CEO of Binance, Chanoeng Zhao has stated in a recent interview that he granted with newsmen that the guidelines to follow if an individual wants to set up a successful exchange. The CEO stated that they are key guidelines to follow if one wants to establish a new globally inclined crypto exchange firm like Binance. CZ further gave an insight as to how he started Binance from scratch and all the pains and the agonies he had to undergo to bring it to this global stage.
A global mindset is a priority, CZ says
The CEO said that if a person wants to thrive in the exchange business, such a person needs to possess a high range of global mindset. He noted that the majority of exchanges often claim to have this kind of mindset but always end up putting their focus on a particular area of a region. He said even though the move helps them at most times, it ends up reducing their international presence when they eventually need it. He noted that his aim from the beginning was to bring Binance to global reach and he is still hoping for further reach.
“First, I’d say you need a global mindset. Many crypto exchanges claim they are a global exchange, but if you look at them closely, they are focused in one region, usually where the majority of their team is. Their products are only available in one or two languages, their customer service is only available in one or two languages, and they only organize offline events in their region. As a result, most of their users are from that region, too,” the CEO noted.
Speaking on the difficulty in achieving such global reach, CZ was quoted as saying, “If the founder(s) have not lived and worked in multiple places in the world, it’s very hard for them to have a global view. If you have a global mindset, the rest is execution. Execution is also super hard.”
Binance reach across the world
Even though some of their competitors will not agree to the fact, Binance has classed itself among the elites in the crypto exchange world thereby being the largest crypto exchange in the world. With the headquarter first located in China, Binance moved to the Cayman Islands and Seychelles after the blanket ban on crypto activities across the country. Currently, Binance has a branch in over 40 countries and develop a brand in numerous languages.
Binance claims it has over 15 million customers across the world and is hoping to add Africa to their list of client base after the CEO noted that the region was rich in resources for crypto exchanges.
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