Long article: He Yi answers 34 questions after becoming co-CEO of Binance

At Binance Blockchain Week 2025 held in Dubai on December 3-4, Binance co-founder He Yi officially assumed the role of co-CEO. Facing interviews from media and KOLs, He Yi introduced her responsibilities as co-CEO, addressed accusations of being a "front man," and stated that Binance's biggest challenge is a lack of talent. She also discussed the current market situation and why she admires Duan Yongping. The interview also touched on topics such as Hong Kong, the United States, liquidity, and women in the workplace. This audio content represents the interviewee's personal views and does not represent the views of Wu Blockchain. Some content has been edited. The audio transcription was done by GPT and may contain errors. For the full content, please listen to the podcast on platforms such as Xiaoyuzhou and YouTube. Xiaoyuzhou: https://www.xiaoyuzhoufm.com/episodes/6932c1874ef12f9fe918bab9 YouTube: https://youtu.be/pcJefISX2d0 Part 1: He Yi Media Interview with Binance Executives' Division of Labor PANews: This morning I saw that you were appointed as co-CEO. I'd like to know why this system was introduced? Also, what is the division of labor between you and Richard Teng? He Yi: First of all, as everyone knows, Richard has a regulatory background and is quite familiar with compliance processes. In fact, he is often the best bridge when we communicate with regulatory authorities, and he also helps us improve compliance standards. As for myself, I consider myself an OG (veteran), although perhaps not quite "OG," but old enough. On this basis, I can help the company better inherit and promote our culture in terms of user center. Secondly, as I may have mentioned in previous interviews, I have a big ambition: to make Binance a company that lasts for generations. About a year ago, I also took over the HR department, which prompted me to constantly think about and try to implement new changes, such as how to make Binance not solely reliant on the abilities of one person, but rather build a long-term corporate system. This is why we have this co-CEO arrangement. In fact, the co-CEO model is quite common in crypto companies and traditional financial companies, such as JPMorgan and BYBIT, which also have co-CEOs. I believe 1+1 is greater than 2. Regarding the "white glove" accusations, Wu Blockchain Blockchain: Recently, many intermediaries have promised to help with listings on Binance Alpha. Have you heard of such cases? Have you discovered any similar violations and dismissed any so-called "white gloves" as a result? Also, has Binance tightened its listing rules as a result? He Yi: First of all, Binance has never had "white gloves." Although many people claim to be my close friends or relatives of CZ, there are actually quite a few imposters. If you put yourself in Binance's shoes, would you need these "white gloves"? Actually, no. So why do these "white glove" phenomena exist? This is because Binance doesn't charge listing fees. All Binance listing requirements are that if you meet our standards and are willing to sell your token to our retail investors at a lower price, or if you're willing to airdrop it to our users, Binance essentially doesn't charge any fees. Therefore, these "white glove" phenomena have emerged. Precisely because our listing standards and thresholds are slightly higher, many people claim to be able to help you get listed. In reality, they simply help you go through the listing process and submit relevant information. They might fill out a form for you, or act like a salesperson, saying the same thing to 100 projects, and only one or two might succeed, but it has nothing to do with what they actually did in the process. I think it's really a matter of probability; perhaps the project itself is of good quality. Secondly, if anyone discovers any behavior impersonating Binance claiming to guarantee listings, we welcome reports and encourage relevant law enforcement agencies to intervene. Binance was indeed an offshore exchange in its early years, and may have had fewer licenses, but in the last two years we have obtained more and more licenses and are no longer above the law. Therefore, I think we must severely crack down on these acts of impersonating Binance's "front men." Finally, many people always talk about impersonating He Yi as a"front man," but everyone knows I am Binance's second-largest shareholder. The so-called impersonation of He Yi or Binance's "front man" is simply stealing money from my own pocket. Would I need to steal my own money? Would I need to damage Binance's reputation or interests to put money in my own pocket? If you understand Binance's shareholding structure even slightly, you'll know there's absolutely no need to do such a thing. Regarding gender and workplace competition , BlockBeats: As a woman becoming co-CEO and planning to make the company a long-lasting enterprise, do you have any new positioning or ideas? He Yi: Talking about women is indeed not easy. First, I think that many times, whether in the FMCG industry or other industries, the key issue isn't which industry you're in, but whether you've set a ceiling for yourself, believing you can't do it. Because once you believe you can't do it, then you really can't. Second, many women in the workplace often hope to use their gender advantages, such as "I'm a woman, I have good communication skills" or "I have a good image," so I get along well with everyone. This approach might have a greater impact. However, I believe that if women are more friendly, others are more willing to interact with them. The problem is that this approach can actually negatively affect a woman's professionalism. Because when others see you, they might not respect your expertise, but rather value your communication skills. My view is that, whether in Web2 or Web3, the most important thing for women is to improve their professional capabilities. If you are in marketing, become the best marketing expert in the industry; if you are in user growth, become the best in that area; if you are in PR, make your writing skills the best. If you can do these things, when others respect your expertise, gender discussions will naturally fade. From my personal perspective, I don't think that as a female entrepreneur, others will go easy on you just because you are a woman. Although I might say "ladies first" when I go out, when you actually enter the business competition, it's a cutthroat situation. Who will attack or criticize you less just because you are a woman? On the contrary, sometimes they might be even harsher. Therefore, I think your weaknesses can sometimes be your strengths, but sometimes treating your weaknesses as strengths can become your weaknesses. Ultimately, one should find their true strengths. The potential of prediction markets: Prediction