exchanges, we maintain an open attitude. Communication with some local exchanges has not been very smooth so far, so whether this will proceed smoothly in the future will require more time and observation.

On the issue of industry liquidity, I want everyone to understand that the phenomenon of “liquidity drying up” in the industry doesn’t necessarily mean there is a lack of tokens in the market. Many users still hold their assets; they just hold stablecoins. In other words, there’s not a lack of liquidity in the market, but rather a lack of sufficiently attractive trading pairs. The funds in the market haven’t disappeared; they’re just not actively circulating in the market.

Overall, the market size is continuously expanding, and although many investors adopt a conservative strategy during market volatility, such as investing in stablecoins or large-cap mainstream tokens, we hope to promote the recovery of liquidity by improving market transparency and offering more financial freedom.

Yi He on Memecoins

BlockBeats: Yesterday, you mentioned wanting to create more fun memecoins. What are the future plans for this?

Yi He: I approach this question from several perspectives. First, as Binance, we don’t really like when people focus on my Twitter to create MEMEs, because it puts a lot of pressure on me. If I post a meme, it becomes a MEME, and if the meme goes up, people are happy; if it goes down, they’ll blame me (laughs). Sometimes, it’s a lot of pressure. The truth is, people don’t really care whether the meme came from me, Yi He, or some other name; they just want to find something that can carry their anxious emotions.

Second, while everything can be a MEME, from a long-term investment perspective, the assets worth investing in will ultimately return to Buffett’s value investment philosophy. I admit I’m a bit old-fashioned, and I often feel like I’m not keeping up with the times, like I’m learning to ride the 5G wave. But I do believe that whether something like MEMEs can last in the long run ultimately depends on whether they can carry long-term value. Short-term volatility is more driven by emotions, because all assets go through cycles of overbuying and overselling. When the market is overbought, emotions go wild, and everyone chases the highs; when it’s oversold, emotions are low, and everyone is selling off. These emotional swings affect short-term price changes.

From Binance’s perspective, our logic is very simple: I wish every coin would go up and never go down, but we also know that’s very difficult. Therefore, we try to get the project teams to lower their issuance prices or encourage them to offer airdrops to users. But sometimes project teams feel that Binance demands too many tokens, leading people to think we’re charging exorbitant listing fees. In reality, our logic is simple — we’re just trying to meet user demand. If there are too few coins in the market, users will end up buying coins that seem to have no real value. So, Binance ultimately needs to find a balance between the types of assets we list, market demand, and risk control, ensuring we can maintain stability in this dynamic game.

Reflecting on Life’s Pursuits at 18

Foresight News: We know that you once mentioned in a tweet about your early experiences, growing up in a rural area with conditions that were probably 50 years behind today’s standards. What were your life goals when you were 18? Was it wealth, family, or something else?

Yi He: Honestly, at 18, I didn’t have a clear concept of wealth. To be honest, I remember reading a novel a few years ago, although I didn’t finish it. Sometimes I use reading novels as a way to relax. The book was Choosing the Heavens (择天记), which was later turned into a movie. I particularly liked the character Chen Changsheng. Although I didn’t get to the end, I remember that whenever he faced challenges, he would say, “I want to try.” I felt like that was very much like me. Although I didn’t appear to be someone who could “live off my looks,” I had once tried being a host. Why? Because it had the lowest cost — I did my own makeup, and whatever people offered me, I just did it.

Although I hadn’t done entrepreneurship at that time, I still felt like I wanted to try. I don’t remember exactly what I was thinking at 18, but I clearly recall one thing: when I was still an unknown host, I once talked to a friend about my life goals. He asked me what I wanted to do, and I told him, “I want to become someone who can influence the world.” He thought I was crazy because, back then, he couldn’t really understand me. Years later, we hadn’t kept in touch much, but suddenly he messaged me, saying, “Look, you’ve done it, you’ve achieved the dream of influencing the world you once talked about.”

So, I think the initial motivation came back to “I want to try.” A lot of times, even if you haven’t done something before, so what? I had never been a CEO, but after doing it, I figured out what needed to be done. Ultimately, I just wanted to try.

How to Deal with Fear and Confusion

Foresight News: How do you deal with emotions like fear and confusion?

