I am delighted to see the 2025 Exchange Benchmark Report released by CoinDesk. This detailed report is not only a transcript, but also an important milestone for the entire cryptocurrency exchange industry to mature, be transparent, and comply. The report clearly points out that the exchange industry is bidding farewell to the era of wild growth. Stricter top-level standards, broader regulatory licenses, widespread reserve certification, and significantly reduced safety incidents all point towards a healthier and more sustainable development direction. Nearly 60% of exchanges are regulated, and nearly half have implemented reserve certification, resulting in a significant reduction in security losses. These tangible improvements have built a safer trading environment for every user and cleared obstacles for large-scale entry of institutional funds. The benchmark role of Binance is worthy of recognition. It is not by chance that the exchange has achieved an AA rating and first place in both spot and derivative fields, and has become the only exchange to score over 90 in both categories. Behind this is Binance's long-term and significant investment in compliance, security, and user protection - over 22% of its employees are dedicated to protecting users and compliance, with billions of dollars invested annually in KYC/AML, reflecting the responsibility and commitment of industry leaders. Richard Teng's CEO's statement once again confirms Binance's commitment to "continuous improvement", which is exactly what the industry needs for healthy development. It is particularly important that "scale" and "safety compliance" are no longer in opposition, but complement each other. The report reveals a positive trend: deep liquidity often accompanies more robust compliance and security procedures. This means that users do not need to make difficult choices between "trading depth" and "fund security", and top exchanges are proving that both can be achieved simultaneously. This completely changed the market perception five years ago and is a key indicator of the industry's maturity. This report gives us full confidence that cryptocurrency exchanges are becoming a trustworthy financial infrastructure. The road ahead, especially the interoperability between CeFi and DeFi, is still full of challenges and innovative opportunities, but the foundation has been solidified. Let us look forward to and participate in this new era of more transparent, secure, and efficient digital assets together. @binancezh @binance