I just saw someone summarize He Yi’s latest article, and I felt that there were many points that could be refuted, so I went to Binance Square to read He Yi’s original article.

I found that the person who summarized the article completely changed what He Yi wanted to express.

Everyone knows that I stay away from Binance. I am a critic and I stay away from everything about Binance. In fact, I stay away from all centralized exchanges.

Next, I would like to express my different views from the original article:

1. Embrace regulation
From He Yi's perspective, there is nothing wrong with embracing regulation. If a company wants to go far, it must not confront the government, especially the US government. The result of confrontation is that CZ goes to jail. We also know that Ross of the early Silk Road is still in jail. CZ does not want to follow Ross's old path, and He Yi is unwilling to follow it either.

So there is no problem for their exchanges to embrace regulation.

However, is the world really moving in a centralized direction?

Is the original decentralization idealism dead? I don’t think so. There are still many people in this circle who are trying to change the existing world and break the hard shell of the original world from the inside. This process cannot be seen in the short term and requires continuous efforts from long-termists.

These have nothing to do with Binance or other exchanges. From what I have seen, Binance and other centralized exchanges have lost the spirit of blockchain, and what they do is becoming more and more like traditional finance.

2. Coin Listing Rules
So far, no exchange has disclosed its coin listing rules. There are a lot of tricks here, and it is very difficult to deal with this root cause.

As far as I know, many people who list coins on exchanges will have extra income, which means they will hint to the project party.

Even if there is no problem with the project, the community is strong, the users are active, and the trading volume is high, it still doesn’t matter! If you don’t know how to represent, you still can’t be listed on the exchange.

He Yi did not clearly state what Binance's principles are. To put it bluntly, they are unwilling to make these rules public and transparent, and would rather bring some under-the-table profits to those who list their coins.

I guess the top management of the exchange is turning a blind eye to this.

3. About Rat Trading
YouTube blogger Victalk announced three altcoins that would soon be listed on Binance in his member group, and as a result, all three were listed on Binance.

This shows that Victalk must have had an insider leak the information, but Binance’s explanation was that there was no insider leaking the information, saying that they had contacted Vic. This explanation was too flimsy and the X friends simply did not buy it.

quote：
“In terms of the listing process and prevention of insider trading, as a system, Binance has considered all links to isolate information. As the outside world says, the Binance listing team has been through several rounds of bloodbaths. Currently, people doing listing research at Binance do not talk about business. When talking about business terms, they do not know what projects will enter the observation pool. Everyone only knows the progress of the projects they are responsible for. Even if they pass the IC vote, these projects still need to pass strict compliance review restrictions and may be cancelled at any time.”

If that's the case, the gossip about the three projects was all correct, and this is still a case of insider trading, which means the problem is very serious. You only rewarded 5 million US dollars, which is not enough for Vic to betray his friends. Do you dare to reward 100 million? @heyibinance, there must be a brave man under a big reward!

Many people have questioned Binance's insider trading before. In fact, it is difficult for centralized exchanges to 100% eliminate this phenomenon. Once the project starts to be discussed, the coin listing team will know how you can control other people's hands from buying. You say that he has not taken any action in our exchange, please, people can trade through decentralized wallets.

He Yi's article did not provide any strong explanation, and the community's reaction to this was also very strong.

End