Yi He: I think everyone experiences emotions, whether it’s fear, anxiety, nervousness, sadness, or frustration. It’s inevitable because we’re all human. But the most important thing is to accept that these emotions exist; they are normal human reactions. You must accept that they will happen. There’s a quote I really like: “The clouds are in the sky, and the water is in the bottle.” Although the story may not have a happy ending, its essence is to teach you to accept all experiences in life, whether good or bad. The clouds are there, the sky is there, the water is in the bottle, and the bottle is where it is — everything is for the best. I’ve said before, whatever fate gives you, you just have to embrace it.

Outlook on the US Market

WuBlockchain: You mentioned stablecoin wealth management earlier. Will Binance restart BUSD-related services in the future? Additionally, do you plan to re-enter the US market comprehensively? If the political landscape in the US changes and the Democrats regain power, do you think Binance will face a more stringent regulatory environment?

Yi He: First of all, I believe in the saying “never say never.” I don’t know what the next steps will be. We usually take things one step at a time — if it’s possible, we’ll try it, and if it doesn’t work out, we have to accept that. As for the political environment in the US, it’s too complicated for us to influence. And to be honest, we’re not that close to the so-called Trump family. Chinese media sometimes demonize us, like saying “CZ bought a pardon,” but none of that is true. You have to view American politics through a very simple lens. Fundamentally, it’s a competitive party system. In this context, we can only act as a business company. As a small company, we’re trying to survive in the cracks; we don’t have the ability to influence party politics. We’re not in a position to affect political parties. If one day Binance is able to influence the government or intervene in party disputes, maybe we can discuss this issue, but for now, we are really just a small player.

Part 2: Yi He’s KOL Interaction Session

Binance’s Internal Management Philosophy

Yi He: Our internal management philosophy is quite different from that of many traditional companies. Most traditional companies follow a hierarchical, pyramid structure where the boss is at the top, and there are multiple layers beneath that manage upwards. Typically, you look up and you see the back of the boss, and when you look down, you see smiles from below. This is the model for most companies. However, in our company, the structure is inverted. The boss is at the very bottom of the pyramid, the one who bears the weight. If the employees are unhappy, they criticize me; if the users are unhappy, they criticize me too. So, I’ve been working to change this upside-down pyramid structure, aiming to hire more people like me, more “Yi Hes,” to share the responsibility and let this upside-down triangle evolve into an inverted trapezoid.

The inverted trapezoid isn’t quite accurate either; I think it’s more like an inverted washing basket. You can understand it as a safety net for everyone. When there are enough people in the organization who are willing to take responsibility, who are brave enough to innovate, propose ideas, and drive the organization forward, this organization gains strong vitality.

Indeed, this organizational structure has been my main area of focus over the past two years. Two years ago, I took over the HR department and spent a lot of time building organizational capabilities. This structure has its advantages and disadvantages. The advantage is that even without me, Binance would still be a strong company. The downside is that newcomers might find it confusing, with everyone giving orders, and they might wonder who the actual boss is. With too many bosses, it becomes overwhelming, and people might feel like a punching bag. In the end, I tell them, “Whoever has the loudest voice and the most reasonable argument is the boss.”

There’s a saying within Binance that I often tell new hires: “If you get things done well, you’re my big brother. You don’t need to manage me or anyone else. Just focus on doing your job to the best of your ability. If you’re better than anyone else, you’re the big brother, and everyone will respect you.” You can think of it like a garden with the ability to self-grow. If your ability to grow is strong, you will secure a strong position in the garden. But during this process, there might be individuals whose culture doesn’t fit in. These people might become the weeds in the garden. Additionally, if someone doesn’t have a strong mindset or is passive, they may be overshadowed by those who speak the loudest and may struggle to survive in the organization because they feel their voice is drowned out.

Therefore, this management model does have some drawbacks, like when a new employee is highly capable but too afraid to speak up, or when someone who lacks ability has learned to make themselves important by speaking out. This can lead to extreme situations. I’ve publicly said in a Town Hall meeting, “Don’t do things that only add superficial value. Just because someone is loud doesn’t mean they’re right.” If there’s an issue, different departments should proactively escalate it and expose the problem.

At Binance, whether internally or externally, we’re not afraid of dissenting voices or criticism. These discordant voices help us identify problems and solve them faster, rather than pretending we don’t see them.

