In the 1980s, Yi He faced a life of hardship, fetching water from a well and relying on kerosene lamps for light. Today, she stands as a highly influential figure in the cryptocurrency world, celebrated by millions across China and boasting a fortune attributed to her estimated 10% ownership of Binance, the globe’s largest cryptocurrency exchange. However, her journey has not been devoid of challenges. Last year, Changpeng Zhao, her cofounder and the charismatic CEO of Binance, was sentenced to prison in the U.S. after agreeing to a plea deal involving $4 billion. This incident not only posed significant business challenges for Binance but also brought personal turmoil for Yi He, as Zhao is also the father of her children. Despite these hardships, Binance has managed to remain resilient. With Zhao having completed his sentence, the exchange continues to hold its position at the forefront of the cryptocurrency market. Yi He has played a vital role in this resurgence, transitioning from a behind-the-scenes operator to a more visible leader within the company. In an exclusive interview with Fortune, she shared insights about her remarkable rise from a rural upbringing to becoming a crypto billionaire, the challenges faced during a tumultuous year for Binance, and her aspirations for a rapidly evolving financial landscape.
The Importance of Connection
Throughout her life, Yi He has navigated numerous challenges, including the task of learning English, which she began studying just four years ago in her mid-thirties. During an extensive Zoom discussion, she demonstrated her proficiency, relying on a translator only when faced with complex Chinese phrases. Yi He understands the significance of effective communication, and at Binance, she has earned a reputation for her exceptional marketing and customer service abilities, which contributed to the exchange’s rapid ascent to the top of the industry within a year. She actively engages with Binance users across various platforms, including Telegram, X, and WeChat, and encourages her team to do likewise. In a notable instance, she recounted how she personally intervened to recover $500 worth of cryptocurrency mistakenly sent by a university student to the wrong wallet—an all-too-common error that often results in permanent loss. Yi He empathizes with such situations, drawing from her own experiences of growing up in poverty in Sichuan province, where she lost her father at the age of nine and worked long hours at a supermarket to support her family. While she eventually attended university and became a television host, her modest beginnings enable her to connect with Binance’s clients, many of whom may not have substantial financial means.
Cultural Perspectives on Success
Yi He’s story resonates with themes similar to those found in the American pop culture narrative of Jennifer Lopez’s “Jenny From the Block,” which celebrates staying grounded despite fame and wealth. However, in China, the perception of success diverges significantly. Eowyn Chen, CEO of Trust Wallet and a former colleague of Yi He’s at Binance, explains that the Chinese public often lacks the inclination to cheer for underdogs and may even criticize those who achieve success. Chen reveals that Yi He frequently faces negative commentary on social media and in articles, yet she adeptly counters these attacks by challenging her detractors. “She tells people, ‘Sure, I came from a difficult background and succeeded, so why don’t you do the same?’” said Chen. Recognized by Bloomberg as “the most powerful woman in crypto,” Yi He has ascended to the top of the blockchain industry through a combination of intelligence, determination, and confidence—traits she shares with her cofounder and partner, Zhao.
The Foundation of Binance
When Changpeng Zhao established Binance in 2017, he had already cultivated a significant public identity as “CZ,” a moniker under which he gained widespread recognition. His persona was shaped by bold decisions, such as selling his Shanghai apartment in 2014 to invest in Bitcoin, and actively participating in the vibrant community of Crypto Twitter. Zhao initially recruited Yi He to join Binance after she had previously convinced him to become the chief technology officer at OKCoin (now known as OKX) in 2014. Their shared passion for cryptocurrency was accompanied by a similar upbringing; both faced the challenges of rural education before Zhao’s family immigrated to Canada, where he worked menial jobs during high school. Their professional relationship eventually evolved into a romantic one, and they now collaborate closely as parents and partners in business. Yi He holds at least a 10% stake in Binance’s parent company and co-owns the firm’s venture capital division, YZi Labs. Regarding her personal relationship with Zhao, Yi He opted not to make on-record comments, instead releasing a statement emphasizing the independence of her personal and professional achievements. She highlighted Binance’s expansive user base of 280 million clients, underscoring her significant contributions beyond just her personal life.
Effective Leadership Dynamics
Regardless of the personal dynamics involved, their professional collaboration has proven to be remarkably productive, with Yi He serving a role akin to that of Sheryl Sandberg at Facebook, where she played a crucial part in the company’s growth while providing support to then-CEO Mark Zuckerberg. In this partnership, Zhao has taken on the role of Binance’s charismatic leader and visionary, while Yi He has driven substantial growth through bold marketing strategies, including car giveaways. Her tactics have particularly resonated with the Chinese diaspora as well as within China itself, where cryptocurrency, although officially banned, remains immensely popular due to its ability to circumvent government capital restrictions. A Binance employee, who wished to remain anonymous, characterized Yi He as a demanding but supportive leader who advocates for her team. Yi He articulated that a core principle at Binance is fostering a “founder culture,” a term from the tech sector that reflects the perseverance and ambition of early-stage startups. However, this ethos has also led Binance to adopt a somewhat reckless approach to regulatory compliance, often moving operations to evade scrutiny. While this strategy has fueled extraordinary growth, it has also exposed the company to significant risks, culminating in the loss of its most prominent founder.
Binance’s Transition After CZ
By early 2023, Binance found itself facing intensified scrutiny. In the wake of the FTX exchange’s collapse, the Biden administration ramped up efforts to regulate the cryptocurrency sector, zeroing in on Binance as its largest player. Years of discussions between the company’s attorneys and the Justice Department culminated in a significant settlement announced in September 2023. This agreement mandated that Binance pay a staggering $4.3 billion fine—the largest ever imposed on a corporation—and required Zhao to step down as CEO while admitting guilt for inadequate anti-money laundering practices. Reports from the Wall Street Journal and Reuters indicated that the Justice Department also sought to remove Yi He from the company. Despite these enormous setbacks, Binance retains its status as the leading cryptocurrency exchange under the leadership of Richard Teng, a former top regulator from Singapore. Teng has played a pivotal role in enhancing the company’s compliance standards and reshaping its public image to reflect a departure from its earlier regulatory evasion tactics. Additionally, Binance initiated a formal board structure in January, featuring seven members, including Teng and three independent directors. Despite these changes, a former employee shared that power dynamics at Binance remain largely unchanged, with Zhao, Yi He, and two other early executives still holding substantial influence. This source also noted that Yi He has final authority over personnel and customer experience decisions, although a Binance spokesperson disputed this characterization, claiming the company fosters a culture of employee autonomy. A venture capital firm founder described Binance as operating under an “iron fist,” indicating that despite new legal challenges and the complexities of managing a global enterprise, it is unlikely to lose its market leadership. Recent data from CoinGecko supports this view, revealing that Binance captured 39% of trading volume among centralized exchanges in June, despite the rise of new competitors.
The Future of Crypto Through Yi He’s Eyes
For Yi He, Binance’s continued supremacy serves as a testament to her customer-focused strategy and the founders’ unwavering commitment to cryptocurrency—a revolutionary technology she believes will transform financial systems in a manner akin to the impact of the internet on traditional media. She anticipates that cryptocurrencies will increasingly integrate into conventional finance through tools like stablecoins and blockchain innovations, projecting a future where both sectors are fully intertwined within five to ten years. Reflecting on her personal journey, Yi He recognizes the dramatic technological shifts she has witnessed since her childhood days, when she lived without electricity or running water. In navigating her numerous challenges, she draws wisdom from a Mongolian proverb: “Since you have spoken well, do not speak of pain. If you speak of the good, do not mention the pain.”
