Binance is dead, the crypto world is alive.

The sage does not die, the great thief does not stop.

Written by: Master Zuo

“Don’t pay attention to those BNB; friends who want to make cycles, not friends with old money. In the face of a new cycle, the unpredictable market will quickly erase the experience advantage of old money, which is also the charm of Web3.”

Binance, which started in China, raised 15 million USD in 2017, with many individual investors, including major nodes.

Binance roams freely in the world, earning money from Chinese people, donating to schools in Africa, seeking fame in Europe and America, and the ultimate pursuit is to break away from Asia and enter Europe.

In 2023, when the media has not been completely bought out, the last report from the WSJ shows that Binance’s users and share are still concentrated in China. By 2025, we will no longer be able to assess the importance of the Chinese market.

Image description: Binance 2023 trading volume, image source: WSJ

It’s not that the Chinese market is no longer important, but rather the obscuring of information, behind which flows a centralized will.

An industry that declares decentralization and is dominated by financial equality has, after 8 years of Binance’s establishment, directly turned to its opposite.

Crypto OGs are playing in the US stock market, KOLs are being constantly bought out, and regulation has lost its fangs, creating a small universe where only retail investors, speculators, and Chinese users are getting hurt.

Clearly, we have borne all the costs, yet we can only serve as a backdrop for the crypto kings to enter and flatter, which is extremely disgusting.

Is it right just because it has always been this way?

The crypto world is just a huge Binance, and the voices of resistance will be obscured, but we still have to shout to the Trisolarans on behalf of the leeks. Courage is the last hymn of humanity, and the insects will never be eradicated.

The sage never dies, the great thief never stops.

When were we completely disappointed with Binance?

Personally, I feel that after CZ was released from prison, it took 100 days of enlightenment in Longchang for me to realize that I am who I am.

In that delayed report, the CZ who once vowed for decentralization has disappeared, replaced by a CZ who is unfamiliar with on-chain operations and even unaware of the terrible performance of the Binance wallet.

In the crypto circle, Big Brother looks at everyone as a dog.

We thought CZ could not interfere with Binance’s operations, so Binance Labs was renamed YZi Labs, focusing on biotechnology and AI, with billions in wealth, peacefully researching immortality.

CZ believed that we should not interfere with Binance’s operations, thinking that Binance should have more open access and be more connected with the BNB Chain ecosystem. Regarding the TST fast pass for Binance, he was unaware and did not participate.

Each coin has its own representation, and no one is at ease desu.

Image description: CZ’s Dog, image source: @cz_binance

At the beginning of February this year, Broccoli emerged, CZ’s Dog became a target for speculation, BNB Chain’s activity surpassed that of many public chains, with liquidity subsidies, demands for nodes to control MEV, and even taking advantage of OKX being hit by EU regulatory actions on wallet ecosystems.

How should I evaluate this? I think the most appropriate description is Binance’s “institutionalization”. Our system is to take civil service exams and postgraduate entrance exams to enter large companies. For Binance, it aims to obtain the monopoly profits of traditional internet companies, the legal protection of European and American governments, and the deep recognition of Western society.

First and foremost, Binance is becoming increasingly “Alibaba-like,” aiming to swallow up all potential profit points, with all project parties, KOLs, VCs, and the broadest, most decentralized retail investors all revolving around Binance, getting caught up in a whirlwind of airdrops, Alpha, BNB Chain MVB, contracts, spot trading, YZi Labs, and even stablecoins and DeFi.

It may not be enough; the entire trading market is the goal. From suggesting Bybit to “restrict” user withdrawals, to imitating Aevo’s pre-market trading and seizing the opportunity to capture OKX’s wallet market, they cover everything and do anything, but there is no innovation at all.

Following closely, from the acquisition of CMC in 2020 to the $200 million investment in Forbes in 2022, advanced speech control has never been about counterattacks and suppression, but rather “a small reprimand helping a big cause,” commonly known as black-red being red.

Control the global source of discourse, and the rest will naturally be explained by sycophants; great scholars have always competed for positions.

To be honest, Binance has never been stingy with their support, whether it’s KOLs or major crypto media. Binance doesn’t mind if you’re a buying fan, conducting in-depth research, or just looking for a shortcut; the conditions are quite relaxed, and you don’t need to constantly share links to maintain your sponsors, as long as you don’t follow the crowd.

This is really not as good as Sun Ge. In this respect, Sun Ge is consistent both inside and outside. Whether it is Trump or Coconut Chicken, they both demonstrate the shamelessness and uniform standards of a multinational capitalist. Regardless of black, white, yellow leeks, or dignitaries from the East and the West, they all get cut without exception.

Both the king of crypto and a body of clay.

The internal situation at Binance is difficult for outsiders to speculate on, but CZ is quite an interesting person. He always positions himself on a moral high ground, for example, he never claims to support, deny, or endorse anyone.

From a small project to the entire Earth.

If there is anyone who is a thorn in the side of CZ and Binance, I nominate Hyperliquid. This year, Binance has already taken action against Hyperliquid at least twice.

