jakiro
Author: Climber, Bitchain Vision
On September 28, Beijing time, Binance founder and former CEO CZ posted a “GM” on Twitter, officially announcing his return.This is two days ahead of the original date of release.Binance officials also immediately stated that they were very happy that CZ will be able to go home and reunite with their family.
Since CZ was imprisoned on May 1 this year, it can be said that Binance and the entire crypto industry have temporarily lacked an evangelist and leader.But four months later, CZ returns again, but at this time he has already completed the transformation of his identity and is about to open a new chapter in his life.
Looking back at the development history of the crypto industry and Binance, we will find that the emergence of CZ has brought strong growth momentum to the entire blockchain industry, but the booming crypto market has also made many people lose themselves.But CZ seems to be a sober, brave, and idealist. She has been deeply engaged in the construction of the crypto bear market and has the courage to assume all responsibilities under regulatory review. The most important thing is to keep the original intention in mind and always adhere to letting crypto benefit the worldA sense of mission.
1. Meet CZ again—a new mission is coming
There is no doubt that CZ is a legend, which not only achieved the goal of building a successful company and becoming the richest man in the world, but also emerged from adversity under the pressure of supervision and misunderstanding of public opinion.His life and his Binance are destined to leave a strong mark in the history of the crypto industry.
CZ is a Chinese Canadian entrepreneur. He has begun to target cryptocurrencies since 2013. In 2014, he sold Shanghai real estate to cash out and invested all his shares in Bitcoin.He left OKCoin in 2017 to set up his own company Binance and serve as CEO.In July 2017, it raised $15 million in its initial token offering.
In less than eight months, CZ has built Binance into the world’s largest cryptocurrency exchange.In February 2018, Forbes Magazine listed him as the “richest cryptocurrency”.At the end of the same year, Binance announced the launch of its own blockchain “Binance Chain”.
However, with the advent of the crypto bear market, many well-known crypto projects have burst one after another, and investors suffered heavy losses for a while have attracted the attention of regulatory authorities.
In June 2023, the U.S. Securities and Exchange Commission filed 13 charges against Binance and CZ.On November 21, 2023, CZ announced that it would no longer serve as Binance CEO and admitted that it had failed to invest more resources in the platform to meet the requirements of the US anti-money laundering law. Binance will pay the US a fine of approximately US$4.3 billion.
On May 1 this year, CZ was sentenced to four months in Seattle federal court, while he personally paid a $50 million fine.
During the trial, CZ bravely assumed all responsibilities and actively took major and unconventional measures to cooperate with the law enforcement department’s investigation.He has said that the first step to taking responsibility is to fully recognize the mistakes, and Binance has recognized the importance of having a strong KYC/AML program.
The CZ judge also said that after he personally read 161 letters of support and learned about CZ’s past, he believed that CZ has the ability and willingness to reform.The truth is, CZ did it.
It can be said that it was CZ who risked losing all its assets to make Binance successful. However, there are still voices outside that are misunderstanding CZ.
In July this year, the Chinese version of Bloomberg Business Weekly issued a public apology to Zhao Changpeng and his founding institution Binance, which apologized for the article “CZ’s Ponzi Scam”.The publication admitted to making a “serious mistake” and published a “false and unfounded” title.This belated apology has also made people look at again, whether the industry or CZ has always been wearing tinted glasses.
Facts outweigh words. LUNA collapse, FTX burst, crypto project runaway and other incidents have all damaged the reputation of the crypto industry. However, CZ did not evade responsibility under the investigation of regulatory authorities, but instead made Binance and the entire crypto industry.Make considerations in the long run.His contributions and his sacrifices are obvious to all.
CryptoQuant CEO Ki Young Ju posted on social media that the cryptocurrency industry should re-examine the contribution of Binance co-founder CZ from a more objective and forward-looking perspective, and he believes that CZ’s achievements far exceed their mistakes.
Ki Young Ju pointed out that emerging industries often face the challenge of mismatching intrinsic value and absorbed capital, leading to society’s criticism of industry leaders.He believes that the cryptocurrency industry, as an emerging field, inevitably has experienced this growth pain.The four-month detention period of CZ is not only a punishment for personal behavior, but also represents the pain in the development of the entire industry.
CZ has also maintained Binance’s good operation many times in the tragic bear market, but also inspired everyone: “It’s a matter of time before the bull market comes.”
Now that CZ is back, the crypto tycoon has a bigger and more meaningful life plan.
