"The only person who can defeat us is ourselves"
Binance co-founder He Yi published a new article on social media, emphasizing that we must always keep in mind the following basic principles:
1. You must create an excellent product
2. Provide excellent service
Binance has won numerous times and needs to win this time too.
Binance co-founder He Yi published a new article on social media, which is translated as follows:
Dear Binance Users,
I would like to touch upon some important considerations that need to be kept in mind as we face increasing regulatory pressure and fierce market competition from our competitors.
It is important to note that we at Binance need to consider matters such as KYC, Compliance, EDD (Due Diligence), WCK (Risk Customer Check), POA (Authorized Representative) more strictly in our operations, while many of our competitors do not have such strict requirements.
In addition, as we have discussed before, there are certain challenges in terms of efficiency due to our large scale. I have noticed that some employees tend to get emotional when faced with problems instead of thinking rationally.
However, we have experienced numerous challenges over the past six years, and this time is no exception. We are facing a new round of challenges, so it is crucial to revitalize the team's spirit.
For Binance team members, no matter whether our competitors grow or shrink, we must always keep the following basic principles in mind:
We must create exceptional products that stand out in the market, differentiate and improve upon existing products. When it comes to popular products from competitors, we can learn from them, focus resources to bridge the gap, and leverage our large team more effectively. As we did with futures products, we should allocate resources to lower priority products more effectively.
· Provide excellent services, whether in customer support, compliance or marketing, with the goal of acquiring more users. Pay attention to user and market feedback, carefully evaluate valuable information, and continuously optimize and improve products and operations to build our own competitive advantages.
We faced a tougher situation in 2019, but we have won countless times and we will win this time too. At that time, we did not have fiat currency trading or peer-to-peer trading, futures trading was limited, and there were few product entry points.
However, at that time we managed to turn things around and won in the futures and peer-to-peer trading space.
In addition to futures and peer-to-peer trading, we have also won victories in mining pools, Earn, and public chains in the competition over the past few years.
This isn't the first time, and it won't be the last. Every competition is a life-or-death situation, and the only one who can beat us is ourselves. This isn't the first time I've seen our team vacillate between feeling unbeatable and struggling.
By objectively analyzing the pros and cons and staying competitive, we will eventually win. We have won countless times and we need to win this time too.
Alpha DAO says:
He Yi is worthy of being the pillar of Binance. He talked about the current challenges and the various difficulties in customer service before. Countless baptisms of blood and fire have made it the largest exchange in the universe today.
Do what you can do well in products and services, and avoid risks.
CZ’s vision and technology work with He Yi’s marketing management. Binance is still a model for cryptocurrency companies and has created countless innovations. The future of Binance will only be more brilliant~
We can ask people around us which exchange we must have an account on, and the answer must be: Binance!
I hope Binance can smoothly overcome this difficulty and take up the responsibility again. Blockchain needs Binance, digital currency needs Binance, and we also need Binance!
✏️Disclaimer: This article is for reference only, DYOR
📄Source: Alpha Investment Research
「Alpha DAO」
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