Changpeng Zhao, CEO of Binance, the largest cryptocurrency exchange in volume traded, has revealed his secret for building a comprehensive team of employees for any startup. According to Zhao, external pressure has contributed to the unity of the team behind the exchange, and it also makes the Binance team more driven to its objective of increasing the “freedom of money for people all around the world.”
Binance CEO Changpeng Zhao States Pressure Contributes to Building ‘Tight Teams’
Changpeng Zhao, CEO of Binance, took to social media to explain what he believes is a “little secret” for building “tight teams” in companies. Amidst recent reports indicating that several high-level executives had left the company after a response to an ongoing investigation by the U.S. Department of Justice, Zhao detailed the elements needed to build and maintain a comprehensive team in a startup.
Zhao stated:
It’s not fancy team building dinners, outings, etc. It’s not the coaching exercises, mentors or magical shrinks. It’s not the rah rah speeches of inspirational leaders. All of the above helps but fades over time, but the secret is just … some external pressure.
Zhao explained that this pressure should not be life-threatening and that “fighting in the trenches together is the best way to build tight teams.”
Tough Times Ahead
Zhao’s statements come at a time when Binance is facing pressure from regulatory agencies from all over the world and especially in the U.S., where it is currency battling the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) in a pair of lawsuits, both including Zhao’s name. Some international regulators have asked the exchange to withdraw operations from their jurisdictions, reducing the exchange’s area of operation.
However, Zhao attributes the Binance team’s strength to these events, as he believes these situations make the exchange more resilient. He detailed:
I believe this is the one of the big reasons Binance has such a tight team. We have always had external pressure, FUD, etc. As a result, we are constantly in the trenches together.
Before, Zhao had reacted to the rumors of a so-called “crisis” created by several high-level executives leaving Binance by qualifying these reports as FUD (fear, uncertainty, doubt), stating the reasons presented by the news organizations behind these reports were “completely wrong.”
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