The cryptocurrency industry has evolved dramatically since its early days. What once began as a niche movement driven by ideological believers has matured into a global financial ecosystem with real-world applications, institutional participation, and complex technological innovation. At the heart of this transformation stands Binance — one of the most influential players in the space.
In a candid conversation reflecting on over a decade in crypto, Binance co-founder He Yi shares insights into the platform's investment philosophy, listing standards, regulatory challenges, and long-term vision for the future.
The Spark That Started It All
He Yi’s journey into blockchain began not with technical expertise, but with a philosophical question: What is money?
Back in 2013, when Bitcoin surged past $1,000, it wasn’t just the price that caught her attention — it was the implications. That moment sparked a deep personal reflection on value, trust, and financial systems. It led her to leave behind a stable career at Phoenix TV and dive headfirst into an emerging world few understood.
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Her first real test came quickly. Shortly after joining OKCoin in 2014, the infamous Mt. Gox collapse sent shockwaves across the industry. Prices plummeted from over $1,000 to below $100 practically overnight. Liquidity dried up. Panic set in.
"You just sat there watching the numbers crash — one level after another. There was nothing you could do."
Yet through that crisis, He Yi saw something powerful: resilience. Over the next decade, the industry matured. Talent diversified. The narrative shifted from “get-rich-quick” schemes to sustainable innovation.
What Drives Binance’s Investment Strategy?
With thousands of projects launched each year, Binance has become a key gatekeeper in determining which ideas receive visibility and support.
But what criteria guide their investment decisions?
1. Long-Term Vision Over Short-Term Gains
For Binance, the most critical factor is whether founders operate with long-term conviction. Projects built around quick exits or “lambos and beaches” mentalities are filtered out early.
“If someone’s goal is to cash out and disappear, they’re no different from gamblers.”
Sustainable innovation requires patience, persistence, and belief in the technology’s potential beyond price movements.
2. Founder & Team Capability
Technical skills matter — but so does team composition. Binance looks for complementary skill sets: developers paired with product thinkers, marketers aligned with visionaries.
Equally important is the ability to iterate and adapt. Founders who learn from failure, respond to feedback, and evolve their models stand out — even if they start with limited resources.
3. Ecosystem Diversity Through Broad Support
Binance doesn’t aim for perfection. Instead, it embraces a diversified approach — investing in hundreds (possibly over a thousand) projects across stages and regions.
“Traditional VCs expect nine out of ten bets to fail. We’re not chasing 100% success rates — we’re fostering innovation.”
This strategy aligns with the belief that true progress comes from experimentation, not centralized control.
While North American investors like a16z dominate headlines, He Yi notes that Asian projects often face structural disadvantages despite strong fundamentals. Binance aims to close that gap by backing promising teams regardless of geography.
Debunking Myths: Is There a "Rug Pull" Culture at Binance?
One persistent rumor surrounds "insider trading" or "pig butchering" schemes — allegations that Binance lists tokens based on internal profit motives rather than merit.
He Yi firmly denies this:
“If a token is already widely rumored to be listing on Binance, it often won’t make it.”
Why? Because leaks can distort markets and create unfair advantages. To prevent manipulation:
- Listings follow strict internal review cycles.
- Decisions require multi-layered consensus — no single person controls approvals.
- The time between decision and launch is minimized to reduce speculation windows.
Core Listing Criteria Include:
- Technical foundation: Is the project built on secure, scalable architecture?
- Market demand: Does it have genuine user interest and community traction?
- Investor backing: Reputable institutional support reduces rug-pull risks.
- Project longevity: Can it sustain development beyond initial hype?
Despite these safeguards, criticism remains inevitable:
- List a VC-backed project? Accused of favoring elites.
- Reject weak projects? Blamed for suppressing innovation.
- List meme coins? Called out for enabling speculation.
But with half of top trading volume now dominated by meme assets, not listing them risks losing users to competitors.
“We don’t control market sentiment — we respond to it.”
And while returns once reached triple-digit multiples during bull runs, today’s reality is different. High-alpha opportunities are shrinking due to increased competition and transparency.
Users must adjust expectations: crypto is no longer a wild west frontier — it’s becoming a mature market.
Navigating Regulation and Building Sustainable Growth
Binance isn’t immune to crises. From domain suspensions to AWS outages, every stage of growth brought new threats.
But the biggest challenge ahead isn’t technical — it’s regulatory alignment.
“We want to be part of the internet economy — not the darknet.”
To achieve that:
- Binance prioritizes compliance across jurisdictions.
- Invests heavily in KYC/AML infrastructure.
- Engages proactively with policymakers.
Stablecoins were explored but shelved due to high regulatory barriers. Web3 wallets remain a focus — though not as regulatory loopholes.
“Using wallets as Plan B for off-exchange trading won’t avoid scrutiny.”
Instead, Binance sees Web3 wallets as tools for expanding access to staking, DeFi interactions, and chain-native services — especially for users underserved by traditional platforms.
FAQs: Addressing Common Questions
Q: How many tokens has Binance actually invested in?
A: While exact figures aren't public, He Yi estimates involvement in well over 1,000 projects. However, most receive only minor stakes — often less than 0.1% — emphasizing broad support over control.
Q: Are meme coins harmful to the ecosystem?
A: Not inherently. They attract new users and capital. The key is balancing entertainment-driven trends with fundamental innovation.
Q: Does Binance favor projects with VC backing?
A: While investor support adds credibility, it's not mandatory. Community-driven projects with strong utility and adoption are equally considered.
Q: Why doesn’t Binance list fewer tokens?
A: With only around 30 new listings annually — far fewer than some rivals — Binance already maintains a selective pace compared to other major exchanges.
Q: Can crypto survive without regulation?
A: No. Long-term viability depends on trust, transparency, and collaboration with legal frameworks worldwide.
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The Road Ahead: From Founder-Led Startup to Institutional Powerhouse
He Yi acknowledges that Binance can’t rely forever on founder charisma or rapid decision-making. To endure, it must evolve into a resilient organization capable of nurturing future leaders.
“When do you stop being ‘small’ and become ‘big’? When your actions create positive change — no matter the scale.”
This mindset echoes her belief in “helping others succeed.” True impact isn’t measured in market share alone — it’s reflected in how many innovators the ecosystem empowers.
Looking forward, two forces will shape crypto’s next chapter:
- AI integration: Already drawing significant personal study from He Yi, AI may redefine everything from smart contracts to user interfaces.
- User education: Initiatives like Binance Square aim to onboard curious newcomers with accessible content — turning passive observers into informed participants.
Final Thoughts: Belief Fuels Innovation
He Yi’s message is clear: innovation thrives where belief persists.
Back in 2017, critics mocked BNB as “just another exchange token.” Today, it powers one of the largest blockchain ecosystems on Earth.
“You have to keep doing what you believe in — even when others laugh.”
Crypto’s journey isn’t about constant upward momentum. It’s about solving real problems, surviving crises, and building tools that outlast hype cycles.
As He Yi puts it:
“Blockchain isn’t just technology — it’s a mission.”
And for those willing to walk the long road, the rewards go beyond wealth — they include the chance to help reshape finance for billions.
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