Binance’s 2026 Plans

Yi He: The big plans can be divided into a few modules — one is the overall company strategy, and the other is internal planning. Regarding the overall industry, you’ve probably heard me talk about it many times: the integration of traditional finance and the cryptocurrency industry. You will notice that, regardless of the platform, everyone is moving in these two directions.

Our strategy can be summarized into two main points: geographic expansion and the expansion of business categories. In the coming year, we will continue to focus on expansion, and additionally, we will make significant progress in compliance. We will have more specific plans in the near future.

Views on the Rise of Decentralized Exchanges (DEX)

Yi He: First of all, we’re not anxious (laughs). We’re not a company that’s always first to take risks. For many products, we’re not the first to launch, nor are we the ones who do it perfectly, but we are the ones who never give up. As long as we follow the right path and have enough resources and talent, we will always catch up. Take Binance Wallet as an example — while it’s not perfect, we are still working on improving it.

Secondly, whether it’s the rise of prediction markets, Perp DEX, or DeFi, all of these developments have empowered the cryptocurrency industry. So, whether it’s the CEX centralized matching system or the wallet services, we are involved. What’s most important is that we always stand firm at the entry point for users.

As for which trading categories users will focus on, time will tell. We’ve also invested a lot in the NFT space, and our competitors have too. Some of these have succeeded, while others have failed. But not every trend will evolve into a long-term, competitive business model.

Views on the Mainland Market

Yi He: Mainland China is a place where you have to “feel your way across the river,” meaning that just because something doesn’t exist today, doesn’t mean it won’t exist tomorrow. Never say “never.” Secondly, many people don’t understand why Binance made the bold decision to expand internationally in 2017. I believe when we make decisions, we often start from fundamental logic. What is that logic? The world doesn’t have absolute black and white, only different ideologies. For example, the “Magna Carta” is the foundation of the European and American legal systems, which asserts the rights to life, liberty, and the pursuit of property. But not all countries’ legal systems are based on the same foundations. So, if you want to understand a country’s administrative decisions and financial development trends, you can look at its constitution or founding documents.

From a perspective of empathy, I can’t make better decisions than they have. I believe they have the best teams making macro decisions. For finance, it’s a bigger impact, and I’m not sure what the best solution is in this scenario. But I believe Hong Kong is a very good “feel your way across the river” trial.

Experiences of Dark Moments

Yi He: My most recent dark moment was definitely the “1011” incident that just passed. Originally, I was planning to spend the holidays with my child, but I hadn’t slept since the night before. On the night of 1011, everything suddenly collapsed. I was wearing my resilience tracker, and my resilience index dropped from “strong” to the lowest point. I could only sleep two or three hours a night. When I opened my eyes, it felt like the world was collapsing again. They had changed the K-line, and I didn’t understand why. I asked them why they did that, and they said it was to avoid distortion and to ensure user judgment wasn’t affected.

I said I didn’t understand, but could we check with the responsible person? Then, after sleeping for a bit, I woke up to hear that everything had collapsed again — our customer service replied to a customer who was threatening to sue us. I told them, if they want to sue, just go ahead, why shout about it online? Every day felt like the world was collapsing. But this made me realize that both good and bad experiences in life are just difficult challenges posed by fate.

I recently came across a quote online that really resonated with me. It said, “If life is a game, fate will give you the same hand of cards until you find the better solution.” Do you understand? If you think you’re unable to make money, it means your perception is out of sync with the world’s development. If you’re struggling, say in your relationships, it means you haven’t found the optimal solution. Once you find the right solution, the problem will resolve, and you’ll move on to the next phase of life, where everything will be for the best. Thank you, truly, thank you so much.

Balancing Rules with the Founder’s Personal Characteristics

Yi He: I believe we are now at the second stage. Let me explain why. The process from 0 to 1 for Binance was a gradual transition from nothing to something that has taken shape and scale. I think this stage can be compared to long-established companies like Procter & Gamble. For example, P&G, which once sold kerosene lamps, is still one of the strongest companies globally, although it may be lagging in areas like technology, especially AI. What we see in companies like P&G is the ability to continuously evolve and sustain themselves. Similarly, Binance aims to become like a garden, not just a company. Much like Amazon, which is like a tropical rainforest, we want Binance to become a similar thriving ecosystem, where new species can grow freely and be full of vitality.

