Previously, some people said that Binance and other major firms did not engage in proprietary trading. Both Binance and OKX explicitly stated in their user agreements that "related parties may participate in transactions as principals". Example of OKX clause (4.4): Related parties may conduct transactions on their own behalf as principals or on behalf of others Your order may be matched with related parties OKX does not assume the obligation to act solely on your behalf Translated into Chinese: Companies under the platform or market makers associated with the platform can directly transact with you, and they do not have any "fiduciary obligations" towards you. The terms and conditions of Binance are also similar: it does not recognize "betting", but reserves the right for related parties to participate in the market, not assume the obligation of best execution for you, and can engage in proprietary trading. Unlike traditional securities firms that engage in self operated trading, securities firms at most find accounts with insider information and long-term profits, and then go to copy the big brother to play rat trading. Coin Circle Platform: Control Matching System, Control Strong Leveling Mechanism Control tag prices, control risk funds, control rollback rights, and allow related parties to participate in transactions The platform has the power to formulate and interpret rules, and judges also participate in the game. Mature large institutions generally do not use low-level methods to "kill retail investors", and it is mainly small institutions that suffer losses from customer acquisition. The reason is also simple: long-term reputation is more important than short-term profits, and large institutions are more afraid of regulation. However, when the fee income is not enough to cover the exchange expenses and the platform is at a loss, it is already consuming user funds. What can I do if I am a self operated trader on an exchange? In terms of information, I know the calculation method of the quoted price, which price has the most intense liquidation, which prices have concentrated stop loss, and I will be in the optimal position for ADL reduction, while ordinary users only know the candlestick. In extreme market conditions, there is sometimes a world of difference between being one second fast and one second slow, but I am always in the optimal position. At critical moments, users cannot transfer margin or trade, while I can operate smoothly. If I encounter a hard obstacle, I will temporarily adjust the leverage ratio, increase the margin, modify the fee rate, issue an announcement that the coin will be delisted, and limit the amount of positions that users can open. Anyway, I can open unlimited positions. If I can play it, I will play it. If I can't play it, I will "cancel the abnormal transaction". At critical moments, I can activate the Spring and Autumn Cicada to play tricks and directly roll back the transaction. It's so easy to make money, so from the era of MTG with a market share of 90% in Mentougou to FTX with a capital background, there have always been people playing this game, but these two games have gone bankrupt. Nowadays, I also do this every day, but only in extreme market conditions do people see the clues. 99% of the time, you don't feel my existence as a self operated trader. And I've already said that Bitcoin contracts are essentially an online game, and the services I sell are: providing you with the excitement of trading, the imagination of overnight wealth, and the joy of dopamine. You earn all the Happy Beans, yet you still want to withdraw. It's really naive.