Former Binance Co-Founder Defends Exchange Against FUD
Yi He, former TV show host and co-founder of Binance, took to social media to address the fear, uncertainty, and doubt (FUD) surrounding the exchange. This comes after the recent resignation of Binance founder Changpeng Zhao as CEO and Binance US board chair.
Transparency and Research in the Crypto Community
In a post on social media platform X, Yi He shared a screenshot of DeFillama’s CEX transparency chart, which showed Binance leading in IOU assets and TVL. She encouraged the crypto community to do their own research (DYOR) in this era of highly transparent information.
βOnly those jokers who are mediocre and hopeless for the future need to FUD Binance on Twitter every day to get public attention.β
Binance Co-founder Yi He on X
The Role of Yi He in Binance
While Yi He’s role in Binance is not well-known, she has referred to herself as a “Chief Customer Service Officer.” However, it has been clarified that she does not manage the startup’s customer service. In 2022, reports emerged about the romantic involvement between Zhao and Yi He, who reportedly have two children together.
Binance’s Legal Troubles
In late November, Binance and Zhao pleaded guilty to money laundering charges filed by various financial authorities. The exchange agreed to pay around $4 billion to resolve the charges. The U.S. Department of Justice charged Binance with violating the Bank Secrecy Act for failing to register as a money transmitting business.
Despite Zhao stepping aside from his position, Yi He’s name did not appear in the charges. Yi He stated that if Binance is deemed noncompliant, then practically no other global trading platform or offshore company would be compliant either.
Impact on Binance Coin
Following the news of Binance’s violations, the price of Binance Coin (BNB) dropped by over 10% and is currently hovering around $237 to $240.
Hot Take: Binance Stands Strong Against FUD
Binance co-founder Yi He has dismissed the fear, uncertainty, and doubt surrounding the exchange, emphasizing its transparency and encouraging users to conduct their own research. Despite recent legal troubles and management changes, Binance remains a leading player in the cryptocurrency industry. The involvement of Yi He, who holds the position of Chief Customer Service Officer, adds intrigue to the company’s leadership. While Binance faces challenges in compliance and regulatory matters, it strives to maintain its global standing. The impact on Binance Coin’s price reflects market sentiment in response to these developments. As the crypto community continues to monitor Binance’s actions and compliance efforts, transparency remains a key factor in building trust within the industry.
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