Huobi CEO's Open Letter: By maintaining competitiveness, Binance will eventually emerge victorious.

23-09-27 15:20
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On September 27th, Binance co-founder He Yi published a new article on social media. BlockBeats has compiled and translated it as follows:

Dear Binance users,

I want to talk about some important precautions that need to be kept in mind when facing increasing regulatory pressure and fierce market competition from competitors. It is important to note that we need to consider KYC, compliance, EDD (due diligence), WCK (risk customer check), POA (authorized representative) and other issues more strictly in the operation of 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 become emotional when facing problems, rather than thinking rationally. However, over 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 Binance team members, regardless of the growth or decline of competitors, we must always remember the following basic principles:

· We must create excellent products that stand out in the market, are unique, and continuously improve existing products. When it comes to popular products from competitors, we can learn from them, concentrate resources to bridge the gap, and more effectively utilize our large team. Like what we did with futures products before, we need to allocate low-priority resources effectively.

· Provide excellent services, with the goal of acquiring more users in customer support, compliance, and marketing. Pay attention to user and market feedback, carefully evaluate valuable information, and continuously optimize and improve products and operations to establish our own competitive advantages.

We faced a more difficult situation in 2019, but we won countless times and we will win again this time. At that time, we did not have fiat currency trading or peer-to-peer trading, and futures trading was also very limited, with few product entry points. However, we managed to turn the situation around and achieved victory in the futures and peer-to-peer trading fields.



Except for futures and peer-to-peer trading, we have also achieved victories in mining pools, Earn, and public chains in the competition over the past few years. This is not the first time, nor will it be the last time. 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 have seen our team waver between feeling unbeatable and being trapped in a dilemma. By objectively analyzing the pros and cons and maintaining competitiveness, we will eventually win. We have won countless times, and we need to win this time as well.

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