Binance Adds a Feature for User Feedback to Improve Exchange

image-Binance Adds a Feature for User Feedback to Improve Exchange

February 2, 2023

Binance is leveraging community feedback with a new tool that allows users to suggest new features for the company’s product roadmap.

Binance, the world’s largest cryptocurrency exchange, announced on Wednesday a new feature that will allow its community to easily provide comments and feedback to the company.

The tool will allow users to effectively participate in the development of Binance’s product roadmap.

Community Participation

Binance stated in a press release shared on Wednesday that the primary goal of the new tool is to gather community feedback on what new features it would like to see implemented.

Binance will collect and review community feedback, after which the product team will release a public-facing roadmap for user-suggested features in March.

Following the release of the roadmap, the community will vote on the proposed features, with the top suggestions being added to Binance’s official roadmap. It will provide updates on the development status of those features, and the community may later provide feedback on previously launched user-suggested features.

“Binance has always built feedback into the product development process,” said Binance Head of Product Mayur Kamat in the press release. “On average, we get around 1000 pieces of feedback every month – now we have a dedicated place for the community to make suggestions and leave a lasting impact on future Binance product developments.”

Binance CEO Appeals to the Public

Binance CEO Changpeng Zhao (CZ) is very active on Twitter, where he frequently discusses industry news with his followers. He was a particularly outspoken public figure in the events leading up to and following the demise of FTX, discussing his relationship with the bankrupt exchange and distinguishing Binance’s operations from those of its fallen competitors.

The fallout from FTX was part of what prompted Binance to try implementing a “proof of reserves” system at the request of his community. Proof of reserves entails using on-chain data to verify the security of customers’ assets; however, such a system is incomplete without an independent auditor examining the company’s liabilities.

Though the exchange published a brief proof of reserves in December, the report was removed a few days later after its auditor, Mazars Group, announced that it would no longer work with crypto companies.

CZ has also attempted to distinguish itself by making Binance one of the few companies hiring during the crypto bear market last year. While Coinbase cut another 20% of its workforce in January, CZ announced plans to increase Binance’s workforce by 30% last month.

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