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In-depth | He Yi, from a rural girl to the richest woman in the cryptocurrency circle, the woman behind Binance’s 700 billion business empire
This article reviews in detail the development and entrepreneurial journey of Binance co-founder He Yi. The content is rich and the article is long. I hope you can read it patiently and experience Yi Jie's extraordinary life with Bu Ai. * The video version can be watched on the YT channel "Wang Buai's Encryption Classroom". Welcome to follow and like~ Not long ago, a letter of appeal written to the US federal court attracted much attention. I believe everyone knows it later: In November 2023, Binance, the world's largest cryptocurrency exchange, received a "huge fine" of US$4.3 billion from the U.S. Department of Justice. Its founder CZ Zhao Changpeng was sentenced to 4 months in prison and subsequently resigned as CEO.
Treasury repo deals bought only 5.19 billion, and Bessent said the market is “very healthy”... Is this real support or just a lack of shortage? The sellers are unwilling to sell at a lower price, and the Ministry of Finance isn’t bidding higher either—so the planned 6 billion wasn’t fully purchased. On the other side, diesel prices have surged past $6, and the political burden from Trump’s midterm election is becoming heavier. Friends, is this bout of bond-market toughness, or is the Ministry of Finance pretending to stay calm?
More than 100 US military advisers have already sided with Saudi Arabia, helping them fight the Houthis. The goal is to provide intelligence and targeting, but the US forces themselves will not fight directly. The US side also judges that Yemen has several hundred members of Iran’s Islamic Revolutionary Guard Corps operating alongside the Houthis. Ultimately, they want to shut down the Strait of Hormuz. Isn’t this the Gulf version of “you bring the people, I’ll bring the guns”? In the Red Sea, the pressure is tightening—oil prices and shipping stocks are likely to wobble again. Friends, is this wave a real upgrade in geopolitical risk, or just another round of posturing and talk?
On the eve of CPI, the 10-year US Treasury yield directly shot up to 4.943%, and the probability of a rate hike next week jumped to 71%... Is this market putting itself on the rack in advance? Oil prices are still holding up—can inflation be contained or not depends on tomorrow’s CPI, the final blow. Friends, is this bond market staging a coup, or are people truly scared?
After the US PPI in a single burst, rate-hike expectations jump straight to 70%... Wall Street is freaking out. A key port in the Red Sea has been seized again—shipping’s lifeline is jammed once more. Yet the big short has closed their tech stock bearish options—does that mean surrender or a pivot? On the same day, DeepSeek’s new model and Apple’s folding machine steal the spotlight—are markets going crazy? Friends, is this leg a bout of rate-hike panic… or just a shakeout?
DeepSeek directly welded the Agent shell into the model itself this time... V4.1 Flash already did specialized optimization for Harness during training—full coverage across three modes: standard, PTC, and minimal. The moment Harness v0.1.5 dropped, the model and the Agent were trained together; it’s no longer like before, where you release the model first and then add the shell. Guys, is this the developer spring we’ve been waiting for?
Saudi Arabia’s August crude oil daily production plunged by 1.9 million barrels, the lowest since 1990! Is this curbed output caused by fear of the U.S.-Iran conflict, or is there truly something wrong with the oilfields? Even more bizarrely, Saudi Arabia is cutting production while also releasing reserves—clearly aiming to prop up oil prices. But can oil prices really be steadied by Saudi Arabia alone? Friends, is this round geopolitics-driven risk aversion, or is it yet another “wolf is coming”?
Is DeepSeek going to list on the STAR Market? China Galaxy Securities has already been lined up, targeting the STAR Market, while also advancing new financing in parallel. Is this the wave where the AI bubble is about to turn into a brand-new A-share story? But on the other side, V4.1 Flash has just been released—552B new architecture, with input activating only 8B, and native support for image understanding. An IPO and a model launch—DeepSeek is going for both money and technology. Friends, at this point, do you believe the story or the code?
The ECB hiked rates by another 25 basis points, pushing deposit rates to 2.5%—that’s the second time within the year. Traders are still betting that there will be two more hikes by mid-next year. This move is clearly determined to fight inflation, but with energy prices weighing in, can rate hikes really keep inflation under control? Friends, in this ride through the eurozone, are you getting on board—or just watching?
ZCAT This cat has gone a little crazy... According to GMGN market data, the Solana meme coin Anonymous Cat has surged over 40% in the past 4 hours. Its market cap has rebounded to $100 million, with trading volume of $15.8 million. Is this a comeback match, or the last flare-up before the end? Friends, at this point—do you chase it?
