The competition among crypto exchanges has shifted from fighting for users to fighting for licenses. Recently, Bitget announced plans to acquire Thailand's licensed exchange http://GMO-(Z.com) Cryptonomics, further expanding its presence in the Southeast Asian market. In the past, when exchanges went global, they relied on traffic, products, and trading fee competition. Now, to truly enter a country, having users isn't enough—you also need local licenses, compliance teams, and operational capabilities. This time, Bitget chose to directly acquire a licensed exchange, essentially attempting to establish a local compliance gateway through M&A. This move seems to be part of their preparation for entering Hong Kong and Singapore later on, indirectly benefiting ethereum:0x54d2252757e1672eead234d27b1270728ff90581. In the future, the moat for exchanges won't just be trading volume but also how many countries and markets they can legally enter.