Binance CEO reflects as exchange turns 6 — ‘It was never all smooth sailing’
Binance CEO Changpeng Zhao wrote a letter addressing the exchange’s users, reflecting on past crypto winters and laying out key trends shaping up within the industry as the company celebrates its sixth anniversary.
Within the letter, Zhao highlighted some of the company’s challenges throughout its journey. The executive said that in January 2018, the firm saw new records for user registration. However, it was followed by a decline in the market. Despite this, the Binance executive noted that during this bear market, its team learned the importance of “prudent financial management.”
We wouldn’t be where we are without all of you, our community.To show our appreciation, we’re hosting #BinanceTurns6 community meet-ups all around the world and would love for you to join!Learn how ➡️ https://t.co/DElSzHL1b3 pic.twitter.com/K5IFss5xp6
In the company’s second crypto winter, the Binance CEO talked about the firm’s investments in the collapsed crypto project Terra and the bankrupt crypto exchange FTX. Zhao wrote that the firm saw its initial $3 million investment in Terra Classic (LUNC) soar to $1.6 billion in value before crashing close to $0 in 2022. He added that the company exited fully on its investment in FTX at an early stage, more than a year before it crashed.
The incidents opened more regulatory scrutiny on the space, with Binance being grouped with FTX. Zhao wrote:
Despite the troubles it faced, the Binance CEO noted that it will continue to prioritize its users and protect their interests.
Related: Bitcoin bull run incoming: Binance CEO Changpeng Zhao reveals when
Besides reflecting on the exchange’s journey throughout the years, Zhao also laid out some trends currently taking shape within the space. According
Read more on cointelegraph.com
