The United States’ regulatory authorities applied greater pressure to the cryptocurrency sector this past week, with the U.S. Securities and Exchange Commission filing lawsuits against both Coinbase and Binance.US concerning their operations.
In the midst of criticisms from regulatory authorities, members of the cryptocurrency world have voiced their disapproval of the SEC’s actions while still acknowledging that certain regulations are essential.
This week, Rachel Conlan took up the position of VP of Marketing at Binance and discussed with Cointelegraph the significance of cultivating community in what she referred to as a “vital moment for crypto.”
“It is evident that regulation is required,” she declared. “But, as is the case with any industry that has sought to be innovative and has attempted to shake up the existing order, we are facing some resistance.”
She kept emphasizing that, in an industry that is highly regulated, it is essential to have both a clear and straightforward message as well as a focus on community.
As per the exchange’s website, Binance boasts a user base of 120 million, representing more than a quarter of the projected 420 million crypto users worldwide by 2023.
Testimony from the former CEO of Binance.US, who has been largely silent, is included in the evidence presented in the SEC lawsuit for 2022.
Conlan believes her mission is to demonstrate and teach the audience as the industry faces uncertain times. She also wishes to emphasize the ways in which the community interacts with the product.
She additionally emphasized that for Web3 platforms such as Binance, which provide more than just trading, it is essential to strike a balance.
Conlan stated that not all people in the crypto sphere desire to trade, and new entrants are entering the field for different purposes, such as remittance payments or tracking their favorite celebrity or sports star.
“We are a financial enterprise,” she remarked, “but it’s also about providing enjoyment. At the same time, we want to educate people. What better way to accomplish this than to seize opportunities to communicate when people are open to listening?”
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