Binance Co-Founder Yi He Speaks on CZ’s Exit and Regulatory Pressures

• Yi He envisions Binance becoming the “Google of Web3.”
• Adhering to advancing international regulations remains a challenge for Binance.
• Changpeng “CZ” Zhao is writing a book on his crypto journey and launching philanthropic projects.

Binance co-founder Yi He has said that growing regulatory pressures and the impact of Changpeng “CZ” Zhao’s exit from the company are some of the biggest challenges facing the exchange.

Binance, Web3’s Google?

Speaking at Binance Blockchain Week 2024 in Dubai, Binance’s co-founder provided insights into her ambitions for Binance, setting her sights on a future where the exchange is something akin to being the “Google of Web3.”

She notes that ten years ago, no one cared about Bitcoin and Web3, but now Binance is a player within the modern financial landscape.

However, crypto is a different industry, so greater cooperation is necessary, as with the traditional financial system. Ironically, she explains that collaboration is key if you want to work in traditional finance.

Regulation and ETFs

Binance is no stranger to regulators around the world, who have taken the exchange to task—or court—over its services, products, and overall operations. Over time, the exchange has been forced to exit or restrict services from major markets.

Notably, it discontinued its exchange services in the U.S. in 2019 and now operates a Binance U.S. that is available in certain States.

In June, Binance found itself in hot water again with U.S. regulators, and several states denied or revoked its most recent application to renew its Binance U.S. money transmitter license.

Binance’s co-founder notes that products like spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) have been positive in broadening the industry’s circle, and these increasing overlaps and innovations suggest that there’s a good year ahead.

On CZ Exit

Regarding the biggest challenges the company has faced in the past year, Binance’s CEO notes that CZ stepping down was a big deal. She explains that as a “startup,” it’s a “big challenge” when your founder steps down.

Fortunately, she notes that Binance has built a robust organization that can reinforce one another, which has allowed the company to maintain momentum despite CZ’s exit. Despite this, she says, Binance has remained an industry leader.