Yi He, co-founder of Binance, took to social media to discredit growing concerns surrounding the exchange. She shared a screenshot of the company’s transparency chart. DeFillamahighlighting Binance’s dominant position in the market with IOU and TVL (Total Value Locked) assets worth $75 billion and $67 billion respectively.
Posts about FUD (fear, uncertainty and doubt) started piling up on Twitter following the recent resignation of Changpeng Zhao as the company’s CEO and chairman.
According to some news sites, Binance is reportedly facing massive withdrawals and loss of market leadership. In an effort to reassure customers, she urged everyone to do their own research (DYOR), citing the current era of “highly transparent information.”
Yi He’s statement was clear: “Alarmist talk will not kill Binance, it will only make more people support Binance. Only the desperate and without a vision of the future resort to FUD against Binance on Twitter to gain attention.”
If you don’t know what FUD is, you’re poor.
—CZ.founder #Binance #CZquotes pic.twitter.com/s9XP5Yyxm5
— CZ 🔶Quotes🗣 (@520bnb) December 9, 2023
Despite a billion dollar lawsuit, Binance remains in the lead
Complications for Binance increased in late November when the exchange and Zhao admitted guilt to money laundering charges filed by several U.S. financial authorities, including the Treasury Department, the Justice Department and the Commodity Futures Trading Commission.
To resolve the situation, Binance agreed to pay approximately $4 billion in fines.
Records from the US Department of Justice show that Binance violated the Bank Secrecy Act by failing to properly register as a money transmission company. Although Zhao had to resign from his position at Binance US, Yi He’s name was left out of the allegations.
Despite his active presence since the company’s founding, few details are known about his exact role at Binance. She describes herself as a “customer service director,” a position that has been questioned given her previous claims that she does not manage customer service.
In 2022, a Reuters report spoke of an alleged romantic involvement between Zhao and Yi He, suggesting that the couple have two children together. Zhao reacted angrily to the report, noting that details about his children should not be in the public interest.
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Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
