Binance said, 'We’re starting to sell U.S. stocks,' and then the largest U.S. exchanges dropped 3% to 9% in a single day. This isn’t the market misunderstanding—it’s Wall Street voting with real money. The logic isn’t complicated: if you can trade both $BTC and Apple stock on Binance, using the same account, the same pool of funds, and with fees that are an order of magnitude cheaper than traditional brokers—why would you bother opening a traditional brokerage account? What’s even more devastating is that Binance offers perpetual contracts, completely outclassing traditional exchanges’ futures products in terms of flexibility, accessibility, and global reach. Sure, CBOE has its own crypto futures business, but compared to Binance, their fees and user experience are from a different era. This isn’t the same old story of 'crypto challenging traditional finance'—this is a company less than 10 years old using 200 million users and a piece of code to steal the lunch of 500-year-old institutions—and doing it fast. Didn’t understand Binance before, now I envy Binance.