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The report touches on the excellent customer service by its team, its user-focused culture, the protection of users’ funds and the growing need for regulatory compliance across the crypto and blockchain ecosystem.
“Users are at the core of everything we do – we don’t exist without them.” – Binance report.
This is the baseline takeaway from the Binance user-focused report. As the leading crypto exchange in the world, Binance has built its platform, focusing on its users, to ensure they get what they want and need from the exchange. The exchange aims at giving back power to the individual by focusing on building trust and providing security and transparency, which are the core ethos in the blockchain space.
Dedicated Team on Customer Service Activities
First, the company has set high standards for its leadership and team to provide impeccable customer service. While the customer service team is diligent in its role in dealing with customers, the marketing, social, PR, regional, and business units all play key roles in customer support.
Additionally, the executives and leaders also participate in customer service activities and training. Starting in March 2022, the Binance executives have officially participated in quarterly customer service training, covering products, processes and system training, followed by hands-on CS support to help users resolve their queries/issues. This hands-on maintains the user-centric approach of the employees understanding user needs and wants.
By interacting with and learning from customers and taking in their experiences, Binance’s leadership better understands what the users are asking for, helping them make more informed decisions that impact the smooth running of the day-to-day activities on Binance.
Apart from the employees and executives, the founders (Changpeng Zhao and Yi He) also participate in CS activities. On Twitter, CZ and Yi He regularly spend hours collecting operational and product feedback, as well as the overall understanding of user sentiment and needs. As Yi He explains, everyone at the company is a part of the customer service team.
“To truly help users and solve their issues, we need to speak and effectively listen to them,” added Yi He, Binance’s Co-Founder and Chief Marketing Officer. “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.”
Commitment to User Protection and Regulatory Compliance
Adding to the commitment to customer service, Binance also prioritizes building safe products, implementing high-grade security measures and strict data privacy controls for their ecosystem. The exchange has worked with several partners, policymakers, and regulators to shape its robust compliance program and build a sustainable path forward for the blockchain industry regarding policy and regulation.
“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.
Some of the features introduced to the platform to ensure user protection and regulatory compliance include the Secure Asset Fund for Users (SAFU), a $1 billion fund that protects users’ funds from black swan events such as hacks. The exchange also educates users via its responsible trading program, which helps users learn about risk and manage it, including cooling-off periods for futures and margin trading and price protection against market manipulation.
Building User Trust and Safety Via Compliance
Binance has also developed a compliance program to ensure only the highest level of compliant products and services are offered to users. This builds trust and safety amongst its community while ensuring the exchange follows the applicable rules and regulations in every jurisdiction where it operates, as well as globally. In addition, Binance has also built a robust KYC system, split across multiple tiers, to verify their customers, ensuring users do not trade with banned entities and individuals.
Furthermore, Binance ensures it provides users with products and services that are compliant with existing laws and regulations. By acquiring all the relevant licenses and registrations from local regulators, users on the platform can trade without fearing their funds being locked by their local regulators. Binance also launched the Binance Tax Tool earlier in the year to help users navigate their tax filing and reporting processes. The firm is working on adding new jurisdictions to its tax tool.
Lastly, Binance is also working with law enforcement in local jurisdictions and international regulators to train and support them in navigating the crypto market. The Binance Investigation team includes some of the world’s foremost security experts and former law enforcement agents. Via the investigation team, the exchange helps launch day-long training programs, including in-person workshops on the fundamental blockchain concepts and insight into the evolving legal and regulatory environment around digital assets. In 2022, the exchange organized and participated in over 70 anti-cybercrime workshops for global investigators and cybercrime fighters.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.