He Yixin's new post: If we disagree, maybe you're right
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He Yixin's new post: If we disagree, maybe you're right
Bubbles will burst, but products that truly address user needs will change the world and make history.
Navigating Web3 tides with focused insights
Recently, after Binance listed multiple meme coins, screenshots circulated online showing a certain KOL accurately predicting all specific tokens before their listings—once again sparking community debate over "Binance insider trading." The U.S. SEC has also filed an amended complaint against Binance, focusing particularly on its token listing procedures and accusing Binance of acting as an unregistered securities provider.
In response, Binance co-founder He Yi published a post sharing her personal insights on two key themes in this market cycle—"crypto being less profitable than before" and "compliance"—as well as explaining Binance’s actual listing process. Below is the original text:
1. Is Crypto Dead?
Lately, many posts within the industry predicting the decline of blockchain have gone viral. People outside the industry keep asking me—is the blockchain scam finally over? Insiders are wondering if there's no future left for the sector. Where exactly are we in this cycle? Compared to good news, bad news makes better headlines and attracts more traffic. What could be more ironic than crypto people themselves declaring crypto dead? These sentiments spread rapidly, amplifying momentum, even turning retirements of some OGs into “evidence” that “crypto is ending.” Even dedicated idealists in the space express anxiety and confusion when talking to me.
But it's not just crypto that feels anxious. We live in this world—we’re inseparable from our environment, water, and air. Likewise, financial markets depend on economic cycles. Whether the economy is expanding or contracting determines where people allocate their budgets. For the average person, only after securing food and clothing will they consider investing. That’s why every Fed announcement serves as a market compass for seasoned crypto players. As the overall crypto market grows and more large financial institutions participate, the blockchain industry is maturing. Especially after BTC and ETH ETFs were approved, crypto and traditional stock markets have become two sides of the same coin.
Hindsight is always 20/20: What has changed in crypto over the past decade? I once compared the crypto world to the Wild West. Early adopters were like gold prospectors. During periods of economic expansion, even small amounts of capital spilling into crypto could trigger exponential growth. In the early days of rapid, unregulated industry growth, going all-in could easily yield 100x or 1000x returns—a result of both niche market dynamics and favorable macroeconomic conditions. In such an environment, if you messed up today, one lucky bet tomorrow could make it all back. But as time passed, the economy entered a new phase—global consumer downsizing, more players entering the field, miners upgrading their tools, and increasing participation from professional investors from traditional primary and secondary markets. Everyone now feels that “crypto isn’t as profitable as before.”
Bitcoin has been called a “Ponzi scheme” countless times, yet it marched forward through endless skepticism and criticism until reaching the milestone of Bitcoin and Ethereum ETF approvals—an incredible victory. We can also see traditional finance steadily expanding its involvement in crypto-linked products, such as growing trading volumes on CME and ETFs. Yes, the big players have arrived—but not in the way many imagined, with mindless capital takeover. Just as the internet transformed publishing and television industries gradually and subtly, so too is crypto bringing change beyond just price increases in Bitcoin.
2. Has Binance Given Up?
We were pigs riding the wind, catching the pulse of the era, standing alongside users to get Binance where it is today. We don’t want blockchain to remain a playground for niche enthusiasts. Our vision is to serve one billion users in the future and become foundational infrastructure—and we’ve been working tirelessly toward that goal. When pushing for mass adoption of blockchain while protecting the rights and assets of the vast majority of users, we must strike a balance between ideals and reality. This means embracing compliance, anti-money laundering (AML) measures, and adhering to rules already established in traditional finance. History repeats itself: the early internet saw countless technological innovations, but the turning point came when companies serving the masses became today’s internet giants, while absolute digital libertarianism ended up in the dark web.
We can't predict the future, so we look to history for guidance. Products that serve the majority stand the best chance of becoming financial infrastructure for the future world. Binance started with trading, but doesn’t end there—you’ll see Earn, Plaza, Pay, and Web3 wallets emerging. We want to experiment and explore how to cross the chasm, truly democratize blockchain technology, and enable ordinary people to use blockchain—not just trade it. They don’t need to understand what blockchain is; they just need to benefit from it, much like your grandmother doesn’t need to understand internet technology to enjoy the convenience of smartphones. Bubbles burst, but products that genuinely meet user needs change the world and make history.
3. Is Your Coin Listed on Binance?
The community has had intense discussions about Binance’s listing practices recently. We’ve carefully reviewed your feedback. Whether it’s criticism that Binance listing VC-backed tokens betrays the community, claims that listing MEME coins lowers standards, accusations that Binance listing Telegram gaming projects is reckless, or allegations that these are all studio-run operations—even rumors of insider trading—we are aware and continuously reflecting. “The deeper the love, the sharper the critique.” Those who don’t care won’t spend time criticizing you. Binance exists because of our users, and we value every opinion. Let me try to explain the basic framework and process behind the much-maligned listing mechanism:
Binance listings generally fall into three broad categories:
1) **Listing projects users want**: Over the past two cycles, we missed many opportunities. Early on, we didn’t take meme coins seriously enough, which caused us to lag behind on Shib, PEOPLE, PEPE, and even recent meme projects, only listing them after massive price surges—leaving us red-faced. The lesson is clear: as an exchange, Binance shouldn’t decide what’s good—we should follow what users want.
