Binance's new CEO open letter: Committed to innovation and compliant development, we will become even stronger in the future.

2023-11-28 13:18

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Binance has opened a new chapter, in fact, we are stronger today than ever before.

Original Title: "My First Blog as Binance's CEO"

Author: Richard Teng, CEO of Binance

Source: Binance Blog

Translated by: Odaily

Today, Binance's new CEO Richard Teng released apublic letter, the full text of which is as follows:

As I mentioned earlier on the X platform, I am honored and humbled to take over as CEO of Binance from the visionary founder CZ of this incredible company. Over the past six years, Binance has laid the foundation for sustained growth and success for the next few decades. Now, my responsibility is to lead our talented and loyal team into the future while respecting the past and learning from our lessons. Additionally, we have a significant responsibility to the 160 million plus users who trust us, which I take very seriously.

The cornerstone of this organization has always been the belief that "innovation should bring value to users". The best way to put this principle into practice - the Binance way - is to consistently provide people with first-class products that are useful. As the new CEO of Binance, I am determined to stay the course. We will continue to focus on launching excellent products and constantly exploring the path of financial innovation.

With the support of CZ and our leadership team, I have accepted this position. My commitment is to work tirelessly to meet and exceed the expectations of all stakeholders while fulfilling 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 dedicated to guiding us through the ups and downs of the cryptocurrency market cycles.

Binance has turned the page on the historic challenge it faced and is now stronger than ever. Over the past two years, Binance has systematically addressed its compliance issues through a series of significant efforts, recruiting, hiring, and retaining the right people to strengthen its compliance program and culture.

As an industry, we need to pay more attention to cooperation with policy makers than ever before. Only in this way can we effectively promote the development of a globally unified regulatory framework, promote innovation, and provide key consumer protection. I am eager to work with peers in the entire industry, and I know that when we unite, our voice will be even stronger.

To Our Users

For you, the unwavering attention to our users has already been deeply embedded in Binance's DNA. I assure you that I will do my best to ensure that you remain at the center of everything we do, giving you confidence in the company's financial strength, security, and protection.

I am fortunate to lead a company with a very strong foundation. Binance not only operates the world's largest cryptocurrency exchange by trading volume, but our capital structure is debt-free and our expenses are moderate. Despite charging low transaction fees to users, our revenue and profits are strong.

But most importantly, we take our responsibility as custodians very seriously and maintain a 1:1 support for each user's assets. Your assets are protected.

From our reserve proof system (which we have been continuously improving since its implementation over 12 months ago) to our Secure Asset Fund for Users (SAFU) insurance fund, everything is designed to ensure your peace of mind regarding the integrity of our platform.

Web3's Future

I will steadfastly commit to fulfilling the promises of blockchain, such as promoting financial inclusion, facilitating cross-border remittances, and reducing transaction costs. I also see the potential for empowering individuals with more control over their personal data and fostering innovation through decentralized applications (DApps). To this end, I plan to drive the development and adoption of Web3 and continue to work towards building an ecosystem that offers financial technology with the potential to change the world.

If regulatory innovation is not promoted in a collaborative manner, the vision of a better Web cannot be realized. I believe that in the years that I have been at the helm of Abu Dhabi Global Market, one of the most important international financial centers in the UAE, I have been well prepared for my new job. I am proud to be able to promote the creation of what is widely regarded as one of the most advanced and forward-looking digital asset regulatory regimes in the world. There is no doubt that this experience has given me a detailed understanding of the regulatory environment necessary for leading Binance into a new chapter in its history.

I can't wait to step into my new role. I know I will have more opportunities to share my ideas with the community, such as through official blogs like this one, or through my social media accounts (X, LinkedIn), as well as through various industry conferences and events around the world.

As we enter the next phase of responsible growth for Binance, I am pleased to have the opportunity to engage in meaningful dialogue with global policymakers to ensure that cryptocurrency investors maintain confidence in the future of the industry and attract and educate the next billion users, so that we can strive to ensure the long-term sustainability of the cryptocurrency industry.

Please support me during this journey.

Please stay tuned. You will soon receive new updates from me!