Binance Is Committed to Building a User-Centric Community

Binance’s basic principle of being laser-focused on its users is at the heart of its business. From the ground floor to the very top, they all keep their community at the forefront of everything they do.

Part of this focus goes back to the blockchain ethos, which supports Binance and the larger Web3 ecosystem. Unlike any other industry, the crypto industry is deeply established in its community. Blockchain concepts and ideals are inherently interwoven in the culture of the industry. In this article, we’ll discover how Binance is building a user-centric community.

Here, we’re talking about the trust, security, and transparency built into blockchain’s core technology. Which serves as a template for the industry to follow. These values are intended to return power to the individual, or in this case, the user. Binance has implemented these ideals throughout its products and services.

Placing Priority on Customer Service Excellence

Therefore, as a responsible leader in the Web3 industry, they have always sought to set the standard, including how we as an industry approach serving our users.

Their marketing, social media, public relations, regional, and business unit leaders all play important roles in the customer support pipeline. They all play a role at Binance in bringing the user and their problems front and center, from monitoring Twitter for the latest complaints to composing emails and addressing ticket escalations.

Also, customer service activities are the best technique to determine its users’ demands. As a result, their Customer Service (CS) team have boots on the ground. Not just that, but their executives and other team members do as well.

Binance leaders have formally participated in quarterly CS training since March 2022. Which comprises products, procedures, and system training, followed by hands-on CS support to assist their users in resolving their queries/issues.

Raising the Bar of Caring About Users

They’ve upped the bar and set new standards for their user focus by implementing regular CS training for their executives. However, the leadership’s emphasis on identifying user needs directly is not new. Co-founders CZ and Yi He used to spend several days a week responding to CS requests themselves.

CZ and Yi continue to spend a few hours each day dealing with customer service issues in order to get operational and product feedback. As well as an overall grasp of user attitude and needs. In reality, over the course of 17 years, Yi established a philosophy in which everyone is involved in customer service for successful enterprises and is known in the community as our Chief Customer Officer. While CZ remains uniquely connected with the community as CEO.

Yi He, Binance’s Co-Founder and Chief Marketing Officer, said: “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 listen to them in an effective way. 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 on Multiple Fronts

Binance prioritized user protection from the start by establishing industry-leading security measures and rigorous data privacy regulations across its ecosystem. They collaborate with industry partners, policymakers, and regulators to define its extensive compliance programs. And create a long-term policy and regulatory route for the blockchain industry.

CZ, Binance’s CEO and founder said: “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.”

Let’s take a look at some of Binance’s other major user-focused efforts:

1) SAFU Fund

Binance’s Secure Asset Fund for Users (SAFU) was formed in July 2018 to secure users’ assets in the event of extreme circumstances such as cyberattacks. Binance committed a percentage of its trading fees to grow the fund to a size large enough to protect user funds when it was established. In January 2022, SAFU was valued at $1 billion (USD). Since then, the fund has been continuously replenished in order to maintain this level.

2) Responsible Trading Program

Binance has put in place a number of tools and standards to encourage responsible trading and to teach their community about risks and how to manage them. Cooling-off periods for futures and margin trading, as well as other advanced risk controls such as price protection, are included to safeguard customers from potential market manipulation.

So, a responsible trader is one who is in complete control of their decisions. It also entails identifying when trading may not be appropriate. Therefore, Binance dedicated to educate its community and providing features that help users to promote these components of a responsible mentality.

3) Compliance Program

Binance’s commitment to compliance is just another of its pillars. It provides people with the highest level of compliance products and services and gives them the trust and safety its users deserve. To achieve this purpose, they have a robust compliance procedure that assists in ensuring that they follow.

4) Know Your Customer (KYC) Processes

Binance takes pride in its comprehensive KYC procedure and the protection it provides to its users. Each level, which is divided into many tiers, allows for the enactment of unique restrictions and prohibitions based on local regulations. By validating their customers’ identities, they ensure that users do not trade with prohibited businesses and individuals and assist in preventing criminal actors from cashing out ill-gotten gains.

5) Regulatory Approvals

Binance is required to deliver services and products that are in accordance with current laws and regulations. Acquiring the necessary licenses and registrations necessitates extensive collaboration with local officials. By obtaining these approvals, they position themselves to provide better and safer products to their community.

6) Tax Reporting Tool

Users will need tools, so they can understand the tax filing process as crypto tax requirements become more obvious around the world. Therefore, to assist their customers in this regard, they developed the Tax Reporting Tool, which allows Binance users to track their taxable crypto activities. Its community can use this functionality to export its on-platform transaction history to third-party tax calculators for free.

Law Enforcement Support and Training Program

Binance’s efforts alone will not suffice to protect users and foster a culture centered on them. That’s why Law enforcement around the world works hard to keep Web3 users secure. So, Binance plays a crucial role in providing investigative training to local and international authorities.

Its training program is led by the Binance Investigations team, which is comprised of the world’s best security specialists and former law enforcement officials. Each day-long training program includes in-person workshops on basic blockchain ideas as well as insight into the growing legal and regulatory environment surrounding digital assets. Binance will host and participate in approximately 70 anti-cybercrime courses for worldwide investigators and cybercrime fighters in 2022.

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The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.


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