January 5, 2026 marked a symbolic shift in the power landscape of cryptocurrency exchanges.

The world's largest exchange, which once emphasized having "no headquarters," was formally taken over by three entities licensed by Abu Dhabi Global Market (ADGM). Trading platforms, clearing and custody, over-the-counter trading—each business segment now has clear ownership. This once-scattered giant has finally acquired a true legal domicile.

All of this happened less than a month after He Yi's appointment as co-CEO. What transpired during this month? An employee was suspended for profiting from insider information on social media; the official whistleblower rewards program was standardized; He Yi frequently conducted self-examination at various occasions—uneven quality of listed coins, significant gaps in product experience, inefficiencies brought by organizational scale, talent pipeline discontinuity…

From an era driven by individual decisions to a new stage of institutionalization and pluralistic decision-making. This is both the cost of expansion and a sign of maturity. With larger scale comes challenges to flexibility, but enhanced compliance. For this industry, whether order and efficiency can find a balance at the exchange level is becoming increasingly critical.