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A low-profile but highly influential senior executive at Binance has spoken out as the company launches a legal battle against two top market regulators in the United States.
Yi He, who boasts of vast wealth as one of the company’s initial shareholders, also has children with Binance CEO Changpeng Zhao (CZ).
SEC lawsuit
He spoke to Bloomberg in a series of interviews — one of which took place in Dubai last month, shortly before the Securities and Exchange Commission (SEC) launched a 136-page lawsuit against his company.
At the time, the Commodities and Futures Trading Commission (CFTC) had already sued the company over some overlapping allegations, such as serving US-based clients from its international platform. She struck a chord with such regulators, saying she respected their “attitude” and “intentions”.
Yet, she still thinks their actions are misguided. “If they took the time to really understand our industry, they would see that if Binance is not compliant, practically no other global trading platform or offshore company is,” he said.
Binance published a blog post Thursday underscored the extent to which it tries to maintain compliance with legal regulations around the world. The company’s 8,000-person workforce includes “750 core and supporting compliance staff” including “former law enforcement officers, regulatory, crypto, fintech and traditional banking compliance specialists”.
The exchange is known for having no formal headquarters, thus making it theoretically difficult to sue or regulate. It has also been criticized for being shrouded in obscurity, from its governance structure to the management of customer assets.
According to him, Binance provides more transparency than its critics often claim and tries to cooperate with regulators rather than avoid them. “The rule of thumb is inevitable on a global scale,” he said. “It’s not something you can solve by shouting ‘fight’ a couple of times.”
Yee Hee and CZ: What’s up?
His history with CZ dates back to his stint at OKCoin in 2014, where he later hired him as Chief Technology Officer (CTO). CZ later asked him to become an advisor at Binance in 2017, where he helped rewrite parts of the company’s whitepaper.
She is also the mother of CZ’s children – an open secret among crypto industry insiders. “What do they call it in the entertainment industry? CP?” When he was questioned on this subject, he said. CP is a Chinese Internet slang word for ‘shipping’.
He referred to Zhao less as a romantic partner and more as a “comrade in arms”, dismissing comparisons to his relationship with failed FTX and Alameda CEOs Sam Bankman-Fried and Carolyn Ellison.
In fact, she claimed that her and CZ’s relationship has gone beyond dating to some extent. “A co-founding relationship is about camaraderie, a dating relationship is about chemistry. The first is based on shared beliefs and transcends gender, the second is based on physical attraction and selfish desires,” she said.
Featured Image Courtesy of Bloomberg
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off fees on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
[ad_1]
A low-profile but highly influential senior executive at Binance has spoken out as the company launches a legal battle against two top market regulators in the United States.
Yi He, who boasts of vast wealth as one of the company’s initial shareholders, also has children with Binance CEO Changpeng Zhao (CZ).
SEC lawsuit
He spoke to Bloomberg in a series of interviews — one of which took place in Dubai last month, shortly before the Securities and Exchange Commission (SEC) launched a 136-page lawsuit against his company.
At the time, the Commodities and Futures Trading Commission (CFTC) had already sued the company over some overlapping allegations, such as serving US-based clients from its international platform. She struck a chord with such regulators, saying she respected their “attitude” and “intentions”.
Yet, she still thinks their actions are misguided. “If they took the time to really understand our industry, they would see that if Binance is not compliant, practically no other global trading platform or offshore company is,” he said.
Binance published a blog post Thursday underscored the extent to which it tries to maintain compliance with legal regulations around the world. The company’s 8,000-person workforce includes “750 core and supporting compliance staff” including “former law enforcement officers, regulatory, crypto, fintech and traditional banking compliance specialists”.
The exchange is known for having no formal headquarters, thus making it theoretically difficult to sue or regulate. It has also been criticized for being shrouded in obscurity, from its governance structure to the management of customer assets.
According to him, Binance provides more transparency than its critics often claim and tries to cooperate with regulators rather than avoid them. “The rule of thumb is inevitable on a global scale,” he said. “It’s not something you can solve by shouting ‘fight’ a couple of times.”
Yee Hee and CZ: What’s up?
His history with CZ dates back to his stint at OKCoin in 2014, where he later hired him as Chief Technology Officer (CTO). CZ later asked him to become an advisor at Binance in 2017, where he helped rewrite parts of the company’s whitepaper.
She is also the mother of CZ’s children – an open secret among crypto industry insiders. “What do they call it in the entertainment industry? CP?” When he was questioned on this subject, he said. CP is a Chinese Internet slang word for ‘shipping’.
He referred to Zhao less as a romantic partner and more as a “comrade in arms”, dismissing comparisons to his relationship with failed FTX and Alameda CEOs Sam Bankman-Fried and Carolyn Ellison.
In fact, she claimed that her and CZ’s relationship has gone beyond dating to some extent. “A co-founding relationship is about camaraderie, a dating relationship is about chemistry. The first is based on shared beliefs and transcends gender, the second is based on physical attraction and selfish desires,” she said.
Featured Image Courtesy of Bloomberg
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off fees on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
