Binance Co-founder He Yi: The Industry Has Moved Past Early Benefits into Maturity
He Yi, CEO of Binance, stated at the Hong Kong Web3 Carnival that the cryptocurrency industry is transitioning from the early benefit phase into maturity, with institutions and traditional finance accelerating their entry. The market is beginning to demand real applications and payable value, rather than just technical narratives.
He pointed out that new entrants can refer to traditional value investment logic, starting with leading assets to understand the industry. He also emphasized that risk decisions should distinguish between "reversible and irreversible". In terms of platform strategy, Binance is expanding from single crypto assets to multiple asset classes such as stocks and commodities, aiming to become a comprehensive financial infrastructure bridging Crypto and traditional finance.
This assessment aligns with trends in the English-speaking market: institutions like Robinhood, Fidelity, and BlackRock are continuously promoting the integration of crypto and traditional assets; meanwhile, platforms like Coinbase are also expanding into derivatives and multi-asset services, rapidly blurring industry boundaries.
Source: Public Information
ABAB AI Insight
The end of the "early benefits" indicates a change in industry pricing logic. In the early stages, asset price increases relied on narrative diffusion and liquidity influx, while the mature stage begins to be driven by cash flow, user scale, and real demand. This shift will compress speculative space while increasing the concentration of leading platforms and core assets.
Binance's proposal to move from crypto to multi-assets essentially competes for the "account entry point". Whoever controls the comprehensive asset accounts of users will master the flow of funds and product distribution rights. The expansion of crypto platforms into stocks and commodities, alongside traditional brokerages entering crypto, is fundamentally the same entry competition, with the endgame leaning more towards a "super financial application" rather than a single exchange.
His statement about "not being limited by Crypto or TradFi labels" reflects the industry's move towards de-narrativization. Early crypto emphasized resistance to traditional finance, while the current phase emphasizes integration and absorption. This process is similar to the early differentiation of the internet: part of it moves underground and towards extreme freedom, while another part enters the mainstream business system and gains scale.
A deeper change lies in the simultaneous entry of regulation and capital. When Wall Street and large institutions participate, the industry's risk pricing, compliance standards, and profit distribution will all be reshaped. Technology remains important, but the determinants of success will no longer be just protocol design, but rather capital acquisition ability, compliance adaptability, and the ability to continuously expand within a global regulatory framework.