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A few days ago, the perverted background of TEDA Company, which wrote about USDT, was flooded with a sentence: "USDT is ruthless enough, but the one who is even more perverted is actually Binance. "If you put this in 2021, I would nod like crazy. But it's 2025 now. Binance is still the same Binance, but the word "abnormal" needs to be put in quotation marks. 01 Let’s start with the data: Still the boss, but the seat is unstable. Binance in 2024 will still have a monopoly, but it will not be so comfortable:
02 The most profitable business is also the biggest scam A layman’s view of Binance: it is lenient in charging handling fees. An insider’s look at Binance: It’s holding everyone’s neck back, but regulation is holding it back. Fund entrance: legal currency → USDT → currency circle, Binance indeed occupies the C position on this road. But in November 2023, the U.S. Department of Justice knocked on the door—CZ pleaded guilty, Binance paid $4.3 billion in tuition, and the CFTC added another $2.85 billion, for a total of $7 billion. What is this concept? Enough to buy a small country. User entrance: New users still have the three-piece set of "download Binance → buy U → open contracts". But Binance voluntarily withdrew from mainland China - a market of 1.4 billion people said they don't want it. This is not courage, but survival. Project life and death rights: Listing on Binance = gold plating, that’s right. But the projects on Solana began to say: "We can live well on Raydium without being on Binance." Binance is no longer the only ticket. 03 BNB: From "Company Buyback" to "Algorithmic Destruction"" Binance's most outrageous operation is to turn handling fees into a "deflationary asset." But many people don’t know: This mechanism has been upgraded a long time ago. 2019-2021: 20% of quarterly profits are repurchased and destroyed (like the repurchase of stocks by listed companies). 2021 to now: Changed to Auto-Burn automatic destruction, automatic execution of on-chain formulas, and the latest data of the formula without looking at profits: 33rd destruction (October 2025) 1.44 million pieces were destroyed, worth 1.2 billion US dollars. BNB’s market value is still among the top five, but SOL and XRP are chasing fiercely. The tokens of Binance Chain are undergoing the independent personality building of "de-Binanceization". 04 BSC Chain: The landlord’s land is no longer so fertile When BSC was first released in 2020, the ETH gas fee was ridiculously expensive. BSC only cost a few cents, and projects were "escaping" like crazy. Four years later, the landlord has met a real opponent: BSC TVL: about 5-6 billion US dollars, overtaken by Solana PancakeSwap: still the leader of DEX, but the trading volume has been cut in half from the peak opBNB (Binance's L2): TVL is only tens of millions of dollars, better than none. Binance has changed from "exchange boss" to "on-chain landlord" Yes, but now the land of the landlord's house is a bit seriously salinized. 05 A few thousand people manage 250 million people? The two sides of distributed office Binance does not have a headquarters, and its employees are distributed around the world (it is speculated by outsiders that there are thousands of people, but it has never been confirmed). This "unorganized" organization was once an efficiency artifact, but it became evidence in court in 2023 - U.S. regulators accused Binance of "deliberately avoiding compliance", and CZ stayed there for 4 months. After being released from prison in 2024, Binance began to establish an independent board of directors and hired former US SEC officials to manage compliance. "The "headquarterless" model is ending, and compliance has become the new religion. 06 Earn tens of millions of dollars a day vs. lose 7 billion in one-time fine At its peak, Binance had an annual revenue of tens of billions of dollars, with a profit margin of 60%+. The ability of the asset-light platform to print money was truly terrifying. But the bill for 2023-2024 is even more glaring:
07 CZ: From the richest man in China, to a prison consultant, to a political broker Reviewing the past eight years of CZ, the script is more insane than "The Wolf of Wall Street": 2017 : Founded Binance, a grassroots start. End of 2021: Worth US$94.1 billion, reaching the top of the richest Chinese people. November 2023: Resigned, pleaded guilty, and paid a fine. September 2024: Released from prison. 2025: Appointed as a national consultant for the encryption of Pakistan and Kyrgyzstan. Wealth trajectory: From a peak of US$94.1 billion to an estimated US$65.7 billion by Forbes in 2025. Identity change: From "Binance Emperor" to "Political Advisor", CZ is using the experience accumulated in regulatory arbitrage to help small countries build regulatory frameworks. This operation is very CZ. 08 He Yi: One tweet raised the market price 6,000 times, and one apology cost 280 million He Yi's current title is co-CEO, not the sole boss. But how terrifying is her influence? In October 2024, she replied to a comment on Result: The "Binance Life" ($BSC) meme coin surged 6,000 times in a week. But this influence is a double-edged sword - when a technical failure in the Binance wallet caused user assets to plummet, He Yi publicly apologized and compensated US$283 million. If you can pull the market in one sentence, you have to pay for the system failure. This is the price of being top-notch. 09 Is Binance still the "currency central bank"? Binance’s territory is still: exchange + stablecoin channel + public chain + wallet + Launchpad, a complete closed loop. But the metaphor of "central bank" needs to be added with three notes in 2025: This central bank has just paid a fine of 7 billion, and the founder has just been imprisoned. The market share is being eroded. Binance proves the cruelest truth in the crypto world: surviving is harder and more important than making quick money. It continues to grow bigger - but the speed it is getting stronger can no longer keep up with the speed its opponent is getting faster. The person who said "Binance is more perverted", if you open the App now, you may find: Binance's handling fees are still cheaper, but new projects are all launched on Solana. The empire remains, but its borders are shrinking. |
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