"
Then paragraph: "Zhao speaks from direct experience. His 2023 plea deal acknowledged that Binance processed transactions for users in sanctioned jurisdictions and failed to run adequate KYC controls. He served four months behind bars. Now he's warning that Hyperliquid — a platform that operates without KYC — could face a similar reckoning. 'Hyperliquid needs good lawyers,' he said on the podcast, pointing to the regulatory gray area the exchange occupies."
Translation: "Zhao bercakap dari pengalaman langsung. Perjanjian pengakuan bersalahnya pada 2023 mengakui bahawa Binance memproses transaksi untuk pengguna di bidang kuasa yang dikenakan sekatan dan gagal menjalankan kawalan KYC yang mencukupi. Dia menjalani hukuman empat bulan di penjara. Kini dia memberi amaran bahawa Hyperliquid — platform yang beroperasi tanpa KYC — boleh menghadapi pengadilan yang sama. 'Hyperliquid memerlukan peguam yang baik,' katanya dalam podcast, merujuk kepada kawasan kelabu kawal selia yang diduduki oleh pertukaran tersebut."
Paragraph 4: "The warning isn't just theoretical. Spot HYPE ETFs have already pulled in roughly $172 million in their first month of trading. Analyst price targets for HYPE range from $83 to $98, with a longer-term $300 case gaining traction. The token's market cap is now sizable enough to attract regulator attention if they decide to act."
Translation: "Amaran itu bukan sekadar teori. ETF HYPE spot telah menarik kira-kira $172 juta dalam bulan pertama perdagangan mereka. Sasaran harga penganalisis untuk HYPE antara $83 hingga $98, dengan kes jangka panjang $300 semakin mendapat perhatian. Permodalan pasaran token itu kini cukup besar untuk menarik perhatian pengawal selia jika mereka memutuskan untuk bertindak."
Note: 'ETF HYPE spot' - keep 'spot' as is, it's a term. 'Spot HYPE ETFs' -> 'ETF HYPE spot' is fine.
Paragraph 5 (h2): "
Binance can't compete, Zhao says
"
Translation: "
Binance tidak boleh bersaing, kata Zhao
"
Then paragraph: "Zhao was blunt about his former company's position: 'Binance cannot compete in Hyperliquid's niche.' That's a remarkable admission from the man who built the world's largest crypto exchange. Binance has not listed HYPE, and Zhao has backed a rival decentralized exchange (DEX) instead. The tension isn't new — Zhao's November 2022 tweet announcing Binance would sell its FTT holdings triggered the bank run that collapsed FTX, a move FTX later called 'malicious' in legal filings."
Translation: "Zhao bersikap terus terang mengenai kedudukan bekas syarikatnya: 'Binance tidak boleh bersaing dalam niche Hyperliquid.' Itu adalah pengakuan yang luar biasa daripada lelaki yang membina pertukaran kripto terbesar di dunia. Binance tidak menyenaraikan HYPE, dan Zhao sebaliknya menyokong pertukaran terdesentralisasi (DEX) saingan. Ketegangan itu bukan baharu — tweet Zhao pada November 2022 yang mengumumkan Binance akan menjual pegangan FTTnya mencetuskan lari bank yang menyebabkan FTX runtuh, satu langkah yang kemudiannya dipanggil 'jahat' oleh FTX dalam failan undang-undang."
Note: 'failan undang-undang' for 'legal filings'.
Paragraph 6: "Now Zhao is watching Hyperliquid eat Binance's lunch in the pre-IPO derivatives space. The DEX built a
