Binance
Newly appointed CEO Richard Teng has issued a lengthy statement to users for the first time since taking office, stating that one of Binance’s core principles is “innovation should bring value to users”, and the best way to achieve this principle is “Binance’s way”, which is to continuously create top-notch products that are loved and highly valued by the public.
The following is the original text of Binance CEO Richard Teng:
As I mentioned earlier on Twitter, taking over as CEO of Binance from visionary founder, to lead this outstanding company, I not only feel honored, but also deeply humble. Over the past six years, Binance has laid the foundation for growth and success in the next decade. Now, my role is to lead a talented and dedicated team into the future, while cherishing past experiences and learning from them. The Binance team and the 160 million users who trust Binance are a great responsibility that I take seriously.
One of the core principles of the company is the idea that innovation should bring value to users. The best way to implement this principle – Binance’s way – is to continue to create top-notch products that are loved and highly valued by the public. As the new CEO of Binance, I am determined to maintain the company’s course. We will continue to focus on creating excellent products, while continuing to break new ground in financial innovation.
I have taken on this responsibility with the support of CZ and the leadership team. I promise to work hard and never slack off to meet and exceed the expectations of all shareholders, while fulfilling Binance’s core mission of financial freedom. With thirty years of experience in financial services and regulations, I understand the unique challenges and opportunities facing the cryptocurrency industry and will contribute my efforts to lead the company through the ups and downs of the crypto industry.
Since its inception, Binance has faced many challenges, written much history, and now we are stronger than ever before. Over the past two years, Binance has systematically addressed past compliance issues through a series of major recruitment, hiring, and retention measures, strengthening Binance’s compliance program and corporate culture.
In terms of the industry, we must focus more on collaborating with policymakers. Only in this way can we effectively contribute to the development of a globally harmonized regulatory framework, embrace innovation, and provide important consumer protection. I look forward to working with industry peers to complete important tasks and unite the industry to achieve a common goal.
To our users
Binance’s DNA is deeply imprinted with an unchanging focus: you, our users. Please believe me when I say that I will do everything in my power to ensure that you remain at the core of everything Binance does. We will ensure that you are satisfied and feel secure in terms of financial health, security, and company safety.
I am fortunate to be the leader of a company with such a solid foundation. Binance not only continues to operate the world’s largest cryptocurrency exchange by trading volume, but its capital structure is debt-free, expenses are moderate, and despite the low trading fees for users, our revenue and profits remain steady.
But most importantly, we take our responsibility as custodians of assets very seriously, maintaining a 1:1 reserve guarantee for each user’s asset. Your assets are well protected.
Our reserve proof system has been continuously improved since its launch over 12 months ago, and the Secure Asset Fund for Users (SAFU) provides emergency funding for users. In all aspects, we are committed to ensuring that you feel secure in the completeness of the Binance platform.
The future of Web3
I am deeply committed to fulfilling the promise of blockchain, including enhancing opportunities for inclusive finance, cross-border remittances, and reducing transaction costs. I also see the opportunity for blockchain to empower individuals, giving people more control over their data, and embracing innovation through decentralized applications (DApps). To achieve this goal, I intend to promote the growth and adoption of Web3, continue to build an ecosystem, and provide a gateway that can change the world of financial technology.
Without promoting innovative cooperation in regulation, the grand vision of improving the internet is impossible to achieve. I believe that my years of experience in working with policymakers in one of the key financial centers of the world, Abu Dhabi, have prepared me well for this new position. I am proud to be able to help create what is widely regarded as one of the most advanced and forward-looking digital asset regulatory systems in the world. This experience undoubtedly gives me a detailed perspective on the regulatory environment, which will be essential in guiding Binance towards a new chapter in history.
I look forward to starting my new job soon and understand that I will have many opportunities to share ideas with the community, such as this blog post, through my social media accounts – Twitter, LinkedIn – and through various industry conferences and events around the world.
As we move towards the next stage of responsible growth for Binance, I am excited to have the opportunity to engage in meaningful conversations with global policymakers to ensure that crypto investors maintain confidence in the future of the industry, promote education, and reach the goal of one billion users to ensure the long-term sustainability of cryptocurrencies.
Let’s support each other all the way.
Stay tuned. You will hear from me again soon!
*This article is reproduced from the Binance official blog.