markets have been very popular recently. I'd like to ask if Binance's future policies will consider factors like prediction market results and make changes to align with community needs? He Yi: I have a huge lesson learned: "Never say never." You might remember me saying before that Binance would definitely not do futures contracts because I didn't understand them at the time. Later, I said Memecoin wouldn't work, only to find out I didn't understand it. So you see, when it comes to prediction markets, I think I might not understand them very well either. So now I'm smarter; I don't easily say "never," but I also can't confidently say "definitely." In reality, unless a market's influence is insufficient, when its influence is large enough, there will inevitably be different voices, and it will inevitably be influenced by interests. The simplest example is that different people have different positions and interests, and ultimately, their data responses only present one slice, one perspective. I don't know how to answer your question, thank you. In general, I don't know enough about the prediction market field yet and haven't spent time studying it in depth. Binance's Future Development: Reflections and Shortcomings ForsightNews: You mentioned that Binance has over 300 million users, making it the company with the most users in the crypto space, unmatched by any other trading platform. You've also recently taken on a new role as co-CEO. From an internal perspective, what do you think are the things Binance did well in 2025? At the same time, as a company that has grown to its current size, what shortcomings do you see? How can Binance become a long-lasting and successful enterprise? Because such companies are very rare. He Yi: Okay, let me start by saying that I feel like my brain has crashed (laughs). Let's start with the shortcomings. I think Binance certainly has many shortcomings. I'm a rather picky and demanding boss, so many colleagues put a lot of pressure on me (laughs). From my own perspective, Binance does have many areas that need improvement. For example, in terms of product user experience, there has been feedback that our experience might not be smooth enough, or in terms of localization, for example, some local exchanges could have more user-friendly features because they better understand the needs of local users. Technically, we also need to improve stability. Beyond that, establishing a more representative image within the industry is also crucial. Despite internal controversies and attacks, the crypto industry is still perceived by the outside world as a "nest of snakes." Therefore, I believe we should showcase a more positive side and bring positive value to society. Overall, Binance still has many areas for improvement. One area where Binance has done relatively well is our genuine focus on user needs. Many people fall into the misconception that losses mean others are profiting, market crashes are always due to others selling, and market rises are always due to pumps. In reality, with our user base approaching 300 million, you'll find this market is highly competitive, with more and more traditional financial institutions joining. In the past, when traditional financial markets fell, crypto would rise; now, when traditional financial markets rise, we rise, and when they fall, we fall. As the industry expands, the user structure changes. Low-quality users are increasingly being replaced by large whales and traditional giants. During market fluctuations, these giants tend to sell Altcoin first, then Bitcoin. So you can understand that as the industry grows, everyone's behavior changes. In this process, what we've done somewhat better is to try to balance and take care of the interests of retail investors, because retail investors are still Binance's core base. That's why I've been on the front lines; I want to hear user feedback and see how to iterate our products, providing retail investors with more opportunities for inclusive finance and helping them achieve greater financial freedom. Of course, I can't say we've done everything perfectly, but for example, on October 11th this year, we didn't trade with users when the market was down. This means that market liquidity mainly relies on retail investors and market makers. If the market crashes, it's not surprising that retail investors lose money, and market makers will also suffer losses and must trade, even at a loss. When they don't trade, a liquidity vacuum appears in the market, causing prices to drop rapidly. If I participate in the trading, the existence of counterparties can fill this vacuum. Specifically, this is equivalent to the mechanism of a matching engine. If there are no orders in the middle of the price range, the market will absorb the lower price and then return to the upper price. Therefore, we have been thinking about how to build a fairer, more reasonable, and transparent market. Future Development Strategic Focus ODaily Odaily: I would like to ask what Binance's biggest challenge is right now? And which business segments will you focus on next? He Yi: Actually, I talked about this on stage this afternoon. I think the biggest challenge right now is still the issue of talent density. With the development of technology, not only in the cryptocurrency field, but also in the AI ​​field, it is developing rapidly. Traditional industries, whether it is the financial industry or internet companies, already have a very high talent density. In fact, we are competing with the top talent in these fields. Everyone is vying for the best talent, but because the cryptocurrency industry is still relatively stigmatized, you will find that our talent pool is relatively small. When you meet a good candidate, your first reaction might be, "Do you want to move to the UAE?" But the other person's reaction might be, "Why would you take me to the desert?" (laughs) Do you understand what I mean? That is to say, in this process, we need to find people who understand financial products, understand cryptocurrencies, and believe in this industry. I have always believed in the saying: "If you don't believe in something yourself, you can't do it well." If I only find someone and say, "I want to earn $10,000 a month, I'll write some code for you," what will the result be? He himself doesn't even care. Such employees will find it difficult to help the company build a world-class team and enterprise. So, I think the biggest pain point is still our talent pool. This is also an important responsibility I feel I bear – to find the best talent for Binance. So, you may have heard some strong reactions recently, and I want to clarify that I am genuinely looking for people everywhere, talking to many people. It's not targeted at any one company, but rather the entire industry as a whole looking for top talent. So, if you have exceptionally