Binance Co-founder Holds Significant Share in Cayman Islands Holding Company
A new report by WSJ reveals that Binance co-founder Yi He holds at least a 10% share in Binance’s Cayman Islands holding company. Yi He is known for her influence over the marketing and investment sectors of the company and serves as the largest shareholder in the absence of CEO Changpeng “CZ” Zhao.
Yi He’s Influence on Binance
The WSJ report highlights several interesting claims about Yi He’s influence within Binance. One proposal she made was to establish a movie studio similar to Netflix, featuring early Binance employees as heroes in a Marvel Cinematic Universe-style series. However, this idea was ultimately abandoned.
Instead, Binance launched “Build the Block,” a reality show where crypto entrepreneurs pitched for Binance investment. The show used computerized avatars for contestants and judges, making it the first metaverse-based reality show. Despite facing challenges and losing a producer, Yi He was involved as a guest judge in the debut episode.
Yi He also advocated for a project selling digital identities from Palau to provide access to Binance’s trading platform for users in restricted countries. Despite warnings, she persisted in pursuing the plan to create a backdoor for Chinese users. However, Binance later claimed not to have proceeded with any partnership after conducting due diligence.
CZ Restricted from Leaving the United States
In contrast, CZ is currently not allowed to leave the United States as ordered by a federal judge. During a hearing on December 29, Judge Richard Jones rejected CZ’s request to travel abroad. The specific grounds for this decision were sealed by the court but are rumored to be related to “medical information regarding Mr. Zhao’s child.”
Hot Take: Yi He’s Growing Influence in Binance
The recent report by WSJ sheds light on the significant influence held by Binance co-founder Yi He within the company. Her proposals for a movie studio and a reality show demonstrate her creative vision, although they faced challenges and were ultimately abandoned or scaled back. Despite criticisms and warnings, Yi He persisted in pursuing projects that could expand Binance’s reach and user base.
Meanwhile, CZ’s restricted travel highlights the legal challenges faced by Binance and its key figures. As Yi He continues to gain prominence, it remains to be seen how her influence will shape the future of the company.
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