Yi He, co-creator of the cryptocurrency exchange Binance, stepped into the limelight recently with a firm stance on the increasing regulations being implemented across the world's crypto landscape. The digital asset titan, known for her influential role within the global crypto space, communicated her perspective to Bloomberg in a recent interview.
The regulatory heat intensified in June when Binance's CEO, Changpeng Zhao, also known to have an undefined relationship with Yi He, found himself at the receiving end of a lawsuit from the SEC. The suit alleges the sale of unregistered securities and misuse of customer funds by Binance. Zhao has been the primary responder to this controversy on social media, with Yi He often backing him up by resharing his posts.
However, Yi He's unique perspective on this issue started to take shape even before the SEC's intervention, with a particularly bold proclamation in May. Speaking from the plush comfort of a five-star hotel in downtown Dubai, she emphasized that the global regulatory authorities lacked a full understanding of their industry. Yi He further argued that if Binance was not compliant, it's likely that no other global trading platform could pass the compliance test either.
While expressing reservations about the US's enforcement-centric regulatory approach, Yi He reiterated Binance's consistent cooperation with government agencies. The SEC, however, disputed this viewpoint, claiming that Binance evaded the necessary oversight, thereby jeopardizing US investor capital's security. Coincidentally, Coinbase, another crypto giant akin to Binance, is grappling with similar charges from the SEC.
Despite these turbulences, Yi He stands firm, stating that the era of unregulated crypto markets has passed. She embraces this shift as a natural progression of the industry rather than a threat, thus sparking significant conversations in the crypto world.