talented individuals willing to join the crypto, please introduce them to me; they are very welcome. Why do I admire Duan Yongping ? TechFlow: I'd like to ask a lighter question. I saw in your livestream that you greatly admire Duan Yongping, who is very successful in both business management and investment. Today you just announced your role as co-CEO of Binance, so I'd like to ask, in the future development of Binance, will you dedicate some of your energy to Binance-related investments or incubation projects, like building more companies similar to BBK, OPPO, or Pinduoduo? He Yi: I remember when I admired Duan Yongping, he wasn't as famous as he is today; now he is indeed very famous. You can understand it as me greatly admiring Duan Yongping; he was able to build a successful company and then retire gracefully, allowing the company to continue operating and iterating. Actually, it's not just BBK Electronics; products like the Xiaotiancai smartwatch belong to the same family. You can understand it as me not only pursuing Binance's success, but also hoping to cultivate more outstanding entrepreneurs based on Binance's ecosystem, allowing them to create their own brands in the process. I hope to see companies like OPPO, VIVO, Xiaotiancai, and Pinduoduo emerge in the crypto industry in the future. Therefore, I admire Duan Yongping not just because he's an investor, but because he excels at building a system, not just a single capability. Of course, now when people talk about Duan Yongping, they're mostly talking about his investments, because the crypto itself is an investment industry. Duan Yongping and Buffett's investment philosophies are actually very similar; both choose top-tier assets. So what are the top-tier assets in the crypto industry? What is the most decentralized asset? You can easily understand this question. Another option is the most competitive and largest company in the industry; Binance Coin (BNB) is an example. Regardless of whether Buffett understands the crypto or Duan Yongping understands it, their underlying logic is the same. However, many people wonder, why would you believe in a small startup? Why can a project by a team of three people increase tenfold? We can discuss with them, asking if their valuations are reasonable and if they can offer low-price airdrops to attract users. However, the problem is I'm not confident in these companies' success because I can't confirm if they are real projects, have actual products, or are just telling a story with nothing to show for it. Therefore, I cannot be responsible for the price fluctuations of every coin. The only thing we can do is launch Binance Coin, which is like building an aircraft carrier. We hope to support more entrepreneurs to succeed based on the Binance Coin platform, but I cannot guarantee that every project in the crypto will only rise and not fall. This situation doesn't exist, so I also hope that media friends can help investors better understand this fact and do some popular science. Many people often rely on recommendations from "brothers" or hear "insider information" when investing, believing that these will make money. But why would you believe your friend knows more about investing than you? Why believe that insider information is always reliable? Sometimes, others just shout it out, attracting more people to follow, the price rises, and then you become the last one holding the bag. Crypto Market Bottom Prediction (Sina Finance): Recently, Bitcoin, representing cryptocurrencies, has experienced a significant correction. I remember you previously said that Bitcoin might not have bottomed out yet, and that the underlying logic of the entire industry is changing. Could you explain what you specifically meant by these two points? Also, 2025 was a particularly hot year for the blockchain industry. The Chinese often say "what goes up must come down," what are your predictions for the industry in 2026? He Yi: First of all, this is my personal opinion and does not constitute investment advice. Bitcoin itself is the most decentralized crypto asset, and the saying "what goes up must come down" is actually about cycles. In a longer cycle, you might feel that today's decline is just a small fluctuation, just like in previous cycles when Bitcoin fell, some people thought it was just a small fluctuation. But my view is that assets like Bitcoin may not experience the same dramatic declines as in past cycles. The reason is that Bitcoin has transformed from a very niche asset into a more mainstream one. Although some countries may seize large amounts of Bitcoin again and plan to sell them, as more and more sovereign wealth funds, treasuries, and other institutions begin to allocate this decentralized core asset, Bitcoin has become a mainstream asset. This means that its volatility and declines should be lower than in past cycles. So, what I mean by the change in underlying logic is that the theory of absolute cycles may no longer apply, but its fluctuation patterns may change. In other words, some basic strategies were very effective in the past, but these strategies may no longer be applicable now because the players in the market have changed, the pond has grown, and the fish in it have grown bigger. If you still use the old strategies to catch small fish and shrimp in a small pond, it may no longer work in this new cycle. Regarding Binance's Co-CEO System: ChainCatcher: Why did Binance implement the co-CEO system at this time? What fundamental changes will this new structure bring to Binance? Could you specifically name three of the most important things you personally led? He Yi: From the perspective of daily work, I think there aren't many major changes. But from my personal perspective, there are a few points that are most important. First, I believe that Binance's success ultimately depends on Binance's culture, and the most crucial point of Binance's culture is "user-centricity." This is the most important point. Second, I hope to spend time introducing more systemic construction to improve organizational efficiency, rather than just empowering individual points. In other words, how to make the organization more efficient as a whole, not just improve capabilities in one particular area. Thirdly, although I lack a technical or product background, I've always believed that technological innovation is the fundamental driving force behind global progress. Therefore, based on this, I hope to introduce more artificial intelligence into Binance's balance. I believe that based on these technological changes, it can ultimately propel the entire industry further. Hong Kong Market Planning Techhub News: As co-CEO, how would you assess Hong Kong's priority in Binance's global strategy? He Yi: First, I want to say that we weren't the first to donate to the Hong Kong fire relief efforts. Actually, HashKey donated