Yesterday I received some inquiries from online communities asking why I was so fiercely criticizing Binance from October to December last year, but now I'm speaking up for them. My core viewpoint has remained unchanged. Regarding the 1011 incident, Binance still owes the industry an explanation, and I believe Binance bears the majority of the responsibility. Given the current climate, I could certainly continue criticizing Binance from a moral high ground—politically correct and attention-grabbing, why not? However, I feel I've already expressed my position over the past three months. From an industry professional's perspective, remaining stuck in criticism without moving forward is immature and meaningless. From its inception until now, Binance has indeed faced a lot of attacks from competitors in its early days. But Binance is now the world's number one exchange. Any sane, intelligent competitor knows that market share isn't won in a business war; the real way to win is through liquidity, product quality, and brand reputation, not by attacking your rivals. Some issues are structural problems within the industry, and Binance shouldn't bear all the blame. However, some issues are indeed Binance's responsibility, and it should accept the consequences. From He Yi's response, it's clear that when faced with FUD (Fear of Uncertainty), Binance's first reaction wasn't to reflect on itself, but rather to consider "where this attack came from." This is a reactive response that has persisted since the early days of exchange business wars. As Binance's first line of defense during that period of intense scrutiny, I think it's perfectly normal for He Yi to have this kind of reaction. But it's 2026 now; our thinking shouldn't be so defensive. The recent controversies surrounding Binance in Western circles are the result of past actions. I'm not sure if this was organized or premeditated. But even if it was organized and premeditated, there needs to be a cause and effect for this fire to ignite. If you don't reflect on this, this fire will only grow bigger. Binance's core mindset is always defensive; it's always thinking about how to maintain its profitability and industry position, seeing everyone as a potential competitor, and using its resources to crush anyone who grows too big. You have a deeply ingrained belief: when it comes to listing tokens, you absolutely cannot allow others to "freeload" on user liquidity. But have you considered how many tokens you're missing out on by maintaining your position through this biased listing logic? Take your platform token, HYPE, for example. How many other exchanges have already listed it on the spot market? But you stubbornly refuse to list it. The reason is simple: Hyperliquid is a competitor, threatening your position. Following this logic, I believe even if HYPE reaches the top 10 in market capitalization, you still won't list it. White Whale follows the same concept: a bottom-up community coin with hype, trading volume, and a compelling narrative. However, SOL is a competitor to BSC, so it wasn't listed. Conversely, consider DOYR and "I'm Here!"—coins that quickly faded after being highlighted with their names, leading everyone to believe they were dead, only to be listed with Alpha. If these two coins had survived after your hype, with healthy prices, active communities, and engaging discussions, that would be one thing. But they're dead! What are you listing when they're already dead? The only angle you can find is mentions by He Yi and responses from CZ. How can this listing logic possibly convince anyone? The US stock market has the Big Seven, a system of checks and balances that drives competition and progress. In the cryptocurrency world, Binance is the undisputed leader. When a company of this size prioritizes profit and supporting its own ecosystem, it's not good for the entire industry. I can understand CZ wanting to create momentum for BSC, but is directly or indirectly recommending TST, Mubarak, Broccoli, Giggle, and Aster really a good thing? Your personal behavior is highly coupled with the platform's influence; recommending stocks lets retail investors speculate and place their own bets. If other KOLs did this, they'd at most get some criticism and it would be over. But you're CZ; you're both player and referee. If someone jumps in because of your words today and gets trapped tomorrow, they'll definitely hold you accountable. Every time, you're eroding trust. You think you're promoting BSC, but this prosperity built on hype is fake. What's the real result? It makes everyone question Binance's neutrality. What do you think regulatory bodies around the world will think when they see your actions? Open the Binance app, and you see a whole row of "Binance Life," "I'm Here," "My Coin," and "DOYR"—what will they think? This is why many people in the industry make money, but never earn respect from the outside world. You're the industry leader; your app's homepage is the face of the industry. When the facade looks like this, how do you convince traditional finance, regulators, and mainstream society that we are an industry worthy of serious attention? I'm not suggesting Binance act like a saint. It's perfectly natural for businesses to pursue profits; I own a company myself, so I understand. But when you're an industry leader, every decision you make defines the rules of the game. Which coins you choose to list, and which you don't, will drive the market in that direction. Which coins you choose to promote will attract retail investors. Whom you award "Industry Contribution Awards" will be perceived as a recognized leader in the industry. Your aesthetics influence the aesthetics of the industry and how the outside world perceives it. This is power, and it's also responsibility. I have no personal grudge against Binance, and I don't think Binance is a bad company. I just believe that a world-leading exchange should have a world-leading vision. Don't use the mindset of the 2017 business wars to deal with the market in 2026. You've already won; now you should be thinking about how to improve the entire industry. That's how you can win in the long run.