Coinburns will be analyzed in detail before making any decisions to ensure accurate delisting rather than simply delisting projects due to poor performance.
Delisting will cause harm to both project teams and token holders, so we strive to maintain objectivity and strictly adhere to listing and delisting standards. Do not assume that “shell” projects on Binance can be bought, as these projects can be delisted at any time. We strongly oppose this kind of shell buying behavior and will immediately shut down projects once discovered.
How do you view the comparison of market value with Coinbase? Where is the growth potential for BNB?
Firstly, I believe that Coinbase is essentially a stock security, while BNB is a token, and they are not in the same race. Coinbase stocks cannot be used on the Binance platform like BNB. BNB not only has applications and continuous burning mechanisms on Binance, but also benefits from BNBChain.
BNB has a wide range of uses on the Binance platform and is known as the “golden shovel” due to its ability to offset a large amount of transaction fees. Although the current momentum of BNB Chain is not as strong as some large L2, L1 ecosystems, or the user base of TON, compared to developer-centric public chains like Ethereum or Solana, BNBChain has more real Web3 users and builders.
I believe that an important direction for the future of BNBChain is to bring blockchain technology into the lives of ordinary people and help more entrepreneurs and developers drive the entire blockchain industry into the next stage. From this perspective, Coinbase and Binance are taking completely different paths. Coinbase is an excellent trading platform that has achieved profitability through its partnership with Circle, but Binance is taking a different path in the blockchain race.
During the process of listing many projects, Binance has empowered BNB through continuous airdrops and benefits. Short-term price fluctuations do not represent much; we are more concerned about the team’s long-term efforts and goals. The co-construction of BNB Chain and the entire community requires the joint efforts of users, communities, entrepreneurs, and developers.
Which tracks are you paying attention to? How do you view AI? How do you spend your day?
First, I’ll answer the question about AI. In fact, I also talked about my understanding of AI in the previous AMA. I believe that blockchain changes labor relations and distribution of benefits, while AI is a huge revolution in productivity. For example, many trading platforms and products are in a multilingual environment, and if AI can be effectively utilized, it can save a lot of translation costs and improve efficiency. This is a specific example of productivity improvement. In the future, AI’s productivity improvement will be manifested in more aspects, including design, marketing, etc., with lower costs and higher efficiency.
AI can be divided into several modules. The most common one is the application side, such as OpenAI’s chatbots, which can help with writing business plans, design, video production, etc. Above that are the big model teams, which are not large in scale but have strong expertise. And above that is the computing power. This is why NVIDIA’s stock performance is so strong. NVIDIA’s leading position in chips makes it difficult for other competitors to catch up. Technological advancements make computing power improvement more significant.
Energy and data are the two key industries that support the development of AI. Global wars and political struggles often revolve around energy, and the future development of AI also relies on energy support. Data is another key factor, and companies that have access to a large amount of user data have an advantage in AI development.
We at Binance are also looking for good AI solutions. For example, the Greenfield product launched by BNB Chain before utilizes data through a privacy-protected network to ensure user privacy. This is our attempt to combine blockchain and AI.
Regarding the choice of tracks, I believe that as a business person, it is necessary to keep an eye on and think about various emerging tracks. Regardless of the track, as long as it is helpful to society and has good products and services, it is a viable business.
My daily life is actually very simple. I work out three times a week, usually in the morning. After working out, I have phone meetings throughout the day. My goal is to cultivate a leadership team and build strong leadership within the industry.
In addition to meetings, I spend a lot of time studying organization and management and communicating with HR. I have recently added the task of writing emails to CZ, reporting work, and sharing personal life. My life is simple and revolves around work, exercise, spending time with family, and reading. That’s my day.
What considerations does Binance have for stablecoins? How will they develop in the future?
Our logic for stablecoins is simple. Although we can’t say we accept every stablecoin, we welcome cooperation with stablecoins like TUSD, FDUSD, and future stablecoins, regardless of whether it was BUSD, which was previously a collaboration with a third party. The key is whether the qualifications and capabilities of the cooperating parties match and whether we can come to an agreement. We have a positive view of the stablecoin track, but to operate it well, it requires the right timing, favorable conditions, and people, rather than just setting up a stablecoin account and accepting funds.
After surpassing 200 million users, where might the new user increment for Binance come from? First, it should be clarified that registered users do not necessarily equate to active users, as some registered users may not engage in trading or deposit activities. To achieve a larger market scale, there needs to be more high-quality assets. If the industry becomes too insular, it is because of a lack of high-quality assets, which involves the challenge of bridging the gap. Our mission and thinking are focused on how to bridge this gap and make blockchain as accessible to ordinary people as the internet or AI, enabling direct usage by the masses. As long as we bridge this gap, scaling up the user base by tenfold or twentyfold is not a problem.