earlier, and Li Lin's group had already donated long before. After seeing this, we felt we should donate, but we chose to donate directly in coins instead of through a foundation, because foundations usually charge a 20% service fee. We didn't want unnecessary fees deducted from our funds, so we found a Hong Kong foundation that didn't charge operating fees, which is why we decided to donate. I also hesitated a bit about the timing of the donation, worried that it might seem too high-profile, but ultimately decided to do the right thing, regardless of others' opinions. We did donate fiat currency, and everyone can check the transfer records, but we hope it won't be made public, mainly to avoid information leaks between banks and causing trouble for relevant parties. Regarding Hong Kong's regulatory issues, I believe Hong Kong is Asia's financial center, and we highly respect its regulations. However, we have also seen some local exchanges' financial reports, which show that their operations are facing some difficulties. Overall, we are open to Hong Kong and willing to engage with local partners; of course, we hope to make significant strides in Hong Kong. However, Hong Kong's local exchanges face some restrictions in accessing international liquidity, making their operations somewhat difficult. Therefore, our current approach is to proceed step by step, feeling our way forward. As for the Hong Kong Securities and Futures Commission's (SFC) concerns regarding the connectivity between compliant licensed exchanges and overseas exchanges, we remain open-minded. Communication with some local exchanges has not been smooth so far, so whether it can be successfully implemented in the future remains to be seen and requires further observation and progress. Regarding the issue of industry liquidity, I think everyone needs to understand that the phenomenon of "draining" industry liquidity does not actually mean that the market lacks coins. Many users still hold their assets, but many hold stablecoins. In other words, the market is not lacking in liquidity, but rather lacking sufficiently attractive trading instruments. The funds in the market haven't disappeared; they're just not actively circulating. Overall, the market size continues to expand, although many investors opt for conservative strategies during market volatility, such as investing in stablecoins or large-cap mainstream cryptocurrencies. We hope to promote liquidity recovery by increasing market transparency and providing more financial freedom. Regarding memecoin and BlockBeats: Yesterday you mentioned wanting to create some more fun meme coins. What are your future plans in this area? He Yi: I'll look at this from several perspectives. First, as Binance, we don't really like people using my tweets to post memes; it puts a lot of pressure on me. Because if I just post a random meme, it becomes a meme, and if the meme goes up, everyone's happy; if it goes down, everyone's criticizing me (laughs). So sometimes I feel a lot of pressure myself. Actually, people don't care if the meme is posted by me, by He Yi, or by someone else; they just want something to embody their anxieties. Secondly, while everything can be meme-ed, from a long-term investment perspective, the assets truly worthy of long-term investment will ultimately return to Buffett's value investing philosophy. I admit I'm a bit old-fashioned and often feel like I'm falling behind the times, like I'm learning 5G surfing. But I truly believe that whether emerging things like memes can be sustainable ultimately depends on whether they can carry long-term value. Short-term fluctuations are more driven by sentiment because all assets experience overbought and oversold conditions. When overbought, market sentiment is frenzied, and everyone is chasing the rise; when oversold, market sentiment is depressed, and everyone is selling off. This emotional fluctuation affects short-term price changes. From Binance's perspective, our logic is actually very simple: I hope every coin rises and never falls, but we also know this is difficult. Therefore, we try to get project teams to lower their issuance prices or require them to airdrop to users. However, sometimes project teams feel that Binance wants too many coins, leading people to believe that we charge exorbitant listing fees. In reality, our logic is very simple: to meet user needs as much as possible. If there are too few coins on the market, users will buy those coins that seem to have no real value. Therefore, Binance ultimately needs to find a balance between trading categories, market demand, and risk control to ensure stability in this dynamic game. Responding to her life goals at 18, Forsight News: We know you mentioned your early experiences in a tweet, growing up in a rural area, where conditions were perhaps 50 years different from today. What were your life goals at 18? Wealth, family, or something else? He Yi: Actually, I think at 18, I didn't have a very clear concept of wealth. To be honest, I remember reading a novel a few years ago, though I didn't finish it, because I sometimes read novels for leisure. That novel was *Ze Tian Ji*, which was later made into a movie. I especially liked the character Chen Changsheng. Although I only read the beginning, I remember that every time he faced a challenge, he would say, "I want to try," which felt like myself. Although I don't look like someone who can make a living off my looks, I did try being a host. Why? Because the costs were lowest then. I could do my own makeup, and I was willing to pay whatever price. Although I've never started a business, I felt like giving it a try back then. I might not remember much when I was 18, but I vividly recall that I was a host at the time and not yet famous. Once, I was talking to a friend about my life dreams, and he asked me what I wanted to be. I said, "I want to be someone who can influence the world." He thought I was crazy because he didn't quite understand me at the time. Years later, we hadn't been in much contact, but suddenly he messaged me saying, "Look, you did it. Your dream of influencing the world has come true." So I think the initial motivation still comes back to "I want to try." Many times, even if you haven't done certain things, what does it matter? I've never been a CEO, but after doing it, I know what to do. Ultimately, I just want to try. How to deal with fear and confusion Forsight News: How do you deal with feelings of fear and confusion? He Yi: I think everyone has emotions, whether it's fear, anxiety, tension, sadness, or disappointment. We all experience them, after all, we are all human. But the most important thing is to accept the existence of these emotions; they are normal human reactions. You must accept that this will happen. Actually, I quite like the saying, "Clouds in the blue sky, water in the