Binance's He Yi responds to rumors regarding listings, IEO performance, market share, and close friend rumors
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Binance's He Yi responds to rumors regarding listings, IEO performance, market share, and close friend rumors
What are the listing criteria? How are IEOs and retail investors' interests protected? Does the "girlfriend token" really exist?
Navigating Web3 tides with focused insightsCompiled by: BlockBeats
Nine months after Stepn's peak as Binance IEO's crown jewel, Binance finally restarted its IEO program at the end of last year. However, amid a bear market, several IEOs this year have underperformed relative to earlier expectations, sparking some community dissatisfaction. Rumors about "girlfriend coins" continue to grow, and given Binance’s status as one of the largest platforms in the industry, newly listed tokens over the past six months often face heavy selling pressure—resulting in “peak on listing” scenarios...
Last weekend, Binance co-founder He Yi addressed these community criticisms and concerns one by one on Twitter.
On June 4, He Yi first responded collectively within the community to recent market rumors and criticisms
1. Binance still cares about wealth effects. You can statistically compare all projects listed across exchanges today and examine the percentage that dropped below their listing price afterward—by this metric, we likely remain the best performer;
2. For Launchpad projects, the price we secure is the lowest available—we pass it directly to users. So if you successfully participate in an IEO, you’re almost guaranteed profit. But secondary market prices are beyond our control. As for who acquires cheap positions or sells early, Binance does not intervene. Project teams must follow publicly disclosed vesting schedules, which Binance monitors;
3. Binance has no insider trading, no "relative coins," and certainly no "girlfriend coins." Who do I need to please? I’m already busy managing Binance. Some people tried to pull strings to get their projects listed but failed, so they invented stories about girlfriends and relatives—simply because their projects weren’t accepted?
There aren't many hot projects in the market. Guessing which ones will trend isn’t impressive. Now most projects use single-digit token unlocks—something we can't control. If we don’t list trending projects, people criticize Binance; if we list projects without pre-launch airdrops, people still complain after buying. Instead of speculation, why not just look at the data plainly? A simple project-by-project comparison isn't difficult.
4. Binance conducts minor layoffs every three months and major ones every six months. Despite the bear market from last year to this year, headcount has tripled, so some optimization is natural. Operations remain unaffected—and efficiency improves. Thank you all for your concern.
What is Binance’s listing criteria?
@web3xiaoba: Let me summarize Sis Yi’s listing standard: doesn’t care about technology or innovation—only wealth effect. Honestly, only gods (or bots) can buy into Launchpad offerings at issue price. Us retail investors can only buy on the secondary market and are usually jointly harvested by institutions and project teams.
He Yi: That’s taking things out of context. My reply focused specifically on investment returns because people emphasized wealth effects. I also suggested comparing performance across all platforms. Technology and innovation are part of our evaluation framework—not the whole picture. Even the sharpest knife becomes a tool for robbery when held by a thief.
@YourAirdropETH: Leaving education-themed tokens aside. Sei, a project founded less than a year ago, still has an unusable testnet—yet raised $80 million. Can such a poor-quality project really be listed on Binance? Could you explain the relationship between Sei and Binance? What about Multicoin and Jump’s ties with Binance?
He Yi: See? Not listing Pepe draws criticism; listing it draws even more. Many think Binance is stupid for not listing certain projects, while others clearly see that listing such tokens will lead to immediate drops—so another group calls Binance stupid. Binance must strike a balance. Investors should always do their own research (DYOR), calculate using math, rather than blindly follow hype or angry mobs led by others.
@YourAirdropETH: The secondary market follows its own rules. But when a project faces widespread criticism, doesn’t that suggest Binance’s project selection strategy might be flawed recently?
He Yi: When Binance launched spot trading and issued its platform token in 2017, there was huge backlash too. Sometimes you just see opportunities slightly earlier than the broader market. Listing decisions aren’t made by any single person. We strive to meet the needs of most users, though rumors and slander spread faster. I welcome influential figures to analyze and compare all projects listed this year.
Don’t blame Binance for Sei not having launched a token yet. Even when they do, the listing team will assess Sei based on its community, data performance, and user feedback. Every community has its own standards for “valuable tokens”—even BTC gets criticized heavily. Bear market sentiment reminds me of the chaotic days of 2019–2020, when everything pumped indiscriminately, schemes ran rampant, and exchanges fought each other.
@Kareninyu: This logic is flawed. Since your revenue comes from users, either you adopt a vision-driven approach like Coinbase’s regulatory-compliant listing standard—which may not be feasible now—or you cater to retail preferences by listing based on community热度 (popularity). Yes, many such tokens are vaporware or pump-and-dump schemes, but at least they reflect user choice, rather than being selected based on Binance’s connections or personal preferences.
