In a candid tweet, Binance Co-founder Yi He addresses regulatory challenges
Binance Co-founder Yi He recently took to Twitter to discuss the regulatory challenges that the global cryptocurrency giant is currently facing. In her tweet, she speaks directly to the “Binancians” about the road ahead. This comes at a critical time for Binance, as they recently divested their Russian operations to CommEX.
The difficulties of being a large, compliant entity
Yi He acknowledges the challenges of being a large and compliant entity in the crypto space. Unlike some competitors who do not have to adhere to strict compliance standards such as KYC, EDD, WCK, and POA, Binance takes these aspects seriously. However, she notes that their large size can sometimes reduce efficiency.
She also addresses the emotional reactions of the team during these challenging times. Despite this, she reassures them that Binance has faced many obstacles in its six-year history and encourages them to stay focused.
Fundamentals to Prioritize
Product Excellence: Yi He urges the Binance team to focus on creating exceptional and unique products. She suggests learning from popular products of competitors and making efficient use of lower-priority resources.
Service Excellence: Whether it’s customer support, compliance, or marketing, acquiring more users should be the goal. Listening to market and user feedback is essential for building a competitive advantage.
Yi He reminds the team of past triumphs in the face of adversity. Despite having fewer products and entryways in 2019, Binance emerged victorious with offerings like futures and P2P trading. She highlights their victories in mining pools, Earn, and public chains as examples.
“Every battle is a do-or-die situation, and the only thing that can defeat us is ourselves.” – Yi He
Hot Take: Binance’s Commitment to Overcoming Challenges
Binance Co-founder Yi He’s candid tweet addresses the regulatory challenges that the company is currently facing. She emphasizes the importance of compliance and highlights the difficulties of being a large entity in the crypto space. Despite these challenges, she urges the team to stay focused and re-awaken their spirit.
Yi He also stresses the need for product and service excellence. Learning from competitors and leveraging resources effectively are crucial to creating exceptional products. Acquiring more users and listening to market feedback are key to building a competitive advantage.
With past triumphs as examples, Yi He reminds the team that Binance has overcome obstacles before and emerged victorious. The message is clear: Binance is committed to overcoming challenges and continuing its success in the crypto industry.
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