Binance CEO Reflects as Exchange Turns 6 – “It Was Never Easy”

Binance CEO Changpeng Zhao wrote that decentralized finance will continue to accelerate and more people will interact with DeFi products .

News Join us on social networks

Binance CEO Changpeng Zhao wrote a letter addressing users of the exchange, reflecting on past crypto winters and outlining key trends emerging within the industry as the company celebrates its sixth birthday.

In the letter, Zhao highlighted some of the company's challenges along the way. The executive said that in January 2018, the company saw new user registration records. However, it was followed by a market decline. Despite this, the Binance executive noted that during this bear market, his team learned the importance of "prudent financial management".

We wouldn't be here without all of you, our community.

To show our appreciation, we're hosting #BinanceTurns6 community meetups all over the world and we'd love for you to join us!

Learn how ➡️ https://t.co/DElSzHL1b3 pic.twitter.com/K5IFss5xp6

— Binance (@binance) July 9, 2023

During the company's second crypto winter, Binance's CEO spoke about the company's investments in collapsed crypto project Terra and bankrupt crypto exchange FTX. Zhao wrote that the company saw its initial $3 million investment in Terra Classic (LUC) climb to $1.6 billion before crashing to nearly $0 in 2022. He added that the company had entirely abandoned its investment in FTX at an early stage, more than a year before it collapsed.

The incidents have opened up further regulatory scrutiny of the space as Binance is bundled with FTX. Zh...