So, the first stage of Binance’s development depended on core competencies such as market capabilities and product development, which helped us lead the way. In stage 2.0, our focus is shifting more toward enhancing organizational evolution. Thus, returning to the organizational structure discussion, we are going through this development process.

Consideration for Providing More Support to Quantitative Institutions

Yi He: First of all, we welcome everyone to provide product demands and suggestions, but whether or not to develop them depends on the evaluation process across departments, especially considering ROI. I want to ask, how do you define success? If a product is developed and no one uses it, then the product manager’s decision-making might have been problematic.

Secondly, we have always paid attention to user feedback. A friend just mentioned that our employee service response time is not timely enough, and we welcome timely feedback. We will optimize our service to ensure that we can meet the needs of various clients.

Finally, many of the top-tier quantitative institutions in the market, especially some world-class trading players, are already institutional users of Binance. We have already provided most of the features these institutions need, but if there are special requirements, we will assess them individually and see if we can meet those needs.

Outlook for the Next Ten Years

Yi He: I cannot predict what will happen ten years from now; the future is incredibly difficult to foresee. People have asked me about Binance’s plans for the next five years. I don’t have an answer. What about the next three years? Again, no clear answer. However, we are very clear about what we need to do this year and next year because the industry is changing so rapidly. For example, concepts that are popular this year might not be relevant next year, and what is popular next year could be outdated the year after that. But there is one thing that is most important: the users. Over the past eight years, Binance has always emphasized “users first.” It is crucial to serve the users well, making them feel that using our platform is reliable, trustworthy, and secure.

As for the technological path, we will adjust based on the actual needs. Whether it’s traditional finance or our industry, they will ultimately merge. This is not a “zero-sum” process. Throughout this process, we will flexibly adjust our position, like a small startup trying to survive in a tight spot.

Although Binance has, to some extent, been leading global Web3 finance, we don’t have overly fixed expectations for the future. Technological changes, especially the introduction of AI, are inevitable. How to use these technologies to improve traditional finance’s inefficiencies is also inevitable. In this process, we can only do what we can, but we also have to face many uncontrollable factors — things we cannot decide. For instance, if you asked me to take over the Federal Reserve, could I do it? That’s just an example, and I’m not actually suggesting I want to do that.

What is the Dream After Becoming CEO?

Yi He: My dream is to have more partners like myself rise within Binance, and even surpass me in professionalism. I hope to cultivate more talent and find future partners. We are not looking for employees, we are looking for future partners, even if they start as front-line staff and gradually grow. We want to provide them with the space and platform to grow in this environment. Whether they speak fluent English or have formal education, I’ve done it myself, but I’m not sure if they can do it. However, we will give them the opportunity.

Focus on Future Listings

Yi He: Yesterday, someone asked me if Binance has listed too many projects this year. I believe the terms “many” and “few” are very subjective. I reflected on it and, after a six-hour live stream last year where I was heavily criticized, I realized that many projects might not be suitable for Binance’s main platform. Therefore, we introduced Binance Alpha as a compromise. It’s a middle ground between the on-chain wallet and the Binance main platform, allowing more projects to first experience this platform. We also encourage them to offer airdrop rewards to our users. Over the past few months, this model has worked, but as time goes on, it might not be as effective. We are continuously looking for better solutions.

Many people think that the key to industry development or making money is fixed, but in reality, as the industry evolves, our strategy is also constantly adapting. The investment strategy must be flexible and change over time. Earlier this year, I wrote an article mentioning the concept of “carving the boat to catch the sword,” meaning you cannot use the investment strategies from the previous cycle and apply them to the current one, as it will likely fail. So, in this process of growing together with everyone, we are also constantly improving, and we welcome more suggestions from you. Thank you!

How to View Altcoins

Yi He: The reason the customer service said “altcoins have no value” was due to a high volume of inquiries. We are now using AI, and the customer service team handles questions through translation. The response should have been about the inability to pledge altcoins in futures, but since many of the customer service representatives were new, they might have answered hastily. At that time, I felt quite frustrated and couldn’t explain things clearly, so I just told the truth, but people might not believe it.

First of all, my holdings on Binance are public. I follow a simple investment logic, similar to Warren Buffett’s philosophy: hold the top-tier assets. As Duan Yongping has also said, one should hold the top-tier assets. Therefore, I primarily hold the most decentralized asset — Bitcoin — and the top centralized asset — BNB. This is just personal experience and not investment advice.

