Exclusive Interview with He Yi Discussing the Development of Binance and Professional Women from a Female Founder’s Perspective

Insider Conversation with He Yi A Female Founder's Take on Binance's Growth and the Advancement of Women in the Professional World

Source: Medium; Compilation: Frank, Foresight News

Authority Magazine: Can you tell us a bit about your “background story”? What led you to pursue this unique career path?

CZ: I co-founded Binance in 2017 because I saw the opportunity to provide others with greater financial access and freedom through the use of cryptocurrency and blockchain technology. Currently, as the Co-founder and Head of Binance Labs (Binance’s incubator and venture capital department), I am responsible for leading business, investments, marketing, and brand strategy.

Over the past six years, I have worked in many different fields and held various positions. The business departments I have led have covered marketing, customer service, mergers and acquisitions, and investments. Now, as the company matures, I am able to bring all of my experience and expertise into a more “coaching” role. Throughout this entire process, my ultimate goal has remained the same: to ensure and maintain the long-term success of the company, benefiting the users.

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Without users, we wouldn’t exist. Users are at the core of everything we do.

Prior to co-founding Binance, I served as Vice President of Yixia Technology, a mobile video technology company that developed popular mobile applications such as Meipai, Xiaokaxiu, and Yizhibo. During that time, I was in charge of leading brand strategy and marketing operations, and played a crucial role in driving the company’s valuation to over 3 billion US dollars in financing strategy.

From 2014 to 2015, I was also a co-founder of another cryptocurrency exchange (Note from Foresight News: CZ was a co-founder of OKCoin). Before entering the blockchain field, I was a television anchor for a TV station. Prior to that, I worked as a teacher and an assistant psychotherapist.

I come from a humble background, growing up in a small province in China where economic opportunities were scarce and higher education was rare. Most people in my hometown dropped out of school and went to work in factories before they turned 16. I questioned the nature of money and read many books, but didn’t find the answers until 2013 when I first encountered Bitcoin and saw a path that could effectively solve global economic barriers.

This ultimately led me to co-found Binance in 2017 and aspire to change the future of finance. As a Co-founder of Binance, I have led the business strategy, helping Binance become the world’s largest cryptocurrency exchange within six months of its launch, and transforming Binance from a single platform limited to cryptocurrency trading in the early days into a global blockchain ecosystem with a user-centric unique model.

Throughout my entire career in the cryptocurrency industry, I have been passionate about increasing transparency and accountability, and increasing the economic freedom of the industry through all my efforts as a leader in the field. Based on my own upbringing, I have developed a fervent belief in creating better wealth distribution and increasing financial freedom through the fundamental means of cryptocurrency/blockchain.

My belief, which I have always stuck to, is to do things that have value.

Authority Magazine: Can you share the most interesting story that happened to you since you started leading Binance?

He Yi: In September 2017, during my first month at Binance, China implemented a policy banning cryptocurrency exchanges. At that time, myself and the founding team of Binance were stationed in Shanghai from July to September 2017, when the company was in the early stages of development.

Therefore, the policy change forced us to exit the Chinese market and venture into the global market. This also meant leaving behind the comfort zone of culture and language and needing to learn English as well as the different cultures and business cultures around the world. Despite the setbacks in the industry, we decided to continue to persist and fully engage in cryptocurrency. Even in the face of enormous challenges, my belief in the immense potential of cryptocurrency remains steadfast.

Authority Magazine: Can you share the most interesting mistake you made when you first started your entrepreneurial journey? Can you tell us what lessons you learned from it?

He Yi: It’s not a mistake, but rather a practice that can sometimes be controversial. We were one of the first companies in the industry to help users recover lost or mistakenly sent cryptocurrencies to the wrong address/blockchain network. We put in more effort for users compared to other companies at that time, but some industry insiders thought we were intervening too much.

As most cryptocurrency traders and industry insiders know, it is difficult to recover funds sent to the wrong address or to reclaim funds from scam schemes or rug pulls. Many rug pulls are related to DeFi projects and are listed for trading on DEX platforms, where governance decisions are coordinated by the community and require approval from their network validators.

Binance is a centralized exchange and cannot control funds in the decentralized ecosystem, but we support the community as much as possible by blacklisting the attacker’s address (which requires approval from network validators) and assisting law enforcement agencies in investigating and identifying wrongdoers. For this purpose, we have dedicated a significant amount of time and resources to our internal security and investigation teams. User-centricity is our top priority, and our main mission is to protect them and the ecosystem.

