Changpeng “CZ” Zhao reflected on the various setbacks and victories of 2022 in a recent letter.
Zhao admitted that the sphere is still recovering from the effects of the 2022 bear market.
Despite all the turbulence, Zhao commended the industry’s resilience and tenacity.
The CEO noted the increased patronage of institutional and individual users in the blockchain sector in 2022.
Additionally, Zhao boasted about Binance’s global expansion initiatives over the year.
CZ affirmed that Binance would enhance its user protection mechanism, transparency, and security.
In a Wednesday letter, Binance CEO Changpeng Zhao reflected on the various setbacks and wins that greeted the sphere in 2022, reaffirming the preparedness of his exchange for any case scenario in 2023.
“No matter what 2023 brings, we are prepared. Binance has a stellar team of diverse and mission-driven professionals, an expert management suite, and healthy reserves,” Zhao said.
Zhao admitted the sphere is still yet to recover from the implications of the 2022 bear market and the crash of Celsius, Voyager, and FTX. According to the CEO, these developments intensified strict scrutiny of the space by policymakers, media, and the general public.
However, Zhao commended the resilience and tenacity of the industry in the face of all the turbulence encountered in the year. He believes the industry is still young and should not be defined by its prevailing obstacles.
CZ Reflected on the 2022 Wins Despite the Challenges
CZ said the sphere saw an increase in adoption despite the challenges. He highlighted how the blockchain sector enjoyed increasing patronage of institutional and individual users within the year.
According to the Binance CEO, globally known brands such as JPMorgan, Tencent, Fidelity, Tesla, Cloudflare, PayPal, American Express, Accenture, BlackRock, Nasdaq, McDonald’s, Google Cloud, Mastercard, Sony, Nike, and a host of others subscribed to blockchain-based solutions this year to foster their service deliveries.
Further, he boasted about how Binance thrived in its quest to cement global expansion in 2022. Binance had, during the year, successfully secured regulatory registrations across several countries, including Spain, South Africa, Cyprus, France, the UAE, and others.
Zhao affirms the commitment of his exchange to sustain its regulatory compliance in 2023.
“In the coming year, we’ll keep engaging with national and international regulators and policymakers to ensure that we meet all applicable requirements, as well as to promote sensible crypto regulations that protect users while allowing financial innovation to thrive,” CZ added.
The exchange also engaged in multiple partnerships to drive the adoption and popularity of cryptocurrencies amidst its 2022 downturn. More so, Zhao stated Binance would improve its user protection mechanism, transparency, and security in a bid to gain the trust of its users within the sphere continuously.
Expressing hope for the imminent year, CZ is optimistic that the industry will recover from its lingering downturns.
On the Flipside
After the FTX fallout, Binance announced proof-of-reserves of its assets to enhance transparency. As the audit report was released, some claimed that the report was much less comprehensive and robust than traditional audits of a company’s accounts and liabilities. The development led to FUD around Binance, which resulted in a $6 billion outflow of assets from the exchange.
Why You Should Care
Binance is currently serving more than 120 million users worldwide. However, the fall of firms like FTX affected the whole industry, including Binance. CZ affirmed that the industry would bounce back quickly and Binance would emerge “exponentially stronger” from the experience.
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