In a candid tweet, Binance Co-founder Yi He broke the silence on some of the regulatory challenges that the global cryptocurrency giant is facing. From compliance to competitiveness, She speaks directly to the “Binancians” about the road ahead. Her words come at a critical time, especially when Binance recently divested its Russian operations to CommEX.
Yi He noted the difficulties of being a large, compliant entity in the crypto space. Unlike some competitors who aren’t held to stringent Know Your Customer (KYC), compliance, Enhanced Due Diligence (EDD), Wallet Control Keys (WCK), and Proof of Address (POA) standards, Binance has been taking these aspects seriously. “Our large size reduces our efficiency,” she stated.
She also drew attention to the emotional reactions of the team amidst these challenges. Yet, she reassured that Binance has faced “countless blood and fire baptisms” in the past six years and urged the team to stay focused. The message was clear: re-awaken the soul of the team.
Fundamentals to Prioritize
Product Excellence: Yi He urged the Binance team to create exceptional and unique products. He suggested learning from popular products of competitors and leveraging lower-priority resources effectively.
Service Excellence: Whether it’s customer support, compliance, or marketing, the aim should be to acquire more users. She emphasized listening to market and user feedback to build a competitive advantage.
Yi reminded the team of past triumphs in the face of adversity. In 2019, Binance faced even more significant challenges and had fewer products and entryways. Yet they emerged victorious with offerings like futures and Peer-to-Peer (P2P) trading.
Highlighting victories in mining pools, Earn, and public chains, Yi He emphasized that Binance has been here before and emerged victorious.
“Every battle is a do-or-die situation, and the only thing that can defeat us is ourselves,” Yi He
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- Source: https://coinpedia.org/news/yi-he-addresses-binances-regulatory-and-competitive-challenges/
