Binance's current good fortune is to some extent the result of stepping on the regulatory corpses of its competitors. When OKX was investigated by the EU for money laundering by hackers, Binance had already set up a firewall of sovereign wealth funds and spun off its US business in 2024 to package itself as a "regulatory-friendly" enterprise. This "ten-year preparation of compliance materials" endurance is far more terrifying than the temporary compliance performance of some exchanges.
But regulatory tolerance comes at a cost. The KYC module launched on the BNB Chain has turned the originally anonymous on-chain transactions into a traceable data pool; the "full compensation for the squeezed" service promised by He Yi is essentially a centralized intervention in the decentralized market. Although these operations have won user goodwill in the short term, they have also shaken the most precious decentralization belief in the crypto world——when Binance is both the referee and the player, who can guarantee that the next one to be squeezed is not the retail investor?
Crypto Revelation: There are no permanent winners, only eternal greed
Looking back on this magical week, we see not only Binance's luck, but also the cruel Darwinism in the crypto world. When OKX fell due to technical vulnerabilities and Bybit crashed due to security incidents, Binance completed the dimensional attack on its competitors with a combination of Twitter marketing, ecosystem coordination, and regulatory arbitrage. Rather than saying this ability is strategically brilliant, it is more accurate to say it is a precise grasp of human weaknesses - after all, in the casino, the house doesn't care who comes to play, only where the chips are flowing.
Perhaps the true crypto spirit lies not in creating as many get-rich-quick myths as possible, but in remembering the original intention in Satoshi Nakamoto's white paper when all exchanges are competing to run the fastest. After all, in this industry, today's chosen one may become tomorrow's regulatory target - just like the AI robot in CZ's reposted video, it will never know whether the next created token is the ticket to financial freedom or the epitaph of belief.