I believe the reason Binance has achieved its current market share is not just because of Bitcoin and BNB, but also due to market enthusiasm and demand. If Binance only had Bitcoin and BNB, we likely wouldn’t have this level of market share. Market sentiment is dynamic, and people will choose which assets to trade based on what’s trending. I initially thought memecoins had no real value to support them, so why would we list them? But once they were listed, people applauded. Whether criticized or praised, Binance received a lot of attention in the process.

I believe a better approach is to set a baseline, while the upper limit should be determined by users themselves. The baseline means the project must be legitimate, with real people behind it and an actual product. Every day, there are thousands of new projects and so-called “mentors” emerging. What we can do is filter out the most unreliable projects, and the rest should be up to users to research.

We often remind our users, especially those in affiliate programs, to be cautious and understand the risks of investing. Don’t let others lose money through your referral links, only for them to blame you later. We strive to ensure fairness and transparency on the platform, and we do not engage in trading or bet against users.

Advice to Binance Square Authors

Yi He: I think it’s like this — whenever I share with everyone, I hope you feel that I am sincere. Because I believe in this: if I’m taking up so much of your time, and each person listens to me for an hour, that adds up to hundreds of hours. So I try my best to provide valuable content in every communication. Even if, after listening, you think 99 of the things I said were useless, if just one sentence is helpful to you, then you’ll think, “Yi He is someone worth listening to.”

Content creation is the same. In today’s world, where influencers and KOLs are showing off their skills and focusing on grabbing attention with hooks, I believe that truly valuable content will eventually stand the test of time. My suggestion is to produce more substance and offer things that are truly useful to others.

Thoughts on the Phenomenon of Shell Trading for Projects

Yi He: First of all, we welcome reports. If such behavior occurs, we will definitely handle it. That’s the first point — genuinely welcome any reports.

The second point is about Alpha. I think everyone should understand that Alpha is an intermediary between the wallet and the Binance main platform. As long as the project is legitimate, we generally allow it to be listed. So when people say that Alpha projects require payments or “middlemen” to help them get listed, I think to myself, if Alpha’s standards are already that low and they still need to pay someone to get listed, then the project is probably not that solid.

You have to understand that Binance Alpha’s principle is that as long as the project is legitimate and passes the basic checks, it can be listed. But if a project can’t even get listed on Alpha, that means it’s probably very unreliable — so unreliable that I could “create” such a project myself. Therefore, I think such projects should not even bother applying for listing.

Considering Turning Binance Square into a Live Streaming Platform?

Yi He: This is indeed a valid question because our content team is relatively small, and the product research and operations teams are also limited, so the development progress has been slow. However, our goal is clear — we are not trying to compete with Douyin or X. Our goal is to create a community in a vertical niche, providing valuable content that allows users to settle in, make friends, and gain more understanding of the industry, thereby building an independent community.

We highly value everyone’s feedback and will improve based on those suggestions. For example, regarding product feedback, I will ensure our team strengthens development efforts.

Trading Experience Issues with US Stocks on Binance Wallet

Yi He: That was just an experiment, so please don’t misunderstand that Binance is diving deep into US stock trading. In fact, this was based on user demand, and we integrated the wallet functionality. As the trends on the blockchain evolve, we are keeping up. However, as you pointed out, this product is still not fully mature and is still being refined. We are also looking for better solutions. This kind of blockchain-based US stock trading is a form of RWA (Real World Asset tokenization). Currently, we don’t have further plans to develop it, but if the demand is strong enough, we might consider it. However, it is not currently on our roadmap.

Regarding the issue of memecoins experiencing huge price fluctuations, our insurance fund also took significant losses. We intercepted some of these cases and communicated with the relevant parties for a long time. They assured us that they would be more cautious next time. Fundamentally, this is not Binance’s problem. Along with retail investors and market makers, we have been the ones targeted. It’s really a situation of “bleeding” in a high-level competition. Some special operations happened on other platforms, as we do not offer spot trading. Therefore, the price fluctuations did not occur on our platform, but our users, market makers, and insurance fund were still affected. The process of tracking these situations has been very painful, so the situations you dislike, we dislike as well.

Does Binance Welcome More Entrepreneurs from Binance Ecosystem?

