Open letter from Binance’s new CEO: We are stronger now than ever

3 months ago
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We have a capital structure that is debt-free, expenses are moderate, and revenue and profits are strong.

This article comes fromBinance Blog

Odaily Translator - Nian Yin Si Tang

Open letter from Binance’s new CEO: We are stronger now than ever

Binance’s new CEO Richard Teng announced todayopen letter, the full text is as follows:

As I mentioned earlier on the One position. Over the past six years, Binance has laid the foundation for continued growth and success for decades to come. Now, its my job to lead our talented and committed team into the future, while respecting the past and remembering the lessons. In addition, the trust placed in us by more than 160 million users is a huge responsibility that I take seriously.

The cornerstone of this organization has always been the idea that innovation should bring value to users. The best way to put this principle into practice – the Binance way – is to consistently deliver best-in-class products that people use and find valuable. As the new CEO of Binance, I am determined to continue on this path. We will continue to be committed to launching excellent products and constantly exploring the path of financial innovation.

With the support of CZ and our leadership team, I accepted the position. My commitment is to work tirelessly so that we can meet and exceed the expectations of all our stakeholders while delivering on our core mission: the freedom of money. With thirty years of financial services and regulatory experience, I understand the unique challenges and opportunities facing our industry, and I am committed to guiding us smoothly through cryptocurrency bear and bull cycles.

The historic challenges facing Binance have turned a corner, and in fact, we are stronger today than ever before. Over the past two years, Binance has systematically addressed its past compliance issues through a series of significant efforts to recruit, hire and retain the right personnel to strengthen Binance’s compliance program and culture.

As an industry, we need to focus more than ever on working with policymakers. Only in this way can we effectively promote the development of a globally harmonized regulatory framework that fosters innovation while delivering critical consumer protections. Im eager to work with my colleagues across the industry, and I know that when we come together, our voices will be stronger.

To our users

Relentless focus on you, our users, is deeply embedded in Binance’s DNA. I assure you that I will do everything in my power to ensure that you remain at the center of everything we do and that you have confidence in the financial strength, security and safety of the company.

I am fortunate to lead a business with very strong fundamentals. Not only does Binance continue to operate the worlds largest cryptocurrency exchange by trading volume, but our capital structure is debt-free, our expenses are modest, and our revenue and profits are strong despite low transaction fees charged to our users.

But most importantly, we take our responsibilities as a custodian very seriously and maintain 1:1 support for every user asset. Your assets are protected.

From our Proof of Reserves system (which we’ve been continually improving since first implementing it over 12 months ago) to our Secure Asset Fund for Users (SAFU) insurance fund, it’s all here to ensure you have the integrity of our platform Sexy and safe.

The future of Web3

I remain steadfast in delivering on the promise of blockchain, such as opportunities to promote financial inclusion, cross-border remittances and lower transaction costs. I also see the possibility of giving individuals more control over their personal data and promoting innovation through decentralized applications (DApps). To this end, I intend to promote the development and adoption of Web3 and continue to work hard to build an ecosystem to provide financial technologies that have the potential to change the world.

The vision of a better Web cannot be realized without a collaborative approach to regulatory innovation. I believe that my years at the helm of Abu Dhabi Global Market, one of the most important international financial centers in the UAE, have prepared me well for my new job. I am proud to have driven the creation of what is widely regarded as one of the most progressive and forward-thinking digital asset regulatory regimes in the world. There is no doubt that this experience has given me a nuanced view of the regulatory environment necessary to lead Binance into the next chapter of its history.

I can’t wait to step into my new role and I know I will have more opportunities to share my thoughts with the community, either through the official blog like this time, or through my social media accounts (X, LinkedIn) and Through numerous industry conferences and events around the world and more.

As we usher in the next phase of Binance’s responsible growth, I welcome the opportunity to engage in meaningful conversations with global policymakers to ensure crypto investors remain confident in the future of the industry, and to engage and educate the next generation 1 billion users so that we can work to ensure the long-term sustainability of the cryptocurrency industry.

Please support me on this journey.

stay tuned. Youll be hearing from me again soon!

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