Binance co-founder and senior executive, Yi He, has broken her silence amidst lawsuits from two major United States market regulators. In a recent interview with Bloomberg in Dubai, she defended Binance’s commitment to regulatory compliance, claiming that the company surpasses other global crypto platforms in this regard. The Commodities and Futures Trading Commission (CFTC) filed a lawsuit against Binance two months ago, followed by a case from the Securities and Exchange Commission (SEC) earlier this month. Both lawsuits accuse Binance of market manipulation and servicing U.S. customers through its international platform, among other allegations.
Yi He’s Perspective on Compliance
Yi He firmly believes that Binance is more compliant than it is portrayed by regulators. She argues that if Binance is considered non-compliant, then almost no other global trading platform or offshore company would meet the criteria either. Although the company’s ownership structure and financial health remain mysterious, Yi He claims that Binance is transparent and actively cooperating with U.S. regulators. However, Washington authorities have disputed this claim. When confronted with accusations of market manipulation and commingling client assets, Yi He chose not to respond directly.
Yi He’s Background and Role
Yi He, a former Chinese television host, entered the crypto exchange industry in 2014 while working at OKCoin. During her time there, she hired Changpeng Zhao (CZ) as the chief technology officer. In 2017, CZ invited her to be a consultant for Binance and rewrite parts of the company’s whitepaper. Yi He now oversees Binance Labs, the company’s multi-billion dollar venture fund, which has supported projects such as BitTorrent and Axie Infinity. She has also played a crucial role in the growth of Binance’s BNB Chain and the acquisition of CoinMarketCap. Although her share in the company remains undisclosed, she shares a substantial fortune with CZ, whose net worth is estimated at around $29 billion.
Yi He’s Respect for Regulators
Despite the lawsuits against Binance, Yi He maintains a respectful attitude towards regulators. She acknowledges that the overall intention of regulation is to protect investors, which she considers commendable. This recognition demonstrates her understanding of the importance of regulatory oversight in the crypto industry. However, she stands firm in her belief that Binance is committed to compliance and holds itself to higher standards than alleged by regulators.
Yi He, co-founder and senior executive of Binance, has broken her silence in response to regulatory lawsuits filed against the company by the CFTC and SEC. She asserts that Binance is more compliant than it is portrayed and argues that other global crypto platforms would also struggle to meet the criteria if Binance is considered non-compliant. Yi He’s background in the crypto exchange industry, her role in Binance Labs, and her involvement in the company’s growth highlight her expertise and influence within the organization. Despite the accusations and legal challenges, Yi He respects the intentions of regulators and acknowledges the importance of investor protection. Binance’s commitment to transparency and cooperation with U.S. regulators remains a point of contention, with conflicting claims from both sides.