This is an AI translation from the original Chinese version.
Editor’s Note:
With the resignation and imprisonment of Binance’s founder, Zhao Changpeng, the world turns its attention to the long-overlooked co-founder, He Yi.
In 2017, within just five months of its inception, Binance transformed from a humble grassroots company into the world’s largest cryptocurrency exchange, holding the top spot in the industry to this day.
During what may be considered the most legendary seven years of Chinese entrepreneurship, He Yi remained largely in the shadows. Coming from humble beginnings, she had seen the highs and lows, experienced the monumental divides of the world, and harbored ambitions to reshape it; once lost and wandering, she is now a billionaire.
Exhibiting the quintessential traits of a Chinese entrepreneur – diligence, agility, and astuteness – He Yi played a crucial role in Binance’s success and deeply influenced its culture: results-oriented. This corporate culture evidently fueled Binance’s astounding rise, yet did not garner the same transcendent respect for the company. While she advocated for changing the world, people sensed a genuine absence of idealism.
For more on Binance’s founder Zhao Changpeng, see “CZ, the Richest Chinese: Prisoner of Power.”
By Chen Teng Edited by Zhou Jinyu
The Woman Who Emerged Unscathed from Crisis
Xiuzhuang, Lü Hou, Wu Zetian – people eagerly apply the vocabulary of historical political female figures to He Yi, a 38-year-old Chinese woman and co-founder of the world’s largest cryptocurrency exchange, Binance.
Less hyperbolic descriptions depict her as gentle yet decisive, remarkably beautiful, or even detailed physiognomically – “See that prominent mole on her chin, perfectly positioned; from a physiognomic perspective – a great future lies ahead for her, hence she surely wouldn’t have it cosmetically removed.”
In the Chinese community, such diverse depictions of this woman abound. She has successfully cultivated admiration and trust, becoming a bridge between Binance and the Chinese world, one of the company’s largest markets. However, on a global scale, He Yi remains an unfamiliar name and figure: what exactly has she accomplished at Binance, what influence has she exerted, and what is her level of contribution? Her introduction always leads with, “I am Binance’s chief customer service officer.”
Contrary to this modest portrayal is an undeniable fact: she likely owns around 10% of Binance, making her one of the world’s wealthiest women and the most influential female figure in the global cryptocurrency sphere. Even more striking, over the past year and a half, amidst Binance’s struggles with U.S. regulatory issues, a $4.3 billion fine for money laundering, and founder Zhao Changpeng’s resignation and imprisonment, He Yi, as the largest remaining shareholder, increased Binance’s user base from 130 million to 200 million. She envisions expanding this user base to 1 billion.
Furthermore, it is astonishing that amidst such legal turmoil, He Yi managed to come out unscathed. Court documents revealed her involvement in planning strategies to evade regulation. Rumors suggest that the U.S. Department of Justice had initially wanted her to resign during early settlement negotiations, but ultimately did not hold her accountable, for reasons undisclosed. Her name did not appear in the plea agreement, also for undisclosed reasons. Nevertheless, the court will appoint an independent monitor to oversee Binance for 3-5 years, with He Yi holding the authority to help select the monitor. The media characterizes it as: U.S. authorities may have toppled the king of cryptocurrency, but the queen remains unshaken.
Amidst numerous uncertainties, insights from court documents released this year revealed that Zhao Changpeng had not divorced, and He Yi, his extramarital partner of a decade, shares three children with him. Their ambiguous relationship has long sparked speculation about whether she is merely a decorative figure, dependent on men, or how she managed to captivate the heart of Zhao Changpeng, China’s richest man, and other stereotypes surrounding powerful women.
Facing low visibility and suspicions arising from her prolonged position in the background, He Yi occasionally clarifies, “I’m the one who introduced Zhao Changpeng to the cryptocurrency world,” and “Zhao Changpeng brought me into Binance based on my existing accomplishments; I entered the scene running, fully equipped.” Rumors even circulate internally with phrases like, “He Yi calls the shots.”
Amidst deliberate ambiguity, one clear aspect about He Yi is her unwavering ambition to change the world, believing that women should never feel ashamed of this aspiration. “I’m not just starting a business; I’m making history.”