bottle." Although the story's ending may not be good, its essence is to teach you to accept all experiences in life, whether good or bad. The clouds are there, the blue sky is there, the water is in the bottle, the bottle is there—everything is the best arrangement. I once said, enjoy whatever fate gives you. Regarding the outlook for the US market, Wu Blockchain Blockchain: You just mentioned stablecoin wealth management. Will Binance restart BUSD-related businesses in the future? Also, are there any plans to fully re-enter the US market? If the US political landscape changes and the Democratic Party returns to power, do you think the regulatory environment for Binance will become more severe? He Yi: First of all, I think "never say never," I don't know what the next step will be. Usually, we take it one step at a time, try it first, if we can do it, then we do it; if we can't, you have to accept it. As for the US political environment, that's too complicated, and we can't control it. And to be honest, we're not that close to the so-called Trump family. Actually, Chinese media sometimes demonize us excessively, for example, "CZ bought a pardon," these are all untrue. You have to look at American politics with a very simple perspective. Essentially, it's a competitive partisan struggle. In this context, we can only be considered a commercial company. As a small company struggling to survive, we simply don't have the ability to influence partisan struggles. We're not qualified to influence political parties. If one day Binance can influence the government and intervene in partisan struggles, then perhaps we can discuss this issue again, but currently, we are truly just a small player. Part Two: He Yi KOL Interaction Session. What is Binance's internal management philosophy? He Yi: Our internal management philosophy is different from many traditional companies. Most traditional companies have a triangular structure, with the boss at the top and many levels below, each managing upwards. Usually, looking up, you see the back of the boss, and looking down, you see smiling faces—this is almost the model for most companies. Our company is upside down; the boss is at the very bottom of the triangle, the one supporting the bottom. If employees are unhappy, they'll criticize me; if users are unhappy, they'll still criticize me. So I'm trying to change this inverted triangle structure, planning to hire more people He Yi, and find a few more to share the blame with, turning the inverted triangle into an inverted trapezoid. Inverted trapezoid isn't quite accurate; I think it's more like an upside-down vegetable washing net. You can think of it as providing a safety net for everyone. When enough people in an organization proactively take responsibility, bravely innovate, offer their ideas, and drive the organization to improve, that organization has strong vitality. Indeed, this organizational structure has been a focus of my research over the past two years. Two years ago, I took over the HR department and spent a lot of time building organizational capabilities. This organization has both advantages and disadvantages. The advantage is that even without He Yi, Binance is still a strong company. The disadvantage is that newcomers might feel very confused, feeling like everyone is giving orders, wondering who the real boss is. Too many bosses can be overwhelming, making you feel like a punching bag every day. Finally, I told them, whoever has the loudest voice, whoever makes the most sense, is the boss. There's a saying within Binance that I often tell newcomers: "As long as you do your job well, you're my boss. You don't need to manage me or anyone else. Just focus on doing your job to the best of your ability, better than everyone else, and you'll be the boss, and everyone will respect you." You can think of it as a garden with the ability to grow on its own. If you're good at growing, you can carve out a place for yourself in this garden. However, in this process, people who don't fit the culture may appear, becoming weeds in the garden. Another situation is that some people aren't mentally strong enough, or they're not used to being proactive. They might be suppressed by those with loud voices and find it difficult to survive in the organization because they feel their voices are drowned out. Therefore, this management model also has some drawbacks. For example, some newcomers may be very capable but afraid to speak up, or some people, despite lacking ability, are used to making themselves seem important by speaking out in the organization. This can lead to an extreme situation. I once publicly stated at a Tang Hao meeting, "From now on, don't do things that are already icing on the cake. People who raise demands are loud, but they're not necessarily right." If there are problems, different departments can proactively escalate and expose the issues. At Binance, both internally and externally, we are not afraid of dissenting voices or criticism, because such discordant voices help us discover and solve problems more quickly, rather than choosing to pretend we don't see them. Binance's 2026 plans? He Yi: The overall plan can be divided into several modules: one is the company's overall plan, and the other is the internal plan. Regarding the industry-wide plan, everyone should have heard about it, and I've talked about it many times—it's about the integration of traditional finance and the cryptocurrency industry. So you'll find that no matter which platform, they are all developing in these two directions. Our strategy can also be summarized in two points: geographical expansion and business category expansion. The coming year will still be a year of continuous expansion for us. In addition, we will make significant progress in compliance. We will have more specific plans in the near future. How do you view the rise of decentralized exchanges ? He Yi: First of all, we are not anxious (laughs). We are not a company that "dares to be the first," and many products we didn't develop first or are the most perfect, but we are the company that never gives up. As long as we follow the right path and have enough resources and talent, we can always keep up with the pace. Like Binance Wallet, although it's not perfect, we're still improving. Secondly, the rise of prediction markets, Perp DEX, and DeFi has empowered the crypto industry. Therefore, we have everything from centralized exchange matching to wallet functionality. Most importantly, we've always maintained a strong foothold in the user entry point. As for what categories users trade, time will tell. We've also invested heavily in NFTs, as have our competitors; some have succeeded, some have failed. But not every trend can develop into a long-term, competitive business model. How do you view the mainland market? He Yi: Mainland China is a place where we're "crossing