On December 11, according to official page information, Binance has launched perpetual contract trading for traditional asset XAU (spot gold).

Attracting those old money players who used to play forex and the stock market gold to the crypto space. These people understand gold but not Bitcoin; now they can trade the familiar assets.

Previously, these people's money was in traditional banks and brokerages; now Binance has directly brought the competition to their doorstep. This is called "dimensionality reduction attack," using the high liquidity and high leverage of the crypto space to challenge the old-school players of traditional finance.