With Binance passing the peak of years-long regulatory crises, Zhao Changpeng’s imprisonment, the world’s gaze now turns towards her, this woman often described as “unknown to newcomers, but always the first to step forward in the face of negative information and crises within Binance,” a woman who never shies away from admitting she is a “grassroots” individual.
“When heroes are scarce, even nobody rise to fame.”
In all public videos featuring He Yi, you will consistently find a face: beautifully smiling, gentle, speaking at a steady pace, able to explain complex issues clearly. Her smile and speech exude a charm that captivates spectators, making them watch and listen without sensation of lengthiness.
Such delicate and refined feminine qualities are not rare. However, the cryptocurrency industry has historically been a realm dominated by highly rational men, influenced by opaque cryptographic terminology. In early 2014, He Yi entered this world of tech geeks, financial speculators, hackers, and fraudsters, capturing people’s attention.
At that time, she was a host on Beijing TV’s “New Discoveries in Beijing,” and had also worked as an outdoor host for travel channels like “Beautiful Destinations” and “How Far Can You Go.” Reflecting on those times, He Yi remarked, “Yes, I wasn’t famous, just a subpar, foolish TV host.”
Introduced by a friend, the newly established Bitcoin exchange OKCoin invited He Yi to join, not only giving her the title of Vice President and marketing responsibilities but also allowing her to claim the title of co-founder to bolster the company’s image, even though it was just a façade with a cardboard sign at events.
Everything was unprofessional, but that was the state of the cryptocurrency industry a decade ago. Dubbed the ‘wild west,’ not just the industry but even its practitioners were often likened to pyramid scheme operators, with He Yi, as Vice President, never having had a day of prior marketing experience.
Hailing from a poor rural village in Sichuan, her father passed away when she was 9. Most people in her hometown dropped out of school to work in factories before turning 16, while she worked as a beverage promoter at 16, earning a thousand a month; at 18, she managed a bedding store for two months; later, she moved to Beijing to work as an assistant psychotherapist, but realizing the limited market for psychological counseling in China at the time, she gave it up; she also worked as a class teacher, kicking down the door of truant male classmates’ dormitories and dragging them to class.
He Yi’s early years were spent wandering in confusion. She dabbled in stock trading multiple times, thinking she could make money off whatever she bought, feeling confident. It wasn’t until 2013 when she saw Bitcoin prices soar above $1000 that she felt a strong urge. She said it was the first time she started pondering: What is money? Although her parents had always emphasized the importance of money, at that moment, she began to think, “What you previously thought was money, perhaps it’s not money itself,” prompting her to enter the world of cryptocurrencies and vow to change the future of finance.
“I want to change the world.”
When He Yi just announced her joining OKCoin, the largest Bitcoin exchange, Mentougou, collapsed due to mismanagement, and Bitcoin experienced a significant drop in price, which she described as a calamity. However, shortly after, she met Zhao Changpeng, who was giving a speech at a blockchain event. At that time, Zhao Changpeng had sold his house and invested all in Bitcoin. The decline in Bitcoin prices led to a substantial decrease in his assets, and he described himself at that time as having failed in entrepreneurship multiple times. However, He Yi portrayed, “This did not dampen his passion for blockchain technology. His speeches were filled with idealism about how blockchain technology could bring positive changes to the world, which greatly influenced and inspired me.”
Not only did Zhao Changpeng and He Yi share similar backgrounds—both born into teacher families and raised in impoverished Chinese rural areas—He Yi, despite having no prior marketing experience, quickly displayed her marketing talent and insight into human nature. She brought her effective yet “foolish” experience as a TV host into OKCoin and became a member of the BOSS team on a job-hunting program. He Yi gave interviews to multiple magazines, leading OKCoin to be featured in “Fashion Bazaar”.
In 2015, He Yi orchestrated OKCoin’s advertisement on the main screen at New York Times Square in the United States, propelling OKCoin to fame and capturing 60% of domestic Bitcoin trading volume, solidifying OKCoin’s position in the industry. That same year, due to conflicts between Zhao Changpeng and the founder of OKCoin, Xu Mingxing, both He Yi and Zhao Changpeng left OKCoin. However, from this point on, He Yi began to be referred to as the “Sister of the Coin Circle” and the “Good Luck Charm of Exchanges”. She herself evaluated: “When heroes are scarce, even sons rise to fame.”