I firmly believe that as long as the crypto industry can introduce practical and high-quality assets, the market size can expand fivefold or even more. Each cycle will bring new applications and companies, and companies that persevere and create value for the world will become industry leaders. Just like the top companies after the dot-com bubble, such as Apple, Amazon, Facebook, Google, etc., that continue to create value and become top global companies. We also hope to see this kind of sustained growth and development in the blockchain field.
After surpassing 200 million users, what are the plans and strategies to bring more outsiders into the industry?
In fact, Binance has always been making efforts in this regard. Whether it’s from a marketing perspective, through our academy, charity projects, or even in terms of project listings, we have made some attempts. We have also received some negative feedback. For example, as everyone knows, we previously signed The Weeknd, and we later signed Cristiano Ronaldo. Cristiano Ronaldo has 600 million followers on Instagram, and his daily likes often reach millions or even tens of millions. Through these celebrity effects, we hope to make more people aware of Binance and cryptocurrencies.
Furthermore, when users register on Binance, we hope they take the time to understand cryptocurrencies rather than blindly following investments. Even when investing in meme coins, it is necessary to understand their essence and cycles to avoid impulsive actions. Our logic is that not all projects listed on Binance are of extremely high quality; sometimes it is due to user demand. We will first put some projects in the contract market, allowing users to choose whether to go long or short. If the long-term popularity of a project is uncertain, we will first put it in the contract market, where users can choose 1x or 2x leverage.
We have also made some mistakes. For example, the Hook project was mocked as the “girlfriend coin,” and many people questioned whether the users of this project were fake or bought. We carefully studied their users and found that they were not typical crypto users but rather users who registered and completed tasks to receive rewards such as motorcycles, rice cookers, etc. These users are not typical crypto investors.
We have recently collaborated with Web3 project teams on cross-game collaborations, attracting 1.3 million users, but only 56 of them became trading users because they were mainly attracted by the airdrops. In this process, some may question why we list these projects, but we hope to find applications and business models that can change the lives of ordinary people through these attempts.
In addition, Binance Academy and charity projects are also taking on more industry responsibilities and influence. Although sometimes the investment may not always yield results, at least more people are seeing Binance and cryptocurrencies. Signing Cristiano Ronaldo may not have brought a large number of registered users and trading users, but at least more people have seen Binance.
The crypto industry has a lot of negative information and prejudice, but we will continue to push the industry forward and attract more users from outside the industry. Even in this process of mockery and failures, as long as the goal is clear, we will firmly move forward.
In summary, we will continue to make efforts to bring in more outsiders and promote the healthy development of the industry.
After settling with regulators in the United States, how will Binance’s development in Europe or other regions be affected?
After settling with regulators in the United States, Binance’s development in Europe or other regions may be somewhat affected. As you may have seen, we had an executive who encountered troubles in Nigeria. From a regulatory perspective, traditional finance has a history of over a hundred years, and regulatory systems have been gradually established. Therefore, when they see something new like crypto, which claims to overthrow traditional finance, they naturally view it as a flood beast. In such cases, as a top company in the industry, we will face more pressure and challenges.
Many people believe that DeFi can solve all problems, but in reality, the development of the internet went through a similar stage. Although information freedom is important, the internet is still observed and regulated by governments worldwide. The blockchain industry will also face similar challenges. If it becomes completely decentralized, regulatory agencies, especially in the United States, will take strong measures to combat DeFi, and they will not go easy on the CeFi part either. This is why CZ is currently still in the United States.
If we want this industry to serve 1 billion users and drive the industry forward, we must reach a consensus and build trust with regulatory agencies, finding a way to survive. When the industry reaches a large enough scale, it must demonstrate its positive impact, how it can complement the existing financial system, improve efficiency, and achieve peaceful coexistence. This is the direction we are thinking and moving towards.
In this process, we will encounter some challenges, such as not being able to provide contract trading in certain regions. In addition, the compliance team will become very large, and many decisions will require approval from the compliance and legal teams. However, as long as the organization itself is strong and the strategy is correct, these phased challenges will not affect the long-term goals. Overall, we are still seeking coexistence.
Coinbase also strongly supports embracing regulation. We may be the first exchange globally to actively embrace regulation, especially in the United States, where we have done very well. In fact, all the competitors in the market, such as Coinbase, OK, Huobi, Bybit, Bitget, Bitmex, etc., have gone through many cycles and have many things we can learn from. This industry is still in its early stages and requires joint efforts to expand the cake.
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