• In March, Binance and OKX closely launched the $JELLYJELLY contract.
• In June, I covered for Aster and encouraged everyone to innovate in the Perp DEX dark pool, but I didn’t shout.

Image description: CZ denies calling ASter, image source: @cz_binance

As of now, the liquidity of the entire market is depleting. The crypto world wants the money from the stock market, and the stock market wants the liquidity from the crypto world. They are mutually dependent on liquidity; either they spiral to the sky or lie together in hell.

Image description: No harm to the community, image source: LatePost

CZ’s commitment not to harm the community in 2021, do you remember in 2025?

Inward and outward difficulties, living towards death

New generation surpasses the old kings.

Binance’s centralization is not isolated; across the ocean, Coinbase is also experiencing a collapse in its persona. Armstrong is simultaneously going public, distributing USDC profits, and initiating the Stand with Crypto movement while promoting crypto punk culture.

Image Description: Are CryptoPunks still encrypted? Image source: @brian_armstrong

Especially the Stand With Crypto movement, which aims to tame disobedient members of Congress with money. I think this is how CZ sees himself, more white and more Western, converting his wealth into political and social influence.

From the rumors of leverage when Musk bought Twitter, to Binance.US making a comeback, and even the involvement in (subsidiaries) needing to comply with U.S. regulations, it can be seen that the rebels in our world are not among the leaders of cryptocurrency.

Image description: The love-hate relationship between CZ and Musk, image source: Shen Chao

Adopting a rebellious stance is to sell oneself at a better price. Is such Binance still the decentralized pioneer that is global, guerrilla-style, without a headquarters or office?

We all know it is no longer the case, Binance has obtained the Dubai VASP license, complied with US regulations, accepted investments from the UAE, and is receiving payments in USD1 stablecoins related to the Trump family.

Image description: Binance recruitment, starting from college diploma, image source: @binancezh

Binance is increasingly favoring resumes from large companies, prestigious schools, and candidates with “rich experience.” In the face of criticism, only He Yi can withstand several hours of AMA, and action is taken immediately; even those with a college diploma can join.

However, He Yi also mentioned that there are no more than 10 positions in Binance that require pure Chinese, so it’s assumed that a college diploma would at least have a Level 4 qualification.

During the opening remarks of this AMA, a series of introductions of Stanford staff was shocking. Has Binance’s confidence really reached this level?

What are real people in the crypto community like?

They are Shenzhen cattle and horses aged 25-35, who check the market on Binance after finishing work at the tech park.

They are naive students aged 18-22, working as interns in development, BD, and VC for 200 yuan a day.

They are marginalized groups over the age of 35, with Didi drivers and delivery workers being the source of liquidity in the cryptocurrency space.

If we truly recognize the role of retail investors, then they should never become a source of liquidity for institutions and Western projects. The role of liquidity is for innovation, not for personal private domains.

Today’s crypto is already becoming a mainstream financial trend, all CEXs are competing for the last remaining users in the crypto space, as well as welcoming new mainstream users. The strategies and gameplay have become highly similar, with BN supporting Aster, Bybit entering to do Byreal, and Coinbase integrating Base DEX.

But what is Binance doing?

Binance is stifling all innovation, from inscriptions to memes, and now to today’s stablecoins. The BNB version strategy Nano Labs has also arrived, and BNB reserves have entered Bhutan, as if Binance is not the entity, but BNB is.

It is difficult to mention Binance’s original products; after thinking, the only one that comes to mind is Binance LaunchPad, which opened the irreversible path for liquidity makers, and everything is for liquidity.

There are many failures in innovation, such as the unacknowledged voting for listing coins, the investment standards of new release models, and the DeSci representative work Bio Protocol that refuses to be recognized. You will discover an interesting fact that these seem to have never happened.

In a dilemma: Internally, Binance is actively selling retail investors in the cryptocurrency market at a good price, while externally, stablecoins and US stock markets are devouring liquidity in the crypto space.

Live to die: when the crypto world dies, Binance lives.

Conclusion

There are many accusations and questions regarding Binance, and I do not expect to change anything. However, in the face of countless facts, we must all admit that Binance is harming the crypto community and devouring the hopes of countless people.

This kind of harm is based on trust. We have abandoned the perilous on-chain world and turned to the cozy nest prepared for us by Binance, though the cost is somewhat heavy. Big Tooth soothes our emotions and ensures the tenderness of the meat.

We need a new force that can replace Binance, even if centralized Hyperliquid is far superior to the pseudo-decentralized Binance by ten or even nine points.

No matter how many KOLs are being developed, they cannot surpass the voices of the masses. Each of us is a source of influence. Today, if you can wave the banner of “Binance dies, the crypto world lives,” then tomorrow the crypto world will still be the only upward channel for grassroots in this turbulent world! Defend your own hopes!

Binance dies, the crypto world lives.

Reference materials:

1. Crypto Is Illegal in China. Binance Does $90 Billion of Business There Anyway.