The crypto industry is no stranger to rapid changes. Recently, global cryptocurrency trading platform LBank faced its own set of internal disruptions, including the decision of co-founder and chairman Eric He to step down.
Founded in 2015, LBank has continuously adapted to the evolving crypto landscape, providing users access to a wide range of emerging assets. The platform supports spot and derivatives trading, staking and various investment opportunities, making it a key player in the crypto space.
As LBank celebrates its ninth anniversary, Eric reflects on the controversies that sparked this transition and shares how these events have catalyzed meaningful changes within the organization.
Cointelegraph: Lately, there’s been some controversy surrounding LBank, particularly about your decision to step down. Could you share more about this?
Eric He: Recent events have indeed attracted a lot of attention, especially my decision to step down coinciding with LBank’s ninth anniversary. The unexpected public discussions with an intern exposed underlying internal conflicts and revealed long-standing problems within our organization.
While I believe the intern’s actions were inappropriate, this situation has also served as a catalyst for positive changes, encouraging us to reflect on our internal culture. Reflecting on these challenges, I realized the importance of returning to our community and adopting a more engaging and enjoyable approach to interacting with our users.
As I transition into the roles of community angel officer and risk control adviser, I hope to strengthen our community connections and implement new forms of digital democracy. This is a critical moment for LBank to bid farewell to the past operational pattern and to focus on providing excellent crypto services, setting clear visions for the future.
CT: What is the fundamental reason for such a drastic change in your attitude during this controversy?
EH: I’ve always believed that being real and authentic is the way to earn respect. For the past nine years, LBank has thrived on this principle. But this whole situation has made me realize it’s time to get closer to our users, to bring a bit more fun and passion back into what we do.
Returning to the original intent, I want to listen to the real, unfiltered feedback that can help shape LBank’s future. This experience has taught me a lot and given me the drive to start fresh. So, here I am, ready to make a real difference.
CT: What specific changes have you implemented following this incident?
EH: This situation prompted us to introduce a series of measures aimed at fostering a more inclusive and efficient organizational culture. Here are the five key steps:
- Establishment of a decision-making committee for enhanced governance
- Launch of a $10 million fund to support alpha altcoins and industry innovation
- Enhancement of data transparency for greater integrity
- Creation of a dedicated channel for user feedback
- Refining listing strategies and providing users with high-quality assets
CT: Can you elaborate on the $10 million fund?
EH: This is the most compelling plan based on the fact that crypto-economics is not a zero-sum game. Based on this understanding, LBank establishes the $10 million fund to discover and support cutting-edge, innovative and promising alpha altcoins in the meme sector, which is expected to lead the growth of the overall crypto market beyond speculation.
CT: Looking back, what are some of LBank’s key milestones over the past nine years?
EH: Since its founding in 2015, LBank has established itself as a trusted platform, now serving 10 million registered users in over 200 countries. Our daily trading volume exceeds $2 billion, and the team has grown from 20 people to over 500, reflecting our commitment to scalability and user satisfaction.
CT: What is your perspective on the future prospects of the crypto industry and LBank’s role in its development?
EH: We believe in embracing change and staying ahead of industry trends. LBank is committed to being at the forefront of this transformation, shaping the future of global finance with a community-centered approach.
As we look ahead, the future belongs to those who dare to dream and invest in those dreams. Our focus on community and users will become our edge in winning competition among centralized crypto exchanges.
CT: What are your thoughts on the current market volatility?
EH: Market volatility is quite normal; it’s an inherent part of the crypto industry. We’ve weathered many ups and downs, so our confidence isn’t shaken by short-term fluctuations.
Looking at the overall market indicators, we are still in a bullish phase. We’ve also witnessed a lot of innovations in the market, whether in new product categories, technologies or ecosystems.
No matter how the market changes, our passion for new narratives and innovation remains unwavering. So, regardless of market conditions, we will continue to explore new opportunities and drive the industry’s progress forward.
CT: Do you have any messages for LBank users and the broader crypto industry?
EH: To all our users and peers in the crypto industry, I extend my heartfelt gratitude. Your trust and support have been instrumental in our journey. As we celebrate LBank’s ninth anniversary, we embrace the future with our upcoming brand upgrades.
The road ahead may be challenging, but we remain confident that with a steadfast commitment to our values and an unwavering dedication to our community, LBank will continue to lead not only in the fintech industry but also in shaping the future of global finance.
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