the river by feeling the stones." Just because something doesn't exist today doesn't mean it won't exist tomorrow; never say "it's impossible." Secondly, many people don't understand why Binance decisively went global in 2017 and entered the international market. I think our decisions are often based on fundamental logic. What is this fundamental logic? There is no absolute black and white in the world, only different ideologies. For example, the Magna Carta is the foundation of the European and American legal systems, proposing that people have the rights to survival, the pursuit of freedom, and independent property. But not all legal systems are built on the same foundation. Therefore, to understand a country's administrative decision-making and financial development trends, you can read its constitution or founding white paper. Putting myself in their shoes, I couldn't make a better decision than them; I believe they have top-notch teams making macroeconomic decisions. For finance, the impact is even greater, and I'm not entirely sure what the optimal solution is in this scenario. But I think Hong Kong is a very good pilot project for "crossing the river by feeling the stones." What are some of your darkest moments? He Yi: My recent darkest moment was definitely the "10/11" incident. I originally planned to take my children on vacation, but I hadn't slept since the night before. On the night of 10/11, the sky suddenly collapsed. I was wearing a fitness tracker, and my resilience index dropped from "strong" to its lowest point; I could only sleep two or three hours a day. When I opened my eyes, the sky had collapsed again. Why were they changing the K-line again? I didn't understand at the time and asked them why they did this. They said that from a product perspective, not modifying it would be distorted and affect user judgment. I said I didn't understand, but could I ask the relevant person in charge? Then, after waking up from a nap, I heard the sky had collapsed again; customer service was replying to a customer saying they were suing us. I said if you're going to sue, just sue directly. Why shout it online? Every day feels like the sky is falling, but it makes me realize that the good and bad in life are just harder questions God throws at you. I recently saw a quote online that really resonated with me: If life is a game, God will give you the same hand until you find a better solution. Do you understand? If you feel you can't make money, it means your understanding doesn't match the laws of the world. If you feel pain, like emotional confusion, it means you haven't found the optimal solution. When you find the solution, the problem will be solved, you'll enter a new stage of life, and everything will be the best arrangement. Thank you, thank you so much. How to balance rules and the founder's personal characteristics? He Yi: I think we're currently around the second stage. Let me explain why. Actually, from 0 to 1, Binance has gradually developed from a completely non-existent state to a stage of initial scale and preliminary formation. I think this stage can be compared to those century-old companies. For example, Procter & Gamble, a company that once sold kerosene lamps, is still one of the strongest companies in the world, although it may now be lagging behind in the technology field, especially in AI technology. However, what we see is that companies with sustained vitality, like Procter & Gamble, must possess the ability to continuously iterate themselves. As I mentioned before, Binance aspires to be a garden, not just a company. Like the Amazon, it's a forest, a rainforest, and we hope Binance can become that kind of entity. In such an environment, new species can grow freely, full of vitality. Therefore, I believe Binance's first phase relied on core capabilities, such as market capabilities and product development capabilities, which propelled it to the forefront. In the 2.0 phase, we focus more on improving the direction of organizational evolution. Therefore, returning to the organizational structure issue discussed earlier, we are undergoing such a development process. Regarding whether to provide more support to quantitative institutions, He Yi: First, we welcome suggestions and opinions on product requirements, but whether to develop a product still needs to be evaluated by each department, especially considering ROI. I want to ask, how do we define success? If no one uses a product after it's developed, then the product manager's decision may be problematic. Second, we always pay attention to user feedback. A friend mentioned earlier that our employee service response speed is not timely enough. We welcome timely feedback, and we will optimize our services to ensure that we can meet the needs of all types of customers. Finally, many of the top quantitative trading institutions in the market, especially some world-class traders, are Binance's institutional users. We have already provided most of the functions these institutions need, but if there are special needs, we will also evaluate them individually to see if we can meet them. Regarding the outlook for the next ten years, He Yi: I cannot predict what will happen ten years from now; the future is very unpredictable. People ask me what Binance's plans are for five years from now? None. What are the plans for three years from now? None either. But we are very clear about what Binance will do this year and next, because the industry changes too quickly. For example, a concept that is popular this year may not be popular next year, and what is popular next year may be outdated the year after. But one thing is most important: users. For the past eight years, Binance has always emphasized "users are king." Only by truly serving users well, making them feel secure, confident, and trustworthy when using our services, is the most important thing. As for the technology path, we will adjust it according to actual needs. Whether it's traditional finance or our industry, they will eventually merge; this is not a "life-or-death" process. In this process, we will flexibly adjust our position, like a small startup struggling to survive. While Binance is already leading the global Web3 finance landscape to some extent, we don't have overly fixed expectations for the future. Technological changes, especially the introduction of AI, are inevitable. How to leverage these technologies to change the inefficient solutions of traditional finance is also inevitable. In this process, we can only do what we can, but we also face many uncontrollable factors that are beyond our control. For example, could I work for the Federal Reserve? This is just an example, not something I actually want to do. What are your dreams after becoming CEO? He Yi: My dream is to enable more partners like myself to shine at Binance, even surpassing me in