New Trends in Crypto Finance from the Development of Binance

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, Binance co-founder He Yi participated in a fireside chat online, discussing Binance's development path and new trends in crypto finance with MetaEra founder Vito.

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 admitted that whether it’s product development, community building, or compliance communication, it should return to the core point: "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 what can truly support a Web3 project in the long run.

Below is the complete transcript of the discussion:

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 Reasons for Returning to Social Media

Vito:
Since the beginning of this year, especially after the Lunar New Year, we have observed a noticeable change: Sister Yi has started to be highly active on X (Twitter), which is a stark contrast to the past few years, leading some to even suspect if it’s being managed by someone else. Could you share what changes have occurred behind the scenes?

He Yi:
Old users of Binance might 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. Such interactions allow me to more keenly identify product issues and user demands, which I can promptly relay back to the product team.

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 start. However, due to Weibo being blocked, I temporarily stepped back 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: users and 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 am 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 sharing, Sister 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: we have entered the Web3 era, where information dissemination has shifted from "unidirectional" to "multidirectional," and everyone is an information node. This brings the problem of information overload; 99.99% of information may be useless to you, but that 0.01% of "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: this is the "purgatory" that all mature founders must face.

From Sunshine to Alpha 2.0: The Underlying Strategic Logic

Vito:
You mentioned actions like the "Sunshine" 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 indeed have gaps compared to the top wallets in the industry. When product strength is insufficient, we need to work harder in other areas, so that users can 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 been "mixing" 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 checks 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 question of who is better or worse, but rather different choices under regulatory policies.

The reason Binance Wallet is conservative is that we have suffered losses before and cannot afford to make compliance mistakes again. This is 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 currently?

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.

Crypto ETFs are a symbol; they are 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 60s to becoming a technological backbone today. Web3 is similar; it was rebellious in its early days but will ultimately 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’s more important to ask: what problem are you solving? Is there anyone willing to pay for your product?

Many Web3 startup projects face the issue of lacking a business model; they sound profound but are incomprehensible to users, and they just end up getting listed on exchanges after a data hype. This is unsustainable.

We cannot just chase concepts. Who are you solving problems for? How large is your user base? Is there a genuine need for this product? These are the real questions.

I also don’t like the "Web2 vs Web3" labeling distinction. 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:

1. Timing: Being on the right side of the era;
2. Location: Doing the right things you are good at;
3. Team: Having a reliable team;
4. Extreme Willpower: Being able to withstand all difficulties.

Look at Nvidia, Tesla, and even Binance; many times, it’s about "surviving against the odds," but it’s precisely because we persisted one step longer than others that we survived.

Conclusion

Vito:
Thank you, Sister Yi, for the wonderful sharing! Time is limited today, but the content is very rich. If anyone wants to further follow Sister Yi's updates, feel free to follow her on Twitter, and also continue to pay attention to MetaEra. Thanks again to Sister Yi, and thank you to everyone present!