- Binance Co-founder Yi-He addressed users in a new statement.
- She laid out a two-part principle to support the navigation of the trying phase.
- The Co-Founder urged the exchange’s users and internal team to keep a united front.
Cryptocurrency exchange Binance has encountered its fair share of obstacles throughout the year, from lawsuits and dismissals to employee departures. As financial authorities worldwide continue to fortify their rule books regarding the cryptocurrency industry, the exchange has remained a central focus of regulators across jurisdictions, for better or worse.
Binance’s Co-Founder has stepped forward with a new statement to confront the mounting pressure clouding the exchanges’ operations.
Executive Calls For Renewed Spirit
In a tweet made on September 27th, Binance Co-Founder Yi He directly addressed the exchange’s user base, acknowledging the series of challenges faced by the exchange and the pressure of rivals looking to capitalize on the situation.
The Binance Co-Founder began by highlighting the firm’s regulatory troubles. “Our large size reduces our efficiency,” she said, making the exchange more susceptible to scrutiny and sanctions.
Yi He further called out the aggressive marketing tactics of rival exchanges, hoping to take advantage of Binance’s turbulent period. She pointed out that many of these competitors bypass stringent identification procedures, such as KYC, compliance, EDD, WCK, and POA, that Binance adheres to.
The recent exodus of several of the exchange’s executives was a further topic for discussion, albeit a sensitive one. “I’ve noticed that some of our employees react emotionally, rather than with logic. However, we’ve experienced countless blood and fire baptisms in the past 6 years and this is no different,” she added, emphasizing the significance of nurturing a steadfast team spirit to navigate the challenging phase.
Underscoring the unwavering commitment required from its user base and team, she added that regardless of the pressure presented by rivals and regulatory authorities, they must adhere to a two-part core principle she shared.
A Roadmap to Triumph?
He Yi implored the Binance team to channel their creative energies into crafting unique products to maintain the exchange’s competitive position. She suggested studying and learning from rivals as the exchange did in the past and advocated for the judicial usage of available resources.
She added that extreme focus must be set on acquiring more users, in line with regulatory guidelines and compliance requirements. The Co-Founder urged the team to elevate their service standards, optimize customer feedback, and strive for constant improvement.
“Every battle is a do-or-die situation, and the only thing that can defeat us is ourselves. It is not the first time I’ve seen the team waver between feeling invincible and struggling,” she added, reaffirming that the exchange will emerge victorious as it had previously done.
On the Flipside
- Binance has officially announced its exit from Russia after completing a sell-off deal with CommEX.
- Binance is still facing regulatory scrutiny and potential criminal charges of $428 million for alleged money laundering.
- The exchange has recorded the exit of up to 10 key executives in 2023.
Why This Matters
The co-founder’s address carries significance beyond the exchange as Binance navigates a rocky period. As Binance forges ahead with doubts and uncertainties surrounding its reputation, the question remains: can this address serve as a symbol of hope among users?
Read more on Binance’s exit from Russia:
Binance Exits Russia After Landing Sell-off Deal with CommEX
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