In adherence to its regulatory framework, the Binance cryptocurrency exchange has unveiled the lineup of its board of directors. Among the members are Richard Teng, the CEO of the platform, alongside three senior executives: Heina (Guangying) Chen, Jingkai (Rock) He, and Lilai Wang.
Joining them are external board members Gabriel Abed, former Ambassador of Barbados to the UAE, Arnaud Ventura, Managing Partner of Gojo & Co investment company, and Xin Wang, Executive Director of Bayview Acquisition. However, conspicuously absent from these rosters is Binance co-founder Yi He. Despite her absence from the formal lists, He holds the position of Director of Marketing at the exchange and spearheads the venture capital firm Binance Labs.
Biography
Yi He’s journey commenced in 1986 in Yibin City District of Sichuan Province, China, born into a family of educators. Her professional voyage embarked as a promoter, disseminating complimentary samples of novel beverages near local supermarkets.
In a candid interview, He recounted her stint in 2007 as an assistant psychotherapist at the clinic affiliated with the Institute of Psychology at the Chinese Academy of Sciences. Although she pursued a master’s degree in psychological counseling at the institute, she didn’t complete the program. Concurrently, she served as a class instructor at a college and later transitioned to become a presenter for China Travel TV from 2012 to 2014.
During this period, He’s fascination with cryptocurrencies burgeoned. In March 2014, alongside Star Xu, she co-founded the OKCoin cryptocurrency exchange, assuming the role of Vice President of User Operations and Marketing. Subsequently, the platform garnered a dominant 60% market share in mainland China.
The same year, following an encounter with Changpeng Zhao (CZ) at a local conference, He recruited him as the technical director of OKCoin. Pictured left to right: CEO Star Xu, Vice President Yi He, and CTO Changpeng Zhao. CZ and He parted ways with OKCoin in 2015.
Thereafter, He ventured into Yixia Technology, a mobile video sharing platform, as the Vice President of Marketing until 2017. During her tenure, she played a pivotal role in securing substantial funding, propelling the company’s valuation to over $3 billion. Furthermore, she pioneered the Yizhibo live streaming platform, subsequently acquired by the Weibo social network.
Reflecting on her humble beginnings, He shared: “I had a very modest start. I grew up in a small province of China, where financial opportunities were limited, and higher education was an exception. Most people in my hometown dropped out of school before the age of 16 to work in factories. I wondered about the essence of money and read many books, but I didn’t get any answers. In 2013, I first learned about bitcoin and saw a real way that would allow me to overcome global economic barriers.”
Career at Binance
He’s expertise and renown did not elude notice. In 2017, CZ extended an invitation for her to join the nascent Binance cryptocurrency exchange as a consultant. Concurrently engaged with Yizhibo, He commenced by contributing to the drafting of a $15 million white paper for the Binance ICO. Subsequently, on August 8, 2017, she formally joined the company.
CZ lauded He’s prowess, stating, “Yi He is probably the strongest marketer I know. I think she is one of the top ten specialists in China, and believe me, China is an ultra-competitive market. Although if we talk about female specialists, she is most likely number one. I did everything to convince her to join the team, and luck smiled on me.”
Presently, He oversees Binance’s business, marketing, and brand strategy. She spearheads the multibillion-dollar venture fund Binance Labs, spearheads the Binance Charity division, and leads the platform’s listing team. Additionally, she serves as the chief Institutional Client specialist and supervises major corporate acquisitions such as CoinMarketCap. She is also credited with contributing to the development of the BNB Chain.
He is recognized as one of Binance’s largest shareholders, albeit the extent of her stake remains undisclosed. Behind her strategic acumen lies a commitment to socially oriented business practices, fostering representative and humble leadership within the company’s hierarchical structure, as per exchange representatives.
According to the WSJ, He wields voting rights in selecting candidates for the board of directors. Additionally, she was involved in preliminary discussions between Binance and the US Department of Justice. Amidst the agency’s insistence on her departure, alongside Zhao, citing her name in the context of the exchange’s purported attempts to circumvent US regulations, He commented on the claims against the exchange in June 2023, hinting at a potential departure from the company. However, she reassured, “I think everything will be fine. We are not a single point of failure.”
Personal life
He and CZ share three children and reside together in Dubai (while Zhao is currently on his own recognizance not to leave the United States). He affectionately refers to the former CEO of Binance as a “comrade in arms” and likened their relationship to roommates in a dormitory.
Nevertheless, He vehemently dismisses comparisons between their relationship and the romantic entanglement of former FTX CEO Sam Bankman-Fried with his colleague Caroline Ellison. She underscored the distinction, emphasizing the depth of camaraderie and shared beliefs inherent in co-founder relationships compared to romantic affiliations based on chemistry and personal desires.
He attributes her low public profile to her limited proficiency in English, aligning with Binance’s staunch denial of any affiliations with Chinese authorities, despite repeated attributions by external sources.
Colleague Testimonies
Former Binance director in Asia and Eastern Europe, Gleb Kostarev, lauded He’s pivotal role within the exchange, exerting considerable influence on strategic decisions. Although relatively obscure outside the Chinese-speaking information sphere, He’s contributions to Binance’s triumphs are deemed indispensable.
Kostarev highlighted He’s focus on nurturing local communities and her intuitive grasp of their needs. He concluded by affirming He’s enduring influence within the company and the broader cryptocurrency industry.
Recapping recent developments, in early 2024, Binance discreetly spun off its venture capital arm, Binance Labs, endowed with assets exceeding $10 billion, into a separate entity. Binance Labs boasts a portfolio encompassing approximately 250 projects, including Sky Mavis, Aptos Labs, LayerZero, Polygon, and The Sandbox, with an aggregate “paper” asset value surpassing $10 billion.
My name is Jay Skrantz, and I’ve been a freelance writer for 10 years, concentrating largely on investment brokerage, mutual fund investing, and financial analysis topics. As a reporter, I’ve written extensively for a wide variety of sites and publications like SeekingAlpha, MoneyShow, and MotleyFool. I’ve also done substantial freelance work for a number of financial publications, including MarketWatch, CIO Magazine, and TheStreet.