Robinhood’s chain hype cools down way too fast, right? Popular coins collectively pull back, and the stock Meme narrative gets directly questioned. The on-chain trends that previously lit the fuse have fizzled out, and everyone is now eagerly waiting for the baton to be passed to September 16th’s Arc launch. But since Arc, developed by Circle, mainly targets institutional users, how much does it really have to do with retail investors? Is this just a breather, or is it really over, folks?
a16z created Lattice Jolt; zkVM proof generation is now 3x faster, and the size has been compressed to under 100KB… So is this how zero-knowledge proofs are being pulled out of the lab and into real applications? Previously, zkVM was slow and bulky, with on-chain costs that were ridiculously high. Now it’s faster and also quantum-resistant. But how far is it from being usable by ordinary people? Let’s first see whether there are any real projects that dare to use it—no more just VC self-hype.
In less than 3 months, trading volume hit 30 billion…
The speed of Binance bStocks is really a bit fast…
I think Binance’s ambition with this round is huge: Not only crypto—it also brings traditional finance into the mix…
Before, when trading U.S. stocks, there were a lot of restrictions. Whether it was account opening or trading, Mainland users’ experience was really quite poor. But now, all you need is a phone number, email, and ID to complete account opening—no complicated proof of overseas address required!
What’s more, bStocks supports 24/7 trading—every day, round the clock!
Currently, Binance has already covered more than 7,000 stock assets and supports options trading! No matter the underlying or tool🔧, the choices you have on Binance are getting more and more.
So when you look back at how bStocks reached a cumulative trading volume of $30 billion in under 3 months, it seems to be saying something:
What users truly need isn’t just “moving stocks onto the blockchain.”
It’s freer trading hours, more diverse assets, and more strategy options. The biggest feature of crypto is, in the first place: 24/7, global, low barrier to entry, and trading around the clock!
Now Binance is bringing this logic, step by step, into TradFi.
From bStocks and Direct Stocks to TradFi Perp and options, the whole product lineup is increasingly like a super financial gateway that combines Crypto + TradFi.
When to trade, what to trade, whether to go bullish or bearish—you can choose everything yourself! #Binance
Why run around everywhere? Binance has it covered in-house!
Apple is set to launch a foldable iPhone Duo—this will be the new CEO’s first big test... and this pricing might set another record. Meanwhile, Samsung’s foldable phones have already gone through multiple generations. Apple is only now entering the game—can it really compete? Let’s see if the market is willing to buy it, folks.
Bitcoin falls below $78,000 this morning; Ethereum slips to $2,467. BNB drops 4.2% to $722, and SOL also retreats to $101. However, ZEC bucked the trend, edging toward a new high near $1,300, currently at $1,242. Is this pullback a shakeout or a trend reversal? Friends, can you still hold your positions?
The ECB is raising rates by 25 basis points tonight, and the market is still pushing for more! By the end of next year, the cumulative rate-hike expectations have already reached 90 basis points. Energy-importing nations are being pushed into a corner by fuel costs, and UBS CEO has also warned investors not to get too complacent. Is this wave about inflation that isn’t over yet, or is the central bank making up for lost time?
Yushu Technology falls below 500 yuan per share, wiping out over 240 billion yuan in market value from 444.9 billion…… The robot “first stock” — is it about to return to its original form? The opening day price of 1,100 yuan per share is still fresh in everyone’s mind, but now it’s down to just 20.21 billion. Friends, at this level, are you going to buy the dip, or watch from the sidelines?
Global debt worries are heating up: gold ETFs attracted $18 billion in August, the second-largest monthly inflow on record… Isn’t the market saying this—people aren’t afraid of inflation, they’re afraid they can’t pay back their debts? U.S. Treasury yields can’t be kept in check, so gold keeps benefiting. Friends, is this round true safe-haven demand—or are we just catching the bid?
U.S. Treasuries fell instead of rising, the U.S. dollar index kept sliding for three straight days, yet gold prices managed to regain the 4,400 level… Doesn’t this mean the market is saying: Bessun specifically called it out—oil prices at $100 and long-end yields rising are pushing upward, and your “asymmetric information” hasn’t been able to suppress the situation. Even more surreal, on Wednesday Trump said the war would be ended immediately after the mid-war election, while the war room is discussing whether Tehran might hold out until 2029. Friends, in this round, are we seeing the market believe in empty talk, or are we seeing the trajectory of real money and real prices?
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