Recently, Binance’s registered users surpassed 200 million. This milestone led to an AMA session where co-founder Yi He addressed some major issues. She talked about crypto listings and delistings, Binance’s security challenges, and her routine of emailing CZ every day.
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Yi acknowledged the concerns around wash trading and asset theft. She mentioned that Binance is constantly refining its security measures and delisting criteria for “zombie coins.” Additionally, she shed light on her daily routine, which involves working out, attending meetings, and spending time with her child.
Security concerns and measures at Binance
When it comes to user security, Yi was straightforward. “Absolute security doesn’t exist.” She stressed the need for continuous vigilance, not just from exchanges but also from users managing their assets through hardware or e-commerce wallets. Binance has invested heavily in security since its early days, learning from past mistakes.
Binance learned some hard lessons in its early days and has invested heavily in security. Currently, our investment in security is an ongoing process. For instance, when a user clicked on a third-party plugin that led to asset theft, we enhanced our risk control standards and levels in this area.
Yi He
Binance uses big data to monitor major price fluctuations to fight against wash trading and then conducts manual confirmations. Yi acknowledged that, despite their efforts, the sheer number of trading pairs and profit-takers posed challenges. For those who suffered losses due to risky clicks, Binance set higher standards for their security and risk control teams.
Yi advised users to avoid clicking on suspicious links and use a separate, secure phone for trading accounts, especially those with huge assets. She also recommended downloading official app versions to avoid phishing scams. Despite rumors, Yi firmly stated that a well-operated trading platform would not engage in theft, as it would undermine a healthy business model.
Binance’s listing and delisting criteria
Next, Yi discussed Binance’s approach to listing high FDV (Fully Diluted Valuation) projects and delisting “zombie coins.” She emphasized the importance of finding projects with sustainable growth and solid business models, comparing the blockchain industry’s current stage to the early days of VR and 3D printing, which struggled to move from niche to mainstream markets.
In her view, the blockchain industry is building a decentralized financial system, but the challenge is achieving mass adoption. “I hope more projects with real business models can be built on the blockchain rather than staying in vague concepts,” Yi said. She noted that the popularity of memecoins and the anti-VC wave reflect a lack of quality assets in the market. Unsurprisingly, Ethereum creator Vitalik Buterin has said the same thing.
Yi explained that Binance provides guidance to project parties but cannot control pricing and execution. Binance aims to find low-valuation teams with good business models and recruit market makers. However, imposing too many requirements might drive market makers to other platforms.
The issue with high FDV projects is that only a few project parties profit, while users and investors suffer. Yi stressed that this emerging market allows for customized token issuance rules, and investors need to research and vote with their feet. She also touched on the selection process for Launchpool and MegaDrop projects.
Binance doesn’t prioritize whether a project goes to Launchpool or MegaDrop; instead, they first select the project and then decide on the appropriate platform. The key is to help project parties acquire real users and provide benefits to Binance users. They adjust project selection standards based on market feedback to ensure the market’s health and long-term development.
Binance is under heavy regulatory scrutiny
Yi He also addressed Binance’s regulatory challenges, particularly in the US. Regulators greatly pressure the crypto industry, as traditional finance systems view new technologies as threats. Yi emphasized the need for reconciliation with regulators to build trust and find a path to survival.
Many believe DeFi can solve all problems, but in reality, the internet also went through similar stages of development. If completely decentralized, especially in countries like the US, regulatory agencies will take strong measures against DeFi and will not be lenient with CeFi either. This is why CZ is currently still in the US.
Yi He
Binance aims to demonstrate its positive impact on the financial system, complementing existing structures and achieving peaceful coexistence. Yi acknowledged that regulatory challenges might limit services like futures trading in certain regions and increase compliance team sizes.
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However, she remains optimistic, believing that a strong organization with a correct strategy can overcome these challenges without affecting long-term goals. “If we want this industry to serve 1 billion users and push it forward, we must reconcile with regulators, build consensus and trust, and find a way to survive,” says Yi.
Yi He’s daily routine and emailing CZ
Yi He’s daily routine might surprise many. Despite her high-profile role, her life is quite monotonous, consisting of working out, attending phone meetings, and putting her child to sleep. She also sends daily emails to CZ, reporting work and sharing life tidbits.
Yi’s approach to maintaining high energy and passion is rooted in self-improvement and a desire to leave a lasting impact. “When you see the disparity in the world, you start thinking about what you want to do or leave behind in this world,” she said. Her focus on health, self-awareness, and leaving a legacy drives her daily activities.
She admires Duan Yongping, a low-key but successful entrepreneur in China, for his ability to replicate success and invest wisely. Yi hopes to replicate her success within Binance, cultivating high-potential talents and fostering a strong, healthy organization with sustained growth.
In terms of sector focus, Yi keeps an eye on emerging sectors that provide valuable products and services. She views AI as a significant productivity transformation, much like blockchain changes labor relations and benefit distribution. Binance is looking for good AI solutions to enhance productivity and efficiency.
To listen to Yi’s full AMA session, check out the video below, created by Chinese blockchain reporter Colin Wu:-
Cryptopolitan reporting by Jai Hamid
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