After reading Binance's 2025 year-end report, the most intuitive feeling is that the cryptocurrency industry is no longer in the state of "wild growth" as it used to be. The core of Binance this year is to strive to fit itself into a "compliant" framework while "expanding", and to achieve some tangible results. Firstly, there was a breakthrough in both compliance and scale, and the industry became more standardized: Binance became the first global encryption platform to obtain comprehensive authorization from ADGM international supervision, and its user base exceeded 300 million, indicating that encryption platforms are no longer a wild path and are beginning to rely on legitimate financial infrastructure. Next is the most important trust that can be implemented, not just slogans: relying on risk control to help 5.4 million users avoid 6.69 billion fraud losses, reducing the risk of illegal funds by 96%, helping law enforcement agencies investigate black money, and simplifying user compliance processes to prevent compliance delays. In terms of liquidity, it is still the leader and guides users to trade rationally: the total trading volume for the year is $34 trillion, with spot trading at $7.1 trillion and a wide range of tokens and trading pairs; Develop simulation trading and contract "smart money" tools to help users transition from speculative trading to strategic trading. In conclusion, in the past, the industry was competing over who expanded faster and had more products, but now it is competing over who can operate stably within a compliance framework, who can truly protect users, and lower the threshold for participation. Of course, this does not mean that the industry is risk-free, but rather that it has officially entered a new stage of "standardized development" from the stage of "wild growth", and Binance clearly wants to continue to be the leader in this new stage.