Binance’s He Yi opens up about CZ’s exit and vision of becoming Google of Web3

Binance Blockchain Week 2024 kicked off in style on October 30 at Dubai’s Coca-Cola Arena, pulling in a massive crowd of crypto fans, industry elites, innovators, and tech visionaries.

The event had a stacked lineup, but the real spotlight belonged to Yi He, Binance’s co-founder. Yi shared her vision for the company as it adapts to a new era without its founder Changpeng “CZ” Zhao, now out of the spotlight. She also revealed plans to transform Binance into nothing less than “the Google of Web3.”

Binance’s evolution: Female leadership, regulation, and building for everyone

Yi has made it clear that Binance’s mission is massive adoption, with a target of reaching a billion users. And she believes it starts with diversity.

“We need more women in crypto,” she said. With a user base of over 230 million, she’s convinced Binance is on track. Yi did acknowledge that this next phase won’t be a breeze.

“The future has come,” Yi said, urging the crowd to realize this moment in crypto history is about bringing digital currencies to the masses. She didn’t sugarcoat the challenges ahead either. The road to mainstream adoption is lined with regulatory obstacles.

She claims that Binance is pushing for transparent, constructive regulation to establish crypto as a staple in people’s everyday lives.

Yi didn’t miss the opportunity to point out Dubai’s efforts in supporting Web3 innovation. The event’s keynote speaker, Khalfan Belhoul, CEO of Dubai Future Foundation, agreed with her.

With talent and investments flowing in, Belhoul pointed to collaboration among governments, corporations, and communities as the backbone of Dubai’s success in tech and crypto. 

Binance already has close ties with Dubai’s crypto community, which lines up perfectly with Yi’s vision for Binance in the region. To her, Dubai’s open-door approach to crypto regulation makes it a natural partner as Binance pushes to expand its user base and become a household name worldwide.

AI meets Web3

AI is popping up everywhere, and Web3 is no exception. At Binance Blockchain Week, a high-stakes panel took on generative AI’s impact on decentralized systems, starting a debate over whether AI will boost or break Web3.

Tracy Zhang from Followin AI led the discussion with heavyweights like Humayun Sheikh from Fetch.AI, Allen Yang from AWS, and Bruce Pon of Ocean Protocol. One thing they all agreed on? AI in Web3 is a double-edged sword.

Sheikh pushed for decentralizing AI agents to prevent a few corporations from controlling them—a sentiment that resonated with a community already wary of centralization.

Pon added that while AI could streamline decentralized apps, it also opens the door to surveillance and central control, putting Web3’s open, transparent goals at risk.

In his opinion, Web3’s mission itself is on the line if AI isn’t handled cautiously. While AI can optimize user experiences, it also brings with it a ton of unintended consequences.

Tackling regulatory headaches in crypto

Binance’s regulatory issues are no secret, and Yi says they like to face them head-on. One panel, “Crypto Compliance: From the Streets to the Boardroom,” drilled down on this issue. Led by Binance’s Chief Compliance Officer, Noah Perlman, it brought together experts like Irina Heaver from NeosLegal and Tom Robinson from Elliptic.

The consensus? Global cooperation is simply critical. As countries develop their own sets of rules, an international standard for crypto regulation could be the missing piece needed to create real trust across borders.

Brazilian police chief Zumas added a law enforcement perspective, sharing how private sector compliance teams support law enforcement to fight crypto-related crimes. The panel agreed: transparency and cooperation are key to crypto regulation’s future.

They pushed for a community-driven approach to compliance, one that works alongside law enforcement and upholds crypto’s core promise of transparency. If the industry can get regulation right, they said, it could unlock crypto’s full potential without undermining its values.

“Many startups have fantastic beginnings, but what we strive for is growth and sustainable growth,” Yi said.

CZ: From prison to philanthropy

After serving a four-month sentence over Binance’s lack of anti-money laundering controls, CZ was released last month.

It has been clear since then that he is moving into philanthropy, launching projects like Giggle Academy, aimed at offering free education to kids in developing countries. Giggle Academy will provide resources in math, science, and entrepreneurship, targeting kids who lack access to a good education.

He’s also supporting other philanthropic efforts focused on online safety and equal opportunity. Everything he has done so far aligns with his aim to give back to the community.

Even though CZ can’t ever hold an executive role at Binance again, he plans to mentor young entrepreneurs and invest in new projects that center on decentralized finance (DeFi) and blockchain.

On the side, he is writing a book about his journey in crypto and his reflections on his prison experience. His goal? To share insights and life lessons with the next generation of crypto entrepreneurs. He described the book as a candid take on his career, covering both the highs of building Binance and the lows he faced along the way.