Binance’s new CEO’s first AMA Priorities, Listing Coins, and Future Journey

Priorities of Binance's New CEO in First AMA Listing Coins & Charting the Future Journey

Richard Teng answered a large number of user questions on X SLianGuaices. His primary task is to focus on user needs, drive the development of services and use cases, and promote the adoption and deployment of cryptocurrencies. Binance is in good financial condition, the security of user funds is reliable, and the number of registered users has reached 166 million, so fines are not a problem. CZ is committed to ensuring the company remains strong and vibrant in the future, and Binance’s project listings will have stricter security protection.

Original title: Highlights From Richard Teng’s December 1 AMA on X SLianGuaices

Original author: Binance

Original source: Binance Blog

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Translation by Kate

Key Points

• On December 1, 2023, Richard Teng, the new CEO of Binance, spent nearly an hour answering a large number of user questions on X SLianGuaices.

• Some of the most interesting questions included Richard’s thoughts on becoming the new CEO of Binance, the practicality of cryptocurrencies, and continuing CZ’s journey.

• In the six years since Binance was founded, the landscape has changed dramatically, with different stakeholders, challenges, and solutions.

• Binance has emerged stronger than ever from the turmoil. Our commitment to enhancing financial freedom remains unwavering, and users are still at the core of our mission.

Below is a summary of Richard Teng’s answers to some questions during the X SLianGuaices AMA on December 1, 2023. Please note that the article has been edited for length and clarity.

About Becoming CEO of Binance

How do you feel about being the new CEO of Binance? What is your primary task at the moment?

Richard: First of all, let me thank all our users for their tremendous support. Users are still at the core of everything we do, so seeing this is very uplifting. We are a user-centric organization, and we will continue to focus on user needs.

For the past two years, there has been a dark cloud hanging over the United States investigation. We have overcome that with recent resolutions. User protection has been sacrosanct since our founding in 2017; however, there has been a lack of regulatory control.

Learning from past actions, we have now become a stronger organization with a solid foundation. As the clouds dissipate, many new partners are approaching us. This industry still has resilience, and our user base continues to grow. Today, we have over 166 million users, and this number continues to grow strongly. With this crucial trust and support, we will continue to strive for the future.

Top Priorities

I have three top priorities. Firstly, to continue driving the development of services and use cases as a user-centric organization, in order to grow our business and ecosystem. Secondly, the direction is clear: we will see more regulation in the cryptocurrency field. Clear regulation is beneficial for the entire industry, and I am committed to pushing for it. We need everyone to adhere to the same standards, which will help achieve mass adoption.

The third commitment is to work with our partners and continue to drive the adoption and deployment of cryptocurrencies. In the past two and a half years, few institutions have invested time in this area. Now, everyone has a blockchain, Web3, or crypto agenda. Everyone is eager to launch new products and services to meet the needs of the industry. We look forward to collaborating with them to promote adoption.

These are important positive factors for all of us, and they are the reasons why I remain optimistic about the future. I am working tirelessly with other members of the team as this industry continues to evolve, but most importantly, we must stay true to our roots. Our core mission is to enhance financial freedom and make it accessible to everyone. The passion and energy of the community are crucial.

Applications of Cryptocurrency

In my work, I have traveled around the world and seen how cryptocurrency is changing the lives of many different people. In many regions, especially developing and frontier economies, financial inclusion levels are very low. This is often due to the high cost of financial services.

I have witnessed how cryptocurrency is changing the lives of people in different communities, and its cost is only a small part of it. You can remit money at a fraction of the cost charged by traditional financial institutions. You can access payment services that were previously inaccessible. All these possibilities are fundamentally changing people’s lives.

Unlike traditional finance that operates five days a week from 10 am to 4 pm, cryptocurrency never sleeps. It works 24/7. It provides a low-cost, open infrastructure to the world, and that’s why it is so powerful. We will continue to drive the development of new products, systems, and use cases to increase financial freedom and improve the lives of billions of people worldwide.

