Binance co-founder Yi He held at least a 10% share in Binance’s Cayman Islands holding company, according to a new report by WSJ.
A former talk-show host, Yi He, reportedly holds significant influence over the marketing and investment sectors of the company. She also assumes the role of the largest shareholder within the firm in the absence of CEO Changpeng “CZ” Zhao.
Yi He’s Influence on Binance
The WSJ report made several interesting claims, including Yi He proposing a project to establish a movie studio akin to Netflix and envisioning a Marvel Cinematic Universe-style series featuring early Binance employees as heroes. However, this idea was ultimately abandoned.
Under her leadership, Binance instead launched “Build the Block,” a series resembling “Shark Tank,” where crypto entrepreneurs pitched for Binance investment. The show featured computerized avatars for contestants and judges, marking it as the first metaverse-based reality show. Despite Yi He’s involvement as a guest judge in the debut episode, the show faced challenges, and a producer assigned to it was laid off.
Throughout 2022, Yi He advocated for a Binance project selling digital identities from Palau to outsiders for $248, aiming to provide access to the firm’s trading platform for residents in countries where it was restricted. Despite warnings of reputational and legal risks, she persisted in pursuing the plan, aiming to create a backdoor for Chinese users. The company later claimed not to have proceeded with any partnership after conducting due diligence.
CZ Not Allowed to Leave United States
Yi He appears to be steadily inching closer to the spotlight. CZ, on the other hand, is still not allowed to leave the United States as ordered by a federal judge, pending his sentencing hearing.
During a hearing on December 29 in the U.S. District Court for the Western District of Washington in Seattle, Judge Richard Jones rejected a request from CZ to travel abroad. The specific grounds for this second motion were undisclosed to the public, as the court sealed the information, but the former Binance CE’O’s legal team hinted that it was related to “medical information regarding Mr. Zhao’s child.”