He Yi's Open Letter: Stay Competitive, We Will Ultimately Achieve Victory

Source: He Yi

Compiled by: BlockBeats

On September 27, He Yi, co-founder of Binance, published a new article on social media. BlockBeats has organized and translated it as follows:

Dear Binance users,

I want to discuss some important considerations that must be kept in mind in the face of increasing regulatory pressure and fierce market competition from competitors. It is important to note that we need to consider KYC, compliance, EDD (due diligence), WCK (risk customer checks), POA (power of attorney), and other matters more strictly in our operations at Binance, while many of our competitors do not have such stringent requirements. Additionally, as we have discussed before, due to our large scale, there are certain challenges in efficiency. I have noticed that some employees become emotional when facing problems instead of thinking rationally. However, over the past six years, we have faced countless challenges, 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, regardless of whether competitors are growing or shrinking, we must always remember the following fundamental principles:

· We must create excellent products that stand out in the market, are unique, and continuously improve existing products. When it comes to popular products from competitors, we can learn from them, focus resources to bridge the gap, and utilize our large team more effectively. Just as we did with our futures products, we need to allocate low-priority resources effectively.

· Provide excellent service, whether in customer support, compliance, or marketing, with the goal of acquiring more users. Pay attention to user and market feedback, carefully assess valuable information, and continuously optimize and improve products and operations to establish our own competitive advantage.

We faced an even tougher situation in 2019, but we won countless times, and we will succeed this time as well. Back then, we did not have fiat trading or peer-to-peer trading, and futures trading was very limited, with few product entries. However, we managed to turn the situation around and achieved victories in the futures and peer-to-peer trading sectors.

In addition to futures and peer-to-peer trading, we have also achieved victories in mining pools, Earn, and public chains in the competition over the past few years. This is not the first time, nor will it be the last time we face such a contest. Every competition is a matter of life and death, and the only thing that can defeat us is ourselves. This is not the first time I have seen our team waver between feeling invincible and being in a predicament. By objectively analyzing the pros and cons and maintaining competitiveness, we will ultimately achieve victory. We have won countless times, and we need to win this time as well.