The famous financial news platform revealed the personal side of Binance Marketing Director Yi-He. He also shed light on his relationship with Changpeng Zhao (CZ), the founder of the world’s largest crypto exchange.
Background of Binance CEO and Yi-He relationship
According to Bloomberg, Yi-He and Binance CEO CZ share a “family”-like relationship. Moreover, they have a child together. However, the female co-founder dismisses comparisons regarding the romantic relationship between former FTX CEO Sam Bankman-Fried and his colleague Caroline Ellison. In response to Bloomberg’s question, Yi-He says:
This is completely different. Caroline is an employee and I am a partner. The relationship between the two co-founders requires more than flirting. Trust between the two of us goes beyond physical attraction and personal desires.
Regarding the public speculation, she expresses that she felt like she was “pushing the ship” in her romantic relationship with CZ. Yi-He draws parallels with the ex-wife of Jeff Bezos, who was a major contributor to Amazon in its early years. Yi-He and CZ’s paths first crossed while working together at OKCoin. In 2014, he hired CZ as OKCoin’s Chief Technology Officer. Binance was founded in 2017 and CZ invited him to join the company as a consultant. He eventually became a founding partner.
There are backup managers on Binance!
Yi-He also talks about the possibility that both he and CZ will leave Binance in the future. While backup administrators are available, they avoid revealing their identities. Meanwhile, it’s worth noting that Binance is currently in a legal battle with US regulators, specifically the Securities and Exchange Commission (SEC). cryptocoin.comIn early June, the SEC filed a lawsuit against Binance and CZ, accusing them of violating securities law. Yi-He emphasized that Binance is ready to adapt to new legal frameworks. As of now, CZ has not made any public statement regarding this information.
BaFin rejects Binance’s license application
The German Financial Supervisory Authority (BaFin) has rejected Binance’s application for a crypto custody license. Thus, it dealt a blow to Binance, the world’s largest cryptocurrency exchange. This decision not only hampers Binance’s expansion and advertising plans in Germany, it also adds to the growing list of regulatory challenges the exchange faces across Europe. Meanwhile, Binance has previously withdrawn license applications from Austria, Cyprus and the United Kingdom.
Insiders say BaFin cited the exchange’s failure to meet stringent regulatory requirements. As such, it reveals that Binance has made a decision to reject its request for a crypto custody license. BaFin spokespersons refrain from commenting on specific companies. However, Binance representatives confirmed their determination to meet BaFin’s requirements. They also noted that they continue to work to meet the required standards.
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