According to ChainCatcher, Binance CEO Richard Teng wrote that Binance has pointed out the way forward for other participants in the industry, and they should learn from Binance's experience and avoid the many setbacks and injuries that Binance has suffered along the way.

Over the past few years, Binance has invested heavily in strengthening its compliance and security programs and personnel, with the goal of making Binance the industry gold standard in these areas. From proposing a unified trust-building framework for all centralized cryptocurrency exchanges to open-sourcing the Proof of Reserve (POR) system code, Binance has developed initiatives designed to engage broad blockchain and Web3 business partners.

Richard Teng called on his peers to learn from Binance’s mistakes instead of repeating them, and not to be a small boat waiting for the tide to rise, but to follow the trend.