The cryptocurrency industry faced increased scrutiny from regulators in the United States last week, as the United States Securities and Exchange Commission (SEC) sued Coinbase and Binance.US over their operations.
Amid accusations from regulatory officials, members of the cryptocurrency community have spoken out against the behavior of the SEC, although they continue to agree that certain regulations are necessary.
Rachel Conlan, joined Binance as the new VP of Marketing this week and spoke to Cointelegraph about the importance of fostering community at what she calls a “critical juncture for the crypto industry.”
“Let’s be clear, regulation is necessary,” he said. “But like any industry that has tried to be disruptive and has challenged the status quo, we’re up against some headwinds.”
He went on to stress that while the “simplicity and clarity” of the message is important when regulators have a strong grip on the industry, so is an emphasis on the community.
“My strategy really is how do we reinforce and support our existing community and really celebrate them.”
According to the official website of the exchange, Binance currently has 120 million registered users, which supposed more than 25% of the estimated 420 million cryptocurrency users worldwide by 2023.
Conlan believes her role is to showcase and educate that audience in uncertain times in the industry. She stated that he especially wants to “lean in” to show how the community interacts with the product.
“We need to be able to use them to tell stories and show integrations that really open up this world to people so maybe they can get a different perspective on cryptocurrency.”
Furthermore, he noted that for platforms in the Web3 space like Binance that offer more services than just trading, balance is key.
“It’s all about balance: showing the broad spectrum of utility and making sure you identify the right moments for it.”
Conlan said that not everyone in the crypto ecosystem wants to trade, and new users are entering the space for new reasons, whether it is paying remittances or following a favorite artist or sports star.
“We are a financial business, but also an entertainment business,” he said. “At the same time we’re educating people. What better way to do that than at times when they’re open to listening.”
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