Someone joked that the main business of a certain leading exchange now seems to have become "visa application."

Here are the latest compliance data—they have obtained clear operating licenses in 6 continents, 19 countries and regions. From the strict regulatory zones in Europe to emerging markets in the Middle East, from Latin America to Central Asia, each license is earned through blood, sweat, and tears. Someone is right; in some places, obtaining a "passport" is much more difficult than getting an "operating license."

On the other hand, the US litigation files are already thick enough to be used as bricks for building walls.

This is a true reflection of a major exchange in 2025—the international compliance map expanding, but legal disputes also escalating. A world of ice and fire, no more fitting words to describe the current situation.