Binance’s famous private co-founder and CMO, Yi He, commented on the company’s regulatory position in an interview published by Bloomberg on June 28.
Yi He discusses regulations
In several interviews, Yi He commented on regulatory challenges, noting:
“If [regulators] really took the time to understand our industry, they would see that if Binance is not compliant, virtually no other global trading platform or offshore company is.”
She stated that Binance respects regulators whether they support or oppose cryptocurrency development. She acknowledged that regulation in general is meant to protect investors and said regulation is “inevitable globally”.
Bloomberg emphasized Yi He’s close relationship with Binance CEO Changpeng Zhao, revealing that the two have a roommate-like relationship and have children together. Interviewers noted that this could create a conflict of interest within the company’s management, but Yi He stressed that she and Zhao run separate parts of the company.
Notably, Yi He leads the Binance team that decides which crypto tokens Binance lists, a group Bloomberg called “so secretive few insiders even know its members.”
Bloomberg also said Yi He is currently responsible for Binance’s venture capital arm Binance Labs, has been critical to BNB Chain’s growth and oversees the company’s institutional client activities and acquisitions.
Interviewed amid SEC indictments
Bloomberg also noted that the US Securities and Exchange Commission (SEC) has filed charges against Binance. It conducted only one interview prior to those charges.
Bloomberg noted that in the SEC case, Changpeng Zhao named Yi He as a person involved in a process that would allow US users to circumvent exchange restrictions.
When questioned by interviewers, Yi He did not comment on whether market makers with ties to Changpeng Zhao traded with US companies and manipulated volumes, as the SEC alleged in other parts of its case. She also said that Binance had not misused user funds or used its BNB token as collateral for loans.
Bloomberg noted that Yi He, who has “massive wealth” as an early shareholder, could see her fortunes could be affected by the outcome of the lawsuit.
Also during the interview, Yi He said that she has not acted as a major public representative for Binance due to her limited English. She acknowledged that her interactions with Western journalists could reinforce the view that Binance is a Chinese company. Binance has repeatedly denied that it is based in China or maintains Chinese ties.
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