从5亿美元罚单到赴美IPO候选，OKX能否复刻Circle的加密上市神话？

Group 1 - The article discusses OKX's transition from facing a $505 million fine to pursuing an IPO on the NYSE, highlighting a shift in Wall Street's attitude towards the crypto industry, suggesting that compliance can enhance valuation [1][2][33] - OKX's IPO is seen as a regulatory arbitrage, where the company leverages its fine as a means to gain entry into the U.S. market, with a projected valuation between $70 billion and $90 billion [1][2][8] - The article identifies three main reasons for the timing of the IPO: the success of Circle's IPO, the rising stock prices of Coinbase, and a shift in U.S. regulatory attitudes under the Trump administration [1][2][4] Group 2 - A comparison between OKX and Coinbase reveals that OKX has a higher monthly trading volume and a larger user base, but has faced regulatory challenges, while Coinbase has a stronger compliance framework [4][5][11] - OKX's strategy involves rapid global expansion and a focus on derivatives trading, which has led to a significant market share, but it also faces risks from regulatory scrutiny and historical penalties [5][10][12] - The article suggests that for OKX to replicate Circle's success, it must enhance its compliance image, optimize its business structure, and leverage favorable regulations in regions like Hong Kong and Singapore [9][10] Group 3 - The article outlines the potential motivations behind Wall Street's interest in OKX's IPO, including the desire to create a compliant and powerful centralized exchange (CEX) that can operate within U.S. regulations [28][30] - OKX's IPO is positioned as a strategic move to attract capital and establish a foothold in the U.S. market, with major financial institutions showing interest in supporting the IPO [25][27][28] - The success of OKX's IPO could signify a broader acceptance of crypto within traditional finance, marking 2025 as a pivotal year for crypto compliance and integration into the financial system [32][35]