Binance's new CEO's first open letter: Building a financial ecosystem that transforms the world

Written by: Richard Teng, CEO of Binance

Compiled by: Karen, Foresight News

As I mentioned earlier on Twitter (X), I am honored to take on the role of CEO of Binance, stepping in with humility to succeed CZ.

Over the past six years, Binance has laid the foundation for decades of sustained growth and success. Now, my responsibility is to lead our talented team into the future while respecting and learning from the past.

These responsibilities are significant, and I must also bear the trust of 160 million users.

At the core of this organization has always been the philosophy of bringing value to users through innovation. The best way to put this principle into practice, which is Binance's way, is to continuously deliver top-notch products that people can use and discover their value.

As the new CEO of Binance, I am determined to remain steadfast in my commitment to pursuing excellent products and continually exploring the path of financial innovation.

With the support of CZ and our leadership team, I have accepted this position. I promise to work tirelessly so that we can meet and exceed the expectations of all stakeholders while achieving our core mission: financial freedom.

With my thirty years of experience in financial services and regulation, I understand the unique challenges and opportunities our industry faces and am committed to leading us through the crypto winter and summer.

We have turned the page on the challenges in Binance's history; in fact, we are stronger today than ever before.

Over the past two years, Binance has systematically addressed compliance issues through a series of significant initiatives, including recruiting, hiring, and retaining the right talent, and strengthening Binance's compliance procedures and culture.

We need to collaborate with policymakers more than ever. Only then can we effectively promote the development of a globally coordinated regulatory framework that fosters innovation while providing essential consumer protection.

I am eager to work alongside my peers across the industry. When we stand united, our voices will be heard more loudly.

To Users

An unwavering focus on users is deeply embedded in Binance's DNA. I assure you that I will do everything in my power to ensure that users remain at the center of all our efforts. Users can have confidence in the company's financial strength, security, and safety.

I am fortunate to lead a company with a very solid foundation. Binance not only continues to operate the largest cryptocurrency exchange by trading volume globally, but our capital structure is free of debt and our expenses are moderate. Although we charge low trading fees to users, we have strong revenue and profits.

But most importantly, as custodians, we take our responsibilities very seriously and maintain a 1:1 reserve for every user's asset, ensuring that user assets are protected.

From the continuously improved proof of reserves system implemented 12 months ago to our Secure Asset Fund for Users (SAFU) emergency fund, we are committed to ensuring the integrity of the platform and making users feel secure.

The Future of Web3

From the continuously improved proof of reserves system implemented 12 months ago to our Secure Asset Fund for Users (SAFU) emergency fund, we are committed to ensuring the integrity of the platform and making users feel secure.

I am deeply invested in the promise of blockchain, such as increasing financial inclusion, cross-border remittances, and lowering transaction costs.

I also see opportunities to empower individuals with more control over their personal data through decentralized applications and to foster innovation through distributed applications.

To achieve this, I intend to drive the growth and adoption of Web3, continuing to build an ecosystem that provides transformative financial technology.

To realize this ambitious vision, regulatory innovation must be promoted in a collaborative manner.

I believe my years at the Abu Dhabi Global Market have prepared me well for this.

I am proud to have driven the creation of what is widely regarded as one of the most progressive and forward-thinking regulatory frameworks for digital assets in the world.

Undoubtedly, this experience has provided me with detailed insights into the regulatory environment, which is crucial for leading Binance into a new chapter.

I am eager to fully immerse myself in my new role and know that there will be more opportunities to share my thoughts with the community through platforms like this blog, my social media accounts (Twitter, LinkedIn), and many industry conferences and events around the globe.

As we enter the next phase of Binance's growth, I am excited about the opportunity to engage in meaningful dialogue with global policymakers to ensure that cryptocurrency investors maintain confidence in the future of the industry and to interact with and educate the next billion users to ensure the long-term sustainability of cryptocurrency.