Binance Co-founder, Yi He, recently took to X to candidly discuss the regulatory hurdles faced by the global cryptocurrency giant. Her message directly addresses the “Binancians,” shedding light on the path forward, especially following Binance’s recent divestment of its Russian operations to CommEX.
Yi He noted the difficulties of being a large, compliant entity in the crypto space. Unlike some competitors who aren’t held to stringent Know Your Customer (KYC), compliance, Enhanced Due Diligence (EDD), Wallet Control Keys (WCK), and Proof of Address (POA) standards, Binance has been taking these aspects seriously.
“Our large size reduces our efficiency.”
Additionally, Yi He highlighted the emotional toll these challenges have taken on the team. Yet, she reassured that Binance has faced “countless blood and fire baptisms” in the past six years and urged the team to stay focused. The message was clear: re-awaken the soul of the team.
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Fundamentals to Prioritize
Product Excellence: Yi He urged the Binance team to create exceptional and unique products. She suggested learning from popular products of competitors and leveraging lower-priority resources effectively.
Service Excellence: Whether it’s customer support, compliance, or marketing, the aim should be to acquire more users. She emphasized listening to market and user feedback to build a competitive advantage.
Binance has won in the past
Yi reminded the team of past triumphs in the face of adversity. In 2019, Binance faced even more significant challenges and had fewer products and entryways. Yet, they emerged victorious with offerings like futures and Peer-to-Peer (P2P) trading.
Highlighting victories in mining pools, Earn, and public chains, Yi He emphasized that Binance has been here before and emerged victorious.
“Every battle is a do-or-die situation, and the only thing that can defeat us is ourselves,” Yi He
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