PANews reported on January 3 that the Wall Street Journal published an article last month stating that in the absence of Zhao Changpeng, He Yi became the largest shareholder in Binance and had extensive control over its marketing and investment departments. According to people familiar with the board recruitment process, He Yi exercised her influence in electing Binance's new independent majority-owned board of directors. People familiar with the exchange's financial situation said she holds at least 10% of Binance's Cayman Islands holding company.
In early settlement discussions, the Justice Department had hoped He would also leave, according to people familiar with the negotiations, but it is unclear why that ultimately did not happen. A Binance spokesman did not comment on He’s role in the case but said the company had acknowledged it had made mistakes in the past and had made improvements. The spokesman said He supported the change.
