He Yi: Will use personal funds to subsidize users for losses from transferring the wrong currency, Binance plans to increase transfer confirmations to three times

Binance Co-CEO He Yi published a statement regarding an issue where a user mistakenly transferred the wrong cryptocurrency while using two separate apps. Binance is legally unable to directly transfer funds from another person's account, and she will personally subsidize the user's losses caused by the mistaken transfer.

He Yi explained that due to historical compliance reasons, Binance has three completely independently developed local sites, with product architecture and business models different from the main site, primarily focusing on local fiat currency trading. To prevent similar situations from occurring again, the next step will be to add three confirmations during the Binance payment transfer process. Additionally, He Yi stated that open discussions are a driving force for continuous iteration and hopes that peers will pay attention to their users just as they do with Binance. She invited users to submit product suggestions in the comments section, with the activity lasting one week. The product team will select the 10 best suggestions, and each selected participant will receive 1 BNB.