He Yi:
1) Who says Coinbase listings are “legitimate”? Feel free to compare Coinbase’s listings too—under U.S. regulatory logic, only BTC and its forks qualify as legitimate.
2) Binance earns from users, so our underlying listing principle is to prioritize projects capable of long-term survival and delivering returns. This reflects differences in research capability and judgment. Platforms that consistently identify suitable projects and timing enable their users to thrive longer—that’s the core competitive advantage.
@Kareninyu: By your logic, my research preference aligns with Coinbase, while yours aligns with the projects you list. In today’s crypto space, I can’t argue against that. Binance itself is already a brand; with market makers involved, charts naturally won’t look too bad. But ultimately, what is the net profit/loss for all retail investors combined, and how much positive impact do these projects bring to crypto? Eventually, facts will settle this.
He Yi: Don’t focus only on current crypto trends. Start counting from when Coinbase began aggressively listing altcoins. Which exchange doesn’t have market makers? The key fact is: whoever stands with users will achieve long-term success.
@RyanYeSan: Binance lists popular tokens anyway. There’s no clear, standardized listing process visible. Shiba Inu’s tech is dog-chewed level—yet every CEX including Binance listed it.
He Yi: It’s about balancing quality and quantity. With hundreds of tokens on the platform, investors must conduct their own research instead of blindly following trends.
@BTCdayu: I must emphasize again: both Sis Yi and CZ are financially independent—they don’t profit personally from any project. Readers shouldn’t assume petty motives. Binance simply retains the 2019 mindset: helping users profit. Do IEO participants profit? Of course. Then why has Binance’s reputation declined? Compare with OKX. I can predict nearly 100% of OKX’s listings—because I know their standard is strictly neutral. They only care whether a project deserves listing. Example: Will PEPE get listed on OKX due to hype? 100% yes. I didn’t expect it on Binance initially because our logic considers such pumps harmful to users—the subsequent 70% drop proved that right.
He Yi: Unfortunately, we didn’t fully match your listing expectations. Yet many complain precisely about these single-digit unlock tokens crashing immediately upon listing—accusing exchanges of enabling user exploitation. Binance reviews token models carefully but cannot control unlock percentages. It’s unrelated to controllability—it’s about tokenomics and value design.
@who46504471: Frankly speaking, Binance’s listing criteria help projects exploit retail (you may say unintentionally). You earn listing fees, and projects recoup those costs by exploiting retail. How are valuations set? How many reflect real value? Billions in market cap dumped onto retail buyers—you know exactly how it works. But you’re arrogant and refuse to change. Once everyone realizes this, your golden days will end.
He Yi: Some small exchanges rely entirely on listing fees—but are you referring to Binance in 2017? For individual projects: not listing some invites criticism; listing others invites even more. Many call Binance stupid for rejecting a project, while others call us stupid for listing tokens clearly doomed to crash. Binance must find balance—we can’t be responsible for every project’s performance. Always DYOR.
@fengxiao57131: Today, Binance-listed tokens launch with tens or even hundreds of billions in market cap—isn’t that excessive? From a 2017 Binance veteran.
He Yi: Most current projects originated in the previous bull market and were excessively hyped by capital. Hence, Binance IEO pricing is generally lower than prior funding rounds. For direct listings, pricing often reflects prevailing market demand—though we agree current valuations seem unreasonable.
Source:
https://twitter.com/heyibinance/status/1665283110479486976
https://twitter.com/heyibinance/status/1665331086342094850
"Girlfriend Coin" Allegations & Market Share Criticism
@7thAnthony: Wouldn’t transparent, standardized listing procedures and clear requirements benefit exchanges? Between two projects in the same sector—one popular but refusing to compromise or submit to exchange “extortion,” the other obscure but connected— which better serves users? I’m not FUDding Binance—I believe all exchanges have listing issues.
Hook had near-zero community activity—a GameFi platform where DC’s daily active users numbered in the dozens, its Twitter account newly registered with almost no followers when Binance launched it on Launchpad. How did Binance even notice such a project? No innovation, no traction—its current metrics exist only because of Binance. What’s the real story behind Hook? Based on my information, Hook truly is a girlfriend/relative project. Sorry, I can’t reveal my source.
He Yi: Whenever any project is listed, others protest: rejected proposals, existing market favorites complain—project teams are either technically incompetent, overly anti-Sybil, withhold airdrops, use single-digit unlocks, or build ghost towns—so Binance is stupid. Meanwhile, new projects are labeled “connected insiders,” unfamiliar and unknown—so Binance is stupid again. Sources depend entirely on whose side you’re on and whether you’re a beneficiary.
