Binance also played a big game this time Re assemble oneself into a machine that resembles more traditional finance Previously, exchanges were like grocery stores: Matchmaking, market making, custody, clearing, and off exchange are all packed in a black box Regulatory oversight is unclear, institutions dare not touch, and no one is held responsible for any incidents. Now it has obtained a set of license plates under ADGM/FSRA Essentially, it means: I have dismantled the black box into three sections of pipes, each of which can be choked by regulators The first paragraph Exchange License Responsible for matchmaking, trading rules, and market order. You can understand it as the floor and orderly of the trading hall the second paragraph Liquidation and Custody License Responsible for settlement, custody, and storage. You can understand it as who has received the money and coins, how they are isolated, how they are recorded, how they are cleared, all of which have entered the institutional track Institutions only recognize this section because it determines whether your assets are considered safe or not the third paragraph Brokerage self operated license Responsible for OTC, bulk trading, market making, and proprietary trading, which are the most prone to generating conflicts of interest In the past, these things were mixed with the exchange, and the outside world always suspected that you were both a referee and a football player Now separate it out, at least formally hand over the handle to the supervisor So the so-called complete license does not focus on the word 'complete set', but on the structure: Transforming an encrypted platform into a three-layer architecture that traditional finance can understand Trading is trading, custody is custody, and proprietary trading is proprietary trading Each layer has rules, responsibilities, and audit interfaces You don't need to believe it's kinder, just know it's more controllable The significance of Binance is also very straightforward: Institutions will be more willing to sit on the table because risk control forms can finally be filled out The regulatory path is smoother because it has obtained a template that can align with other regulatory systems The meaning of the industry is even more cruel: The game has been upgraded In the future, what we are fighting for is not traffic, but license plates and infrastructure Xiao Suo continued to run fast in the gray area, but the faster he ran, the harder he hit the wall Compliance is not a talisman, it is a threshold As soon as the threshold is raised, the card table automatically changes personnel And currently on the table of compliance supervision Only two Binance and OKX