Yi He, the co-founder and senior executive of Binance, one of the world’s most prolific crypto trading platforms, has broken her silence. Two months ago, the suit from the Commodities and Futures Trading Commission (CFTC) against her company began, followed by another lawsuit by the Securities and Exchange Commission (SEC) just recently. Amidst these stormy regulatory tides, she finds herself publicly defending Binance’s compliance efforts.
The cornerstone of her defence is Binance’s supposed commitment to regulatory compliance. In her recent interview with Bloomberg, she contended that if Binance is non-compliant, then almost no global trading platform is. She reasoned that their effort to comply with regulations is more robust than any other company in the global crypto industry.
On the flip side, the lawsuits charge Binance of market manipulation and illicitly serving customers within the United States through its international platform, among many other concerns. Even faced with this array of accusations, He maintains respect for the stance of regulators—she appreciates their overarching aim of shielding investors.
Fast-forward to now, Binance manages over half of the global crypto trading volume. However, many aspects of the company remain enigmatic—the ownership structure, its financial standing, to name a few. As a counterpoint to this, He asserts that Binance features more transparency than what the critics opine. She professes that the company is actively co-operating with U.S. regulators, though authorities from Washington have contested this claim.
In terms of her personal background, Yi He began her crypto journey at OKCoin in 2014, after a stint as a Chinese television host. She subsequently played a pivotal role at Binance, after being brought in by CEO Changpeng Zhao (CZ). She helms Binance Labs, the company’s multi-billion dollar venture fund, and has lent her leadership to several impactful projects such as BitTorrent, Axie Infinity, Binance BNB chain, and the acquisition of crypto price tracker CoinMarketCap. He’s own stake in the company is undisclosed, but it’s no secret that she shares an immense wealth with CZ, who holds an estimated net worth of $29 billion.
In the grand scheme of things, the complex relationship between crypto exchanges and regulatory compliance is laid bare in this ongoing saga. While Yi He and Binance stand in one corner claiming adherence to regulations, the regulators in another insist on the contrary. Time will tell who’s ultimately proven right in this silent battle of compliance.
Source: Cryptonews
