Binance He Yi’s Open Letter Perseverance and a Light Boat Will Cross Ten Thousand Mountains

Binance He Yi's Open Letter Perseverance and a Light Boat

On September 27th, Binance co-founder He Yi published a new article on social media platforms. Here is the translation by BlockBeats:

On September 27th, Binance co-founder He Yi published a new article on social media platforms. Here is the translation by BlockBeats:

Dear Binance users,

• Andre Cronje The Lone Ranger’s Network Odyssey
• Popular Token Simple Rating CRV Achieves the Best Performance, OP Only Has Speculative Value
• Mixin’s aftermath of being stolen about 200 million US dollars Compensation plan includes bonds, Li Xiaolai’s Weibo questioned Where is the users’ money?

I would like to discuss some important matters that need to be constantly remembered in the face of increasing regulatory pressure and fierce market competition from competitors. It is important to note that we need to consider KYC, compliance, EDD (Enhanced Due Diligence), WCK (Risk Customer Check), POA (Power of Attorney), and other matters more strictly in our operations at Binance, while many of our competitors do not have such strict requirements. In addition, as we have discussed before, due to our large scale, there are certain challenges in terms of efficiency. I have noticed that some employees tend to be emotional when facing problems instead of thinking rationally. However, in the past six years, we have experienced countless challenges, and this time is no exception. We are facing a new round of challenges, so it is crucial to revive the team’s spirit.

For members of the Binance team, regardless of the growth or decline of competitors, we must always keep the following basic principles in mind:

• We must create excellent products that stand out in the market, have unique features, and constantly improve existing products. When it comes to popular products from competitors, we can learn from them, concentrate resources to bridge the gap, and make more effective use of our large team. Like what we did with futures products before, we need to allocate low-priority resources effectively.
• Provide excellent services, aiming to acquire more users in customer support, compliance, and marketing. Pay attention to feedback from users and the market, carefully evaluate valuable information, and continuously optimize and improve products and operations to establish our own competitive advantages.

In 2019, we faced a more difficult situation, but we won countless times, and we will win this time as well. Back then, we didn’t have fiat trading or peer-to-peer trading, and futures trading was also limited, with fewer product entry points. However, we managed to turn the situation around and achieved success in the futures and peer-to-peer trading areas.

In addition to futures and peer-to-peer trading, we have also achieved success in mining pools, Earn, and public chains in the past few years of competition. This is not the first time, nor will it be the last time we face such challenges. Every competition is a life-and-death situation, and the only thing that can defeat us is ourselves. This is not the first time I’ve seen our team oscillating between feeling invincible and being in a predicament. By objectively analyzing the pros and cons and maintaining competitiveness, we will eventually achieve victory. We have won countless times, and we need to win this time as well.

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