expertise. I hope to cultivate more talent and find future partners. We are not looking for employees, but for future partners, even those who have risen through the ranks from frontline staff. We hope to provide them with space and a platform to grow in this environment. Regardless of their fluency in English or academic qualifications, I can do it myself, but I'm not sure if they can, but we will give them opportunities. What will be the focus of future listings? He Yi: Yesterday, someone asked me if Binance has listed too many projects this year. I think "more" and "less" are very subjective concepts. I've also reflected on this. Last year, I did a 6-hour live stream, and everyone criticized me for a long time. After much reflection, I realized that many projects might not be suitable for Binance's main site. Therefore, we launched Binance Alpha, a compromise solution. It's an intermediate zone between on-chain wallets and Binance's main site, allowing more projects to experience this platform first. We also suggest they use us to distribute airdrop benefits to users. This model has been effective for the past few months, but it may no longer be applicable over time, and we are looking for better solutions. People often think that the "wealth code" for industry development or making money is fixed, but in fact, our strategies are constantly adjusted as the industry changes. The same goes for investment strategies; they need to be flexible. I wrote an article at the beginning of the year mentioning the problem of "marking the boat to find the sword"—you can't apply the money-making methods of the previous cycle to the current cycle; it often leads to failure. Therefore, in the process of growing together with everyone, we are constantly improving, and we hope you will give us more suggestions. Thank you! What are your thoughts on Altcoin? He Yi: The reason customer service said "Altcoin have no value" was because many people were calling in. We now use AI, and customer service handles questions through translation. He was supposed to be answering a question about Altcoin not being able to be staked in contracts, but perhaps because many customer service representatives are inexperienced, they gave random answers. I was very frustrated at that time, unable to explain clearly, so I could only tell the truth, but people might not believe me. First of all, my holdings are public on the Binance platform. I have a simple investment logic, similar to Buffett's philosophy, which is to hold the top-tier assets. Duan Yongping has also said that one should hold the top-tier assets. Therefore, I mainly hold the top-tier decentralized asset—Bitcoin, and the top-tier centralized asset—BNB. This is just a sharing of personal experience and does not constitute investment advice. I believe that Binance's current market share is due not only to Bitcoin and BNB, but also to market enthusiasm and demand. If Binance only had Bitcoin and Binance Coin, its market share might not be so large today. Market sentiment is dynamic; people choose trading instruments based on market activity. Initially, I also thought Memecoin had no value support, so how could it be listed? After the launch, everyone applauded and cheered. Whether it was criticized or praised, Binance gained a lot of attention as a result. I believe a better solution is to set a bottom line, while the upper limit needs to be discovered by the users themselves. The bottom line is that the project must be real, and the people and products behind it must also be real. Every day, thousands of projects and new "mentors" appear on the market. What we can do is filter out the most unreliable projects, and the rest need to be researched by the users themselves. We also often remind everyone, especially those doing rebates, to remind them that investment is risky. Don't let others lose money through your rebate link and then cause you trouble every day. We try our best to ensure the fairness and transparency of the platform. We do not participate in trading, nor do we gamble against users. Advice for Binance Square authors, He Yi: I think it's like this: every time I share with everyone, I hope that everyone feels that I am quite sincere, because I think that's how I am as a person. If I take up so many people's time, even if each person listens to me for an hour, it adds up to hundreds of hours. So I try to talk about valuable content in every communication. Even if you think all 99 of my sentences are nonsense after listening, if even one sentence is useful to you, then everyone will think that He Yi is a trustworthy person. The same applies to content creation. In today's environment where everyone on the internet is showing off their skills, talking about how to grab attention and create hooks, I believe that truly valuable content will still stand the test of time. My advice is to output more practical information and provide things that are useful to others. Regarding the phenomenon of buying and selling project shells , He Yi: First, we welcome reports. If such behavior is found, we will definitely deal with it. That's the first point; we genuinely welcome reports. The second point is about Alpha. I think everyone needs to understand that Alpha is a middle ground between wallets and the Binance main site. As long as it's a genuine project, we will generally allow it to be listed. So, when someone says that Alpha projects are taking money or using "white gloves" to help with listing, I think that if Alpha's bottom line is already so low, and they still need to find people to give them money to list, then that project isn't very good. Everyone needs to understand that Binance Alpha's principle is that as long as the project is genuine and acceptable, it can be listed. However, if a project can't even get listed on Alpha, it means the project is probably very unreliable; I could even create such a project myself. Therefore, I think these kinds of projects shouldn't apply for listing. Have you considered turning Binance Square into a live streaming platform? He Yi: This is indeed a concern. Our content module department is relatively small, and our R&D and operations teams are also limited, so development is indeed slow. But our goal is clear—we're not competing with TikTok or any other platform. Our goal is to create a vertical community, providing sufficiently valuable content, allowing users to connect, make friends, and gain a deeper understanding of the industry, building an independent community. We highly value everyone's feedback and will improve based on it. For example, regarding product suggestions, I will have our team strengthen their development efforts. Regarding the trading experience of the US stock function on the Binance Wallet, He Yi: That was just an experiment; please don't misunderstand that Binance is going to aggressively pursue US