Binance CEO: Binance has invested heavily in compliance and security programs in recent years

ChainCatcher news, Binance CEO Richard Teng stated that Binance has pointed the way forward for other industry participants and learned from Binance's experiences to avoid the many setbacks and harms that Binance has encountered along the way.

In recent years, Binance has invested heavily to strengthen compliance and security programs and personnel, aiming to establish Binance as the gold standard in these areas. From proposing a unified trust-building framework for all centralized cryptocurrency exchanges to open-sourcing the proof of reserves (POR) system code, Binance has implemented initiatives designed to encourage broad participation from blockchain and Web3 business partners.

Richard Teng urged his peers to learn from Binance's mistakes rather than repeat them, advising them not to be like a small boat quietly waiting for the tide to rise, but to go with the flow.