Many people may overlook a detail: the reason why US trading platforms have restrictions on opening up to the Chinese market is fundamentally because the US has not joined the CRS agreement system. This means that US exchanges face different regulatory constraints when managing cross-border users and exchanging information. In contrast, trading platforms in countries and regions that have joined CRS are more flexible when conducting international compliance certification. This regulatory difference directly affects the business expansion strategies of exchanges and also explains why some leading exchanges adopt differentiated operational models in different regions. Behind this reflects the complexity of the global cryptocurrency market regulatory framework—policy environments vary greatly, and the compliance paths of exchanges are also adjusted accordingly.