Most of the time, we receive gratitude and positive feedback from users. However, in certain cases, users expect quick resolution of their issues and may blame us for not providing timely or sufficient assistance. Looking back, these are interesting reflections and learning opportunities, reminding us that doing the right thing sometimes backfires. But we always learn from all criticisms, persist in doing the right thing even if it means additional challenges, and always uphold the core value of being user-centric.

Authority Magazine: No one’s success can be achieved without help along the way. Is there someone in particular that you are grateful for, who helped you achieve where you are today? Can you share a story about it?

He Yi: CZ, the founder and CEO of Binance.

Binance has seen rapid development and has become a leading global cryptocurrency platform in a short period of time. During this fast-paced growth, there are times when I push too hard, and CZ provides me with direct and constructive feedback. This helps me stay grounded and ensures that I and my team are doing the right things, which helps me grow quickly and reflect, gradually becoming more mature.

Authority Magazine: According to a report by Ernst & Young, currently only about 20% of funded companies have female founders, which reflects significant historical progress, but also indicates that more work needs to be done to empower women to start companies. From your perspective and experience, what are the main barriers preventing women from starting companies?

He Yi: In many industries, you will find that the proportion of women in leadership positions is very small. The fundamental reason is that societal expectations limit women’s personal and professional development, and people are often influenced by their environment, shaped by social norms and values.

Many women don’t speak up or pursue leadership positions because their families, schools, or friends do not encourage them to do so. I suggest that women should adopt a more proactive attitude and seize opportunities. If they don’t try, they will never know what they can do. In the tech industry or other emerging industries, women can be bolder and take more risks. Through education and opportunities, women should constantly challenge themselves and know that they can become successful leaders. I encourage women to bravely embrace challenges.

There are indeed obstacles that hinder women’s progress, and overcoming these obstacles requires tremendous effort. The good news is that we see more and more female leaders playing important roles in the cryptocurrency industry.

As for Binance, we have an internal culture and various efforts to support female leadership and employees, including external programs for women in tech (education and scholarships) to encourage more women to embrace and engage in the cryptocurrency and innovation industry.

Authority Magazine: Can you help clarify some things that individuals, society, or governments can do to help overcome these barriers?

He Yi: For individuals,

1. You should develop your personal abilities and skills and maintain lifelong learning, which is how you compete and succeed;

2. Be confident and assertive in character, have a strong mindset. Even under the pressures of life, work, and being a social woman, keep moving forward and trying. Do not be ashamed of your ambitions, be true to yourself, and do not let others underestimate your abilities, especially yourself, as your own thoughts can become a battlefield;

3. Do not overly focus on your identity as a woman, but focus on your output and completing tasks;

For society, we need to encourage gender diversity in the workplace by promoting equal access to educational resources, such as creating inclusive learning environments and providing guidance and networking opportunities for women. In our day-to-day work, we should challenge gender stereotypes. Emerging and innovative industries like the cryptocurrency industry often provide more opportunities for people, and I encourage more women to boldly join in.

At Binance, we recognize the value of bridging the gender gap and have been actively working to narrow it. Currently, over 35% of our senior leadership, including executives and managers, are women. Our organization provides a highly supportive environment for the success of female executives and employees, including promotion opportunities after maternity leave. As long as they have strong capabilities and performance and can successfully lead a team, many women at Binance have gone through this situation and received promotions.

Authority Magazine: As a female founder, can you share a few reasons why there should be more female founders?

He Yi: True equality can only be achieved when there are enough female founders in the world to eliminate discussions and topics like “why there should be more female founders.” Breaking the glass ceiling for women means genuine equal opportunities from an ideological standpoint.

There are no actual differences in skills and abilities between women and men. Regardless of gender, everyone has unique talents. Women should not be limited by society, environment, and history. Their talents should be encouraged, not suppressed. More female founders can inspire more women to bravely pursue their dreams. In this process, we will see a more diverse and vibrant entrepreneurial environment, giving rise to more innovative ideas and further global development.

In addition, women make up half of the world’s population. Having diverse teams and leadership allows us to have a comprehensive perspective, not limited to a specific demographic. The world is more globalized than ever before, and diverse perspectives are crucial for achieving success.

Authority Magazine: What “myths” about entrepreneurs would you like to dispel? Can you explain what you mean?

He Yi: Positive “myths”: Seeing the success and achievements of founders, the reality behind the scenes is that we work hard every day, non-stop, to continue developing our strengths and achieving “rapid” growth.

One taboo “myth”: Successful women or founders using their appearance to gain more opportunities or that it is the result of their accomplishments. This is discrimination. Personally, I don’t care about people’s criticism of me, whether it’s a myth or a misunderstanding. I don’t live for others and clearly understand who I am. Successful founders and leaders continuously break the myths, misconceptions, and stereotypes they face every day.

