How should compliant exchanges conduct business? According to data, in 2024 Coinbase: The total number of users is 105 million, of which about 55% come from the United States. Institutional customers contributed 82.05% of the total transaction volume, while retail users only accounted for 17.95%. Divided by currency, Bitcoin and Ethereum account for 44% of transaction volume. Summary: Mainly serving American users, institutions account for the majority of trading volume, and mainstream currencies remain the main trading assets of the platform. In contrast, Hashkey Exchange, which is also a compliant exchange with a strong background, has encountered many difficulties, including: Market limitations: HashKey mainly serves local users in Hong Kong, with limited market capacity. Globalization Attempt: HashKey Global will be launched in 2024 with the aim of expanding into international markets, but it started relatively late and faces fierce competition from mature platforms such as Coinbase and Binance. Limited service scope: Constrained by strict compliance requirements, HashKey's products and services are highly targeted but have narrow coverage. Highlight: OTC Business HashKey's over-the-counter (OTC) business has performed outstandingly, supporting seamless trading of 10+fiat currencies and 60+cryptocurrencies. By 2024, its trading volume will exceed $5 billion, becoming its pillar source of revenue. The risk of a single business line lies in an unbalanced income structure. Can HashKey explore diversified business models to achieve long-term growth? Currently, there are indeed. On May 7, 2025, Futu Securities International officially launched Bitcoin, Ethereum, and USDT deposit services, supporting cryptocurrency trading services for compliant investors; On June 24, 2025, Guotai Junan International was officially approved by the Hong Kong Securities and Futures Commission to provide virtual asset trading services. According to the disclosure, Guotai Junan and Futu entered the cryptocurrency market using a broker intermediary model, with underlying technology supported by HashKey. That is to say, the two platforms do not directly develop cryptocurrency trading platforms, but act as intermediaries, relying on existing platforms and interfaces to provide customers with cryptocurrency trading services. In fact, the two securities firms have become "distributors" of HashKey because Guotai Junan and Futuna both have VASP licenses, while HashKey's license is VATP. The underlying liquidity of VASP relies on VATP support, so the transactions of its platform users will ultimately be transmitted to HashKey. The point of the explosion is: Currently, multiple securities firms are working hard to upgrade their licenses and enter the cryptocurrency trading market. Their operating method is also a non self operated "distributed" exchange, and HashKey is far ahead in this market in terms of technical strength, compliance, and brand strength. It has sufficient core competitiveness on the B-side and may become the underlying platform for institutions to enter the cryptocurrency market in the future. In the future, domestic securities firms and institutions entering the cryptocurrency market will actually become distribution platforms for Hashkey. In addition, the official launch of the "Cross border Payment Connect" from Hong Kong to mainland China sends a positive signal at the policy level. No wonder HSK has increased by 160% in a week.