The Controversial Rise of Binance’s Yi He: A Closer Look

The Controversial Rise of Binance’s Yi He: A Closer Look

In a recent report by the Wall Street Journal (WSJ), it was revealed that Binance co-founder Yi He holds a minimum of 10% share in Binance’s Cayman Islands holding company. This newfound information sheds light on the significant influence that Yi He wields over the marketing and investment sectors of the company. In fact, in the absence of CEO Changpeng “CZ” Zhao, Yi He acts as the largest shareholder within the firm.

One intriguing claim made by the WSJ report was Yi He’s proposal to establish a movie studio reminiscent of Netflix. She envisioned a Marvel Cinematic Universe-style series featuring early Binance employees as heroes. However, this project, while ambitious, was ultimately abandoned, leaving us to wonder about the potential impact it could have had on the crypto industry.

Despite the downfall of the movie studio idea, Yi He led Binance in a different direction by launching “Build the Block.” This reality show, resembling popular series like “Shark Tank,” allowed crypto entrepreneurs to pitch their ideas for Binance investment. What set this show apart was the use of computerized avatars for both the contestants and the judges, making it the first metaverse-based reality show.

Unfortunately, “Build the Block” faced its fair share of challenges. Yi He’s involvement as a guest judge in the debut episode was overshadowed by the show’s struggles, leading to the layoff of a producer assigned to the project. While the show aimed to highlight the potential of the crypto industry, it was unable to achieve the desired impact.

Throughout 2022, Yi He championed a Binance project that involved selling digital identities from Palau to outsiders for $248. This project aimed to provide residents of countries where Binance was restricted with access to the platform. However, concerns over reputation and legal risks were raised, yet Yi He persisted in pursuing the plan, hoping to create a backdoor for Chinese users. Despite claims by the company that no partnership was pursued after due diligence, the idea itself raises questions about Binance’s intentions and potential regulatory implications.

Meanwhile, Binance CEO Changpeng “CZ” Zhao finds himself in a different predicament. Ordered by a federal judge to remain in the United States, CZ’s movement is restricted pending his sentencing hearing. The details of the reasoning behind this order remain sealed from the public, but CZ’s legal team hinted at a medical issue potentially influencing the decision. This situation adds further complexity to Binance’s leadership and raises concerns about the stability of the company.

With CZ’s absence and Yi He’s growing influence, it seems Yi He is gradually stepping into the spotlight within Binance. Her ambitious proposals, involvement in reality shows, and pursuit of controversial projects indicate a drive to push boundaries and shape the future of Binance. However, the consequences and implications of these actions remain to be seen.

The emergence of Yi He as a key figure within Binance brings both excitement and skepticism. Her role as a significant shareholder, ambitious proposals, and controversial pursuits showcase the dynamic nature of the crypto industry. As Binance navigates challenges and faces scrutiny, the spotlight shines on Yi He, leaving us to ponder the future direction of one of the world’s largest cryptocurrency exchanges.

Crypto

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