Bound by a non-compete agreement, He Yi, armed with outstanding marketing experience, joined Yunqi Technology as a Vice President, leading brand strategy and marketing operations. In a fiercely competitive environment, He Yi secured numerous platforms’ coveted celebrity, Song Zhongji, propelling its subsidiary “Yizhibo” to become a leading live streaming platform. By the end of 2016, Yizhibo, under Yunqi Technology, had a user penetration rate of 61.7%, with a daily user coverage of 70 million, and its short video platform, Miaopai, achieved a peak daily playback of over 2.5 billion times. He Yi described, “I was a crucial part of the strategy that helped the company surpass a valuation of over $3 billion.” The company’s IPO became a topic of discussion among Yunqi Technology’s staff.
He Yi reminisced, “Many tried to poach me back then, but it was simply because of the name ‘He Yi,’ not my value. For the past two years, I have been the one strategically positioning in the background. Zhao finally understood the value I brought as a partner.”
On August 8, 2017, she accepted Zhao Changpeng’s invitation to join Binance as a true co-founder. She said, “I knew in China, I could run a great company, but I still wanted to try running a global company.”
Setting Off Before Turning 30
Upon reentering the cryptocurrency industry, He Yi penned an article titled “Setting Off Before Turning 30”: “Some people die at the age of 30, while others prefer a life full of ups and downs, grand and magnificent. Whether facing love or work, you should throw yourself into it wholeheartedly, without reservation, so that life can be lived to the fullest, ensuring that you won’t regret hesitating in your old age. When you should love, love; when you should hate, hate; living life to the fullest is what matters…”
This was one of the rare moments when He Yi openly spoke of love after entering the cryptocurrency field. In 2019, industry insiders became aware that she and Zhao Changpeng were expecting their first child.
In her depiction, the longing for wholehearted immersion and a life lived to the fullest seemed to surpass her desire for wealth. “When Yunqi Technology was preparing for IPO, I chose to step down. Reset everything, start from scratch.” “Ultimately, I feel that perhaps blockchain will make me more excited; only it can bring about such explosive growth.”
Early Days at Binance
The news of He Yi joining Binance was initially kept secret. However, upon its announcement, it caused a sensation. According to reports at the time: Rumors spread about a mysterious guest poised to take on a crucial position at Binance, hailed as a “decisive entrepreneur in the tech industry, the driving force behind several well-known internet phenomena.” On the evening of August 8, in investor Guo Hongcai’s livestream, a sudden exclamation, “Welcome back to the crypto circle, the beautiful He Yi.”
In fact, Zhao Changpeng had already founded Binance on July 14. However, in the 25 days before He Yi joined, Binance was in dire straits. At that time, Binance’s BNB coin had dropped by 50% below its issuance price, with a coin value of just 50 cents, resulting in considerable criticism of Binance. Zhao Changpeng, under immense pressure, lost a total of 22 pounds in just three weeks.
Following He Yi’s announcement of her association with the project, Binance’s native BNB coin trading volume surged dramatically, propelling it to the global TOP10. He Yi once said this was based on investors’ trust in her.
After investing in the company, He Yi had less than one million RMB in hand, all of which she used to buy BNB. “My logic was, if you don’t even believe in what you’re doing, why would you ask other investors to buy in?” Half a month later, BNB surged from $0.149 to $2.57, nearly a 20-fold increase.
In the early days of Binance, He Yi’s public image was also approachable. From the very beginning, she positioned herself as the Chief Customer Service Officer at Binance. Despite the high barrier of entry for the general public to concepts such as decentralization, Web3, DeFi, Ethereum, blockchain, ICO, and IEO, these futuristic and tech-centric terms, people recalled how He Yi would personally engage in solving customer issues. She was always present in the community, speaking with everyone, asking customers, “Do you have any feedback? Do you think our product needs improvement? Do you find our product user-friendly?” Recollections feature: “The Sister of the Coin Circle” still guiding users on how to deposit money to buy coins into the early hours, addressing complaints promptly.