stock trading. Actually, it's based on user demand; we integrated the wallet function, and we will follow up with changes in on-chain trends. As you said, this product form is indeed not mature enough and is still being refined. We are also looking for better solutions. In fact, this on-chain US stock trading is a form of RWA (Real Asset Tokenization). We currently have no plans to further improve it, but if demand is large enough, we wouldn't rule out doing it, but it's not currently in our plans. Regarding the wild price fluctuations of speculative coins, our insurance fund has also suffered significant losses. We intercepted some such incidents and communicated extensively with the relevant parties, who indicated they would be more cautious next time. Essentially, this isn't Binance's problem; we, along with retail investors and market makers, have become the victims of attacks, essentially "bleeding" in a battle of experts. Some unusual operations occurred on other platforms. Because we don't conduct spot trading, the price fluctuations didn't occur on our platform, but our users, market makers, and insurance fund were all affected. Investigating these situations was also very painful, so what you dislike, we also dislike. Does Binance welcome an increase in Binance-affiliated entrepreneurs? He Yi: Regarding entrepreneurs within the Binance ecosystem, whether or not they are directly affiliated with Binance, you'll notice I have a habit of frequently messaging people privately: "Are you looking for a job? Are you looking for opportunities? Are you starting a business?" This isn't limited to Binance-affiliated entrepreneurs. I believe Binance's most important role is to discover talent and do our best to help them succeed. Only when the entire industry succeeds can it be considered a true industry ecosystem, thereby driving the prosperity of the entire ecosystem. A rising tide lifts all boats; only in this way can we grow together. While this isn't entirely out of selflessness, it's our duty. Does Binance plan to build a Web3 empire in the future? He Yi: We definitely hope to build an empire, but this process is dynamic. We will strive towards our ultimate goal, but how far we go depends on timing, location, and people. So we are definitely aiming for a high goal; if we want to get 100 points, we strive for 90, and 80 is also good—that's the general approach. Regarding project trends and future direction, He Yi: Actually, we don't aim to lead trends, but rather follow them. Innovation often comes from the less obvious, less obvious aspects, rather than being the dominant force from the outset. For example, many people believe that after Binance listed MEME, everyone started speculating on it, but that's not actually the case. We've been observing small, new, and interesting projects in the industry, or identifying areas where wealth can be generated. I especially hope that every coin will only rise and never fall, so everyone is happy, but that's not realistic. We can only observe which coins can bring money-making opportunities to users, even if they fluctuate. We value small, high-quality projects with genuine business models and profits, capable of long-term survival and growth. We want users to benefit from the growth of these projects. We're not afraid of large VCs, but we worry that the market can't absorb so much capital; after all, money doesn't fall from the sky. We want to see more solid projects; we've heard enough narratives, and what we need now are tangible projects. Therefore, we prefer to support small, high-quality, solid projects that allow the community to grow alongside them. Does the cyclical pattern of the crypto market still exist? He Yi: I believe the cyclical pattern still exists, but the rhythm and proportion of the cycles will change. Therefore, I often say that people shouldn't cling to outdated ideas. Take Bitcoin, for example. People often speculate on how low it will fall in this round. Do you think it can drop to one-tenth of its previous value? I don't think so. Because more and more sovereign wealth funds and national treasuries are buying Bitcoin, this absolute proportion will definitely change. However, whether it will fall or rise requires comprehensive consideration of various factors. Within each major cycle, changes in macroeconomic factors and the overall environment will affect market trends. Furthermore, as I mentioned before, it might not be difficult for a company to grow from $1 million to $100 million, but from $100 million to $10 billion, the percentage growth will be very small. Therefore, our industry is similar. From a very small market 10 years ago, to today's rapid growth, and now to a relatively stable phase, when we can proudly call ourselves Wall Street traders, we find that our competitors have become whale, and making money has become more difficult. Therefore, everything has its pros and cons, and we need to consider them comprehensively. Parenting Philosophy and Children's Future Career He Yi: I have an educational background, having studied education. I believe there's an old-fashioned saying about education: "Let flowers be flowers, let trees be trees," meaning to respect children's nature and let them be themselves. First, I don't encourage forcing children. For example, I have a friend whose child is only 6 years old and already at a performance level in piano and a competition level in ballet, but we won't do that in our family. I think children's curiosity is very important. Rather than forcing children to do certain things, it's better to guide them to do things they are interested in. I think it's very important for children to enjoy reading, because I've benefited from reading myself. So, my room, the bathroom, and the places where my children play are filled with books, and naturally, my children enjoy reading. Second, it's important to control children's screen time. Because children's brains are not fully developed, excessive use of tablets or watching videos can affect their ability to think deeply. Third, I will respect my children's individual characteristics and not force them to pursue a certain industry. If they want to work at Binance or do something else in the future, I will respect their choices. If they are flowers, they will be flowers; if they are trees, they will be trees. Finally, I believe the essence of education is cultivating children's survival skills, not simply academic qualifications or honors. Don't force children to do things they don't like just because of your own vanity, such as playing the piano, learning to dance, or taking exams. As they get older, what they often hate most are the things you forced them to do when they were young. Therefore, I prefer to cultivate children's survival skills so they can live independently. There's a book called *Prepare* that you might want to check out.