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Richard Teng, the CEO of Binance, has highlighted the growth of the leading cryptocurrency exchange over its eight-year existence. In a post on X, Teng celebrated the resilience of the exchange and all who believe in the project.
Binance’s global reach despite regulatory crackdowns
Notably, Teng emphasized the remarkable resilience of Binance since its launch in 2017. The crypto exchange has faced numerous regulatory hurdles in various countries and regions where it has attempted to operate.
It has also survived several bear markets within these eight years and, most importantly, a major leadership change. This includes the departure of its founder, Changpeng Zhao.
Some other entities might not have been able to move on seamlessly under new leadership, given the circumstances surrounding Zhao’s exit. One of Teng’s challenges after taking over was a series of regulatory crackdowns.
According to Teng, despite numerous regulatory crackdowns, Binance currently operates in over 50 countries. The exchange has a diverse global workforce comprising employees from these countries, as well as a decentralized operational structure.
Interestingly, Binance operates without formal headquarters, making it a "remote-first leader in crypto." This appears to align with the principles of decentralization, which crypto represents. It suggests adaptability to the modern structure of operation.
Zhao’s departure and leadership change
Richard Teng’s post celebrates the journey of Binance from its small beginnings when it was just a team of eight core people. That team, led by Changpeng Zhao as founder, has now grown into a multibillion-dollar exchange.
As U.Today reported, Zhao has also shared insights into the secret behind Binance’s success in the crypto industry. The exchange’s founder emphasized the importance of "working hard" day and night, and sacrificing comfort to ensure progress.
Zhao is considered one of the most successful entrepreneurs, but he had to step down as CEO of Binance as part of his sentencing bargain for violating U.S. security and anti-money laundering laws.
The community is reacting positively to Binance's eighth birthday with an X user, BraveTom, calling the milestones "amazing progress."
Vladislav Sopov
U.Today Editorial Team