Binance CEO's Open Letter: My First 100 Days Leading Binance
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Binance CEO's Open Letter: My First 100 Days Leading Binance
Driving product innovation to create value for users is at the core of Binance's work.
Navigating Web3 tides with focused insightsAuthor: Binance
Translation: Kate, Mars Finance
In politics, the first 100 days of a newly elected leader in office are seen as a benchmark for measuring their ability to govern effectively, implement reforms, and fulfill campaign promises. The analogy between leading a country and running the world's largest digital asset ecosystem is certainly imperfect. Still, one might argue that cryptocurrency moves faster than most traditional systems, meaning the first 100 days here could be even more telling than in politics. Nevertheless, the initial weeks and months following leadership changes are crucial for any system or organization, and my first hundred days have indeed brought sufficient developments and progress worth evaluating.
Since taking on the role of CEO, I have prioritized ensuring and maintaining Binance’s user-centric principles across all business operations, with an emphasis on stability. In this sense, radical reforms were not necessary, as in many ways our organization was already on the right track. Indeed, our user-first DNA remains the driving force behind the trust people place in Binance and the corresponding growth of our user base—today exceeding 178 million registered users.
Furthermore, since our settlement with U.S. regulators, we have continued to demonstrate strong financial performance. According to Bloomberg, citing data from DefiLlama, between late November last year and the end of February this year, we recorded over $3 billion in net inflows—surpassing our largest competitors during the same period. In January alone, our platform attracted the largest capital inflow since at least November 2022. Of course, we benefited from favorable external conditions—the approval of spot Bitcoin exchange-traded products in the U.S. contributed significantly to momentum in the crypto market. But even against this backdrop, Binance’s outstanding performance over the past three months stands out clearly.
These early successes were made possible by the hard work of our dynamic team, the solid foundation laid by our deep bench of global leaders, and the continued trust and support of our exceptional global community.
Products That Create Value
I believe driving product innovation to create value for users lies at the heart of Binance’s mission. I am pleased to report that during my first 100 days in office, we launched numerous exciting features for both retail and institutional users.
Continuing our focus on simplifying access to the exciting Web3 world, we introduced a series of new features to Binance Web3 Wallet. These include support for additional chains, enhanced swap options, and expanded access to more DEXs and bridges. Responding to popular demand, we also launched the Binance Inscriptions Marketplace, integrated with our Web3 Wallet, offering the crypto community a user-friendly way to trade and mint various inscriptions tokens.
To further enhance the social aspect of crypto trading, we improved Binance’s Copy Trading functionality, notably introducing simulated copy trading. This educational tool allows users to practice and learn using virtual test funds in a risk-free environment.
On the institutional side, Binance successfully initiated and executed the industry’s first tri-party agreement for banks, where institutional investors’ trading collateral in fiat currency is held with third-party banking partners. This innovative risk management solution addresses counterparty risk—a key concern for institutional investors in the sector. It replicates frameworks common in traditional financial markets, enabling investors to better manage risk and expand their crypto asset allocations. We’ve also made significant strides in our institutional lending business, enhancing funding and liquidity capabilities for fixed-term loans.
As the digital asset space welcomes more institutional investors—including those new to the asset class—our goal remains to facilitate their entry and provide services in scope and quality that encourage long-term engagement.
Our latest initiative demonstrates this commitment: expanding eligibility criteria for our VIP program to include trading volume from traditional platforms—an industry first. Historically, high-volume traders could apply for Binance VIP status based on activity at other crypto exchanges. Recent changes to the Binance VIP Invite Program now allow investors to use their combined spot or futures trading volume across both crypto and traditional venues to qualify for Binance VIP status, making it easier for institutional clients to begin their crypto journey with us.
Regulation That Fosters Innovation
While many of the earliest crypto advocates strongly opposed regulation, as the industry matures, it’s important to recognize that regulation is an essential part of every innovative industry’s lifecycle. The foundation of robust regulatory frameworks must be built upon the fundamental principle of maximizing user protection while fostering a secure and sustainable ecosystem capable of responsible growth. I believe users are ultimately the beneficiaries of our rigorous compliance efforts, as they gain access to the security and stability offered by a well-regulated digital asset ecosystem.
Over the past three months, we’ve made substantial progress in licensing and authorization negotiations. We’ve also deepened dialogues with regulators and industry stakeholders worldwide to strengthen cooperation and coordination on the path toward sustainable growth in crypto. One outcome of this work was in January, when Bayan Binance—the Thai exchange and brokerage platform, a joint venture between Binance and Gulf Innova—successfully launched full operations, extending access to digital assets for millions of potential Thai crypto users and the crypto-curious.
Additionally, guided by our user-first principle, we intensified our efforts to strengthen data security and governance. Completing a comprehensive and independent SOC 2 Type II compliance audit confirmed that Binance’s global platform effectively operates designed controls for system protection and data security. We also launched the dedicated Binance Privacy Portal to improve communication with users about their data rights and provide them with tools to exercise those rights.
We’ve observed a significant decline in crypto-related crime indicators in 2023, and I’m confident that Binance’s ongoing efforts to strengthen our compliance programs and deepen collaboration with global law enforcement agencies have contributed to this industry-wide trend. During my first 100 days, building strong partnerships with law enforcement remained a top priority, reflecting Binance’s collaborative and proactive stance in enhancing the security of the crypto ecosystem. Notable activities during this time included training sessions with Interpol officials and contributions to Hong Kong Police Force’s advanced commercial crime course. As always, we continue to assist authorities by providing critical intelligence in ongoing investigations.
To further strengthen our compliance capabilities, we welcomed back world-class compliance expert Steve Christie as our new Deputy Chief Compliance Officer. We continue to enhance the strength of our compliance team by hiring leading professionals in their respective fields.
Personal Journey
Since becoming CEO, one thing I’ve done more of is engaging face-to-face with members of the Binance community. This may be the most valuable part of the job—talking to individuals whose lives have been visibly transformed by our work, like the many firsthand stories shared with me by people who previously had almost no access to financial services but tasted financial freedom for the first time through Binance. These personal stories, along with the unwavering support that comes with them, are heartwarming and deeply inspiring.
As a new CEO, I’ve also met hundreds of outstanding professionals across the company. Talking with them and getting to know them has reinforced my belief in the power of our decentralized, horizontal team structure. Over the first three months, I’ve closely observed how the robustness and depth of our talent pool translate into organizational success through collaborative team efforts.
Finally, as our work to build partnerships and connections across the industry grows, I’ve connected with many colleagues from all corners of the Web3 space. I’ve been delighted to hear positive feedback from investors and project teams alike about Binance Launchpad and how it connects promising new blockchain ventures with knowledgeable crypto investors. Overall, one of the most rewarding discoveries in these first 100 days has been that the role of Binance CEO offers countless opportunities to build new personal and professional relationships.
Never Take Success for Granted
Undoubtedly, my first 100 days overseeing Binance mark an exciting new era in crypto history. The achievements during this time are the result of hard work by everyone at Binance—from co-founders to customer service agents—and the support and trust of our vibrant and passionate community.
Nonetheless, we are still in the early stages of a new era for the crypto industry, and there will be more ups and downs ahead on our journey toward advancing financial freedom. I am determined to continue building an organization that thrives during periods of rapid growth and remains resilient and robust under less favorable conditions in the next 100 weeks, 100 months, and 100 years. I know the only way to achieve this is by focusing on users, prioritizing their needs, and continuously improving for them. This is Binance’s future plan.
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