Binance

“And then it suddenly became regulated where you had to almost have a full KYC flow like a bank. And that just meant that the conversion rate dropped from let's say a hundred percent to like two percent.”

“We said, I want, we had like a team of 20 people working on KYC. And we said for the next three months, we want 500.”

“Just don't take on projects that are going to be six months, a year because you just generally don't have control over the macro. Things just move way, way more faster, and that's probably cemented my kind of now product philosophy of just doing small things v…”

“They went within five years to add a peak valuation of somewhere like four hundred billion or so with 2000 employees. Right? So that's zero to four hundred billion in five years.”

“The leadership team, for example, met every day. And because the leadership team was spread across the world, we met at like 11 p.m. When I was in Singapore every day. That includes the weekends, holidays, like the leadership team was there 11 p.m. Every singl…”

“Because I mean, our bonus structure went from, like, zero percent to, like, 500%, right?”

“CZ, the founder and CEO at one point had like 55 direct reports. And his direct reports had about the similar ones. So for a large portion of the history of the company, there was just one level between the individual employees and the CEO, right?”

“CZ is good friends with Ray Dalio. So we had Ray Dalio come to our executive ops site, and he walked us through how he and his company does strengths assessment.”