Cryptocurrency Security 2.0 is all new, and the crypto industry is finally on its way to stardom

“Thank you all for your warm, caring, moving words, and more importantly, for keeping this ship flying.”

After stepping down as CEO of CoinSafe, CZ used one sentence to set the tone for what CoinSafe should do in the “post-CZ era”. Even after the hardest day of his life, we can still find CZ’s persistence between the lines.

 

Opening up the Chaos

Coin Security has come a long way, and there is no lack of thorns, from the hibernation under the crisis of September 4, to the exchange in the chaos of the breakout, and then step by step on the throne of the crypto trading field. The ship has not been smooth sailing, but as CZ said, it is important to keep CoinSafe always moving forward at a fast pace.

The announcement of the $4.3 billion astronomical fine was undoubtedly a seismic-level industry event, and even triggered a crowd of people outside the circle. However, compared to the FTX crash, which also triggered an industry shock, the two very different endings are saddening.

As one of the world’s largest cryptocurrency exchanges at the time, it wantonly misappropriated users’ funds to pay off debts, and utilized market maker services to control the on-line projects, which ultimately led to a shortage of liquidity in FTX, triggering panic in the market, and a large-scale run on the market that led to the collapse of FTX five days after the event fermented. Along with the collapse of FTX, BTC fell below $16,000, down 23% in a week, hitting the lowest point of the month. The overall market capitalization of the crypto market evaporated by hundreds of billions of dollars, bringing more damage to the crypto market as a whole.  Bitcoin mining

However, after this incident of CoinSecurity being accused, the market did not generate excessive negative emotions, and the market sentiment showed a warming trend.

Any big event is a bumpy ride for the crypto community wrapped in the utility of market sentiment. CoinSafe’s decisive response was as smooth as pulling the handbrake followed by putting it in gear, then stepping on the gas and moving on. It shows us the strength and self-confidence that makes CoinSecure the leader of the industry.

First of all, the strength.

CoinSafe encountered the domestic “9-4” in the early stage of its start, so it took advantage of the situation to specialize in the international market. In only half a year, CoinSafe realized the achievements of the top three in global transaction volume and the 24-hour transaction volume breaking 2.1 billion dollars. Subsequently, on December 18, 2017, CoinSafe’s single-day trading volume exceeded $3 billion, successfully topping the crypto trading field. According to the latest CEX market report by the 0xScope team, CoinSafe’s market share in 2023 is 51.2%, far exceeding the second place’s 13.4%.

 

Plus confidence.

According to the data, CoinSafe has accumulated more than 120 million KYC-certified users and has a wide range of business types. in 2023, CoinSafe’s spot trading volume accounted for 52.5% of the market share, and the share of derivatives trading volume was 50.9%, which is stable in the first place. At the same time, it should be emphasized that CoinSafe’s business is not only the basic items around the cryptocurrency products, but the extension of the whole ecosystem, the business scope covers the industry’s upstream, midstream and downstream, including mining pools, cloud services, investment, charitable and other fields are also very fruitful. For CoinSafe, helping the crypto world construct an orderly development by improving the ecosystem is the inexhaustible power that enables this ship to keep flying. Litecoin Miner

Crypto Pathfinding

Looking back at the six years of CoinSafe during the CZ era, there is no doubt that it was a colorful part of the crypto world.

Though this time it is beset by criminal charges of anti-money laundering and violating U.S. sanctions. However, within the past six years, CoinSecure has not misappropriated users’ funds or manipulated the market in any way, but has always been committed to protecting the safety of users’ investments and promoting the sustainable development of the industry.

According to information on the official website of the U.S. Department of the Treasury, CoinSecure’s violations included “failing to implement a program to prevent and report suspicious transactions with terrorists, as well as brokering transactions between U.S. users and users in sanctioned jurisdictions such as Iran, North Korea, Syria, and other jurisdictions.

Coin finally reached a settlement with the U.S. Department of Justice, the Commodity Futures Trading Commission, the Office of Foreign Assets Control, and the Financial Crimes Act Network. In addition to the $4.3 billion fine, the U.S. Department of the Treasury will retain access to CoinSecure’s books, records, and systems for five years to monitor CoinSecure’s compliance progress. Meanwhile, CoinSecure said it will address these challenges through continued efforts to develop industry-leading standards, including in the areas of compliance, security, cooperation with law enforcement, and user transparency.

 

In the internal letter, CZ praised his team, saying “I am proud of the work you are doing today, in the past, and in the future.”

Not running away from difficulties, but also having the courage to accept punishment and take responsibility for the industry, this is what crypto evangelists should look like. From the official announcement made by CoinSec and the future focus of the new Ceo Richard Teng, it is easy to see that the leading cryptocurrency company is already focusing on the development of industry standards to solve compliance problems.

This regulatory fiasco has ushered in a milestone process for the cryptocurrency industry. And CoinSecure itself has an unprecedented stable foundation, with new CEO Richard Teng giving three priorities for CoinSecure as it enters a new phase of development:

1. Give users confidence in the company’s financial strength, safety and security;

2. working with regulators to uphold high standards and promote innovation globally, while providing important consumer protections;

3. working with partners to drive the development and adoption of Web3.

