Even after founder CZ left, Binance still showed steady operation and development. This is not only the dream of every entrepreneur, but also proves the power of a modern corporate organizational mechanism. (Previous summary: CZ Zhao Changpeng made his first statement after being released from prison: It’s great to enjoy delicious food. I will continue to invest in blockchain, AI, and biotechnology. My book is almost completed) (Background supplement: Binance CZ is officially released from prison! Prediction 3 "most likely things" that Changpeng Zhao will do next, BNB soared above $600) Gm, after completing his 119-day sentence, Changpeng Zhao told the outside world with the simplest good morning greeting on X that he was free again. In May of this year, Changpeng Zhao agreed to serve a sentence and traveled to the United States from Dubai to begin a four-month sentence after accepting charges from the U.S. Department of Justice that Binance, which he led, violated the (Bank Secrecy Act) and counter-sanctions program. Changpeng Zhao’s first tweet after being released from prison has 13.88 million views, 190,000 likes, and 50,000 comments. People in the crypto community are blessing the Binance founder to return to the free world. No matter how much people hope that he can continue to lead Binance, according to Binance’s settlement agreement with the U.S. Department of Justice, CZ (Changpeng Zhao’s nickname in the industry) can no longer be directly involved in the company’s operations. However, as Binance’s largest shareholder, he still has influence over the company’s major decisions. According to his previous plans, his future career focus will be in the field of education. In the 10 months since Changpeng Zhao resigned as CEO, the world has witnessed one thing: Binance can operate as usual without CZ. This also shows that the organizational structure, operating mechanism, and business logic established by Changpeng Zhao at Binance over the past seven years will not be invalidated by his departure, and Binance’s 200 million users and assets will not be threatened by his departure. For a modern company, weakening the founder's influence on the company and giving full play to the momentum of the organizational mechanism is the long-term solution. For crypto asset companies, this is also the safest strategy. CZ returns to comment on Binance: It’s doing well without me. “I can eat more than one serving of fruit every day.” This is probably Changpeng Zhao’s most direct and concrete feeling about freedom. In his morning greeting tweet on the second day after completing his sentence, another One quote that stands out: Binance seems to be doing a great job without me in the back seat at the helm, which is great.This is every founder’s dream! This high praise from the founder is probably enough to make the entire Binance team feel excited and relieved. In November 2023, Binance was forced to change managers due to the settlement agreement with the U.S. Department of Justice. This was a hard-core test for Changpeng Zhao and the company he founded with all his efforts. The test included user trust. and the ability to sustain internal operations. At that time, the Binance ecological asset BNB instantly fell by 13%, excess funds flowed out of Binance, and the market share of the world's largest crypto asset trading platform fell by more than 50% in the next more than a month. However, they all passed the test. The violent and short-term waves did not affect Binance's execution on the established track. In the longer term, the world's largest crypto-asset trading platform has been under the leadership of new CEO Richard Teng and co-founder He Yi. Thanks to the team's efforts, the company has recovered its strength and its market share has returned to around 50%. In June this year, it established a new milestone of "registered users exceeded 200 million." In Q2 of 2024, Binance will maintain its leading market share. In fact, for any great company, the founder’s influence can only be maximized in the early stages. To maintain long-term development, the long-term organizational mechanism established by the founder during the company’s development process, Corporate culture and goals at different stages are the sustainable driving force. This is true for Microsoft, and so is Apple. Although one is proactive and the other is passive, the two companies after the change of leadership have not lost their core competitiveness due to changes in founders or CEOs, and still maintain dominance in their respective fields. The effective principles and methodologies that Changpeng Zhao brought to Binance have been exerting a profound influence. What helped them successfully overcome the difficulties was the organizational mechanism, operating principles and enterprise that the true and false founders spent seven years designing, verifying and insisting on implementing for Binance. culture, and the successor’s clarification and advancement of stage goals. The organizational mechanism protects Binance from personal influence. After the collapse of the well-known crypto asset trading platform FTX in 2022, Changpeng Zhao had the vision to propose 6 principles for the healthy development of centralized trading platforms. Binance was the first to implement these rules, including: "Absolutely The principle of avoiding user fund risks "not trading and investing in user assets", the principle of not using native tokens as collateral, the principle of instant proof of shared assets, the principle of maintaining strong reserves, avoiding excessive leverage, and strengthening and enforcing security protocols. The "user first" that Binance often emphasizes in public is actually guaranteed by the specific implementation of these principles. Even though Changpeng Zhao had to resign as CEO due to regulatory reasons until he went to the United States to serve his sentence, Binance never stopped deposits, withdrawals, and transactions. You know, in the crypto asset market, there are too many cases where bosses have been arrested or disappeared for various reasons, resulting in exchanges being shut down or even bankrupt. As a result, there are countless users who have lost their assets, but this situation has not happened on Binance occur. Binance’s 100% Proof of Reserves (PoR) will be announced to the public after November 2022 and will be strengthened through the MT framework during the Markel Tree movement in the exchange industry. Since then, Binance has a dedicated page Allows users to check reserve status in real time. Binance Reserve Page In July 2018, Binance established an "emergency fund" mechanism and created the Safe Asset Fund for Users (SAFU), promising to dedicate a certain percentage of transaction fee income every year and continue to expand the growth of the fund. . This money is always stored on-chain and visible to everyone through a public address. The Binance SAFU address shows that the value stored in the fund currently amounts to $1 billion, and that it will all be protected by the compliant U.S. dollar stablecoin USDC during the tenure of new CEO Richard Teng. Another reason why Changpeng Zhao's departure did not have an impact on Binance's internal operations is the company's organizational structure: flat and decentralized, which has completed the "deauthorization" of the company to a certain extent and maximized the habit of members to take the initiative and interact with Binance. Collaborate to ensure Binance’s operating efficiency. Rohit, who took up the position of Binance CTO in 2022, was surprised after a month on the job: "Everything is on time." If someone arranges a meeting at 8 o'clock in the morning, the phone will ring on time at 8:00:00, not too late. One second. Rohit believes that Binance’s “methodical” culture comes from the founder and then CEO Changpeng Zhao. “His way of working sets the tone.” Changpeng Zhao once announced the principles he abides by in life and work, including the following Team, he believes that the team is higher than himself; he does not want the team to...

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