Yi He, co-founder of Binance, has addressed concerns about the future of the crypto industry and Binance’s role in navigating current challenges. In a detailed post on X, Yi He discussed the growing pessimism within the blockchain space, regulatory challenges, and Binance’s vision for the future.
Binance faces market manipulation
Yi He has acknowledged the increasing wave of pessimism surrounding blockchain and crypto. According to Yi, negative news tends to draw more attention, which has led to inflated concerns about the industry’s future.
Providing Clarity Amid Confusion
Is Crypto Over?
There have been predictions about the downfall of crypto providing anxiety to the crypto community. In the early days of crypto, bold investments could yield high returns. However, as the crypto market develops, this is not the… pic.twitter.com/ckKGKMDXTb— Yi He (@heyibinance) September 18, 2024
“Bad news is more likely to make headlines, and bad news is also more likely to get more traffic and attention,” according to Yi He. She explained that the current economic situation has heightened fears about the industry’s future.
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She also addressed the uneasiness among crypto investors and industry insiders, adding that some have even wondered if the crypto age is coming to an end. However, she underlined that blockchain and cryptocurrencies are still evolving and maturing, especially as major financial institutions become more involved.
Yi He highlighted the exchange’s growth, likening the early days of the crypto industry to the “Wild West,” when early adopters enjoyed tremendous benefits during periods of economic expansion. However, she explained that as the market grew, it became more competitive, resulting in lower profitability as more companies entered the field.
Yi He reflected on Binance’s perspective, stating that the exchange has matured alongside its users, seeking to strike a balance between innovation and regulation. “Binance is not a child anymore, so we need to reconcile with the world, comply with regulations, fight money laundering, and follow the existing rules of the traditional financial industry,” she said.
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