Binance, the largest cryptocurrency exchange in the world, has outlined the steps to follow to recover its growth path. The exchange, which pled guilty to violations related to the Bank Secrecy Act (BSA) and failure to register as a money-transmitting business, is planning to lean into its new compliance-first strategy to attract new users.

Richard Teng, who took the position of crypto legend Changpeng “CZ” Zhao, explained that even with the recent decline in volumes traded and market share, which plummeted to 36.6% until September, Binance was not competing with other crypto exchanges. Teng emphasized that Binance was focused on onboarding new users to crypto.

At Binance Blockchain Week held in Dubai, Teng explained:

This is a very young industry… Crypto adoption is less than 10%, it’s probably somewhere between 6% and 8%. The more we can build a dynamic, vibrant ecosystem that supports innovation and new use cases that are emerging, everyone will be better off.

To achieve this objective, Teng believes that compliance is key and expressed that the exchange will continue to invest in compliance. He believes this could be a differentiating factor between behemoths like Binance and smaller platforms, referring to it as a “competitive differentiator.”

Binance invested over $200 million in compliance last year and expects to spend around the same number this year as adoption increases. Teng expects these costs to continue rising, as the coming year will be better than 2024 for the cryptocurrency industry. He expects good macroeconomic conditions, a global reduction in inflation, central bank rate cuts and the emergence of clear regulations will help crypto push higher.

“We serve over 237 million users globally. We are looking to onboard the next billion users into crypto,” he concluded. Zhao, who was released in September after a four-month prison term, recently stated he did not have any wish to be part of Binance’s leadership again.

Read more: CZ Reveals His Plan Beyond Binance, Steering Toward Unseen Horizons

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。