@7thAnthony: My source is “Xiaomei,” someone closely related to you. I never speak publicly about hearsay like “I heard…” But if you don’t directly address your connection with Hook, I’ll expose more secrets.
He Yi: Please go ahead and expose. I have no girlfriends, but many claim to be my “girlfriends,” “relatives,” or “CZ’s friends” actively promoting investments or guaranteeing Binance listings. Why do people believe them? Doesn’t that involve everyone adding fuel to the fire? Next time, curse her directly.
Source:
https://twitter.com/heyibinance/status/1665326949827325954
@RobertWeb3Miner: After you rose to power at Binance, market share steadily declined—that speaks volumes.
He Yi: I joined Binance in 2017—market share never dropped since. Your FUD tactics are far less creative than reality. Keep your head down working, and hold your head high living.
@RobertWeb3Miner: Deliver the exchange system you sold us back in 2017. Took payment but never delivered—fine to scam money, but don’t skip work. Otherwise, Justin Sun’s Huobi is exactly where Binance ends up under your leadership.
He Yi: Who did you contact to purchase the trading system? Provide payment records. I don’t know which exchange you represent, but I never received your money. Whether Binance did, I can check—every debt has its owner. DM me. You sound like an old-timer, yet full of resentment—your luck seems poor. Avoid cursing others; it backfires. Also, Justin Sun isn’t my former colleague—thank you!
Source:
https://twitter.com/heyibinance/status/1665307653759795200
On IEOs and User Interests
@qkldaliang: Binance’s monopoly has bred customer abuse. Binance IEOs should have dedicated internal project teams mass-producing projects—like Tencent Games. Initially via acquisitions, then shifting to in-house development post-monopoly. Specifically on IEOs: you claim they protect users, but truthfully, they mainly benefit long-term BNB holders. Non-BNB holders or those who bought BNB solely for IDO participation gain little.
He Yi: IEOs and Pools are user benefits—Binance users acquire early tokens below market cost or for free. Whether there’s profit is clearer to BNB holders, backed by abundant live data. Because these projects launch via Binance, token unlocks are monitored more closely post-listing. These projects aren’t controlled or operated by Binance—no need to imagine elaborate corporate dramas. Binance has access to top-tier projects; if negotiations fail, copying them makes Binance the leader anyway. Thus, perceived “uncontrollable” delistings occur.
@btcpiggy: Recently, Binance’s small-cap tokens have serious issues. Look at IDs listed—big influencers collectively shill, retail gets rekt, orchestrated by project teams. ARPA crashed. EDU AMA triggered sharp decline. Lina I understand—your later adjustments were good. But could you explain the first three? For malicious trading or retail-harvesting behavior, can tokens be delisted?
He Yi: LPD project wallets and market maker accounts are monitored. Currently, LPD requires multi-party custody of project team tokens as mutual oversight.
@btcholdermnx: Trusted you and bought BNX and EDU—both completely rekt.
He Yi:
1) If you trusted me, you’d have bought BNB starting in 2017—and I’ve repeatedly said Binance only recognizes BNB;
2) My comment on BNX was from 2021 when BNX acquired JEX—I advised early JEX holders to convert to BNX, which rose from DeFi Summer’s $3–4 to a peak of $200 before splitting and declining;
3) Binance IEO prices are generally below VC funding levels—this is a user benefit. Reiterating: I endorse no projects besides BNB. Always DYOR.
Source:
https://twitter.com/heyibinance/status/1665277339209433088
https://twitter.com/heyibinance/status/1665310067606925315
Products & Others
@Bono47280966: Can you improve interoperability between Web3 wallets and Binance? Add more chains to make transferring funds from exchanges to blockchains easier?
He Yi: Good suggestion. Binance Web3 Wallet is currently in testing phase, continuously adding multi-chain support. Thank you for your feedback.
@ccksbhaha: Sis, you previously listed GMX—the leader in Arbitrum’s ecosystem. Can you list the leading project in ZKStack’s ecosystem earlier this time? I don’t want to be the bagholder again.
He Yi: So people still remember Binance helped boost ARB this year?
@TooLooGAS: After experiencing certain things, I feel I shouldn’t judge individuals or companies. I just objectively ask: Will EDU and HOOK demonstrate positive value in the future? How can ordinary people extract useful insights—or what meaning do they hold for us going forward? (I’m not asking about price.)
He Yi: Follow regular project updates and business reports. Hook is fundamentally an advertising platform; EDU depends on whether Tinytap’s revenue and user data remain healthy. Ultimately, both projects must attract non-crypto users and generate external income. During this bear market, if projects merely harvest retail and users keep cannibalizing each other, the industry will shrink further.
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