As I have said on Twitter earlier, it is an honor and with the deepest humility that I step into the role of Binance’s CEO, succeeding the visionary founder of this incredible company. Over the past six years, Binance has laid a foundation that has positioned it for decades of continued growth and success. Now, my role is to lead our talented and committed team into that future while respecting and learning from the past. This, together with the trust placed on us by our 160M+ users, are heavy responsibilities that I take seriously.A cornerstone of this organization has always been the idea that innovation should bring value to users. The best way to put this principle into practice – the Binance way – is to consistently deliver best-in-class products that people use and find valuable. As Binance’s new CEO, I am determined to keep steady on this course. We will remain committed to product excellence as we continue to blaze the trail of financial innovation.I accepted this role with the support of CZ and our leadership team. My commitment is to work tirelessly so that we can meet and exceed the expectations of all stakeholders while achieving our core mission: the freedom of money. With three decades of financial services and regulatory experience under my belt, I understand the unique challenges and opportunities that our industry presents, and I am dedicated to steering us through crypto winters and summers alike. We have turned the page on Binance’s historical challenges and we are, in fact, stronger today than we have ever been. Over the course of the past two years, Binance has systematically worked to address its past compliance issues through a series of significant efforts to recruit, hire, and retain the right personnel to strengthen Binance’s compliance program and culture. As an industry, we require more focus than ever on collaborating with policymakers. Only then may we effectively contribute to the development of a globally harmonized regulatory framework that will foster innovation while providing critical consumer protections. I am eager to work with my peers across the industry on this critical effort and know that our voice will be heard more loudly when we’re united. To Our UsersDeeply embedded in Binance’s DNA is the relentless focus on you, our users. You have my word that I will do everything in my power to ensure that you remain the center of all that we do. You should feel confident in the financial strength, security, and safety of the company. I am fortunate to be taking on the leadership of a business whose fundamentals are very strong. Not only does Binance continue to operate the world's largest cryptocurrency exchange by volume but our capital structure is debt-free, our expenses are modest, and, despite the low transaction fees we charge our users, we have robust revenues and profits. But most importantly, we take our responsibility as a custodian very seriously and maintain 1:1 backing for every user asset. Your assets are protected. From our proof-of-reserves system, which we have continuously improved since it was first implemented more than 12 months ago, to our Secure Asset Fund for Users (SAFU) emergency fund, we are committed to ensuring you feel secure in the integrity of our platform.The Future of Web3I am deeply committed to the promise of blockchain, such as the opportunities for increased financial inclusion, cross-border remittances, and reduced transaction costs. I also see the opportunity to empower individuals to have more control over their personal data and to foster innovation through decentralized applications. To that end, I intend to drive growth and the adoption of Web3, continuing efforts to build an ecosystem that provides access to world-changing financial technologies.Making this ambitious vision of a better Web a reality will be impossible without promoting regulatory innovation in a collaborative way. I believe that the years spent at the helm of the Abu Dhabi Global Market, one of the UAE’s foremost international financial centers, equipped me for this component of my new job really well. I am proud to have driven the creation of what is widely regarded as one of the most progressive and forward-thinking regulatory regimes for digital assets in the world. Undoubtedly, this experience gives me the nuanced perspective on the regulatory landscape necessary to lead Binance into the new chapter of its history.I am eager to jump headfirst into my new role and know there will be many more opportunities for me to share my thoughts with the community through blogs and through the many industry conferences and events around the world. As we usher in the next phase of Binance’s responsible growth, I am excited for the opportunity to engage in a meaningful conversation with global policymakers, to ensure crypto investors remain confident in the industry’s future, and to engage and educate the next billion users so that we may work to ensure the long-term sustainability of crypto. Please support me in this journey. Stay tuned. You will hear from me again here soon!Further ReadingBio: Richard Teng, Binance’s New CEOBinance Announcement: Reaching Resolution With U.S. Regulators

BlackRock CEO Larry Fink has not been a fan of bitcoin for years. Neither have many of his peers in the legacy financial system. Warren Buffett and Charlie Munger have constantly attacked the digital currency in public appearances, while Jamie Dimon and Ken Griffin have both suggested it would be un-American for an alternative financial system to prevail.The pendulum seems to be swinging in the opposite direction though.BlackRock’s Fink was on Fox Business yesterday and expressed complete support for bitcoin. He said:“Instead of investing in gold as a hedge against inflation, a hedge against the onerous problems of any one country, or the devaluation of your currency whatever country you’re in – let’s be clear, bitcoin is an international asset, it’s not based on any one currency and so it can represent an asset that people can play as an alternative.”In some ways, BlackRock’s CEO is becoming Bitcoin’s Chief Marketing Officer. When Larry Fink speaks, Wall Street listens. And if Larry Fink is going to evangelize bitcoin to his peers then we are in for a demand shock like we have never seen before.His comments yesterday come on the heels of BlackRock filing for a bitcoin spot ETF, which would bring billions of dollars in institutional capital to the ecosystem. Just how much capital are we talking about? BlackRock has just under $9 trillion in total assets under management. Of course, they won’t move all of their assets into bitcoin, nor will they suggest their clients do that either.A simple 1% allocation of BlackRock’s assets would be $90 billion. This would be 15% of bitcoin’s total market cap as of this morning. Given how illiquid bitcoin is at the moment, with approximately 70% of all bitcoin in circulation not having moved in the last 12 months, any double-digit percentage increase in capital in-flows would have a material impact on price.More interestingly, it will likely take a few months for the ETF to get approved. There will be a few months delay for clients to warm up to the idea and start pouring material capital amounts into the product. This is worth paying attention to because we are less than 10 months out from the next bitcoin halving.Demand shock from BlackRock. Supply shock from the halving. Run it back.Add in the fact that the Fed will be forced to cut interest rates and start printing money again at some point in the next 18 months.I can’t believe I am writing this, but there is an increasing chance that QE returns as we hit the next halving, which drives the rocket fuel thesis that I had in 2020. Bitcoin went up more than 700% in the next 12 months. Who knows what will happen this time, but the market structure is too obvious to ignore.Large Wall Street institutions just got the air cover they needed to jump head first back into bitcoin. It won’t happen overnight, but they are coming. And they are going to come heavy.I wish there was more complexity to how the next two years will play out. I am not convinced there is much more to it than a simple equation:BlackRock-led demand shock. Halving-led supply shock. Fed-led easy money regime.Bitcoin loves that scenario. You can’t stop an idea whose time has come. We will see what happens, but I am having deja-vu. The last time we saw this scenario, most people ignored it. I don’t think people will be so confident this time.-AdminBitcoin Black Cash Corporate61 Bridge Street, Kington, England, UK, HR5 3DJ