2026-01-12 01:28:54

In 2025, a leading exchange reached multiple milestones. First, it became the first crypto-native company in the S&P 500 index, followed by obtaining the EU MiCA license, marking an important step in its global regulatory footprint. On the product side, Bitcoin collateralized lending surpassed $1 billion in scale, now supporting mainstream assets like Ethereum to meet institutional clients' demand for on-chain financial instruments.

Regulatory attitudes have improved significantly— the US SEC withdrew related lawsuits, sending a positive signal to the industry. The company strengthened its institutional and retail product systems through 10 strategic acquisitions (including the acquisition of a well-known derivatives trading platform), expanding its market competitiveness.

However, opportunities and challenges coexist. During the year, security incidents caused an avoidable loss of $350 million, attracting market attention. At the same time, it faces legal pressure from three states imposing bans on prediction market activities. This serves as a reminder to the entire ecosystem that while expanding rapidly, security and compliance measures need to be reinforced.

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ContractExplorer

· 5h ago

$350 million just disappeared like that. Even the most advanced exchanges need to learn a lesson. --- MiCA has passed, and Standard & Poor's has also entered, but security really needs to be prioritized; otherwise, all the milestones will be meaningless. --- Ten acquisition moves look quite aggressive, but I'm just worried that they can't be absorbed properly and might cause problems. --- Is the prediction market going to be banned in three states? That's why compliance must come first; we can't just focus on expansion speed. --- Bitcoin collateral loans have exceeded $1 billion. It sounds great, but these days, who dares ignore the risks? --- SEC dropping the lawsuit is indeed a good thing, but the lesson from that $350 million cannot be forgotten. That’s the real test. --- Institutional financial tools are in high demand, but the problem is, can every pit be stepped into again?

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0xSoulless

· 21h ago

S&P 500, MiCA, SEC withdraws lawsuit... all on paper, but then 350 million is snatched away? This is what you call "avoidable loss," clever indeed.

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SellLowExpert

· 21h ago

Sold three times and then one more time, now just waiting for the rebound. Commentary from the art of cutting losses: There are crypto companies in the S&P 500 now, does this mean it's really time to exit? Or is it just another pretext to cut the leeks... A loan scale of 1 billion USD sounds intimidating, but how do you explain the 350 million loophole? This security protection is way too casual. Regulatory easing leads to rises, lawsuits lead to falls, how much more does this stock have to go through... Honestly, I still don't dare to go all in. Getting the MiCA approval is indeed impressive, but spending so much on these 10 acquisitions, can they really be absorbed? It's another story of "opportunities and challenges coexist," basically just gambling on policies.

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EntryPositionAnalyst

· 21h ago

The S&P 500 with native crypto companies really got serious, indicating that traditional finance also has to lower its head... But what the heck is this $350 million "avoidable loss"? That's outrageous. Security hasn't kept up with the expansion speed, an old problem. Institutional financial instruments are just rolling, but the prediction market part will probably take time. Compliance layout is well done, but this money is burning a bit painfully. Speed is fast, but I'm worried the next black swan is waiting in the corner... Everyone, stay vigilant. Passing MiCA is a good thing, but the bans in three US states are also quite annoying. Regulation is always a mystery. The $1 billion mortgage has broken through the circle, which means on-chain finance is really coming to life. Acquiring 10 deals is a bit aggressive—whether it's paving the way for the long term or just burning money for expansion depends on subsequent integration. By the way, the SEC dropping the lawsuit is a signal more valuable than any good news.

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BuyHighSellLow

· 21h ago

$350 million just gone like that. No matter how good the exchange is, it can't withstand this kind of behavior. --- Getting into the S&P 500 makes you think about security construction. Is this order reversed? --- 10 acquisitions sound crazy, but I'm only concerned whether the risk from that derivatives platform was also bought in. --- The SEC dropping the lawsuit is a good thing, no doubt, but the three-state ban in the predictive market is really troublesome. It feels like there might still be more to come. --- Regulatory approval for expansion is speeding up, but security vulnerabilities are expanding as well. This pace is incredible. --- No matter how well institutional products are made, a single user fund theft can ruin everything. This lesson must be remembered. --- EU's MiCA certificates are piling up, only to be blocked by U.S. state laws. Is this how globalization works? --- Bitcoin collateral loans have exceeded one billion dollars, but that $350 million gap needs to be filled first. --- Thinking back to the bloodshed at previous exchanges, I still feel a bit nervous reading this news. --- Relying on acquisitions to build competitiveness is not as good as solidifying your own security.

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SneakyFlashloan

· 21h ago

Damn, $350 million just disappeared like that? We need to be more cautious about security Even after entering the S&P 500, we still need to be careful, don’t want another big crash Regulatory openness is a good thing, but the premise is to get your own house in order This pace is a bit fast, expansion is fine but it needs to be steady Got the EU certification, and then what? How to handle the three-state lawsuit Ten acquisitions sound aggressive, can they be absorbed? On-chain finance is bound to heat up, but security must be solid first The S&P 500 thing is indeed a milestone, but the black history of $350 million is a bit awkward

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