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I don't think Binance is going to buy all struggling exchanges. More likely, the industry will continue to consolidate, but Binance will be selective. Here's why: Regulatory risk: After years of increased regulatory scrutiny, Binance has been focused on obtaining licenses and expanding compliantly rather than making risky acquisitions. Quality over quantity: Many small exchanges have low trading volume, weak technology, or legal liabilities. Those often aren't worth acquiring. Cheaper alternatives: Binance can often attract users organically when a competitor weakens, without buying the company. Strategic acquisitions only: If an exchange offers valuable licenses, a strong local user base, or unique technology, Binance could consider a deal. That's similar to how it has made targeted acquisitions in the past rather than buying every distressed competitor. My expectation is: Strong regional exchanges with regulatory approvals could become acquisition targets. Many weaker exchanges will likely shut down, merge with peers, or simply lose market share instead of being bought. The crypto exchange industry is likely to end up with fewer, larger players over the next few years as regulations tighten. #EarningsRealityCheck #CLARITYActStalled #USIranStrikePause