Yi He’s Journey: From Rural Struggles to Crypto Stardom
Childhood in Sichuan
In the 1980s, Yi He’s daily life in a remote village of Sichuan was marked by simplicity and hardship. As a girl, she walked to the well for water and relied on kerosene lamps to light her home. The loss of her father at a young age only deepened her challenges. At 16, she took on various odd jobs, including promoting soft drinks outside supermarkets, showcasing her early entrepreneurial spirit.
Rise to Fame
Fast forward to today, Yi He has transformed from that girl with humble beginnings into a celebrated figure, a multibillionaire with a reported 10% stake in Binance, the world’s largest cryptocurrency exchange. As a co-founder and senior executive, she wields considerable influence in a field that is revolutionizing global finance. Despite her success, her journey has not been without difficulties, particularly with the recent challenges facing Binance.
Changpeng Zhao and Binance’s Crisis
The crypto world was rocked when Changpeng Zhao, Yi He’s co-founder and partner, was incarcerated as part of a $4 billion plea deal with U.S. authorities. This monumental event not only impacted Binance but also added personal turmoil for Yi He, as Zhao is also the father of her young children. The dual nature of her struggles speaks to the complexities of balancing personal life with significant professional responsibilities.
Resilience and Recovery
Though the episode posed significant challenges for Binance, the company has rebounded impressively. Zhao has since completed his sentence, and Binance has continued to lead the market, a testament to Yi He’s resilience and strategic vision. Transitioning into a more public role, she has taken it upon herself to steer the company forward, which reflects her dedication to its mission.
Communication Skills and Customer Focus
Yi He acknowledges that her journey has been shaped by her experiences and the connections she makes with customers. Her recent foray into learning English—an endeavor she began only four years ago—demonstrates her commitment to effective communication. In interviews, she employs a translator as necessary, deftly navigating both cultural and linguistic divides.
At Binance, her marketing acumen has been crucial. Yi He emphasizes the importance of listening to customer feedback on platforms like Telegram and WeChat. She insists that all employees undergo training in customer service, ensuring they understand the client’s perspective. This customer-centric approach has played a vital role in Binance’s rapid ascent.
Empathy and Connection
In a memorable story, Yi He recalls a university student who sent $500 worth of cryptocurrency to the wrong wallet—a mistake that usually results in lost funds. Taking the time to retrieve the funds for the student, she demonstrated her understanding of the small but significant burdens that affect many users. "It’s a small figure for you but everything to me," the student said—a sentiment Yi He relates to deeply due to her own past.
Navigating Public Perception
Interestingly, Yi He’s rise to prominence has not come without scrutiny. In China, rising above one’s background can invite disdain rather than admiration. Former colleague Eowyn Chen notes that Yi He often encounters disparaging remarks on social media, but responds with unwavering confidence, encouraging others to follow her lead: "Sure, I came from a crappy background and made good, so why don’t you do the same?"
Building Binance’s Brand
When Zhao launched Binance in 2017, he had already cultivated a dynamic public persona as "CZ." Yi He played a pivotal role in attracting Zhao to join her at OKCoin, a precursor to Binance, where they both honed their skills in operating a large crypto exchange. Their complementary backgrounds—both having faced hardships—have undoubtedly contributed to their synergy as business partners and collaborators.
Post-Crisis Leadership
By early 2023, Binance faced increasing pressure from the U.S. government, particularly after the FTX collapse. The Justice Department’s settlement dealt both a financial and reputational blow to the company, yet Yi He’s leadership has remained a critical factor. Under the guidance of new CEO Richard Teng and executives, Binance is working to implement compliance measures in a bid to reshape its public image.
Future of Crypto
Looking ahead, Yi He’s vision for the cryptocurrency space is expansive. She believes the integration of crypto into the traditional financial system is inevitable, akin to how the internet disrupted various industries. Through stablecoins and blockchain technologies, she predicts a symbiotic evolution of both realms over the next five to ten years.
Personal Reflections
Reflecting on the rapid changes in her life, Yi He finds herself in a constantly transforming landscape—both personally and professionally. From her early days without basic amenities to her contemporary role in a global digital revolution, she embraces the journey with a sense of pride and determination. Drawing from her experiences, she shares a Mongolian proverb: “Since you have spoken well, do not speak of pain. If you speak of the good, do not mention the pain.” This encapsulates her approach to navigating both struggles and successes.