crypto needs to ‘double down’ on community support

The crypto industry faced more scrutiny from regulators in the United States this past week, as the U.S. Securities and Exchange Commission (SEC) served both Coinbase and Binance.US with lawsuits regarding their operations. 

Amid the accusations from regulatory officials, the members of the crypto community have spoken out against the behavior of the SEC while still agreeing certain regulations are necessary.

Rachel Conlan, joined Binance as the new VP of Marketing this week and spoke with Cointelegraph about the importance of fostering community in what she calls a “critical juncture for crypto.”

“Let’s be clear, regulation is needed,” she said. “But as any industry that has tried to be disruptive and has challenged the status quo we are facing some headwinds. ”

She continued to stress that while “simplicity and clarity” of the message is important when regulators have a tight grip on the industry, so is an emphasis on community. 

“My strategy really is how we double down and support our existing community and really celebrate them.”

According to the exchange’s official website, Binance currently has 120 million registered users which is over 25% of the estimated 420 million global crypto users as of 2023. 

Related: Evidence in SEC suit includes 2022 testimony of Binance.US’ long silent ex-CEO

Conlan believes her role is to showcase and educate that audience going forward through times of industry uncertainty. She said she especially wants to “lean in” to showcase 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 that maybe they can have a different perspective of crypto.”

Additionally, she pointed out that for platforms in the Web3 space like Binance that offer more services than just trading, balance is key. 

“It’s about balance – showing the broad spectrum of utility and making sure that you are identifying the right moments for that.”

Conlan said that not everyone in the crypto ecosystem wants to trade, and new users are entering the space for new reasons, be it remittance payments or following a favorite artist or sports star.

“ We are a financial business, but it’s also about entertainment,” she said. “While at the same time educating people. What better way to do that than in moments where they’re open to hearing.”