Yi He’s journey from humble beginnings to becoming a prominent figure in the cryptocurrency world is nothing short of remarkable. Growing up in the 1980s, she faced the challenges of fetching water from a well and relying on kerosene lamps for illumination. Fast forward to today, Yi He stands as a multibillionaire and cofounder of Binance, the largest cryptocurrency exchange globally, with a significant 10% stake in the company. Despite her success, the path has been fraught with difficulties, particularly after the arrest of her cofounder, Changpeng Zhao, who faced legal troubles in the United States last year as part of a $4 billion plea deal. This situation posed significant challenges for Binance and for Yi He, especially since Zhao is not only the company’s CEO but also the father of her children. However, Binance has managed to remain resilient; Zhao has completed his sentence, and the exchange continues to thrive as the leading platform in the crypto space. With years of experience behind the scenes, Yi He is now stepping into a more visible role at Binance, sharing her experiences in a rare interview with Fortune regarding her rise from a rural upbringing to a crypto mogul, the challenges faced during Binance’s turbulent times, and her vision for the future of a rapidly evolving financial industry.
Embracing Communication
Throughout her life, Yi He has navigated numerous obstacles, one of which was learning English, a skill she began to develop only four years ago in her mid-thirties. In a lengthy Zoom interview, she articulates her thoughts effectively, resorting to a translator only for complex Chinese phrases. Yi He understands the significance of communication in her role. At Binance, she is celebrated for her marketing and customer service prowess, which played a crucial role in propelling the exchange to its top position within just a year. She remains committed to engaging with Binance customers across various platforms, including Telegram, X, and WeChat, emphasizing the importance of listening to feedback. A notable incident involved a university student who accidentally sent $500 worth of cryptocurrency to an incorrect wallet, a mistake that often results in permanent loss. Yi He took it upon herself to retrieve the funds, recalling how the student expressed gratitude, stating, “It’s a small figure for you but everything to me.” Yi He relates to such experiences due to her upbringing in Sichuan province, where she lost her father at a young age and worked hard to support her family. Although she eventually attended university and pursued a career as a TV host, her modest beginnings allow her to connect deeply with Binance’s diverse clientele.
Contrasting Cultural Narratives
Yi He’s story draws parallels to that of Jennifer Lopez’s “Jenny From the Block,” depicting a successful individual who remains grounded despite fame and fortune—a narrative that resonates well with American audiences. However, this perspective does not translate the same way in China, according to Eowyn Chen, CEO of Trust Wallet and a former Binance employee. Chen points out that the Chinese public is less inclined to support the underdog and more prone to criticize those who ascend socially or economically. Yi He often finds herself the subject of negative articles and online ridicule, but she chooses to respond assertively, challenging her detractors by saying, “Sure, I came from a crappy background and made good, so why don’t you do the same?” Yi He, recognized by Bloomberg as “the most powerful woman in crypto,” has achieved her status through a blend of intelligence, determination, and a touch of bravado—traits she shares with her cofounder and partner, Zhao.
The Founding of Binance
When Changpeng Zhao, known widely as CZ, established Binance in 2017, he had already cultivated a significant public persona. He garnered attention for his bold risks, including selling his Shanghai apartment to invest in Bitcoin, and actively participating in the vibrant culture of Crypto Twitter. Zhao had initially been recruited by Yi He years earlier when she persuaded him to become the chief technology officer at OKCoin (now OKX) in 2014. Their shared enthusiasm for cryptocurrency, along with their similar upbringings in unheated rural schools, laid the foundation for their partnership. Zhao’s background includes minimum wage jobs during his youth in Canada, and he, too, has a penchant for humorously addressing his humble roots. It was during their time at OKCoin that their personal relationship blossomed, and today they work closely together as both parents and business partners. Yi He holds a stake in Binance’s venture capital arm, YZi Labs, and has at least 10% ownership in the parent company, as reported by the Wall Street Journal. Regarding her relationship with Zhao, Yi He opted for a written statement, emphasizing the separation between her personal and professional life, while highlighting Binance’s impressive user base of 280 million customers.
Leading with Strength
Regardless of their personal relationship, their professional collaboration has proven to be highly effective. Yi He has taken on a role comparable to Sheryl Sandberg’s at Facebook, where she contributed to the company’s growth while grounding its charismatic CEO, Mark Zuckerberg. In this context, Zhao has been the larger-than-life figure and visionary behind Binance, while Yi He has driven significant expansion through aggressive marketing strategies. These strategies resonated particularly well with the Chinese community, both domestically and abroad, despite the country’s ban on cryptocurrency, as it remains a popular and easily transferable asset amidst stringent capital controls. A Binance employee described Yi He as a demanding boss who nonetheless supports her team and advocates for her colleagues. She emphasizes a “founder culture” within Binance, a concept that fosters the original drive of a startup. This ethos, however, has sometimes led the company to navigate regulatory challenges with a degree of recklessness, a factor that has contributed to the loss of its most prominent founder.
Post-Zhao Era at Binance
By early 2023, Binance faced mounting pressure. In the wake of the FTX collapse and intensified scrutiny from the Biden administration, the company’s legal team was in negotiations regarding various allegations. In September 2023, the Justice Department announced a monumental settlement requiring Binance to pay a staggering $4.3 billion—an unprecedented fine in corporate history—and mandated Zhao’s resignation as CEO after pleading guilty to insufficient anti-money-laundering measures. Reports indicated attempts to also push Yi He out of the company. Despite this significant setback, Binance remains the leading crypto exchange, now under the leadership of Richard Teng, a former top regulator from Singapore who is implementing compliance measures and reshaping the company’s image. In January, Binance introduced its first formal board structure, comprising seven members, including Teng and three independent directors. Still, insiders maintain that power dynamics within the company have not shifted significantly, with key early executives, including Yi He, retaining substantial influence over decision-making processes, particularly regarding customer service. A Binance spokesperson disputed this characterization, asserting that the company culture encourages employee autonomy. However, a venture capital firm founder described Binance as operating with an “iron fist,” suggesting that despite new legal challenges, the company remains secure in its market dominance. Recent data from CoinGecko supports this, showing Binance commanding 39% of trading volume on centralized exchanges as of June, even amid rising competition.
Looking Ahead
For Yi He, Binance’s enduring supremacy reinforces her customer-centric strategy and reflects the founders’ deep commitment to cryptocurrency as a transformative technology, akin to the internet’s impact on traditional media. She envisions a future where cryptocurrency continues to integrate into the conventional financial landscape through stablecoins and blockchain innovations, predicting a complete convergence within the next five to ten years. Personally, Yi He sees the widespread adoption of crypto as a continuation of the significant technological shifts she has witnessed since her childhood, a time when her home lacked electricity and running water. Reflecting on her experiences, she recalls a Mongolian proverb: “Since you have spoken well, do not speak of pain. If you speak of the good, do not mention the pain.”
