Binance's 7-year anniversary: Richard Teng plans to edge innovation

[TomPluz]

Binance, the leading crypto exchange, will celebrate seven years in business on July 14, 2024.  In honor of this important milestone, Binance is hosting a number of global events, meetups, and giveaways. To that end, Richard Teng, Binance’s CEO, has promised the community to prioritize the consumers, hard work, and innovation.

Richard believes that Binance’s focus on users as the sole most important factor driving their decisions, their hardcore work culture and ownership mindset, and their commitment to continuous innovation to tangibly improve people’s lives have remained constant over the past seven years.

Binance has experienced both tough challenges and exhilarating moments of success, especially last year. In 2023, ChangPeng Zhao stepped down as CEO and was sentenced to four months in prison, which he is currently serving. 

At present, the exchange boosts a 210M global customer base. Teng adds, “We warmly welcome newcomers and pledge to do anything and everything we can to make them comfortable and safe as they explore the future of finance with us.” With the current user base, the exchange value saw user fund holdings exceed $100B for the first time.

Read more of this Binance development here.

I am sure that nobody who is into cryptocurrency has not heard of Binance. And for the past 7 years, it reign well as the most famous crypto exchange platform the world has ever seen. Binance, of course, is more than an exchange right now as it is also holding other crypto-related ventures along the way. After years under the visionary leadership of CZ, the mantle of leadership is now on the shoulder of Richard Teng...a man I barely know of but definitely got a name I can easily pronounced. After touching many lives in one way or another,. do you think that Binance will continue to be a force in this industry for the next 7 years of its own existence or do you see competitors taking away its business for good?

[NotATether]

Wait, it says CZ was sentenced to prison in 2023? I do not really remember this detail well and I thought he was sentenced this year, which would have made sense. But if he was sentenced last year for four months, then how was it possible that he is still serving it now, unless it was repeatedly delayed (which I would not be aware of)?

[Charles-Tim]

Wait, it says CZ was sentenced to prison in 2023?

I think the news meant CZ stepped down as Binance CEO in 2023. But in a way that it also meant that he was sentenced to 4 months in prison last year but which is wrong. CZ stepped down as Binance CEO in November 2023 but he was sentenced to prison in April 2024. I think they think people will understand as it also included that he is currently serving the sentence presently.

In 2023, ChangPeng Zhao stepped down as CEO and was sentenced to four months in prison, which he is currently serving. 

[Kemarit]

Yeah, I still remember Binance in the beginning in late 2017 if I'm not mistaken. They even have to stop signing new customers as they are overwhelm by a lot of traders trying to register on their site. And for some, they made money out of it by selling accounts early, so now look at big Binance is.

And then we familiarized with the names of CZ = Binance, and then in the next couple of years is really grow so big that it become the top crypto exchange. So obviously there are a lot of things that happen in the last 7 years and it's good to hear that they are still in the crypto space and continue to be the trailblazer despite many challenges.