Binance CMO praises crypto ability to give people ‘control’ yet questions the state of public ‘trust’

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Binance CMO praises crypto ability to give people ‘control’ yet questions the state of public ‘trust’ Binance CMO praises crypto ability to give people ‘control’ yet questions the state of public ‘trust’ Liam ‘Akiba’ Wright · 52 mins ago · 2 min read

Binance’s balancing act: Navigating growth, trust and regulation amid evolving crypto landscape.

2 min read

Updated: October 18, 2023 at 11:49 am

Binance CMO praises crypto ability to give people ‘control’ yet questions the state of public ‘trust’

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Stop scaring users with your bad KYC flows

Binance CMO Rachel Conlan has presented a bullish outlook on the future of the crypto industry despite the growing regulatory hurdles and criticisms it faces, stating that crypto gives people “control” in a recent interview with the New Digital Age.

“The beauty of crypto and the beauty of Binance is that it’s about empowering the individual to take control.”

Binance appears to be striving to balance its growth and industry credibility against the backdrop of increased scrutiny from financial regulators. A post from the official Binance account on X stated,

“Rachel highlighted our efforts and alignment with regards to community engagement, user education, and much more.”

Conlan emphasizes the growing trust in cryptocurrencies worldwide, particularly in regions like the UAE. However, this optimistic narrative comes as Binance is under pressure from the U.S. Securities and Exchange Commission (SEC). This situation underlines the increasingly complex landscape in which crypto exchanges operate, facing both promising growth areas and regulatory challenges.

Binance social media growth strategies.

As mentioned by Conlan, Binance’s strategic partnerships with influential figures and collaborations with ‘Key Opinion Leaders’ (KOLs) exemplify another facet of the effort to maintain relevance and appeal. However, such initiatives could be viewed as attempts to leverage the popularity of these figures to bolster their image and draw on a broader audience, especially considering the FTX influencer fallout.

Binance’s foray into popular social media platforms like TikTok illustrates its bid to capture a younger, more tech-savvy audience. Critics may argue that the objective here is twofold. While it does aim to educate a wider audience, it is also a strategic move to secure a new generation of potential investors. Still, Conlan framed the move in terms of her own experience commenting in an industry dominated by men.

“I’m a mum, I work long hours, I try to balance a lot in my life. TikTok is a way that I find things. It’s a way I discover things and learn quickly about concepts, because I have to be finite in the amount of time I spend.”

Repairing brand damage from regulators.

Further, Conlan explained how Binance Academy, the platform’s free educational resource, has gained traction with a 62% increase in users over the past year. While this indicates a growing interest in crypto education, it also serves Binance’s goal of broadening its user base and cementing its role as an industry leader.

Conlan’s commitment to educating the public on responsible investment illustrates Binance’s attempt to foster credibility and trust in an industry known for its volatility and unpredictability. While the intention to educate is commendable, it is essential to recognize that this is part of a broader strategy to legitimize the platform amid the ongoing controversies.

Binance’s CEO, Changpeng Zhao (CZ), has previously called out legacy media for publishing what he defines as FUD (Fear, Uncertainty, and Doubt) in an alleged attempt to undermine the exchange. Thus, given that Binance is yet to be found guilty of any charges by the SEC, seemingly, there are reputational damage mitigation strategies underway at the company to reframe public sentiment.

Binance was also one of the first exchanges to implement systems to validate reserves following the collapse of FTX, indicating a choice to increase transparency at a time of widespread industry crisis.

As the largest crypto exchange by trading volume, Binance is integral to the entire crypto ecosystem. According to CoinMarketCap data, Binance saw $6.1 billion in trading volume over the past 24 hours, while second place Coinbase traded around $875 million.

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