In the debate between big and small neiro, community criticism pushed us to reflect further on what makes a good MEME. If the essence of meme communities is another “GameStop moment,” then is a token still a true meme if its supply is highly concentrated, already pumped to inflated prices, and sitting atop an unpredictable bubble? Or is it just a Ponzi scheme wearing a meme costume? That’s why we chose to list several relatively decentralized meme projects with lower market caps. Dozens of initial candidates were screened, but many failed due to compliance issues or excessive token concentration.
2) **Listing projects built to last**: Starting in the previous cycles, traditional VCs aggressively entered crypto, investing frequently and generously. Soon, nearly every halfway decent project saw valuations skyrocket. With hundreds of millions or even billions raised, project teams had ample funds to iterate and pivot. The days of infrastructure projects like Matic selling tokens at low valuations are long gone—who would sell their project for $10 million when they hold tens or hundreds of millions in cash? Their token prices aren’t determined by Binance, but by tokenomics, circulating supply, buy/sell pressure. Top-tier high-valuation projects naturally attract market makers eager to help maintain high market caps, and exchanges compete to list them. With AMMs driving the rise of DEXs, projects can thrive without centralized exchanges. Yet it’s undeniable that while other projects come and go, these well-funded ones endure and have greater longevity.
Some say this shows Binance is losing influence—and yes, we don’t have absolute control. But that’s precisely the decentralized nature of the industry, shaped by the rise of professional financial players and DeFi. Both forces are essential to advancing the industry to its next stage. Without institutional capital, would crypto even be a topic in U.S. presidential elections? Decentralization, lack of absolute authority—that’s exactly what makes this industry compelling.
3) **Listing projects with solid business logic**: Over the past decade, we’ve often heard the claim: “Crypto projects don’t need business models.” But I believe whether in Web2 or Web3, entrepreneurship is fundamentally about creating something the world needs—something people will pay for, whether B2B or B2C. Funding methods may evolve, but the essence of building startups remains unchanged. Since 2017, I’ve consistently emphasized one idea: launching a token is a lifelong responsibility, backed by long-term reputation. If you dump your tokens and retire immediately, your real bankruptcy isn’t financial—it’s reputational.
We favor projects with strong business models and real revenue. We look for teams that are trustworthy, show entrepreneurial potential, and are willing to take responsibility. We prefer reasonable valuations that allow room for community growth. We want teams to empower their tokens because if you stand with your users, your users will stand with you. If your project meets these criteria, feel free to contact us—or leave a comment below.
Public application link: https://www.binance.com/en/my/coin-apply
Official business Telegram contact: @BResearchBD
Regarding listing procedures and preventing insider trading, Binance operates as a system designed to isolate information across all stages. As rumored, the listing team has undergone multiple rounds of restructuring. Currently, researchers involved in listing evaluations do not engage in business development, and BD personnel negotiating terms are unaware of which projects are under review. Each employee only knows details related to their own assigned projects. Even if a project passes internal committee (IC) voting, it still undergoes strict compliance checks and may be canceled at any time.
All Binance employees are required to complete mandatory compliance training per exchange regulations. Additionally, Binance has an independent audit team dedicated to investigating violations. If leaks or insider trading suspicions are confirmed, Binance will immediately initiate judicial proceedings and refer the case to law enforcement. Serious offenders may face criminal liability.
We can create rules to constrain behavior, but we acknowledge current systems may still have blind spots. Therefore, we are offering a substantial reward: anyone with information about listing-related corruption, or suggestions for new “listing evaluation indicators” we may have overlooked, is encouraged to report. Upon verification by Binance’s internal audit team, we will provide rewards ranging from $10,000 to $5 million USD, while fully protecting the whistleblower’s identity. Report via: audit@binance.com
4. If We Disagree, Maybe You’re Right
In recent months, I’ve posted very little on social media. The more I read, the more I realize how ignorant I am, and my awe for the world deepens. We’re all just grains of sand swept along by the tides of history—carried to the surface by random confluence. Everything I have today is a product of the era: rapid global economic growth, flattened information brought by the internet, and the unique opportunity of building blockchain from nothing. It’s not because I’m exceptionally talented. In the early days of any industry, “in the absence of heroes, even fools rise to fame.” This means: “I might not be right.” Under the listing logic I described earlier, even if Bitcoin were launched today, it might not pass our IC review. A casual remark from me, incomplete or imprecise, could lead to unnecessary misunderstandings and overinterpretations. That’s why I’ve grown increasingly reluctant to speak. Occasionally trying to clarify things only seems to make them worse.
Our views of the world aren’t identical. We might exist in intersecting parallel universes. If anything I say resonates with you—if it encourages investors to do their own research (DYOR), or inspires founders to persevere and move forward—I am deeply honored. Each of us can only see our own future. What you believe shapes what you build. We will keep exploring the future, just like on the first day we entered this industry. Thank you for walking this path with me.
PS: Image credit goes to the community. Thanks to the community creators ❤️
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Yi He
