Binance CEO Writes Open Letter to Its Users

Binance, a famous digital currency exchange, recently celebrated its sixth anniversary. Its CEO, Changpeng Zhao, wrote a letter to users, talking about the company's history and key trends in the industry.

He remembered the hard times in January 2018, when there were a lot of new users but the digital currency market went down. Despite this, Zhao emphasized that the company learned how to manage money wisely.

Zhao spoke about Binance's involvement in two failed crypto projects, Terra and FTX. After Binance put $3 million in Terra Classic (LUNC), it initially grew to $1.6 billion, but crashed to nearly zero in 2022. Binance pulled out of FTX before it went bankrupt.

Because of these events, officials watched Binance more closely. They often compared Binance with FTX, but Zhao made clear that Binance and FTX are different. He compared this situation to Wall Street investment firms and the infamous Madoff case.

Despite these issues, Zhao reassured users that Binance is committed to them and will protect them.

Looking to the future, Zhao said traditional finance joining the crypto space would help institutions use it, decentralized finance (DeFi) would grow faster, and more people would use Binance's products. He also expected more regulated exchanges to grow despite current market uncertainty.

He stressed that countries getting the rules right would have an advantage in the future. He thinks we are at a big moment in history and that the decisions made now will have lasting effects for centuries.

In the end, Zhao's letter recalled Binance's journey and lessons learned. He highlighted industry trends, the importance of clear rules, and possible big changes in finance. Despite problems, Binance remains dedicated to its users.