In May this year, news was reported that CZ is actively preparing for the transformation of AI and biotechnology.In fact, CZ also mentioned that she had communicated with Altman, “they all believed that AI would greatly contribute to technological development and human knowledge advancement.”CZ also said it is seeking to invest in large data centers that support AI applications.
At the same time, CZ will not directly participate in operations in the future after it is released, but as Binance’s largest shareholder, it will affect Binance’s important decisions to a certain extent, including appeaseing the FOMO emotions of community users.
In addition, CZ also stated on social platforms that he will serve his sentence and will focus on the next chapter of life after this stage, which will undoubtedly bring continuous incremental growth to the crypto industry and increase industry adoption rate.
2. Unbinding Binance: Embrace compliance and make the crypto career reborn
CZ’s criminal settlement mentioned earlier that he had to resign from Binance CEO and stay away from any “day” activities of the company.At the same time, the settlement also requires Binance to accept two external supervisors designated by the U.S. government to ensure compliance.
CZ’s departure made the outside world curious about where Binance’s fate will go, but the development facts over the past four months tell us that Binance has a mature enterprise system and is led by the platform’s new CEO Richard Teng and Lianchuang He Yi.With steady progress, the number of users on the Binance platform has reached 230 million.
Richard Teng once said that Binance is no longer a “founder-leader” model, but has changed to a “more decentralized company” led by the board of directors.Binance has introduced 3 independent directors and has gathered an experienced team of executives to take charge of the day-to-day operations.The goal of this transformation is to strengthen corporate governance in response to an increasingly stringent regulatory environment.
In addition, he also revealed that Binance does not currently seek an IPO, and Binance is in good financial condition and has been profitable since the fifth month of 2017 and does not need to raise funds through IPO or other financing methods.Binance will not rush to return to the US market, but will carefully evaluate the regulatory environment.
After CZ announced her resignation as CEO last November, the new CEO was replaced by Richard Teng, the company’s former global regional market leader.With 30 years of experience in financial services and regulatory, it is committed to leading Binance into the next stage of growth, ensuring the company’s development in security, transparency, compliance and growth.
Richard Teng said after becoming Binance’s new CEO that Binance today has a stronger foundation than ever before.To ensure the bright future of the company, he will focus on three aspects: 1) assure the company’s financial strength, safety and stability to users; 2) to cooperate with regulators to maintain high standards for promoting innovation around the world while providingImportant consumer protection; 3) Work with partners to promote the growth and popularity of Web3.Teng said that Binance will continue to move forward unswervingly and call on everyone to support and look forward to the future.
As a comrade who has been with CZ, Binance Lianchuang He Yi has been at the core of the management platform team.He Yi is involved in all aspects of the business and is responsible for Binance’s human resources department.Richard Teng once called He Yi “a very talented and highly independent person.”
He Yi himself did his own work, actively operating Binance’s daily affairs and answering various questions from the outside world.For example, he once said that if a Binance employee receives bribes, Binance has management measures for zombie coins, and set up a special department to conduct daily monitoring, and Binance’s listing is composed of four links: business, research group, committee, and compliance review.wait.
Binance has made steady progress under the leadership of Richard Teng and He Yi and has achieved new milestones.
For example, on August 15, Binance officially registered as a filing entity with the Indian Financial Intelligence Unit (FIU-IND), achieving the 19th regulatory milestone in the world; on September 6, Binance Kazakhstan obtained the Astana Financial Services Authority(AFSA) approved a comprehensive regulatory license; previously Binance’s Indonesian CEX Tokocrypto obtained a physical crypto asset dealer license.
In addition to compliance licensing, the Binance Security team has also achieved remarkable results. By the end of July 2024, the team had successfully recovered or frozen more than US$73 million of user funds stolen by external institutions.
In addition, it said it plans to recruit 1,000 people and spend more than US$200 million this year to strengthen compliance.
It can be said that the release of CZ and the comprehensive embrace of compliance supervision by Binance platform have allowed the previous uncertainties of this world’s largest trading platform to disappear. This is based on the fact that it has the largest number of regulatory licenses in the industry.see.
Conclusion
The crypto industry has always been regarded as a wild west and a dark forest, and there are inevitably various dangers hidden in it.Under the constraints of traditional moral and legal standards, non-compliant behaviors need to be borne by someone.The crypto industry that has been developing for more than ten years has only CZ can properly solve problems with its strongest courage and determination, which is of great significance to both the Binance platform itself and the entire crypto industry.
CZ’s responsibility, Binance’s tenacity and the future potential of the crypto industry are enough to make people believe that the gap between the Web3 world and the mainstream world will become smaller and smaller, and the crypto industry will eventually be able to provide better services to global users., promote the process of human society.