Crisis Breaking

CZ’s judgment on the crisis is food for thought, “Looking back in a few years, this might not be such a bad thing.”

Looking back on the past six years, CoinSafe has experienced liquidation, been hacked, and been scolded by users for supervising and stealing. At that stage when the industry ecology was not yet mature, CZ always found opportunities in every crisis. When the “9-4” was retired at market price, it turned to the international market; in the chaotic battle of exchanges, it followed the trend and broke out efficiently; even in the cold winter of the bear market, CoinSecure was able to reap the benefits of its multiple business lines.

In 2019, exchanges ushered in a spurt of growth and faced a competitive crisis, and CoinSafe took the lead in the IEO model by leveraging its overseas advantages. The first project, Bittorrent (BTT), was snapped up within 13 minutes of going live, and the second project, Fetch.AI (FET), was even faster, snapped up in just 11 minutes and 14 seconds. CoinShares gained a large number of users with this wave, while BNB rose sharply.

Soon after, market sentiment turned negative due to the IEO mess. CoinAn didn’t stop at the immediate gains brought by the IEO model, but shifted its focus to the layout of products and services, synchronizing its multi-dimensional development from public chain, derivatives, and investment incubation to seek new breakthroughs. When the time comes to 2020, CoinSafe has become the platform with the largest trading volume in the crypto world.

Finding opportunities in crisis and realizing metamorphosis in development. From the initial single cryptocurrency trading CEX, CoinSafe has built a complete blockchain ecosystem in 6 years.In 2023, CoinSafe was ranked 8th in the top 500 global unicorns in the fintech track with a valuation of 138 billion.

 

And it is because of these several collisions that CoinSafe has never wavered in its core values of maintaining user safety and security. In the gradual improvement of the industry’s products and services, the importance of order in the crypto industry has appropriately come to the right growth point.

CoinSec is one of the first major exchanges in the world to mandate a KYC program for all users outside of the United States. Additionally, CoinSecure uses real-time and post-trade monitoring tools in order to detect and block suspicious transactions. In addition to its commitment to 100% withdrawals of assets at any time and maintaining transparency on the status of asset reserves, CoinSecure has established a number of security measures to serve its users, effectively taking on the responsibility of advancing the crypto world from an industry responsibility standpoint.

A Sea of Stars

Participants’ awareness has risen, the industry’s maturity has escalated, the crypto market’s demand for trading continues to grow, and the exchange business is growing rapidly, while the drawbacks of the lack of adequate compliance management tools for checks and balances are becoming more and more apparent. Asset security and value investing have been repeatedly mentioned, and the necessary conditions to be able to guarantee these have eventually evolved into the construction of a compliance order for the entire industry.

In the past, regulation represented a direction of avoidance. Today, regulation has evolved into something to be embraced. The crypto industry is filled with positive voices listening to regulation and seeking development. Being recognized in compliance and policy has become an important driver for the continued acceleration of the crypto industry.

Richard Teng, the new CEO of CoinSafe, has a background of more than thirty years in compliance-related work. Prior to joining CoinSafe, Richard was the CEO of the Financial Services Regulatory Authority of the Abu Dhabi Global Market (ADGM), and also served as the Chief Regulatory Officer of the Singapore Exchange (SGX) and as the Corporate Treasurer of the Monetary Authority of Singapore, among other roles. It is reasonable to believe that the entire industry’s sustainable new beginning will start from here.

The city of Rome was not built in a day. From a young startup to the world’s largest cryptocurrency trading platform, CoinSafe has ridden alongside the fast-growing crypto industry and is now taking on the responsibility of setting the industry’s standards. The root of all this, as Richard says, is that CoinSafe’s core values haven’t changed, and it’s always focused on protecting its users and building a platform that people love to use.

People expect the future because of its uncertainty and surprises, and that’s especially true for those of us in the crypto world who have strong beliefs.

The difference is that we can expect CoinSec 2.0 under Richard’s leadership to offer greater opportunities for valuable, best-in-class products within a new compliance program and culture; more competitive assets with a focus on protecting them with improved security; and more innovative visions with a transparent and open ecosystem that is ready to take shape.

In the past, we were fortunate to witness the birth of a great ship. Now, as the waves of the crypto world continue to roar, CoinSecure 2.0 has set sail once again and is moving forward in a smoother manner.

CZ mentioned a line from the movie Star Trek: “I need everyone to continue to excel”.

We firmly believe that the crypto world will usher in its own sea of stars.

Now, the crypto ecosystem and community built by CoinSafe has provided sufficient conditions for exploring the boundaries of the crypto world, and the ultimate goal of every “passenger” in the crypto industry is to reach out to the new technologies that will change the world, and to reshape the new forces of development.

What we need to do next is to work together with Coin Security to promote the development of the crypto industry and build a mature new order.