Yi He – Who is the owner of Binance Labs, the only person alongside CZ to build the Binance empire? What will she do with Binance after CZ receives a penalty from the US?

Biography

Yi He – The Empress of the Binance Empire

Yi He is a Chinese entrepreneur and investor, best known as the co-founder of Binance, the world’s largest cryptocurrency exchange, alongside Changpeng Zhao (CZ). She holds the position of Chief Customer Service Officer and also heads Binance Labs.

Childhood & Education

Yi He once shared that she did not come from a wealthy family and had a somewhat difficult childhood.

Yi He was born in 1986 in a rural area of Sichuan Province, China, into a modest family where both her parents were teachers. Recalling her childhood, she once said, “I come from a very small village and a very poor family.”

Yi He’s journey began in 1986 in Yibin City District, Sichuan Province, China, in a family with a tradition of education. Her first job was as a promoter, distributing free samples of new beverages at local supermarkets.

In an interview, Yi He recalled the time in 2007 when she worked as an assistant psychotherapist at a clinic under the Institute of Psychology of the Chinese Academy of Sciences. Although she pursued a master’s degree in psychological counseling at this institute, she did not complete the program. At the same time, she was a lecturer at a college and later became a host for China Travel TV from 2012 to 2014.

Career

Yi He’s first job was promoting a new beverage by distributing free samples at a supermarket. She described it as a tough job that often left her hoarse. In 2012, she began her career in the entertainment industry as a television host for a travel program on a Chinese TV channel. She left the media industry in July 2014 to join a startup, where she first learned about Bitcoin.

In 2014, Yi He co-founded OKCoin, where she led brand building and marketing strategy. Under her leadership, OKCoin became China’s largest fiat-to-crypto exchange in 2015, capturing 60% of the Chinese market share.

Yi He was a co-founder at OKCoin.

In December 2015, Yi He joined Yixia Technology as Vice President, overseeing product management and marketing operations. She played a crucial role in creating the live streaming platform “Yi Zhi Bo,” which was later acquired by Weibo.

In August 2017, Yi He joined Binance as Chief Marketing Officer alongside Changpeng Zhao. Under her leadership, Binance quickly became one of the largest cryptocurrency exchanges globally. She was responsible for key initiatives such as Binance’s Initial Coin Offering (ICO) platform and educational programs to promote blockchain and cryptocurrency adoption and understanding.

Since August 3, 2022, Yi He has been leading Binance Labs, Binance’s venture capital and incubation arm. In this role, she focuses on identifying early-stage projects and founders with the potential to disrupt traditional global institutions. A notable investment under her leadership was a $10 million investment in Radiant Capital, highlighting its cross-chain capabilities.

Personal Life of Binance’s Most Powerful Woman

Yi He and CZ are rumored to have three children together and live in Dubai (while CZ is currently under scrutiny in the United States). Both have not publicly acknowledged their relationship and continue to deny it, with no legal evidence recognizing their relationship. However, she occasionally affectionately refers to the former CEO of Binance as a “comrade in battle” and compares their relationship to dorm roommates.

However, Yi He firmly rejects comparisons between their relationship and the romantic relationship between former FTX CEO Sam Bankman-Fried and colleague Caroline Ellison. She emphasizes the difference, asserting that their co-founding relationship is based on camaraderie and shared trust rather than romance based on chemistry and personal desire.

Yi He attributes her low public profile to her limited English proficiency, aligning with Binance’s firm denial of any links to Chinese authorities, despite much external speculation.

Yi He’s Influence on Binance

Yi He holds real power at Binance, often likened to the Queen on the “chessboard” of Binance. When CZ stepped down, it was not just a significant move but also part of a long-term plan that had been meticulously prepared in advance. Yi He not only holds high power due to her position and talent but is also the only one alongside CZ to have established this empire.

CZ and Yi He, the two key figures of Binance, have a rather complex personal relationship with three children together but no publicly registered marriage documents. This may explain why CZ’s departure did not significantly affect Yi He’s power within the company. Yi He currently holds 10% of Binance’s shares and has significant influence in marketing, investment, and internal and external affairs.

Notably, in the settlement between the U.S. Department of Justice and Binance regarding allegations against CZ, there was mention of a desire for Yi He to resign from all positions at Binance. However, this has not yet materialized. Yi He remains in power and continues to participate in the selection and evaluation of new board members.

Thus, Yi He is not only CZ’s successor but also a strategically influential figure in shaping Binance’s future. These developments highlight the complexity and strategic nature of managing and operating a large cryptocurrency exchange like Binance, as well as the challenges they face from U.S. regulatory authorities.

Major Achievements Yi He Has Made at Binance

Co-founding Binance

• Yi He and Changpeng Zhao (CZ) founded Binance in 2017.
• Assumed the role of Chief Marketing Officer, playing a crucial role in Binance’s early development.

Community Development and Marketing Strategy

• Recruited and led the Binance Angels team, a group of volunteers supporting users and spreading Binance’s cryptocurrency philosophy.
• Binance Angels helped users overcome trading restrictions in the U.S. and China, contributing to Binance’s rapid growth.

Managing and Operating Binance After CZ’s Resignation

• After CZ’s resignation, Yi He assumed the role of General Manager of Binance, maintaining the company’s stability and growth.
• Hosted public conversations with the new CEO Richard Teng, demonstrating leadership and influence at Binance.
• Resisted pressure from U.S. regulatory agencies.
• Despite the U.S. Department of Justice’s request for Yi He to resign during settlement discussions, she maintained control at Binance and continued to run the company.
• Led marketing strategies for Binance.US, addressing legal challenges in the U.S. and maintaining the exchange’s operations.

Enhancing Assets and Power

• Holds at least 10% of the parent company’s shares in the Cayman Islands, making her one of the wealthiest women in the world.
• Considered by Binance employees as the second most powerful person in the company, only after CZ.

Promoting Digital Identity Projects

• Promoted the sale of digital identity projects from the island nation of Palau, allowing residents of banned countries, including China and the U.S., to access Binance’s trading platform.
• Although the project was halted after an investigation by the Wall Street Journal, this effort demonstrated Yi He’s creativity and management capabilities.

Supporting CZ and Binance’s Development from the Early Days

• Supported CZ in turning complex technologies and ideas into reality, contributing to the initial success of OKCoin and later Binance.
• Highly regarded by CZ for her acumen, strategic thinking, and hard work, she is an indispensable part of Binance’s success.