According to TechFlow, Binance co-founder He Yi published an open letter, emphasizing that the Binance team needs to stay sober in the face of increasing regulatory pressure and fierce market competition from competitors. The open letter mentioned that many competitors do not have to strictly comply with KYC and compliance requirements like Binance, which brings unique challenges to Binance. He Yi also pointed out that Binance's large scale may reduce its efficiency, while emphasizing the need for the team to unite in the face of challenges.

He Yi urged all Binance users to keep the following basic principles in mind regardless of the growth or decline of their competitors:

1) You must create superior products that are unique in the market and continuously improve existing products. You can learn from your competitors’ popular products, focus resources to close the gap, and use your large team more effectively. As with futures products in the past, you need to effectively allocate lower priority resources.

2) Provide excellent services, including customer support, compliance and marketing, aiming to attract more users. Pay attention to user and market feedback, carefully evaluate valuable information, and continuously optimize and improve products and operations to establish its own competitive advantage.

He Yi said that although facing a new round of challenges, Binance has won many times in the past competitions, and this time is no exception. He emphasized that every competition is a decisive battle, and the only one who can defeat Binance is Binance itself. He encouraged the team to objectively analyze the advantages and disadvantages, maintain competitiveness, and they will surely win. Binance has won many times, and this time it will win as well.