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Binance's new CEO's first Chinese AMA: Making three major commitments and interpreting future layout and compliance strategies.

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The trend of increasing regulation of cryptocurrencies by more and more countries will bring more confidence and funding to the cryptocurrency market.

Original Title: "Binance's New CEO's First Chinese AMA: Making Three Promises, Interpreting Future Layout and Compliance Strategies"

Source: Odaily Star Daily

Yesterday evening, Binance CEO Richard Teng and co-founder He Yijv held a joint Chinese AMA. This is also Richard Teng's first Chinese AMA event.

During this online event, Richard and He Yi conducted a comprehensive sharing, including how Binance views the settlement with the US, progress in the compliance field, future investment layout, and views on the cryptocurrency market. This AMA covers many areas and provides a comprehensive discussion of all aspects of the crypto world.

Richard emphasized that the trend of more and more countries regulating cryptocurrencies, as well as institutional investors actively laying out in the industry, will bring more confidence and funds to the cryptocurrency market.

He Yi stated that he is optimistic about the appearance of the next high point in the coming year or the year after. He also emphasized his support for long-termism, stating that Binance plans to support Web3 entrepreneurs by incubating more projects to create more long-term sustainable value.

As one of the world's largest cryptocurrency exchanges, Binance will continue to be committed to providing users with high-quality products and services, promoting the development of the entire cryptocurrency ecosystem.

Odaily Star Daily has excerpted and edited the highlights of the AMA event as follows.

New CEO's Three Promises

Richard: I have three major commitments: always putting the user at the center, we will persist in creating first-class products and services that users love, and always prioritize user experience and protection. The second is to closely cooperate with global regulatory agencies. The third is to collaborate with global partners to promote the growth and adoption of Web3.

"Also earned 2 million yuan"

When talking about the growth history of the Binance community, an industry insight left a deep impression on He Yi. This segment also caught the attention of the audience and was shared in multiple communities. Odaily Star Daily excerpted and edited a portion of the content, and the transcript is as follows:

Hello everyone, I am He Yi. I joined Binance after the Spring Festival in 2014 and it has been almost ten years now. The most impressive thing for me in these ten years is the growth of the Binance community.

Yesterday evening, I saw a young child on WeChat. Two or three years ago, when he was still in college, he told me on WeChat that he was "very confused after just graduating from college and didn't know what to do."

I suggested to him that he could do the commission rebate for Binance.

Yesterday, he asked me if I could follow him on Twitter. He told me he was doing rebate. I looked at his income and he had earned 2 million RMB, which is already very good for a recent college graduate.

I am also very honored that our community has so many new forces and encryption OGs to work with us to build this industry together. I believe that the future direction of this industry is not determined by the vision of a few people. The future direction of the industry is determined by all of us in the industry who work together to pave the way.

Why did the management choose Richard as the new CEO?

Richard: My experience mainly lies in traditional finance and regulation, and I have approximately 30 years of work experience.

In 2017, I began to get involved in the cryptocurrency industry. At that time, I was the CEO in Abu Dhabi and firmly believed that the cryptocurrency industry was the future trend and would have a significant impact on the entire financial sector. While working in Abu Dhabi, we were one of the earliest regulators of cryptocurrency in the world. Therefore, at that time, I had a very deep understanding of cryptocurrency, which may have been due to my extensive work experience and knowledge of the cryptocurrency industry, and I received support from everyone.

But I want to emphasize that the strength of the Binance team is not just my credit. We have a very strong core management team, including core members such as He Yi, as well as other founders and partners who have made huge contributions to Binance. Over the past two years, we have made many investments and hired many professionals. So our team is very strong in the Web3 field and in terms of professional talent.

He Yi: In fact, our industry only focuses on two things: products and services. I have always been committed to providing the best service for users.

However, with the development of the industry, we also need professionals who can communicate in the same language as regulatory agencies. Therefore, I believe that walking more steadily and smoothly in terms of regulation is a challenge that we top-tier exchanges must face.

Another point is that, from my personal perspective, I have spent a lot of time researching how to make a company have a long-lasting foundation and how to make the organization run more efficiently. I believe the most important thing is clear division of labor and clear goals. Just like the concept of entropy mentioned by Elon Musk in his new book, it is actually the uncertainty in the organization. How to reduce uncertainty? It is to not have people with unclear roles in the team. For Binance, the best division of labor is for me to serve users, while Richard is more suitable to be the CEO.

Binance opening price too high?

He Yi: To be honest, there is still room for improvement in every aspect. Specifically, we have a dedicated team responsible for product development and iteration, such as the issues with the Web3 wallet that are often mentioned. We may not have invested enough in certain areas in the past, but we will continue to optimize and improve based on user needs.

For me, it is important to focus on the needs and complaints of users and continuously improve. Whether it is complaints about Binance or issues with certain projects, such as the high secondary market prices of some projects, we are aware that this is a problem and are actively seeking solutions. We hope everyone will continue to pay attention and we will work hard to live up to expectations.

Does the wallet support inscription?

He Yi: Despite Binance's smooth development over the years, we have always been facing challenges. In 2018, Binance did not have contract and P2P trading functions, while our competitors already had these features. Now, our contract trading has become one of the largest in the market, and the P2P market has also been established. So, although we started late, we hope to seize the opportunity.

He Yi: Web3 wallets should provide users with an easy-to-use scenario beyond exchanges. Our peers are doing well in the field of NFTs, and the previous activities were also very successful. But I don't think Binance needs to completely replicate this model. We need to not only look at the present, but also look to the future.

What we really care about is whether this industry has legitimate projects that can establish great business models or truly bring about change to the world.

We want to support Web3 entrepreneurs who are truly committed to long-termism. To allow all ordinary investors and retail investors to share in the returns generated by project development, just like Bitcoin.

How to view the market?

He Yi: There may be a peak in the industry next year or the year after, but this is just my personal opinion. Some people think that this view is too simplistic.

At the same time, we must be aware that as the entire industry continues to expand, it may face a ceiling. Cryptocurrencies will be compared to various assets such as gold and stocks. In this case, the growth rate may not be as fast. However, I still believe that market cycles will continue to exist. I am optimistic that the next peak will occur in the coming year or the year after.

Richard: Although there may be some market fluctuations in the future, the overall trend of the cryptocurrency industry is still positive. Firstly, more and more countries are regulating cryptocurrencies, which will increase investors' confidence. Secondly, institutional investors are actively investing in the cryptocurrency field, which will bring more funds and investments to the industry. Therefore, I am very optimistic about the overall trend of the cryptocurrency industry.

Currently, the adoption rate of cryptocurrencies worldwide is about 5%. If more countries regulate the cryptocurrency industry and the industry moves towards compliance, the adoption rate of cryptocurrencies could increase to 10% or 20%.