In an open letter, Binance co-founder, Yi He, addressed the increasing regulatory scrutiny and intense competition faced by the crypto exchange. While acknowledging the challenges, She reaffirmed Binance’s commitment to compliance, risk checks, and diligence.

Yi He emphasized on the key elements in Binance’s operations given its enormous scale, such as KYC measures, due diligence, risk customer checks, and authorized representatives. She also acknowledged that these requirements might surpass those at competing firms and might pose efficiency challenges.

Even in this challenging landscape, Yi He encouraged the Binance team to remain unyielding, stating the importance of maintaining their spirit and approaching issues rationally rather than emotionally. She underscored that Binance has weathered numerous tests in the last six years, indicating that the current situation was yet another hurdle to overcome.

Yi He outlined fundamental principles that must guide the Binance team, irrespective of the competitor dynamics. It entailed enhancing competitiveness by creating unique products that outshine in the market and improving existing ones. She urged the team to leverage customer and market feedback, optimize operations, and provide exemplary service to gain more users, thereby establishing a robust competitive advantage.

Reflecting on Binance’s past wins when the situations were seemingly tougher, Yi He expressed confidence in navigating the current challenges. Through objective analysis and a competitive edge, Binance would prevail, she emphasized, rekindling confidence in the crypto exchange’s ability to handle the current regulatory and market pressures.