Yi He addressed the latest resignations, regulatory scrutiny and media criticism in her letter to company employees. In general, she highlighted that what Binance (BNB) is going through now is not new for the platform and its top management.
"Countless blood and fire baptisms": Yi He on six years at Binance (BNB)
Regardless of the behavior of regulators and competitors, Binance (BNB) employees should be focused on creating excellent products and providing an excellent user experience for all customers. That is the only way to build competitive advantages in 2023, Yi He says in her letter shared today on X.
She decided to write this letter regarding increased regulatory pressure and "aggressive marketing from some competitors." Yesterday, Wall Street Journal published another anti-Binance longread.
Yi He highlighted that almost all Binance (BNB) competitors can enjoy far more relaxed compliance, KYC/AML, proof of reserves and other requirements. Also, the status of the largest exchange in the world affects the platform's efficiency.
That is why the exchange has been the target of "countless blood and fire baptisms" since its launch. To cope with these attacks, employees should react on all challenges with "logics," not with emotions, Yi He added.
In its strategy, Binance (BNB) should be focused on making excellent and resource-efficient products and providing excellent services to every single customer.
2019 "battles" more challenging for Binance, cofounder says
Also, Yi He compared the ongoing situation with the crypto recession of 2019. She recalled that back then, Binance (BNB) was not delivering the majority of its ongoing products: it lacked a fiat gateway, Binance P2P, Binance Futures and so on. But even then, Binance (BNB) managed to become a leader and "turn the tables" in the segment:
This is not the first time, nor it will be the last showdown (...) Every battle is a do-or-die situation, and the only thing that can defeat us is ourselves.
At the same time, Binance (BNB) won countless time and has to win yet again, the cofounder says.
As covered by U.Today previously, Binance (BNB) is going through a legal battle with the U.S. SEC. Also, it faces charges from the US DoJ over sanctions evasion.
Today Binance (BNB) announced that it is completely exiting Russia, which had been one of its largest markets. Binance (BNB) users will migrate to previously unknown platform CommEX.