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- Binance regularly reviews cryptos for development status, liquidity, and negative information.
- Binance aims to reach 1 billion users, doubling its current 200 million user base.
- Binance’s strict compliance protocols include rigorous KYC and due diligence measures.
Binance co-founder He Yi revealed the exchange’s strategy to address “zombie coins” and maintain competitiveness during a recent Twitter Space hosted by Binance Chinese.
https://t.co/G5f4ABjXGB— 币安Binance华语｜Web3钱包已上线 (@binancezh) June 13, 2024
With aims to reach 1 billion users, Binance has recently quadrupled its user base to 200 million in the last two years, and this news coincides with ongoing strong user growth.
Yi discussed how Binance regularly evaluates every cryptocurrency listed on its platform, focusing on liquidity, development stage, and any negative information. Despite meeting these requirements, cryptocurrencies receive monitoring labels.
This methodical approach ensures that only strong and dependable cryptocurrencies are actively traded on the platform. Binance has also established a specific department responsible for these ongoing monitoring tasks to maintain the integrity of its listings.
Turning to broader operational plans, He Yi emphasized Binance’s dedication to preserving competitiveness and regulatory compliance.
This includes strict KYC (Know Your Customer) procedures, thorough due diligence, and comprehensive risk assessments. Although potentially more stringent than some competitors’, these procedures are essential to guaranteeing the security and dependability of the platform.
In line with these tactics, He Yi discussed Binance’s proactive strategy of modifying its product offerings in response to user feedback and market demands. For example, Binance is now investing more in the inscription field for its Web3 wallet to address user needs and market changes. This action demonstrates Binance’s dedication to meeting user needs and continually improving its services.
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