Binance's new CEO's first open letter: Embrace regulation and create value for users

As I've said previously on Twitter, it's been an honor to serve as Binance's CEO, and it's with the deepest humility that I take over the reins as CEO of this incredible company. Over the past six years, Binance has laid a foundation that will position it for continued growth and success for decades to come. Now, my role is to lead our talented and committed team into the future while respecting and building on our past. This is a responsibility I take as seriously as the trust our 160 million users have placed in us.

A cornerstone of this organization has always been the idea that innovation should bring value to users. The best way to put this principle into practice — the Binance way — is to always deliver the best products, to consistently deliver best-in-class products that people use and find valuable. As Binance’s new CEO, I am determined to stay on this path. We will maintain our commitment to product excellence while continuing to lead the way in financial innovation.

I have accepted this role with the support of CZ and our leadership team. My commitment is to work tirelessly so that we can meet and exceed the expectations of all stakeholders while delivering on our core mission: the freedom of money. With three decades of financial services and regulatory experience, I understand the unique challenges and opportunities facing the industry and am committed to guiding us through the crypto winter and bull run.

We have turned the page on Binance's challenging history. In fact, we are stronger today than ever before. Over the past two years, Binance has systematically worked to address its past compliance issues through a series of major efforts to recruit, hire and retain the right people and strengthen Binance's compliance procedures and culture.

As an industry, we need to focus on engaging with policymakers more than ever. Only then can we effectively contribute to developing a regulatory framework that fosters innovation and provides critical consumer protections around the world. I am eager to collaborate with my peers across the industry on this critical endeavor and know that our voices will be louder when we stand united.

To our users

Deeply embedded in Binance's DNA is a relentless focus on our users. I assure you that I will do everything in my power to ensure that you remain at the center of everything we do. You should feel confident in the financial strength, safety, and security of the company.

I am fortunate to lead a business with very strong fundamentals. Not only does Binance continue to operate the largest cryptocurrency exchange in the world, but our capital structure is debt-free, our expenses are modest, and we have healthy revenue and profits despite the low transaction fees we charge our users.

But most importantly, we take our responsibility as a custodian very seriously and provide 1:1 backing for every user asset. Your assets are protected.

From our Proof of Reserves system, which we have continuously improved since we first implemented it 12 months ago, to our Security Fund for Users (SAFU) emergency fund, we are committed to ensuring you have peace of mind about the integrity of our platform.

The Future of Web3

I will be committed to the promise of blockchain, such as opportunities to increase financial inclusion, cross-border remittances, and reduce transaction costs. I also see opportunities to give individuals more control over their personal data and promote innovation through decentralized applications. To this end, I intend to drive the growth and adoption of Web3 and continue to work hard to build an ecosystem that provides access to world-changing financial technologies.

Driving regulatory innovation in a collaborative way is essential to making this grand vision of a better web a reality. I believe my years at the helm of Abu Dhabi Global Market have prepared me well for this part of my new job. I am proud to have driven the creation of what is widely regarded as one of the most forward-thinking and forward-looking digital asset regulatory regimes in the world. This experience has undoubtedly given me the necessary nuanced perspective on the regulatory landscape to lead Binance into this next chapter in its history.

I can’t wait to dive into my new role, and I know there will be many opportunities for me to share my thoughts with the community through blogs like this one, my social media accounts (Twitter, LinkedIn), and at the many industry conferences and events around the world.

As we embark on the next phase of responsible growth at Binance, I welcome the opportunity to engage in meaningful dialogue with global policymakers, ensure crypto investors maintain confidence in the future of the industry, and engage and educate the next billion users so that we can ensure the long-term sustainability of crypto.