Open letter from Binance CEO: My first 100 days leading Binance

Source: BINANCE official website Translation: Shan Oppa, Golden Finance

In the political field, the first 100 days of a newly elected leader’s term in office are seen as a measure of his or her ability to govern effectively, implement reforms and fulfill campaign promises. standards. Of course, the analogy between leading a country and the world’s largest digital asset ecosystem is imperfect. Still, one could argue that cryptocurrencies are moving faster than most legacy systems, which means the leadership in the first 100 days here may be more telling than the politics of the same period. Regardless, the first weeks and months after a leadership change are critical for a system or organization, and my first hundred days certainly brought enough development and progress to merit their evaluation.

Since serving as Chief Executive Officer Since taking over, I have made it my top priority to ensure and maintain Binance’s user-centric principles throughout our business, with a focus on ensuring stability. In this sense, there is no need for radical reforms because in many ways our organization is already on the right path. In fact, our user-centric DNA continues to be the driving force behind people’s trust in Binance and the corresponding growth of our user base, which to date has exceeded 178 million registered users.

In addition, we have continued to demonstrate very strong financial performance since our resolution with U.S. regulators. According to DefiLlama data, we recorded net inflows of more than $3 billion between the end of November and the end of February, exceeding the net inflows of our largest competitors during the same period, Bloomberg reported. In January alone, our platform attracted its largest estimated inflows since at least November 2022. Of course, we have favorable external conditions to thank — the approval of a spot BTC exchange-traded product in the U.S. has contributed to strong momentum in the crypto market — but even against this backdrop, Binance’s outperformance over the past three months remains intriguing. Attention.

These early successes are only possible because of the hard work of our dynamic team, a cast of global leaders who have laid the foundation for the organization’s long-term growth, and the continued trust and trust of our outstanding global community. support.

Products that create value

I believe that promoting product innovation to create value for users is the essence of Binance’s work. I’m pleased to say that in my first 100 days on the job, we’ve rolled out a number of exciting features for both retail and institutional users.  

We continue to focus on simplifying access to the exciting world of Web3, introducing a series of new features to the Binance Web3 Wallet. This includes support for new chains, enhanced exchange options, and access to more DEXs and bridges. Responding to popular demand, we also launched the Binance Inscription Marketplace, integrated with our Web3 wallet to provide the crypto community with a user-friendly way to trade and mint a range of Inscription tokens.

To further make cryptocurrency trading more social, we have improved Binance’s copy trading function, especially the introduction of simulated copy trading. This educational tool allows users to practice and learn using virtual test funds in a risk-free environment.

On the institutional side, Binance has successfully initiated and executed the crypto industry’s first bank tripartite arrangement, in which institutional investors’ trading collateral is held on a fiat basis by a third-party banking partner. This is an innovative risk management solution that addresses counterparty risk, which is highly valued by institutional investors in the industry. It replicates a framework commonly seen in traditional financial markets, allowing investors to better manage risk and expand their crypto asset allocations. We have also made great progress in our institutional lending business and are increasing our ability to source and provide liquidity for fixed-maturity loans.

As the digital asset space welcomes an increasing number of institutional investors, including those new to the asset class, our goal remains to facilitate their onboarding and provide the services that keep them sticking around for the long term range and quality of services.

Our latest step to demonstrate this commitment is to expand the entry requirements for the VIP program to include transaction volume on traditional platforms – another industry first. Historically, high-volume investors have been able to apply for Binance VIP status based on their trading volume on other cryptocurrency exchanges. The latest changes to the Binance VIP invite program mean investors can now apply for Binance VIP status using their total spot or futures trading volume across crypto and traditional venues, making it easier for institutional clients to start theirs with us Crypto Journey.

Regulation to promote innovation

While many of the earliest cryptocurrency followers were staunchly opposed to regulation, as the industry evolves, it is important to acknowledge that regulation is an integral part of the life cycle of all innovative industries. Indispensable part. The foundation of a sound regulatory framework must be built on the fundamental principles of maximizing user protection while nurturing a safe and sustainable ecosystem that can develop responsibly. I believe that users are the ultimate beneficiaries of our strict regulatory compliance efforts, as they are able to enjoy the security and stability of a well-regulated digital asset ecosystem.  

Over the past three months, we have made significant progress in licensing and licensing negotiations. We are also strengthening dialogue with regulators and industry stakeholders around the world to strengthen cooperation and coordination on the path to sustainable development of the crypto industry. One of the results of this work was that in January, Gulf Binance (Thailand’s trading and brokerage platform, a joint venture between Binance and Gulf Innova) successfully launched full operations, extending access to digital assets to millions of Thai crypto Currency users and crypto curious.

In addition, we adhere to the user-centered principle and increase data security and management efforts. Completion of a comprehensive and independent SOC 2 Type II compliance audit confirmed that Binance’s global platform operates effectively designed and implemented controls for system protection and data security. We also launched a dedicated Binance Privacy Portal to better communicate to users their data rights and provide them with the tools to exercise these rights.  

We are seeing a significant decline in cryptocurrency crime indicators in 2023, and I am certain that Binance is contributing to this industry-wide trend through its ongoing efforts to strengthen compliance programs and strengthen cooperation with global crime fighters. contributed. Building strong partnerships with law enforcement remains a top priority throughout my first 100 days, reflecting Binance’s collaborative and proactive approach to enhancing security in the crypto ecosystem. Notable activities during this period included conducting training courses for INTERPOL officers and contributing to the Hong Kong Police Force's (HKPF) Advanced Course on Commercial Crime. As always, we continue to assist authorities by providing vital intelligence in ongoing investigations.

To further strengthen our compliance capabilities, we welcome back world-class compliance expert Steve Christie as our new Deputy Chief Compliance Officer. We continually enhance the capabilities of our compliance team by hiring leading professionals in their fields.

Personal Journey

One of the things I’ve started to do more of since I became CEO is meet face-to-face with members of the Binance community. This is perhaps the most rewarding part of this job—talking to people whose lives have measurably improved as a result of our efforts, as many people who previously had little or no access to financial services have shared with me. First hand experience is the same. Experience financial freedom with Binance. These personal stories, and the outpouring of support that comes with them, are heartwarming and inspiring.

As the new CEO, I also get to know hundreds of amazing professionals across our organization. Talking to them and getting to know them made me even more convinced of the power of our distributed, horizontally structured teams. Over the first three months, I observed in detail how the robustness and depth of our talent pool translated into success across the organization through the combined efforts of our teams.

Finally, I have connected with many colleagues from all corners of the Web3 space as we ramp up our efforts to build partnerships and lateral connections within the industry. I’m excited to hear investors and project teams have great things to say about Binance Launchpad and how it connects new promising blockchain businesses with crypto-savvy investors. All in all, one of the most pleasing revelations of the first 100 days is that the role of Binance CEO has brought with it many opportunities to build new personal and professional relationships.

Don’t take success for granted

There is no doubt that my first 100 days at Binance have been an exciting new period in the history of the crypto industry. What we have accomplished during this time is the result of the hard work of everyone at Binance, from co-founders to customer service agents, and the support and trust of our vibrant and passionate community.

Still, we are still in the early stages of a new era in the crypto industry, and there will be many more ups and downs on the path to financial freedom we are committed to advancing. I am determined to continue building an organization that thrives during periods of rapid growth and remains robust and resilient under less favorable conditions over the next 100 weeks, 100 months and 100 years. I know that the only way to achieve this is to focus on users, prioritize their needs, and continue to improve for them. This is Binance’s future plan.