Original title: Highlights From Richard Teng』s December 1 AMA on X Spaces
Original source: Binance Blog
Original compilation: Kate, Mars Finance
Key takeaways
• On December 1, 2023, Binance’s new CEO Richard Teng spent nearly an hour on X Spaces, answering a large number of user questions.
•Some of the most interesting questions included Richard’s thoughts on becoming the new CEO of Binance, the utility of crypto and continuing CZ’s journey.
•In the six years since Binance was founded, today’s landscape has changed dramatically, with different stakeholders, challenges, and solutions.
• Binance emerged from the turmoil stronger than ever. Our commitment to empowering financial freedom has not wavered, and users remain at the core of our mission.
The following is a summary of Richard Tengs answers to some questions at the X Space AMA on December 1, 2023. Please note that this article has been edited for length and clarity.
On becoming Binance CEO
How do you feel as the new CEO of Binance? What are your current priorities?
Richard: First of all, let me thank all of our users for their overwhelming support. Users remain at the heart of everything we do, so its very exciting to see that. We are a user-centered organization and we will continue to focus on the needs of our users.
The U.S. investigation has been clouded over the past two years. With recent resolutions, we have overcome this. Since its inception in 2017, user protection has been sacrosanct. However, compliance controls are lacking.
Learning from past actions, we are now stronger as an organization and we have a solid foundation. As the gloom lifts, many new partners are approaching us. The industry remains resilient and our user base continues to grow. Today, we have more than 166 million users, and that number continues to grow strongly. Thanks to this vital trust and support, we will continue to work hard for the future.
urgent matter
I have three immediate priorities. First, continue to be a user-centric organization, driving services and use cases to grow the business and ecosystem. Second, the direction of development is clear: we will see more regulation in the crypto space. Regulatory clarity is good for the entire industry and I am committed to promoting this. We need everyone to adhere to the same standards, which will help achieve mass adoption.
The third commitment is to work with our partners to continue driving cryptocurrency adoption and deployment. Over the past two and a half years, few institutions have invested time in this area. Nowadays, everyone has a blockchain, Web3 or crypto agenda. Everyone is eager to launch new products and services to meet user needs in this field. We look forward to working with them to drive adoption.
These are important positives for all of us and why I am optimistic about the future. I am working closely with the rest of the team and working tirelessly that the industry will continue to evolve, but most importantly we stay true to our roots. Our core mission is to empower financial freedom and make it possible for everyone. The passion and energy of the community is key.
Cryptocurrency Applications
In my job, I travel all over the world and I see how cryptocurrencies are changing the lives of many different people around the world. In many parts of the world, especially developing and frontier economies, levels of financial inclusion are very low. This is often due to the high cost of financial services.
I saw how cryptocurrencies changed the lives of everyone in different communities at a fraction of the cost. You can send money at a fraction of what traditional financial institutions charge. You can use payment services that were previously inaccessible. All these possibilities are revolutionizing peoples lives.
Unlike traditional finance which works from 10am to 4pm 5 days a week, cryptocurrencies don’t sleep. It works around the clock. It provides an open infrastructure to the world at low cost, which is why it is so powerful. We will continue to drive the creation of new products, systems and use cases that increase financial freedom and improve the lives of billions of people around the world.
We will work tirelessly to continue advancing, investing and working closely with our partners and communities to understand their needs. I believe it will span all different industries in the future. Cryptocurrencies offer many solutions to the problems we see today.
About Binance Fines
We have seen many community members asking about fines that have been in the news recently. Can Binance Afford the Fine?
Richard: I promise: dont worry. Our financial situation is very good. The foundation of our business is very strong. We were profitable almost from day one and have remained profitable ever since. We remain by far the largest cryptocurrency exchange in the world in terms of trading volume. Our users trust us because we have been consistent for the past six years. In any case, we focus on the user.
The U.S. agency did not allege any misappropriation of user funds. User funds are supported one-to-one, and users can choose to withdraw 100% of their funds at any point in time. Users can rest assured that we take our custody responsibilities very seriously.
Users have been very positive about it all, and were honored to see the outpouring of support. There are now more registered users than ever before, 166 million. These fines are not an issue. We will continue to push forward. Our expenses are modest and our profits and revenues are substantial.
Our focus now is on the future, which is still very bright. Please continue to support us and join us on our journey. Such large fines are not unusual in the financial world. Many financial institutions have paid fines much larger than this. It is important that we learn from our past actions, overcome them, and emerge from this event stronger than before.
About the listing of new coins
Given recent events, will Binance’s project listings be subject to tighter security?
Richard: What I want to emphasize is that the registration, compliance, sanctions and other issues we encounter in the United States are historical issues of the past. Over the past two years, we have invested significantly in our compliance program. We have recruited a leadership team from regulatory agencies, traditional finance and other sectors who are familiar with the regulatory process. We will continue to improve our compliance program and build a sustainable future as a user-led organization that meets all global compliance standards.
Going public is something we take very seriously. Our listing standards are very high compared to many other companies because we are here to serve our users. We consider some main things: use cases, community involvement, whether the project is built for the future, etc. These wont change. Our fundamental approach to the list is that we want to work with exciting projects that support the community with their use cases.
Many times, project owners are happy and they leave, which is a challenge for users, the community, and investors. If you dont keep building on these projects, everyone will be worse off, which is why we need strong commitment from project owners and sponsors on project releases. Our list teams have done a lot of work on these projects to ensure that they continue to build exciting things, not only to protect user interests, but also to enrich the entire ecosystem.
About continuing CZ’s journey
Do you think you will commit to and continue CZ’s journey, or will you try a different approach to realize your vision for Binance?
Richard: I take on this role because of the confidence and trust CZ and our leadership have in me to take this series - a very important series - into its next chapter. Our slogan remains the same: support financial freedom. We will continue to be a user-centric organization because users are at the heart of what we do. Our platform would be nothing without your support.
Our users trust, confidence, and support have translated into 166 million users, and we continue to grow. I look forward to driving this number even further and supporting the next billion. Hopefully we can reach that number sooner than expected. If you look at the pace of cryptocurrency adoption, the next five years will be much faster than the past five years. I am committed to the mission, agenda and vision that are the foundation of our great company. I have a great core team, so we have a very solid foundation.
We are in a different position today than we were six years ago when CZ founded the company. Things were completely different back then. We are now dealing with a different group of stakeholders. Six years ago, there were no regulators and large institutions did not embrace the space. Today, we enter a different situation. In many cases, regulators are beginning to interact heavily and institutions are investing in this space.
Today, the opportunities and challenges are very different than they were six years ago. There are areas where we have to adapt and build to ensure we are sustainable while remaining user-centric. This is my priority to ensure that the company remains strong and dynamic down the road: focusing on users while making the right investments in other areas to stay at the forefront of the ecosystem.
you canits hereListen to the full recording of the AMA.
