Yi He, a co-founder of the cryptocurrency exchange Binance, expressed her support for Changpeng Zhao (CZ), another co-founder and former CEO of Binance. She stated that CZ has always prioritized cooperation with law enforcement agencies. In her words, if the crypto industry is the "Wild West," then CZ "is the guardian of this wilderness." He made these remarks in a letter of support for CZ, which was filed in court on April 23 ahead of his sentencing on April 30 for a criminal charge related to inadequate anti-money laundering controls at Binance.
"In 2023, which has just concluded, Binance cooperated with the law enforcement authorities of various countries in more than 58,000 case investigations, many of which were initiated by Binance," said Yi He. "This is why although the mainstream media tries to portray CZ as an evil bad actor, millions of community users and ordinary people regard him as a hero of the industry, because CZ has always insisted on justice. If the cryptocurrency industry is compared to the Wild West, then CZ is the guardian of this wilderness."
Zhao, a Canadian national, admitted to violating the Bank Secrecy Act by failing to maintain adequate anti-money laundering controls at Binance during its launch in 2017. This confession was part of a resolution with the U.S. government in November, as per a press release from the U.S. Department of Justice (DOJ). At that time, Zhao also resigned from his position as CEO of Binance. The company paid $4.3 billion in fines and agreed to permit an independent compliance monitor for three years to scrutinize its compliance protocols.
According to He's letter, she witnessed Zhao's dedication to assisting users and collaborating with law enforcement since the early days of Binance in 2017. She recalled an incident in August 2017 when a young user accidentally transferred his funds to an incorrect wallet address. "According to industry practice at the time, you were responsible for the mistakes you made," said He. Despite this, after discussing the situation with Zhao, he decided to "mobilize our already stretched development resources to help the user recover the assets quickly." She further highlighted how Zhao's approach helped combat fraudulent activities during Bitcoin's price surge in early 2018.
He shared that when she first met Zhao in 2014 - three years before Binance was launched - he was optimistic about how blockchain technology could positively impact the world. That same year, they initiated a charity project named "Caring BTC," which raised funds in cryptocurrency to aid cancer patients. He emphasized that Zhao takes philanthropy seriously and assumes social responsibility due to his kindness and humanitarian spirit.
He further mentioned that when the crypto exchange FTX collapsed in 2022, it was revealed that FTX had misused user funds, which shocked Zhao. In response, he disclosed Binance's trading platform wallet address and introduced a product allowing users to verify their account funds and online wallet addresses, thereby promoting transparency and self-discipline within the industry. He described Zhao as an "honest, kind, sincere, clever, and very hard-working" individual who leads a simple life without any interest in luxury goods. She acknowledged that while Zhao made mistakes, his biggest error was ignorance due to the absence of legal experts on Binance's founding team.
Yi He currently serves as Binance's Chief Marketing Officer and head of Binance Labs, the exchange's investment arm, according to IQ.wiki. She co-founded the crypto exchange OKCoin and later served as Vice President of Yixia Technology. She frequently speaks at industry events about topics related to crypto and blockchain.
