Time: April 8, 2025
Event Name: Hong Kong Crypto Finance Forum
Host: Vito, Founder of MetaEra
Guest: He Yi, Co-founder of Binance
On April 8, at the recently held Hong Kong Crypto Finance Forum, He Yi, co-founder of Binance, participated in a fireside chat online with Vito, founder of MetaEra, discussing Binance's development path and new trends in crypto finance.
He Yi first responded to the reason for her recent "high-frequency presence" on social media, stating that founders must be on the front lines, listening to user voices and sensing industry changes. She also candidly mentioned that whether it is product development, community building, or compliance communication, it should return to the core question: "Are we solving real problems for users?"
In her sharing, she expressed her views on the currently popular niche markets: rather than blindly chasing concepts, it is better to pragmatically address needs; a clear business model and users willing to pay are essential for a Web3 project to truly sustain itself in the long run.
Below is the complete transcript of the conversation:
Opening
Vito:
Hello everyone, welcome to today's fireside chat. We are very honored to have Ms. He Yi, co-founder of Binance, with us to discuss "New Trends in Crypto Finance from the Development of Binance."
On the Reason for Returning to Social Media
Vito:
Since the beginning of this year, especially after the Lunar New Year, we have observed a noticeable change: you have started to be very active on X (Twitter), which is a stark contrast to the past few years, leading some to even suspect that it is being managed by someone else. Could you share what changes have occurred behind the scenes?
He Yi:
Long-time users of Binance may know that I have always referred to myself as the "Chief Customer Service Officer." Since 2017, I have been active in various WeChat groups, Weibo, and other social media platforms, interacting frequently with users. This interaction allows me to more keenly identify product issues and user demands and relay them back to the product team in a timely manner.
Now, the "Founder Model" is popular in Silicon Valley—founders need to be on the front lines. I believe we have been this way from the beginning. However, due to Weibo being blocked, I temporarily withdrew from Chinese social media.
As for the English-speaking community, everyone knows that CZ was very active online in the past. Now that he has stepped down, we found that communication between Binance and users in the Chinese community has become somewhat disconnected, so I returned to the social media "battlefield."
Additionally, I often emphasize to the management team that we actually serve two groups: external users and internal employees. External users need to be heard, and internal employees need to be supported. As managers, we need to create an environment where employees are willing to strive and proudly say, "I work at Binance."
The essence of Binance is three things: first, to create good products; second, to serve users and employees well; third, to communicate effectively with regulators. These three points constitute our core competitiveness.
The Logic and Challenges Behind High-Frequency Interaction
Vito:
Thank you for your sharing, He Yi. I would like to follow up: what phased results have high-frequency interactions brought? Have you discovered any new issues in the process? Will you continue to maintain this high frequency in the future?
He Yi:
I certainly hope to "replicate" many versions of myself, allowing more employees and executives to have the "Chief Customer Service Officer" mindset. If they can do it better than I can, then I can step back from the front lines.
However, the reality is that we have entered the Web3 era, where information dissemination has shifted from "one-way" to "multi-way," and everyone is an information node. This brings the problem of information overload; 99.99% of the information may be useless to you, but that 0.01% of "real gold" is extremely valuable.
Moreover, when everyone is a KOL, information dissemination can easily become distorted or even evolve into rumors. These rumors can be absurd, but you cannot spend time clarifying each one.
Therefore, you need strong willpower and a firm sense of direction. You need to know who you are, where you come from, and where you are going. Negative voices are inevitable, but you must be able to withstand them and realize that this is a "purgatory" that all mature founders must face.
From Sunlight to Alpha 2.0: The Underlying Strategic Logic
Vito:
You mentioned several actions such as the "Sunlight" wallet airdrop and the on-chain launch of Alpha 2.0. Is there a unified strategic logic behind these? What goals are you trying to achieve?
He Yi:
We must acknowledge one point: Binance's wallet does have gaps compared to the top wallets in the industry. When our product strength is not strong enough, we need to work harder in other areas, allowing users to wait for us; we will do better.
Ultimately, any product must return to the core needs of users. Many people clearly separate wallets and exchanges, but in reality, users have long "mixed" these two services.
If a wallet is just a wallet, then why are on-chain wallet users trading, while exchanges cannot act as wallets? I myself am a user who does not trade frequently; my exchange account is my wallet.
Today, many on-chain wallets do not require KYC or anti-money laundering reviews and can trade millions of tokens; while centralized exchanges have higher compliance thresholds and can only list a few hundred coins. This is not a matter of who is better or worse, but rather different choices under regulatory policies.
The reason Binance's wallet is conservative is that we have suffered losses in the past and cannot afford to make compliance mistakes again. This is a responsibility, not "foolishness."
Changes in Industry Trends and Binance's Adaptation
Vito:
So, a series of adjustments by Binance is actually a response to changes in industry trends. What essential changes do you think have occurred in the entire crypto industry?
He Yi:
The industry is indeed changing. In earlier years, cryptocurrency was a small circle of geeks and idealists. But today, even the most mainstream traditional financial systems, such as the U.S. government, are beginning to accept it. Why? Because once technology is proven to be valuable and can enhance efficiency, it can be absorbed and utilized by the mainstream.
The crypto ETF is a symbol; it is a product of the combination of traditional finance and the crypto world. Regulation is also becoming clearer, with more countries and regions introducing specific frameworks.
On the other hand, the crypto industry itself has evolved from the initial public chains and exchanges to a broader application layer, such as stablecoin cross-border payments, DeFi, and even DePIN scenarios, which already have practical use value.
It's like Silicon Valley evolving from the hippies of the 1960s to becoming a technological backbone today. Web3 is similar; it was rebellious in its early days but will eventually mature and serve the public.
Not Getting Stuck on Tracks, Returning to User Needs
Vito:
What do you think about the various "tracks" now—DeFi, RWA, DePIN, etc.? Which direction do you favor more?
He Yi:
I think rather than asking "which track do you favor," it is more important to ask: what problem are you solving? Is there anyone willing to pay for your product?
Many Web3 startup projects have the problem of lacking a business model; they speak in profound terms that users do not understand, and then they just use data to get listed on exchanges. This is not sustainable.
We cannot just chase concepts. Who are you solving problems for? How large is the user base? Is there a real demand for this product? These are the real questions.
I also do not like the labeling distinction of "Web2 vs Web3." Essentially, human nature is the same, and business is also universal. Regardless of whether you use blockchain, as long as you can create truly useful products that are willing to give back to the community, you deserve respect.
Successful companies share several common points:
- Timing: Being on the right side of the era;
- Location: Doing what you are good at correctly;
- Team: Having a reliable team;
- Extreme Willpower: Being able to withstand all difficulties.
Look at Nvidia, Tesla, and even Binance; many times we have "escaped from death," but it is precisely because we persisted one step longer than others that we survived.
Conclusion
Vito:
Thank you, He Yi, for your wonderful sharing! Time is limited today, but the content is very rich. If everyone wants to further follow He Yi's updates, feel free to follow her on Twitter, and also continue to follow MetaEra. Thanks again to He Yi, and thank you to everyone present!
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