Binance Introduces User Feedback Feature to Improve Exchange

Binance uses community feedback with a new tool that allows users to submit new ideas for the company’s product plan.

Binance, the world’s largest cryptocurrency exchange, unveiled on Wednesday a tool that would allow its users to offer comments and suggestions to the firm simply.

The application will allow customers to engage in the development of Binance’s product roadmap actively.

Binance stated in a press statement shared with CryptoPotato on Wednesday that the primary purpose of the new tool is to seek community feedback on what new features it would want to see introduced.

Binance will collect and assess community comments, following which the product team will issue a public-facing roadmap for user-suggested additions in March.

Following the plan’s introduction, the community will vote on the proposed additions, with the top suggestions incorporated into Binance’s official roadmap. It will offer updates on the development status of those items, and the community may subsequently provide input on already deployed user-suggested features.

“Binance has always included input into the product development process,” stated Mayur Kamat, Binance’s Head of Product, in a news statement. “We receive about 1000 pieces of feedback per month on average – now we have a dedicated area for the community to offer comments and leave a lasting influence on future Binance product improvements.”

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

The aftermath from FTX was part of what prompted Binance to consider introducing a “proof of reserves” method at the request of his community. Proof of reserves entails using on-chain data to verify the security of customers’ assets; nevertheless, such a system is incomplete without an independent auditor assessing the company’s obligations.

Though the exchange issued a brief proof of reserves in December, the report was removed a few days after its auditor, Mazars Group, said it would no longer engage with crypto firms.

CZ has also attempted to distinguish itself by making Binance one of the only businesses recruiting during the crypto bear market last year. While Coinbase reduced another 20% of its employment in January, CZ announced intentions to increase Binance’s headcount by 30% last month.