## **My 8th Anniversary with Binance: A Journey of Trust, Challenges, and Growth in the Crypto World**
In 2017, when the price of Bitcoin first broke $10,000 and the ICO frenzy on Ethereum swept the globe, an exchange named **Binance** quietly emerged. At that time, I had just stepped into the world of cryptocurrencies, full of curiosity yet also caution. Eight years later, as I reflect on this journey with Binance, I realize it is not just a growth story of an exchange but a microcosm of the entire cryptocurrency industry's evolution from wild growth to gradual maturity, as well as a process of deepening my personal understanding of blockchain.
### **First Encounter with Binance: The First Door to the Crypto World**
The first time I heard about Binance was on a Bitcoin forum. At that time, domestic exchanges were notorious for cumbersome KYC (Know Your Customer) processes and slow withdrawal speeds, while Binance quickly attracted global users with its simple interface, rich trading pairs, and efficient matching engine. The entire process of registration, deposit, and trading was surprisingly smooth.
At that time, Binance was still a startup, and its founder, Zhao Changpeng (CZ), was active on social media like an ordinary geek rather than the 'Crypto King' he would later become. BNB (Binance Coin) was initially just a tool for fee discounts, and no one could have predicted that it would later become the cornerstone of the entire Binance ecosystem. I also gradually learned to trade altcoins, participate in IEOs (Initial Exchange Offerings), and even try contract trading, evolving from someone who only knew how to buy Bitcoin.
Binance's success, to some extent, represents the characteristics of the cryptocurrency industry during that era: **fast, new, and adventurous**. It captured the key pain points of the exchange track and quickly rose with technology and user experience. However, at the same time, it made me realize for the first time that in this emerging market, opportunities coexist with risks.
### **The Establishment and Testing of Trust**
In 2018, the cryptocurrency market entered a winter, with Bitcoin plummeting from nearly $20,000 to $3,000, countless projects going to zero, and news of exchanges running away surfacing one after another. But Binance not only survived but also expanded against the trend. It launched the Binance Chain (later upgraded to BNB Chain), established the Binance Charity Foundation, and even began striving for compliance licenses globally.
At this stage, my trust in Binance gradually deepened. It was no longer just a trading platform but a builder of an ecosystem. Whenever market panic arose, Binance would announce the 'SAFU Fund', promising to safeguard user assets; whenever a crisis occurred in the industry (such as a certain exchange collapsing), Binance would often step up to provide support. This posture of being an 'industry guardian' made me feel it was more reliable than other platforms.
However, the establishment of trust is often accompanied by tests. In 2020, Binance suffered a severe hacking attack, losing over $40 million. Although Binance fully compensated user losses, this incident made me start to think: **What if the next attack is more severe? What if Binance itself falls into a crisis?** I began to reduce my asset holdings on exchanges, learned to use decentralized wallets, and truly understood the meaning of 'Not your keys, not your crypto'.
### **Regulatory Storms and Industry Turning Points**
In 2021, the cryptocurrency market experienced a super bull market, with new concepts like DeFi (Decentralized Finance), NFT, and GameFi exploding, and Binance's trading volume reached an all-time high. However, at the same time, global regulatory agencies began to exert pressure on the cryptocurrency industry, and Binance, as the industry leader, was at the forefront.
The U.S. SEC (Securities and Exchange Commission) has filed a lawsuit against Binance, accusing it of operating illegally; financial regulatory agencies in multiple countries have demanded that Binance cease operations or strengthen compliance. In no time, FUD (Fear, Uncertainty, Doubt) spread. During that period, I monitored Binance's developments daily, worried that it might collapse suddenly like FTX.
But Binance once again demonstrated resilience. It paid hefty fines and reached settlements with U.S. regulators, adjusted its business model to comply with regulations in various regions, and continued to promote industry compliance processes. This series of actions made me realize that the cryptocurrency industry is no longer a lawless land; future development must coexist with regulation.
### **Reflection: The Ideal of Decentralization vs. the Reality of Centralization**
On the occasion of Binance's 8th anniversary, I re-evaluate my relationship with it. Initially, I was attracted to cryptocurrency because of its advocated concept of 'decentralization'—a world without intermediaries, where individuals fully control their assets. But the reality is, most people (including myself) still rely on centralized exchanges because their convenience is irreplaceable.
Binance's success precisely proves the market's demand for **'controllable decentralization'**. It provides the efficient services of a centralized exchange while supporting the DeFi ecosystem through the BNB Chain, attempting to find a balance between convenience and autonomy. But does this deviate from the original intention of cryptocurrency? This question may not have a standard answer.
### **The Future: Trust, Self-discipline, and Industry Evolution**
Eight years have passed, and Binance has grown from a startup to a giant in the crypto world, while I have transformed from a blindly following novice into a more rational participant. This journey has taught me several key insights:
1. **Trust needs time to be validated**—Binance has come this far not through marketing but through its ability to respond in multiple crises.
2. **Self-custody is crucial**—No matter how reliable an exchange is, one should not store large amounts of assets there for long.
3. **The industry is still evolving**—Regulations, technology, and user habits are all changing; the future Binance might not look like today's, but the spirit of blockchain will continue to influence the world.
Looking back from 2025, Binance's 8 years represent the cryptocurrency industry's transition from the margins to the mainstream, and my personal journey from blind speculation to rational investment. In the future, regardless of whether Binance remains the industry leader, this experience has profoundly changed my understanding of finance, technology, and trust.
**Eight years of wind and rain, Binance and I, both growing.**