Binance co-CEO He Yi has pushed back on a widely circulated interview featuring Chase, saying he was not a token listing manager at the exchange but a BD, or business development staffer, with no decision-making authority over listings. She said Binance’s listing team, which handles project analysis and DD (due diligence), does not communicate directly with project teams, while contract terms are handled by BD under a separate reporting line.
That clarification goes to the center of the debate around Chase’s role. Under He Yi’s description, even if Chase worked with many project teams, his function was commercial coordination rather than final approval on whether a token could be listed.
Job title dispute follows claims from Chase interview
In the earlier interview, Chase described himself as a former Binance listing lead and shared several figures that drew wide attention. He said the listing team had a little over a dozen people, with 4 of them, including himself, able to interact with projects externally. He also said he reviewed more than 1,000 crypto projects over two and a half years, helped around 100 projects get listed on Binance, including Alpha, in 2025, and estimated that only 5% to 10% of projects he spoke with eventually made it to listing.
Those remarks spread quickly across crypto communities. Some treated them as a rare look into exchange listing mechanics, while others questioned whether they overstated his actual role. He Yi’s response did not focus on disputing every number. She first drew a clear line around what BD could and could not do.
He Yi accepts the short-term framework, then shifts to long-term metrics
Chase had argued that token prices over the short to medium term, from 7 days to 3 months, are mainly driven by liquidity, attention, and token distribution structure. He Yi broadly agreed with that part. She said short-term pricing is indeed heavily affected by liquidity, traffic, and token structure.
Her main addition was about durability. Once market noise fades, she said, a project’s ability to survive across cycles depends on whether it has revenue, whether the token has real utility, and how issuance and burn mechanics are designed. She cited BTC, ETH, and BNB as examples of assets that have moved beyond a framework shaped only by liquidity and narrative.
“Narrative is dead, utility should stand”
He Yi summed up her position in a blunt line: “Narrative is dead, utility should stand.” In her framing, that does not mean narrative has disappeared from crypto markets. It means the most favored narrative now is practical utility and actual revenue.
The response splits market logic into two layers. Short-term price action may still be pushed by liquidity, attention, and token structure. Long-term staying power, in her view, comes down to revenue, utility, and supply-side mechanisms.