When asked about her strengths in an industry dominated by men like blockchain, He Yi stated, “Men’s thinking is very direct; I understand better how to make users feel respected. A woman’s sensitivity is irreplaceable.” She did not stop at customer service.
Within a month of Binance’s establishment, He Yi brought in Sequoia China, in which she had invested during her time at Yunqi Technology, and signed an investment letter of intent with Binance. At the time, Sequoia valued Binance at $80 million.
She also brought her experience in live broadcasting to Binance. Not only did she engage in live broadcasts on various platforms, distributing rewards and giveaways, but she also gave away Lamborghinis, Porsches, Maseratis, Mercedes, BMWs, virtual currencies worth tens of thousands of dollars, iPhones, and other products during live broadcasts. He Yi once set a record by selling out 500 million Tron coins in 53 seconds.
As a grand figure in the industry, she often appeared in various WeChat groups, distributing red packets. Some recalled, “A quiet group would suddenly come to life as soon as He Yi entered.” She not only initiated social referral rewards activities but even listed coins for free, allowing issuing parties to freely circulate their coins on the Binance platform. These actions rapidly opened up the market for Binance.
At that time, industry leader Coinbase was adding 100,000 users daily, while Binance was adding 250,000. The explosive growth resulted in overwhelming server pressures, leading to the temporary halt of new user registration and the introduction of limited registration on an unspecified schedule. Meanwhile, He Yi recruited volunteers worldwide—Binance Angels—to guide new users into the cryptocurrency field, organize meetups, and provide support to the Binance community.
She stated that Zhao Changpeng handled the direction and strategy, while she was less involved in product and technology but focused on helping the company earn more money. On December 18, 2017, Binance’s daily trading volume exceeded $3 billion, propelling Binance to become the world’s largest cryptocurrency exchange. By January 10, 2018, the daily trading volume had surpassed $10 billion. Zhao Changpeng described Binance’s early development as unexpectedly extreme exponential growth. He Yi deservedly earned the title of “The Best Marketer in the Coin Circle.”
Even today, with a fortune in the tens of billions under her belt, she remains active on the frontlines. Sometimes she would remark, “I try to read and respond to many suggestions from everyone.” Beneath this seemingly modest and diligent facade lies her key role: customer service being the largest department at Binance; “User First” being the core strategy at Binance; He Yi once issued a strict mandate—insisting that everyone at Binance must engage in customer service; she provided training for the entire marketing department, requiring every new middle to senior-level employee to undergo customer service training, spending 2-6 hours quarterly in the customer service department to understand user feedback and strategize.
She describes her life as monotonous: wake up early for exercise, attend four meetings, feed her child, attend five more meetings, spend time with her child, attend two more meetings, read, and sleep. She believes this repetition and monotony might be the reason she can consistently make clear-headed decisions.
Retreat into the Shadows
Amidst this burgeoning and tumultuous emerging market filled with globally transient and challenging-to-regulate cryptocurrencies, Binance has persistently struggled to secure a legitimate operational license, much less establish a central headquarters. Recently, He Yi candidly revealed herself as a deeply crisis-sensitive individual, pinpointing regulatory hurdles as Binance’s paramount challenge over the years.
Following its ascension to become the world’s foremost exchange, as regulatory pressures mounted, He Yi gradually receded into the background. Thus began the fading perception of He Yi’s tangible impact. The limelight predominantly shines on Zhao Changpeng in the Binance narrative, with occasional mentions of He Yi: her extensive refinements to solutions proffered by suppliers, resulting in multimillion-dollar monthly cost savings; her stewardship of Binance’s venture capital arm, Binance Lab, valued at $10 billion, backing approximately 250 firms, thus establishing it as the premier VC entity in the cryptocurrency realm; credited for the inception of Binance Chain and Binance Smart Chain; her pivotal role in token listings; her strategic structuring of Binance’s 8,000-strong workforce; the transformative business methodologies shaped under He Yi’s guidance, culminating in Binance evolving into a global blockchain ecosystem, and beyond.
