Moved by this, it was never the exchange that truly crossed the cycle of Binance over the past 9 years, but rather the 'compound interest of trust' If we only consider Binance's 9 years as an ordinary birthday, then I think it's a bit underestimating Binance's 9 years When Coin Security was born in 2017, the encryption industry was still like a newly lit wasteland. At that time, many people regarded the industry as a foam, some as a casino, and some as the beginning of a new financial order. Nine years have passed and looking back, many names have actually disappeared, many narrative projects have gone bankrupt, and many fanaticism have become lessons. However, Binance is still the same Binance, without any changes, still standing in the center of the table. This incident itself is enough to illustrate a problem! Over the course of 9 years, Binance has grown from a trading platform to a platform that covers transactions, payments, wealth management, and Web3 wallets, BNB Chain，Launchpad， Compliance, reserve transparency, and a global community's crypto ecosystem. The most impressive numbers mentioned in the official 9th anniversary of Binance are 300M+global users and over $156.4 trillion in cumulative trading volume. This cannot be simply stated as "awesome", indicating that Binance is no longer just a trading gateway, but the first stop for many people to access digital assets, learn about encrypted finance, and participate in global liquidity. In fact, the most noteworthy thing about Binance in the past 9 years is not how fast it has grown, but how many times it has experienced moments of "almost being defined". During bull markets, the outside world says that Binance is just a traffic winner. During bear markets, the outside world says that exchanges will be swallowed up by cycles. When regulatory pressure is at its peak, the outside world says that the story of centralized platforms is over. Especially during the FTX crash in 2022, the trust of the entire industry was shattered. Users no longer just ask "how much profit is there", but start asking "where is my money?" It is also at this stage. Binance has placed the Proof of Reserves, 1:1 user asset reserves, SAFU security fund, compliance investment, and law enforcement collaboration in a more central position. The industry has shifted from "who runs fast" to "who lives longer", and Binance has also entered a new stage of emphasizing transparency, governance, and long termism from an expansionary company. In 2023, there will be changes in regulation and leadership, which is one of the most important turning points in Binance's 9 years. At that time, CZ will leave the CEO position and Richard Teng will take over. This is not an ordinary management change, but a sign of Binance's transition from the entrepreneurial sprint period to the global compliance maturity period. The past Binance has proven speed, but the future Binance must prove order. For a cryptocurrency platform, the real difficulty is not to rush to the top in a bull market, but to continuously find new balance points between cycles, regulation, public opinion, competition, and user trust. So I think the truly touching aspect of Binance over the past 9 years is not 'what Binance has achieved', but 'what users and Binance have endured together'. Many people are buying Bitcoin for the first time, participating in Launchpad for the first time, using stablecoins for cross-border transfers for the first time, experiencing Web3 wallets for the first time, and learning risk control management for the first time in a bear market. These may all have had N firsts through Binance! Some people have made their first bucket of gold here, some have paid tuition fees here, some have entered the crypto world because of Binance, and some have re understood what position, discipline, and cycle are due to repeated market fluctuations. Binance was not built solely by the roadmap in the office, but by every transaction, feedback, doubt, and trust from global users. Over the past 9 years, the encryption industry has repeatedly proven one thing: narratives change, hotspots change, and prices change, but what truly stays is infrastructure, liquidity, security, and community consensus. Binance's scale today is not just a victory in technology or products, but also a result of user choices. If Binance in 2017 represents a speed, then Binance in 2026 is more like resilience. Over the years, Binance has experienced crazy growth, regulatory reshaping, industry frenzy, trust crisis, and even the expansion of territory in the CZ era, as well as the institutionalization of the Richard Teng era. Binance's 9 years are not the end, but a new watershed. In the future, Binance may not only serve encrypted users, but also bring more ordinary people into a more open, efficient, and globalized financial network From 0 to 300M+users, from trading platforms to global encryption infrastructure, from speed growth to compliance maturity, from users using Binance to users jointly building Binance. What truly crosses the cycle is not a single coin price, nor is it a bull market, But it is the trust repeatedly selected, verified, and built by billions of users. Happy 9th Anniversary, Binance. In the next nine years, continue to be written by users Finally, I wish all Binance personnel the best Happy 9th anniversary ～～～ @cz_binance @binancezh @BinanceWallet @binance @heyibinance @yayabinance @sisibinance @yingbinance