On January 5, 2026, the power landscape of cryptocurrency exchanges underwent a landmark transformation.

The once "headquarters-less" global largest exchange has officially been taken over by three licensed entities from Abu Dhabi Global Market(ADGM). Trading platforms, clearing and custody, OTC trading—each business has a clear ownership. This once seemingly decentralized giant now has a true legal domicile.

All of this happened less than a month after He Yisheng was appointed Co-CEO. What has happened in this month? An employee was suspended for profiting from insider information on social media; official whistleblower rewards were properly allocated; He Yisheng frequently analyzed himself in various forums—listing quality varies, product experience gaps are obvious, organizational inefficiencies due to scale, talent pipeline gaps...

From an era driven by personal decision-making to a new stage of institutionalized, diversified decision-making. This is both the cost of growth and a mark of maturity. As the scale increases, flexibility is challenged, but compliance is strengthened. For this industry, whether order and efficiency can find a balance at the exchange level is becoming increasingly critical.