Binance’s Fall From Grace: The Rise and Reign of He Yi
Changpeng Zhao’s reign as the head of Binance has come to a sudden end following his admission of violating anti-money laundering laws, a revelation that has uncovered the exchange’s involvement in international money transfers for terrorists, drug traffickers, and sanctions violators. However, there is one person left untouched amidst the turmoil – He Yi.
He Yi, co-founder and partner of Changpeng Zhao, has taken control of Binance as the “chief defender” since Zhao’s resignation last month. Labeling critics as “mediocre and hopeless” on social media, He Yi has emerged as a force to be reckoned with in managing the embattled cryptocurrency exchange.
However, despite her elevation, He Yi has come under scrutiny as the company grapples with a $4.3 billion fine and a lawsuit from the U.S. Securities and Exchange Commission (SEC). Critics have pointed to her role in allegedly overlooking compliance with financial regulations, including enabling U.S. users to trade illegally on the platform.
He Yi’s influence has extended to the recruitment process for the new independent board required by U.S. authorities. Close friend and former Binance executive, Ella Zhang, is said to be among those approached for a board seat, shedding light on He Yi’s involvement in shaping the company’s future.
Amid the whirlwind of legal battles and regulatory challenges, Binance remains a dominant force in the cryptocurrency space, processing billions of dollars in transactions daily. Despite this, the departure of Zhao Changpeng and the involvement of He Yi have left an indelible mark on Binance’s history.
The romance surrounding cryptocurrencies:
Apart from her instrumental role in guiding Binance’s marketing strategy, He Yi’s personal story is one of rags to riches. Born in China and educated in Canada, she found common ground with Zhao Changpeng through cryptocurrency. The two became a couple while working together, with He Yi earning the nickname “first sister in the currency circle” in Chinese media.
Building on her success, He Yi has amassed significant wealth, owning at least 10% of Binance’s Cayman Islands Holdings, placing her among the richest women in the world. Her rise has been marked by lavish displays of wealth, including residing in a mansion on Sentosa Island, holding a wedding for colleagues on her $11 million yacht, and recruiting volunteers to foster Binance’s growth.
Challenges and Controversies:
While He Yi’s influence continued to grow within Binance, her endeavors have not been without controversy. From a failed reality show to a potentially reputation-damaging project in Palau, she has been at the helm of several contentious initiatives. These included efforts to circumvent U.S. and Chinese trading restrictions, as well as lobbying for Binance’s movie studio plans.
The fall from grace of Zhao Changpeng and the rise of He Yi signal a new chapter in Binance’s turbulent history as the company navigates ongoing legal battles and regulatory scrutiny. With her firm grip on the future of Binance, the legacy of He Yi is already leaving a mark on the cryptocurrency world.