After reading the full version of Binance's report, there is one that I am particularly concerned about, which is that Binance no longer describes itself as a "trading platform", but rather as a "financial infrastructure that can be embedded". This not only means that Binance's target customers have upgraded from "trading users" to "financial users", but also means that the cryptocurrency field has gradually entered the system stage centered on financial structure and infrastructure from the previous product stage centered on trading. In the past few years, the core competitiveness of the encryption industry has mainly focused on three dimensions, namely transaction depth, product richness, and traffic acquisition ability, which are essentially still an industry that revolves around transaction behavior. But now, the overall focus of cryptocurrency exchanges is more on how to be directly embedded by banks, securities firms, asset management institutions, and payment institutions, becoming a part of the existing financial system, rather than just serving users' buying and selling behavior. I personally think that this reflects the changes in the entire industry stage. Cryptocurrencies are no longer just an independent market dominated by speculation, but are gradually entering the account system, settlement system, collateral system, and compliance module of traditional finance. Whether it's fund accounts, over-the-counter settlements, white label matching engines, or tokenized bonds and RWA mortgages, all of these indicate that encrypted assets are shifting from tradable assets to underlying assets that can be directly called by the financial system. This is an upgrade of the cryptocurrency industry, and also a deep integration of the cryptocurrency field and traditional financial field after compliance. I'm not sure if it's a good thing, but it does increase the flow of funds.