I didn't expect the impact of compliance issues to be so significant, so I specifically went to check the asset changes at the exchanges. In the past 7 days, Binance saw an inflow of 570 million USD, Bybit had an inflow of 100 million USD, and Deribit experienced an inflow of 30 million USD.

It is evident that the competition among exchanges is quite fierce, especially under the current market conditions. In the pursuit of compliance, one must not lose sight of users; before its collapse, FTX had also obtained several local regulatory licenses, yet ultimately failed to protect user assets from losses. What truly addressed the trust issues in exchanges afterwards was the implementation of proof of reserves by the exchanges.

Therefore, Binance has remained the leader for a reason; at least, they must not make mistakes regarding issues that touch upon the bottom line of user funds.