- Global crypto exchange, Binance releases an in-depth user-focused review of the company.
- The review touched on the overall services and products offered to users, the high-quality customer service, and how the team raises the bar to care for their customers.
- Notwithstanding, Binance is committed to securing and protecting its users' funds via offering a SAFU fund, a responsible trading program, regulatory compliance, and law enforcement support.
As one of the largest crypto entities today, Binance has constantly strived to build the company for its users and keep the community right at the centre of all its innovations and developments. This Wednesday, the organization revealed its user-focused philosophy, which aims to blend with the ethos of blockchain and the wider Web 3 industry – building for the community.
From trust, security and transparency, Binance aims to build a platform for its users that “places power back in the hands of the individual”, the statement from the team reads. Additionally, as a leader in the blockchain space, the exchange strives to lead by example and set standards for how to build a user-focused platform.
“Users are at the core of everything we do – we don't exist without them,” a spokesperson from the Binance team stated.
The key to building Binance for the user lies in prioritising customer service excellence, raising the bar of caring for the users, and user protection while using the platform.
A clear goal for customer service excellence
The first step of offering a user-focused platform is a commitment by Binance to offer customers impeccable customer service. Apart from the dedicated customer service team, the broader Binance team, including marketing, PR, social, regional, and business units, all commit their time to customer service activities, from scouring Twitter for the latest issues to crafting emails and resolving ticket escalations, all units play a part at Binance in putting the user and their problems front and centre.
Notwithstanding, the high-ranking executives and leaders at Binance also play a role in customer service. Since March 2022, Binance executives have officially participated in quarterly customer service training, covering products, processes and system training and a hands-on approach to help customers resolve their issues on the platform. This allows the top-ranking leaders at the firm to understand customers’ wants and needs, which helps them make informed decisions that affect the day-to-day running of the exchange.
By incorporating CS training for all employees and executives, Binance has raised the bar and set new expectations for building a user-focused platform. Two of the founders, Changpeng ‘CZ’ Zhao (CEO of Binance) and Yi He, also participate in handling customer service issues to collect operational and product feedback, as well as the overall understanding of user sentiment and needs.
"Everyone at Binance is part of customer support, starting from day one. To truly help users and solve their issues, we need to speak and effectively listen to them. In our industry, there is no success without taking responsibility for the community. If it’s not meeting time, it’s community time, and we try to hear everyone’s voice as much as possible,” said Yi He, Binance’s Co-Founder and Chief Marketing Officer.
Protecting User Funds on Binance
In addition to excellent customer service, Binance also prioritizes building industry-leading security measures and strict data privacy controls across the Binance ecosystem. Over the past few years, Binance has worked with industry partners, policymakers, and regulators to ensure regulatory compliance with an aim to build a sustainable path for the company and the blockchain industry at large.
“Regulatory compliance is central to Binance’s mission to advance the mass adoption of digital assets, ensure protections for users, and promote security for the industry.” – CZ, Binance’s CEO & Founder
The exchange has introduced several user-focused initiatives to this end, including the Secure Asset Fund for Users (SAFU), a $1 billion emergency fund to protect users’ funds in the event of hacks or black swan events.
Moreover, Binance also aims to help users make informed and responsible trading decisions. Some of the features and guidelines introduced to ensure responsible trading include cooling-off periods for futures and margin trading and other advanced risk controls like price protection to protect users from potential market manipulation. In addition, Binance also educates its users on how to be responsible traders, helping them make more informed decisions on risk and how to manage it.
Charting A Path in Regulatory Compliance
The exchange also dedicates its time to compliance, “a pillar that supports its core values of being user-focused”. From its robust KYC compliance system to acquiring the relevant licenses and registrations from local regulators, Binance aims to equip users with a fool-proof platform to trade anywhere worldwide. Earlier this year, the exchange added a tax reporting tool to help users track their taxable crypto activities, allowing them to export their on-platform transaction history to third-party tax calculators for free.
Finally, Binance also has a law enforcement support and training program, via its Binance Investigations team, which provides crypto-related training to local and international authorities. The team hold day-long training programs that include in-person workshops on the fundamental blockchain concepts and insight into the evolving legal and regulatory environment around digital assets.
Last year, Binance organized and participated in over 70 anti-cybercrime workshops for global investigators and cybercrime fighters.
