Binance held a community AMA today to address the negative rumors circulating in the market regarding internal misconduct at Binance. During the AMA, Binance co-founder He Yi stated that Binance has conducted over 120 internal reviews of its employees in the past 2 years, resulting in the termination of over 60 employees and the recovery of $30 million in illegal proceeds. Furthermore, He Yi also mentioned that Binance considers factors such as market value and the issuing group when listing coins…
(Background: He Yi responds to “Binance’s top 5 corruption scandals”: Employees involved in illegal activities will be sent to prison and their reputation will be ruined!)
(Background: Binance Labs renamed “YZi Labs” and transformed into the CZ Family Office: Focusing on investing in Web3, AI, and biotechnology)
Recently, an anonymous article appeared on Medium accusing Binance of engaging in practices such as favoritism in listing projects, internal corruption, collusion with external parties, and harsh treatment of listed projects, which sparked widespread discussions in the market.
In response, Binance co-founder He Yi published a lengthy article yesterday attempting to clarify the situation and emphasized that if any Binance or Binance-affiliated employees were found to be soliciting assets from any projects or partners, they would be sent to prison and their reputation would be ruined. Additionally, during today’s community AMA, He Yi directly explained the recent rumors and controversies in the crypto community, becoming emotional at one point.
The following are the key points from the AMA:
Key Points from Binance AMA:
During the Space session, He Yi expressed the importance of internal employee reviews, as the community’s main concern regarding Binance is “employees stealing from within.” He stated that Binance currently has two law enforcement coordinators in the US and has conducted over 120 internal audits in the past two years:
Over 60 people have been terminated for violations, and a total of $30 million in illegal proceeds has been recovered. Currently, there are two ongoing lawsuits and prosecutions.
Furthermore, regarding the frequent doubts about listing coins, He Yi used the popular AI project Ai16z as an example, stating:
When considering listing a token, its market value is already significant, and Binance is concerned about the possibility of a “peak upon listing,” resulting in differing internal opinions.
In addition, Binance is cautious about listing projects with meme coin backgrounds issued by the issuing group.
Furthermore, He Yi reiterated during the AMA that he is no longer a member of the YZi Labs investment committee and will not have any influence on YZi Labs’ investments:
The YZi Labs investment committee is currently led by CZ and Ella.
It is worth mentioning that Jason, the founder of the project Hooked Protocol, which has been widely rumored as a “Binance insider project,” also stated during today’s AMA that he and Dovey Wan, co-founder of Primitive Ventures and a key figure in Binance Labs, used to be in a romantic relationship. However, he denied any wrongdoing during the listing process on Binance.
The AMA is still ongoing, and Doo-Won will update the latest content…
Community Discussion on the AMA:
On the other hand, not everyone is satisfied with the responses and explanations from He Yi and other participants during the AMA. Many users expressed their opinions in the community:
Community KOL @ZKSgu tweeted that Binance’s AMA this time is a joke, with the following reasons:
60 corrupt employees were caught without disclosure, and the recovered $30 million has not been returned to the users.
Labs operates independently, but they talked about listing projects, and then everyone said they didn’t know.
What is the application of the listed project Sleepless AI? This Space seems to be AI-generated content.
After the speaker of the Hooked Protocol finished the advertisement, they left without patience to listen to the rest of the AMA.
Community KOL @Phyrex_Ni also tweeted, using the emperor as a metaphor to describe He Yi’s position at Binance and reminding He Yi not to be blinded by his subordinates:
Just heard Sister Yi choked up, and I was quite touched. After all, like an emperor, no one wants their empire to have problems. Everyone hopes to be a good leader. But the ministers definitely have their own thoughts. However, I don’t think that’s what everyone cares about. What we care about is why so many coins listed on Binance fall in price.
After Sister Yi finished speaking, it was mostly various brand promotions. High academic qualifications or strong backgrounds, or hardworking Labs team members. But these are not the focus of today! We didn’t expect to get any substantial validation in this public Space session, as it’s impossible to speak ill of oneself. But at least express your stance, right? Talk about the reasons for selecting coins, talk about the reasons you are optimistic about, talk about the reasons for the price drop. That’s what everyone really wants to hear!
Okay, after the brand promotion, it was supposed to be the time for the project to save itself, but it turned into the project advertising. This is a bit absurd. What is the situation with your own project? Don’t you have any idea? Reading from a script and doing advertisements in this situation, do you think it’s a good idea? Are you out of your mind?
Also, Sister Yi, you are a bit naive. The Zhengde Emperor had the Eastern Depot, Western Depot, and the Inner Depot, but he was still misled for five years.
Community KOL @xixi_kawayi directly attached several charts showing the decline of new Binance coins, stating that the best response from Binance is to create secondary market wealth effects after listing coins and to drive market sentiment. Instead of playing the sympathy card in the Space. This is not what a reaper should do. You talk in Space, what about us retail investors who are losing money?