Beyond the technical fabric, her influence pervaded various echelons within Binance, unapologetically branding her management demeanor as intensely stringent.
Reports surfaced that in 2022, Binance sealed a $60 million pact with soccer luminary Cristiano Ronaldo. Yet, following the rollout of marketing initiatives, He Yi conveyed discontent to the marketing cohort for failing to meet expectations, subsequently leading to the resignation of the global Vice President of marketing overseeing the endeavor. Notably, He Yi once orchestrated a reality series named “Building Blocks,” where she presided as a guest adjudicator during the inaugural episode, culminating in a modest viewership of 4,400 on YouTube. The executive overseeing the program faced subsequent redundancy.
The mosaic of narratives portrayed underscores that both He Yi and Zhao Changpeng underscored an outcome-driven ethos within Binance’s cultural tapestry.
In 2019, during a market lull, Binance opted for a significant re-entering of the Chinese community, venturing into previously shunned high-risk contractual terrains. Reflecting on this move, He Yi remarked, “In the past, we overly prioritized compliance; now that our competitors no longer flinch, neither should we—we must stride in parallel with them.”
Binance’s resurgence instigated heightened competition among domestic exchanges, prompting He Yi to once more actively engage within the Chinese community. Following allusions by a competitor and former employer OKCoin referring to her as a “third party” and “auntie” in a WeChat enclave, she promptly posted a recruitment announcement on Weibo stipulating criteria such as beauty, ample bust, prior experience as an online anchor, a preference for those born after 2000, and conversational adeptness. The job description: engaging in online discourse.
Swiftly thereafter, she heralded the recruitment of a fair-skinned, 1998-born Binance customer manager, christened with the moniker “Binance Six-Six.” Subsequently, a series of alluring photographs showcasing Six-Six’s elongated legs and substantial bosom disseminated within her social orbit.
OKCoin castigated He Yi for advancing an exceptional young woman into the public domain in such a manner. On Six-Six’s inaugural workday, her WeChat inundated with thousands of friend requests, she recounted grappling with a deluge of offensive and derogatory missives, a burden to endure. Disturbingly, certain individuals digitally manipulated Six-Six’s images accompanied by suggestive texts like “Deposit 20 Bitcoins at Binance for an evening with Six-Six” or “Purchase Bitcoin and solicit Six-Six’s intimate attire,” circulating within circles. Overwhelmed, Six-Six eventually succumbed to tears, disclosing, “On my second day in the crypto realm, this is perhaps the most brutal arena I’ve encountered in my brief life, with its competitive facets unveiling the unsightliness of human nature.”
He Yi was lauded for transforming the exchange into a “club-style” marketing spectacle, proven successful for Binance, yet calamitous for the broader industry. Dating back to her tenure at OKCoin, for promotional ends, she had previously staged a series of swimsuit photos, priced at 0.5 Bitcoins per ensemble, quipping on Weibo: “Just playing around until I spoil myself.”
Confronted with disparaging remarks targeting Six-Six’s mother from netizens, a suggestion surfaced for Six-Six to retort, “My mother is occupied; converse with me instead.”
He Yi mused, “While I may not exude complete assurance in responding unflustered with ‘My mother is busy,’ I staunchly believe in executing a more refined approach.” She expounded, “A quote from Steve Jobs resonates with me: ‘A players hire A players.’ Therefore, in my managerial endeavors, I am disinclined to cater excessively to their egos.”
Simultaneously with its notable resurgence within the Chinese domain, Binance embarked on fortifying its foothold in the United States. Predominantly regarded as the globe’s premier cryptocurrency market driven by institutional trading, the U.S. beckoned. In 2019, Binance erected a U.S. station. At that time, He Yi spearheaded the marketing strategy for Binance’s U.S. outpost, emphasizing its stark autonomy from the main hub and commitment to U.S. statutes, thereby ensuring compliance.
However, legal documents unveiled a pivotal juncture in June 2019 when Zhao Changpeng remarked during an internal forum, stating, “He Yi is correct; we need not restrict to a sole option. We can concurrently uphold three choices, enabling users to make their own selections.” This discussion pertained to aiding American users in circumventing regulations, facilitating a transition to the Binance core station.
