In a recent statement addressed to the Binancians, Binance’s co-founder, Yi He, acknowledged the increasing regulatory scrutiny facing the cryptocurrency industry and the aggressive marketing tactics employed by rival exchanges. She emphasized the importance of adhering to essential principles to overcome these challenges and maintain Binance’s competitive position in the market.
Yi He started by acknowledging the unique challenges Binance faces due to its commitment to Know Your Customer (KYC), compliance, Enhanced Due Diligence (EDD), Worldwide Compliance Know-how (WCK), and Proof of Attention (POA) requirements. She acknowledged that Binance’s size, while often seen as a strength, has also made the exchange susceptible to increased scrutiny and regulatory demands. In the face of these pressures, some staff members have reacted emotionally, but Yi He urged the team to remain resolute, reminding them that Binance has weathered storms in the past.
The Call for a Renewed Team Spirit
Yi He stressed the importance of maintaining a resilient team spirit as Binance enters a new phase of difficulty. She underscored that regardless of the challenges posed by rivals, Binancians must adhere to fundamental principles:
1. Innovation is Key. Binance must continue to develop cutting-edge products that set them apart from competitors and enhance existing offerings. Learning from rivals’ successful products and efficiently allocating resources to close gaps will be crucial, as exemplified by Binance’s past success with Futures products.
2. Exceptional Service: Yi He urged the team to provide outstanding service in customer support, regulatory compliance, and promotional efforts. She emphasized the importance of listening to customer and market feedback, carefully analyzing data, and iteratively improving products and processes to maintain a sustainable competitive edge.
A History of Triumph over Adversity
Reflecting on Binance’s history, Yi He recalled challenges in 2019 when the exchange had no viable entry points or products, P2P or Futures systems, or Fiat currency support. Despite these obstacles, Binance emerged victorious in the Futures and P2P markets. Over the years, Binance expanded its dominance into mining pools, Earn, and public chains.
Yi He concluded by reminding the team that every battle in the cryptocurrency industry is a matter of survival and that the greatest adversary is often themselves. She expressed confidence that by carefully weighing the pros and cons and maintaining high competition, Binance would prevail again. She invoked the team’s history of triumphs as evidence that they are well-equipped to overcome the current challenges and any future obstacles.
