Binance Introduces User Feedback Feature to Improve Exchange

Binance is leaning into community feedback with a new tool letting users suggest new features for its product roadmap. 

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

The tool will let users effectively participate in forming Binance’s product roadmap.

Listening to the Community
In a press release shared with CryptoPotato on Wednesday, Binance said the primary goal of the new tool is to gather community input on what new features it wants to see implemented.

Community feedback will be gathered and reviewed by Binance, after which the product team will release a public-facing roadmap for user-suggested features in March.

Following the roadmap’s release, the community will vote on the proposed features, and the top suggested features will be 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 user-suggested features that have already been launched.

“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.”

CZ’s Appeals to the Public
Binance CEO Changpeng Zhao (CZ) is highly active on Twitter, where he often discusses the latest happenings in the industry with his followers. He was an especially vocal member of public conversation in the events preceding and following the collapse of FTX, discussing his relationship with the bankrupt exchange, and distinguishing Binance’s operations from its fallen competitors.

FTX’s fallout was part of what spurred Binance to try implementing a “proof of reserves” system at his community’s request. Proof of reserves involves verifying the security of customers’ assets using on-chain data – though such a system isn’t complete without an independent auditor examining the company’s liabilities.

Though the exchange published a brief proof of reserves in December, the report was taken down days later as its auditor, Mazars Group, abandoned work with crypto companies altogether.

CZ has also tried to stand out by making Binance one of the only companies hiring workers during the crypto bear market last year. While Coinbase cut its staff by another 20% in January, CZ announced plans to expand Binance’s workforce by 30% last month.