Between the years 2017 and 2022, over a million American retail patrons engaged in 20 million deposit and withdrawal transactions on Binance, reaching a cumulative worth of $65 billion. These users executed over 9 billion spot trades, exceeding $550 billion in total value. By refraining from diligently enforcing robust anti-money laundering protocols, Binance accrued substantial profits from American users, notably from transactions involving entities under comprehensive U.S. sanctions. These transactions, entailing proceeds from illicit undertakings encompassing drugs, terrorism, and child exploitation, pointedly so.
Within Zhao Changpeng’s plea agreement, it was stipulated that these stratagems facilitated Binance’s ascent to the pinnacle of the global cryptocurrency exchange milieu.
Moreover, in accordance with media disclosures from 2022, Binance rolled out a scheme offering a Palauan electronic identification program: for an outlay of $248, users could procure this electronic identity from the Pacific island country as a conduit to circumvent regulatory confines and access Binance’s trading sphere. Notwithstanding executive forewarnings of the attendant legal liabilities, He Yi remained resolute in driving this initiative forward until media scrutiny exposed the matter, necessitating Binance’s eventual cessation of accepting Palauan identities.
It is through these maneuvers that Binance fortifies its steadfast grip on the mantle of the world’s premier exchange for nearly seven years.
Wealth without Opulence
Encountering a true adversary in the form of the swiftly rising FTX exchange, established in May 2019, and its founder Sam Bankman-Fried (SBF), He Yi candidly expressed the challenges she faced when venturing overseas, both linguistically and culturally. Despite her continual improvement in English proficiency, the cultural adaptation remained a more arduous endeavor for her.
Within the Chinese community, He Yi swiftly attracted users through low trading fees, luxury cars, perks, and attractive customer service; whereas in the United States, SBF made bold moves by sponsoring sports arenas, airing Super Bowl advertisements, and securing celebrity endorsements, heralding himself as a “utilitarian genius.” His marketing strategies resembled a noble game of morality, emphasizing effective altruism. Reflecting on SBF, He Yi remarked, “He hails from prestigious alma maters, a political lineage, and a Wall Street aristocracy. We, on the other hand, are grassroots, always have been.”
In 2022, amidst industry hardships, SBF allocated a staggering $1 billion within 14 days to aid struggling projects—an astonishing sum for a figure with a personal valuation of $10 billion. This act earned him industry recognition as a charitable figure protecting the industry when it needed it the most. Bloomberg inquired of He Yi regarding SBF’s actions: “What is Binance’s approach?” “Our style is pragmatic and composed. We do not engage in value enhancement or storytelling for the sake of it; we focus on results,” responded He Yi. In reality, Binance’s venture capital profitability stands at 2100%, firmly establishing its dominance within the industry.
While SBF was convicted of fraud and misappropriation of client assets last year, perhaps his ethical marketing approach led He Yi to understand that the concept of wealth without opulence cannot prevail—it is the aristocratic spirit that people ultimately seek to admire. As a successful woman and mother of three children, He Yi embarked on a new marketing angle: women’s rights.
On this year’s International Women’s Day, Binance unveiled a high-end luxury perfume named “Crypto,” claiming it blends finance with aroma. This fragrance, imbued with the scent of wealth, aims to “attract more women into the cryptocurrency industry,” “empower women in crypto,” and “ensure no woman is left behind in this financial revolution.”
However, this marketing was scrutinized by the technology blog TechCrunch: would it perpetuate a gendered stereotype that women are only interested in feminized material products? Binance responded, “I do not wish to interpret this matter from a condescending standpoint; I seek a whimsical approach.”
In addition to the earlier focus on long legs and ample bosoms in recruitment material, Binance now highlights its efforts in women’s rights, addressing challenges faced by women regarding childbirth and career progression. He Yi stated, “Our organization provides a highly supportive environment for female executives and employees, including opportunities for promotion post-maternity leave. Many of our female employees have experienced this and received promotions.” However, a premise remains: “Only if their capabilities and contributions are strong enough to successfully lead a team.”
