Original Title: "Highlights From Richard Teng's December 1 AMA on X Spaces"

Source: Binance Blog

Translated by: Kate, Huoxing Finance

Key Points

•On December 1, 2023, Richard Teng, the newly appointed CEO of Binance, spent nearly an hour answering a large number of user questions on X Spaces.

•Some of the most interesting questions include Richard's thoughts on becoming the new CEO of Binance, the practicality of cryptocurrency, and continuing CZ's journey.

• In the six years since Binance was founded, the situation has undergone tremendous changes, with different stakeholders, challenges, and solutions.

•Binance has emerged stronger than ever from the turmoil. Our commitment to enhancing financial freedom remains unwavering, with users at the core of our mission.

Here is a summary of Richard Teng's answers to some questions during the X Space AMA on December 1, 2023. Please note that for the sake of length and clarity, this article has been edited.

About becoming the CEO of Binance

As the new CEO of Binance, how do you feel? What is your top priority task at the moment?

Richard: First of all, let me thank all of our users for their tremendous support. Users remain at the core of everything we do, so seeing this is very exciting. We are a user-centric organization and we will continue to focus on meeting the needs of our users.

Over the past two years, investigations in the United States have been shrouded in clouds. Through recent resolutions, we have overcome this. Since its establishment in 2017, user protection has been sacred and inviolable. However, there has been a lack of compliance control.

Learning from past actions, we have become a stronger organization with a solid foundation. As the clouds clear, many new partners are approaching us. This industry still has resilience, and our user base continues to grow. Today, we have over 166 million users, and this number is still growing strongly. Thanks to this crucial trust and support, we will continue to strive for the future.

Immediate Priority

I have three top priorities. Firstly, to continue to drive the development of services and use cases as a user-centric organization, in order to grow the business and ecosystem. Secondly, the direction of development is clear: we will see more regulation in the cryptocurrency industry. Clear regulation is beneficial for the entire industry, and I am committed to driving this. We need everyone to follow the same standards, which will help achieve mass adoption.

The third promise is to work with our partners to continue to promote the adoption and deployment of cryptocurrencies. In the past two and a half years, few institutions have invested time in this area. Now, everyone has a blockchain, Web3, or crypto agenda. Everyone is eager to launch new products and services to meet the needs of users in this field. We look forward to working with them to promote adoption.

These are important positive factors for all of us, and this is why I am optimistic about the future. I am working tirelessly with other members of the team in this industry that will continue to grow, but the most important thing is to stay true to our roots. Our core mission is to enhance financial freedom and enable everyone to achieve financial independence. The passion and vitality of the community are key.

Application of Cryptocurrency

In my work, I have traveled around the world and seen how cryptocurrencies are changing the lives of many different people. In many parts of the world, especially in developing and frontier economies, the level of inclusive finance is very low. This is often due to the high cost of financial services.

I have seen how cryptocurrency is changing the lives of people in different communities, and its cost is only a small part of it. You can send money with a small fraction of the fees charged by traditional financial institutions. You can access payment services that were previously unavailable. All of these possibilities are fundamentally changing people's lives.

Unlike traditional finance, which works from 10am to 4pm, 5 days a week, cryptocurrency never sleeps. It operates 24/7 and provides an open infrastructure to the world at a low cost, which is why it is so powerful. We will continue to drive the creation of new products, systems, and use cases to increase financial freedom and improve the lives of billions of people worldwide.

We will continue to tirelessly push forward, invest, and work closely with our partners and communities to understand their needs. I believe that in the future it will span across all different industries. Cryptocurrency has provided us with many solutions to the problems we see today.

About Binance's Fine

We have seen many community members asking about the issue of fines that have recently appeared in the news. Can Binance afford the fines?

Richard: I assure you, don't worry. Our financial situation is very good. The foundation of our business is very solid. We have been profitable almost from day one and have remained profitable since then. In terms of trading volume, we are still the largest cryptocurrency exchange in the world to date. Our users trust us because we have been consistent over the past six years. In any situation, we always prioritize our users.

The US institutions have not claimed any misappropriation of user funds. User funds are one-to-one supported, and users can choose to withdraw 100% of their funds at any time. Users can rest assured that we take our custodial responsibilities very seriously.

The users are very positive about all of this, and we are honored to see a lot of support. Now there are more registered users than ever before, reaching 166 million. These fines are not a problem. We will continue to push forward. Our expenses are not high, and our profits and revenues are considerable.

We are now focusing on the future, which is still very bright. Please continue to support us and join us on our journey. Such large fines are not uncommon in the financial industry. Many financial institutions have already paid much larger fines than this. It is important that we learn from past behavior, overcome it, and become stronger from this event than before.

About the new coin listing

Considering recent events, will Binance's project list be subject to stricter security measures?

Richard: What I want to emphasize is that the registration, compliance, and sanction issues we encountered in the United States are all historical issues. In the past two years, we have invested a lot of money in compliance planning. We have recruited a leadership team familiar with regulatory processes from regulatory agencies, traditional finance, and other departments. We will continue to improve our compliance plan and build a sustainable future as a user-led organization that meets all global compliance standards.

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