In summary, the translation of the news article is as follows:
Binance held a community AMA today to address the negative rumors circulating in the market regarding internal misconduct at Binance. During the AMA, Binance co-founder He Yi stated that Binance has conducted over 120 internal reviews of its employees in the past 2 years, resulting in the termination of over 60 employees and the recovery of $30 million in illegal proceeds. Furthermore, He Yi also mentioned that Binance considers factors such as market value and the issuing group when listing coins…
(Background: He Yi responds to “Binance’s top 5 corruption scandals”: Employees involved in illegal activities will be sent to prison and their reputation will be ruined!)
(Background: Binance Labs renamed “YZi Labs” and transformed into the CZ Family Office: Focusing on investing in Web3, AI, and biotechnology)
Recently, an anonymous article appeared on Medium accusing Binance of engaging in practices such as favoritism in listing projects, internal corruption, collusion with external parties, and harsh treatment of listed projects, which sparked widespread discussions in the market.
In response, Binance co-founder He Yi published a lengthy article yesterday attempting to clarify the situation and emphasized that if any Binance or Binance-affiliated employees were found to be soliciting assets from any projects or partners, they would be sent to prison and their reputation would be ruined. Additionally, during today’s community AMA, He Yi directly explained the recent rumors and controversies in the crypto community, becoming emotional at one point.
The following are the key points from the AMA:
Key Points from Binance AMA:
During the Space session, He Yi expressed the importance of internal employee reviews, as the community’s main concern regarding Binance is “employees stealing from within.” He stated that Binance currently has two law enforcement coordinators in the US and has conducted over 120 internal audits in the past two years:
Over 60 people have been terminated for violations, and a total of $30 million in illegal proceeds has been recovered. Currently, there are two ongoing lawsuits and prosecutions.
Furthermore, regarding the frequent doubts about listing coins, He Yi used the popular AI project Ai16z as an example, stating:
When considering listing a token, its market value is already significant, and Binance is concerned about the possibility of a “peak upon listing,” resulting in differing internal opinions.
In addition, Binance is cautious about listing projects with meme coin backgrounds issued by the issuing group.
Furthermore, He Yi reiterated during the AMA that he is no longer a member of the YZi Labs investment committee and will not have any influence on YZi Labs’ investments:
The YZi Labs investment committee is currently led by CZ and Ella.
It is worth mentioning that Jason, the founder of the project Hooked Protocol, which has been widely rumored as a “Binance insider project,” also stated during today’s AMA that he and Dovey Wan, co-founder of Primitive Ventures and a key figure in Binance Labs, used to be in a romantic relationship. However, he denied any wrongdoing during the listing process on Binance.
The AMA is still ongoing, and Doo-Won will update the latest content…
Community Discussion on the AMA:
On the other hand, not everyone is satisfied with the responses and explanations from He Yi and other participants during the AMA. Many users expressed their opinions in the community:
Community KOL @ZKSgu tweeted that Binance’s AMA this time is a joke, with the following reasons:
60 corrupt employees were caught without disclosure, and the recovered $30 million has not been returned to the users.
Labs operates independently, but they talked about listing projects, and then everyone said they didn’t know.
What is the application of the listed project Sleepless AI? This Space seems to be AI-generated content.
After the speaker of the Hooked Protocol finished the advertisement, they left without patience to listen to the rest of the AMA.
Community KOL @Phyrex_Ni also tweeted, using the emperor as a metaphor to describe He Yi’s position at Binance and reminding He Yi not to be blinded by his subordinates:
Just heard Sister Yi choked up, and I was quite touched. After all, like an emperor, no one wants their empire to have problems. Everyone hopes to be a good leader. But the ministers definitely have their own thoughts. However, I don’t think that’s what everyone cares about. What we care about is why so many coins listed on Binance fall in price.
After Sister Yi finished speaking, it was mostly various brand promotions. High academic qualifications or strong backgrounds, or hardworking Labs team members. But these are not the focus of today! We didn’t expect to get any substantial validation in this public Space session, as it’s impossible to speak ill of oneself. But at least express your stance, right? Talk about the reasons for selecting coins, talk about the reasons you are optimistic about, talk about the reasons for the price drop. That’s what everyone really wants to hear!
Okay, after the brand promotion, it was supposed to be the time for the project to save itself, but it turned into the project advertising. This is a bit absurd. What is the situation with your own project? Don’t you have any idea? Reading from a script and doing advertisements in this situation, do you think it’s a good idea? Are you out of your mind?
Also, Sister Yi, you are a bit naive. The Zhengde Emperor had the Eastern Depot, Western Depot, and the Inner Depot, but he was still misled for five years.
Community KOL @xixi_kawayi directly attached several charts showing the decline of new Binance coins, stating that the best response from Binance is to create secondary market wealth effects after listing coins and to drive market sentiment. Instead of playing the sympathy card in the Space. This is not what a reaper should do. You talk in Space, what about us retail investors who are losing money?