Ultimately, what matters is business rather than individual factors.
While Binance has been successful in marketing, its media relations have not always met He Yi’s expectations. According to media reports, she once instructed subordinates to “persist in countering any negative coverage.” She described Binance’s style as “unyielding,” repeatedly emphasizing in various settings: mainstream media maligns Binance.
Yet, being results-oriented, Binance often invites comments such as: It only cares about its own interests, user growth, and empire consolidation. As a commercial entity, this may be justifiable. However, since Bitcoin’s inception, it has carried an indelible glow of idealism—utilizing blockchain technology to dissolve power, restore individual freedom, and construct a decentralized future. Apart from Bitcoin, the cryptocurrency community often looks to Vitalik Buterin, the founder of the world’s second-largest blockchain, Ethereum. From information related to Ethereum and Buterin, one can easily discern his concerns for marginalized groups, his thoughts on rights and democracy, his yearning for blockchain-driven innovations, and his holistic contemplation of the world’s direction. This conveys a sense of respecting life and individual worth—an earnest financial freedom.
Binance articulates its vision as allowing money to flow freely worldwide, believing that spreading this freedom can make the world a better place. However, these ideals seem elusive in the results-oriented ethos of Binance. In the realm of the cryptocurrency community—a highly rational domain traditionally dominated by men—people were captivated by He Yi’s emotional, delicate, and soft feminine traits, anticipating her potential to change the world.
“I Have Seen the Peaks and Valleys”
When Zhao Changpeng faced an uncertain prison sentence, He Yi penned a plea letter to the judge, which garnered widespread attention in the cryptocurrency community. In this letter, the core Binance value of being “results-oriented” was absent; Zhao Changpeng was not portrayed as a diligent and agile machine chasing outcomes. Instead, He Yi attempted to restore qualities that make Zhao Changpeng a “respected individual”: “He is not someone whose ultimate goal is to make money” and “He is kind and possesses a humanitarian spirit.”
Yang Weiqing, Zhao Changpeng’s wife who still maintains their marital relationship, also wrote a plea letter. In its concise and poignant words, although permeated with the silent sorrow of a marriage, it primarily reveals another facet of Zhao Changpeng’s personality: “Hello. My name is Yang Weiqing. I’ve known Mr. Zhao Changpeng since 1999, and we married in 2003. I have been a full-time housewife since marriage and have not engaged in any job. Changpeng has always shouldered all household expenses. Before Binance’s success, Changpeng faced several failed entrepreneurial ventures. But even during the toughest times of business failure, he continued to support our family expenses for me and our children. Over the years, Changpeng has always taken care of my family. He helped my parents buy a house in Tokyo and found a job for my nephew.”
Among the 161 plea letters to the judge, Zhao Changpeng’s children, sister, and childhood friend with whom he played volleyball all earnestly testify how responsibly Zhao Changpeng has treated them. If there is any perceived omission in these letters, it is Zhao Changpeng’s responsibility towards He Yi, the co-founder who helped build Binance into the world’s largest exchange, and the mother of his three children.
The public finds it increasingly difficult to ascertain whether Zhao Changpeng deliberately kept He Yi in the background during these high-risk regulatory years to help her evade scrutiny. She quotes Zhao Changpeng’s old saying in the letter: “No one wants to be a hero because no one naturally desires to be at the forefront, taking arrows. Heroes are merely compelled to protect their families, communities, ethnic groups, and homelands and do the right thing, becoming heroes in the process.”
In response to speculations, He Yi explains, “I did not appear in public because my English is not good. But if I were to show up, people would think this is a Chinese company, right?”
Regardless, the ultimate outcome was Zhao Changpeng serving a 4-month prison term while He Yi emerged unscathed from a legal standpoint. Whether people perceive this as a Chinese company or not, perhaps these seven years have been the most legendary in Chinese entrepreneurial history, with He Yi playing a critical role.
She once said, “I come from humble beginnings, I have seen the peaks and valleys, witnessed the immense divisions of the world. Therefore, instinctually, when I have greater capabilities, I think about what I can do for this world. I want to try and leave something for this world.”