We will tirelessly continue to invest and work closely with our partners and the community to understand their needs. I believe it will span across all different industries in the future. Cryptocurrency provides many solutions to the problems we see today.

About Binance’s Fines

We have seen many community members asking about the recent fines mentioned in the news. Can Binance afford the fines?

Richard: I assure you, don’t worry. Our financial situation is very good. The foundation of our business is extremely solid. We have been profitable almost from day one and have remained profitable since then. In terms of trading volume, we are still the largest cryptocurrency exchange globally to date. Our users trust us because we have been consistent over the past six years. We always prioritize our users in any situation.

The US agencies have not claimed any misappropriation of user funds. User funds are supported one-to-one, and users can choose to withdraw 100% of their funds at any time. Users can rest assured that we take our custodial responsibility very seriously.

Users are very positive about all of this, and we are honored to see a lot of support. We now have more registered users than ever before, reaching 166 million. The fines are not a problem. We will continue to push forward. Our expenses are not large, and our profits and revenues are substantial.

What we are focused on now is the future, and it is still very bright. Please continue to support us and join us on this journey. Such hefty fines are not uncommon in the financial industry. Many financial institutions have paid fines much larger than this. The important thing is for us to learn from past actions, overcome them, and emerge stronger from this incident.

About listing new coins

Considering the recent events, will Binance’s project listing be subject to stricter security measures?

Richard: What I want to emphasize is that the regulatory, compliance, and sanction issues we encountered in the US are all past historical issues. In the past two years, we have invested significant resources into our compliance program. We have recruited a leadership team familiar with regulatory processes from regulatory agencies and traditional finance sectors. We will continue to enhance our compliance program to build a sustainable future as a user-centric organization that meets all global compliance standards.

Listings are something we highly value. Our listing standards are very high compared to many other companies because we are here to serve the users. We consider several key factors: use cases, community engagement, whether the project is built for the future, and more. These will not change. The fundamental approach to our listing is that we want to collaborate with exciting projects that provide support to the community through their use cases.

Many times, project owners are excited, they leave, and that becomes a challenge for users, the community, and investors. If you don’t continue building on these projects, everyone’s situation will be worse, which is why we need project owners and initiators to make a firm commitment to the project’s development. Our listing team has done a lot of work for these projects to ensure they continue building exciting things, not just to protect user interests but to enrich the entire ecosystem.

About continuing CZ’s journey

Do you envision yourself dedicating and continuing CZ’s journey, or will you try different approaches to realizing your vision for Binance?

Richard: The reason I took on this position is because of CZ and our leadership’s confidence and trust in me to carry this series – a very important series – into the next chapter. Our motto remains the same: supporting financial freedom. We will continue to be a user-centric organization because users are at the core of our work. Without your support, our platform would be meaningless.

The trust, confidence, and support of users have now translated into 166 million users, and we are still growing. I look forward to further driving this number and supporting the next billion. Hopefully, we can reach this milestone faster than expected. If you look at the adoption rate of cryptocurrencies, the next five years will be much faster than the past five years. I am committed to this mission, agenda, and vision, which are the foundation of our great company. I have an excellent core team, so we have a very solid foundation.

Today, our position is different from when CZ founded the company six years ago. The circumstances were completely different back then. We are now dealing with different stakeholders. Six years ago, there were no regulatory agencies, and large institutions did not accept this field. Today, we are in a different situation. In many cases, regulatory agencies are starting to interact extensively, and institutions are also investing in this field.

Today, the opportunities and challenges are very different from six years ago. In certain areas, we need to make adjustments and improvements to ensure that we maintain sustainability while keeping our users at the center. This is my top priority, to ensure that the company remains strong and vibrant on its path to the future: focusing on users while making the right investments in other areas to maintain a leading position in the ecosystem.

You can listen to the full recording of the AMA here.

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