Yi He: Regarding entrepreneurs from the Binance ecosystem, whether or not they are directly affiliated with Binance, you’ll notice that I have a characteristic of frequently reaching out to others saying, “Are you looking for a job? Are you interested in new opportunities? Are you thinking of starting a business?” This approach isn’t limited to Binance-affiliated entrepreneurs. I believe the most important thing for Binance is to discover talent and do our best to help them succeed. Only when the entire industry succeeds can it truly be considered an industry ecosystem, thereby driving the prosperity of the entire ecosystem. As the tide rises, we all rise together. While this is not entirely out of selflessness, it’s a responsibility we must fulfill.

Does Binance Plan to Build a WEB3 Empire?

Yi He: We certainly hope to build an empire, but the process is dynamic. We will strive for the biggest goal, but how far we can go still depends on timing, location, and the right team. So, we are definitely aiming for big goals, aiming for 100 points, but even if we achieve 90 points or 80 points, that would still be a good result. This is the overall approach.

View on Project Trends and Future Directions

Yi He: Actually, we are not trying to lead the trend but follow it. Innovation often comes from the edges, not from the start as the main leader. For example, after Binance listed MEME coins, people started trading them, but that was not our intent. We have always been observing small, new, and interesting projects in the industry or identifying areas that can generate wealth effects.

I really wish every coin only increases in value without decreasing, so everyone would be happy, but that’s not the reality. We can only observe which coins provide users with profit opportunities, even if they experience volatility. What we value more are the small yet solid projects that have real business models and profitability, capable of long-term survival and growth. Users can gain rewards from the growth of these projects, which is what we appreciate.

We are not afraid of large VCs, but we also worry that the market may not be able to absorb so much funding, as money doesn’t fall from the sky. We hope to see more solid projects; we’ve heard enough of the narratives, now we need real projects. Therefore, we prefer to support small, solid projects that are capable of growing with the community.

Does the Cyclical Pattern of the Crypto Market Still Exist?

Yi He: I believe the cyclical pattern still exists, but the rhythm and scale of the cycles will change. That’s why I always say, “Don’t carve the boat to catch the sword.” For instance, when people speculate on Bitcoin, they often predict how much it will drop this time. Do you think it can still drop to a tenth of its previous value? I don’t think so. The reason is that more and more sovereign funds and national treasuries are purchasing Bitcoin, so its absolute value and volatility will certainly change. However, whether it will go up or down depends on many factors and should be considered comprehensively. In each major cycle, macroeconomic factors and changes in the overall environment will affect market movements.

Additionally, as I mentioned before, it’s not that difficult for a company to grow from $1 million to $100 million, but growing from $100 million to $1 billion, the growth percentage becomes much smaller. Our industry is the same. From a very small market 10 years ago, to the high-speed growth phase, and now to a more stable stage, when we can proudly call ourselves Wall Street traders, we’ll realize that our competitors have turned into massive players, and making money becomes harder. Therefore, everything has both its pros and cons, and we need to consider them all.

Parenting Philosophy and Children’s Future Career Choices

Yi He: I have an educational background, having studied education, and there’s a saying in education that I find quite profound: “Let flowers bloom as flowers and trees grow as trees,” which means respecting a child’s nature and allowing them to be their true selves. First and foremost, I don’t encourage pushing children too hard. For example, I have friends whose children are already at performance level in piano at just six years old, or competing at a ballet level, but we don’t do that in our family. I think a child’s curiosity is crucial, and instead of forcing them to do certain things, I prefer to guide them towards things they are interested in.

I believe that it’s important for children to enjoy reading because I personally benefited from it. Therefore, my rooms, bathrooms, and the places where my kids play are filled with books, which naturally encourages them to read. Secondly, it’s important to control children’s screen time, because their brains are still developing, and excessive use of tablets or watching videos can hinder their ability to think deeply.

Third, I respect their personal traits and don’t impose career choices on them. If they want to work at Binance or pursue something else in the future, I will respect their choice. If they’re like a flower, they’ll be a flower; if they’re like a tree, they’ll be a tree.

Lastly, I believe that the essence of education is to cultivate a child’s ability to survive and live independently, not just focus on degrees or honors. Don’t push children to do things for your personal vanity, like forcing them to play the piano, learn dancing, or take exams. When they grow up, they will most likely hate the things you made them do when they were younger. Therefore, I prefer to focus on developing their survival skills so they can live independently. There’s a book called “Prepare”, which I recommend reading.

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