He Yi, the co-founder of Binance, has addressed recent criticism surrounding the platform’s altcoin listings, particularly after the exchange added several memecoins to its portfolio. Here’s what she had to say about the controversy.
He Yi Addresses Community Concerns
As one of the world’s largest cryptocurrency exchanges, Binance found itself at the center of heated debates following the listing of a series of memecoins. In response to criticism from the crypto community, He Yi published an in-depth article explaining the platform’s listing process and addressing user concerns.
In the article, He Yi outlined Binance’s four-step listing procedure: business development, research team evaluation, committee review, and compliance audit. She also acknowledged the ongoing debates about Binance’s recent listings and the concerns expressed by the community regarding the platform’s direction.
“Recently, there has been a lively debate about Binance’s listing process within the community. We have carefully considered everyone’s feedback,” He Yi explained.
Main Points of Criticism
He Yi highlighted three main points of criticism that Binance has faced recently:
- Accusations that Binance had betrayed its community by listing venture capital-backed coins.
- Concerns that the listing of memecoins has lowered the exchange’s listing standards.
- Claims that Binance acted recklessly by listing certain game projects from Telegram (TG).
How Binance is Responding to Feedback
Advertisement Banner
He Yi reassured the community that Binance takes these concerns seriously, stating, “The deeper the love, the harsher the criticism,” and adding that those voicing their concerns were doing so out of a genuine care for the platform.
To clarify Binance’s position, He Yi outlined the general preferences of the platform’s past listing committees:
1. Listing Projects That Users Want
He Yi admitted that Binance had underestimated the importance of memecoins in the past, missing opportunities with coins like Shiba Inu (SHIB), ConstitutionDAO (PEOPLE), and Pepe (PEPE). She stressed that projects with a strong user base and significant traffic play a crucial role in the platform’s listing decisions.
2. Long-Term Projects
He Yi noted that traditional venture capitalists have aggressively entered the crypto space in recent years, leading to inflated valuations for even the smallest potential projects. Binance considers this trend when evaluating new listings, focusing on projects with long-term value and sustainable business models.
3. Projects with Solid Business Models
Addressing the common claim that crypto projects don’t need business models, He Yi emphasized her belief that whether in Web2 or Web3, entrepreneurship should be driven by creating something of value that customers are willing to pay for.
Binance’s Commitment to High Standards
With this statement, He Yi provided a clearer picture of Binance’s listing strategy, aiming to reassure both its critics and supporters that the exchange remains committed to its community and maintaining high standards in its listing process.
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.