Authority Magazine: Does everyone have what it takes to be a founder? In your opinion, what specific traits increase the likelihood of someone becoming a successful founder, and what kind of person might be better suited as an employee seeking a “regular job”?

He Yi: Founder Traits – Successful founders are lifelong learners. They have ambition, boundaries, and strong execution skills. They know that their background is not important, but rather their skills and abilities to make effective decisions, especially in situations of uncertainty. When faced with the unknown, they know that perseverance is more important than giving up. Entrepreneurship is full of uncertainty and requires making the right decisions in challenging situations with limited information. They understand the importance of boundaries and the importance of rapid iteration and execution.

Types of work – Most young professionals start their careers with “regular jobs.” They should begin their careers by striving to have a comprehensive understanding of the world. This will allow them to gain experience in different fields and a better understanding of themselves and the nature of work. In this way, they will learn how to handle pressure and possess qualities such as foresight and strong execution.

Binance has a startup culture that encourages internal entrepreneurship, allowing people to challenge themselves and start their own projects in a relatively low-pressure environment. We are willing to hire employees with entrepreneurial experience because they are more likely to have a better understanding of themselves and their abilities.

Authority Magazine: What are your “5 things I wish someone told me before I started my own business”? Why (please share a story or example for each)?

He Yi: There is only one. Do not indulge in regret and accept negative or positive outcomes with grace, as it is part of life and will always provide valuable experiences.

I prefer to stay aligned with stakeholders, maintain transparency, and accept all potential outcomes after making decisions. While some may seek more knowledge or advice before starting a project, I believe that failure and difficulties are essential for personal growth, and we cannot fully understand them unless we experience them firsthand.

Authority Magazine: How do you use your success to make the world a better place?

He Yi: When I co-founded Binance, we helped reshape the cryptocurrency industry to be more user-centric. For example, we significantly reduced transaction fees to benefit more users. We also pioneered a leading customer service system in an industry that was just starting to grow, helping users resolve issues in a timely manner. Essentially, the focus of the cryptocurrency industry is to improve efficiency today, which aligns with our mission to promote monetary freedom and our unique user-centric culture.

In addition, I have helped create Binance Labs, our venture capital and incubation department, to give back to the industry and expand adoption by supporting and investing in powerful projects and startups with long-term growth potential. We have invested in cryptocurrency and Web3 projects, managing over $9 billion in total assets, with over 250 portfolios from 25 countries across 6 continents, and incubating 50 projects.

We have helped many young entrepreneurs and startups establish and grow their businesses, which is the driving force behind Binance Labs and Binance.

During my time in leadership at Binance, I have also committed and worked towards giving back to the community, including leading the creation of our charity department, the Binance Charity Foundation. The Binance Charity Foundation is the first blockchain-driven non-profit organization dedicated to promoting transparent philanthropy. To date, we have donated over $30 million through a range of global sustainability efforts, including charitable work and donations to help alleviate poverty and economic inequality, and increase education and opportunities for women.

We have initiated numerous charity activities, such as the “Children’s Lunch Program,” the “Web3 Scholarship,” the “Pink Care Project” (an initiative to address the social impact of period poverty), and more.

Authority Magazine: You are an influential person. If you could launch a movement that would bring the most amount of good to the most amount of people, what would it be?

He Yi: Many years ago, someone asked me what kind of person I wanted to be. I said I wanted to be someone who could change the world.

So far, I have made some small efforts aimed at bringing positive change to the world, but it is not enough. I will continue to do more on this path.

Cryptocurrency makes money more efficient, and I want to help more people (including regulators and key stakeholders) see its true value and how it can improve lives across society.

Mainstream adoption of cryptocurrency will bring tremendous benefits to the majority of people. It is an effective way to promote financial inclusivity and improve lives for greater well-being. I believe that within 10 years, cryptocurrency will become a standard part of daily life, like mobile phones or electronic payments. It will transmit in the global value chain, just like the internet transmits information. We are just beginning, and we hope to further promote financial freedom and fairness through cryptocurrency, thereby improving the lives of more people.

Authority Magazine: Is there a person, living or dead, that you would like to have a private breakfast or lunch with? Why?

He Yi: Overall, I would like to have dinner with successful individuals from various fields and learn from them, especially those who are industry pioneers. For example, Elon Musk, who embodies first principles thinking and constantly pushes boundaries; Jeff Bezos, who emphasizes long-term thinking; Sheryl Sandberg, who empowers many women in the workplace.

In addition, I admire Lady Gaga and Angelina Jolie. They remain true to themselves, ambitious, and independent even in the face of criticism.

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