（来源：吴说） 本文由第三方提供新闻稿，不代表吴说观点 BitMart US 首席运营官 Daniel Huang 表示："在布局美国市场过程中，我们更注重长期建设而非短期扩 张。信任、透明与合规公信力，是我们长期发展战略的核心。BitMart US 从底层架构重新打造，希望为 美国用户提供符合监管标准、兼具产品体验与成本优势的交易平台。" 双端用户定位：零售与机构并行 据介绍，BitMart US 的目标用户群体包括美国本土零售投资者，以及寻求符合美国监管标准交易通道的 国际机构客户。 数字资产交易平台 BitMart US 今日宣布正式全面上线运营。目前，该平台已完成覆盖美国 50 个州及所 有领地的合规持牌布局，成为少数获准在美国全境范围内提供加密货币交易服务的交易所之一。 在美国加密交易平台普遍面临州级监管碎片化的背景下，BitMart US 表示，其全国范围内的合规授权为 平台构建了较高的准入壁垒与竞争优势。 完成全美合规布局 BitMart US 表示，平台已在全美 50 个州及相关领地取得完整运营资质，实现全国范围的合规覆盖。业 内人士指出，在美国复杂的州级监管体系下，能够实现全面合规授权的交易 ...

Group 1 - The Hong Kong capital market is gaining international attention due to the strong return of IPOs, with 24 new listings since 2026 raising over HKD 87 billion [1] - In 2025, the Hong Kong IPO market raised HKD 286.7 billion, marking a significant year-on-year increase of 225.9%, reclaiming the top position globally for fundraising [1] - Multiple factors, including policy benefits, financing needs, and global expansion, are driving the sustained activity in the Hong Kong IPO market [1] Group 2 - There are currently 488 companies in line to list on the Hong Kong Stock Exchange, indicating unprecedented market activity [2] - Deloitte predicts that around 160 new stocks will be listed in 2026, raising no less than HKD 300 billion, with 7 stocks expected to raise at least HKD 10 billion each [2] - PwC estimates that approximately 150 new stocks will be listed in 2026, with total fundraising expected to be between HKD 320 billion and HKD 350 billion, potentially placing Hong Kong among the top three globally [2] Group 3 - International companies, including those from Southeast Asia, are increasingly queuing to list on the Hong Kong Stock Exchange, enhancing the diversity of investment options [2] - Notable international firms planning to list include South Korea's Kolon, the US's AIWB, and Thailand's Minor Food, among others [3] - The active IPO market in Hong Kong is attracting Southeast Asian companies due to its liquidity and potential for increased visibility in the Chinese market [4] Group 4 - The Hong Kong Stock Exchange is actively working to attract international companies to solidify its status as a global financial hub [4] - The demand from international investors extends beyond stocks to include bonds, currencies, and commodities, indicating a broader interest in asset diversification [4] - The Hong Kong Stock Exchange aims to develop a comprehensive ecosystem for fixed income, currency, and commodities, similar to its stock market, to enhance market scale and growth potential [4]

据 Decrypt，最新联邦选举委员会（FEC）文件显示，加密交易所 Cryptocom 在今年 1 月向支持特朗普 的超级政治行动委员会 MAGA Inc. 再次捐赠了 500 万美元，使其在过去一年中对该 PAC 的总捐款达到 3500 万美元。在最新捐款后的几周内，Cryptocom 连续获得了美国多个监管机构的有利决策。上周，美 国商品期货交易委员会（CFTC）介入了 Cryptocom 与内华达州关于体育预测市场的诉讼，并提交了支 持该公司的动议；此外，美国财政部下属机构也于本周一有条件地批准了 Cryptocom 的国家信托银行牌 照申请。 来源：市场资讯 （来源：吴说） ...

高频量化交易巨头Jane Street正面临一项重大诉讼，其被指控利用内幕信息抢跑交易并寻求低折扣抄底，从而加速了Terra生态系统高达400亿美元 的崩盘，并推动了2022年全球加密货币市场的"寒冬"。 据《华尔街日报》及曼哈顿联邦法院的公开文件显示，Terraform Labs破产计划管理人Todd Snyder已正式起诉Jane Street、其联合创始人Robert Granieri以及员工Bryce Pratt和Michael Huang。诉讼指控该机构利用私密的内部沟通渠道获取未公开的重大资金动向，并在市场不知情的情况下完 成大规模抛售。 （Jane Street涉嫌加密货币内幕交易时间线） 建立"后门"与非公开信息获取 根据法庭文件，Jane Street与Terraform的直接交易关系可追溯至2018年，但双方在代币交易上的深度纠葛始于2022年2月。 当时，Jane Street派遣曾在Terraform担任实习生的Bryce Pratt，负责建立与前同事的沟通渠道。诉讼指出，Bryce Pratt与Terraform的核心工程师及业 务发展主管建立了一个名为"Bryce's Secret ...

Core Viewpoint - Binance has reintroduced tokenized U.S. stock trading through a partnership with Ondo Finance, marking its return since the product was halted in 2021 due to regulatory warnings [1] Group 1: Product Launch - Binance has added 10 new Ondo tokenized U.S. stocks and ETFs to its Binance Alpha and Binance Wallet, including AAPL on, GOOGL on, TSLA on, NVDA on, and QQQ on [1] Group 2: User Restrictions - The new tokenized stock trading feature is not available for U.S. users [1]

（来源：吴说） 据官方公告，币安将于 2026 年 02 月 25 日 16:00（东八区时间）上线 ADA/U、DOGE/U、PEPE/U 和 TAO/USD1 现货交易对，同时为以上交易对开放交易机器人服务。 ...

吴说获悉，Coinbase Markets 表示，ETHGas（GWEI）现货交易将于 2026 年 2 月 24 日上线，如流动性 条件满足，GWEI-USD 交易对将在太平洋时间上午 9 点或之后开放。 （来源：吴说） ...

（来源：吴说） 吴说获悉，据官方博客，币安与制裁相关的风险敞口已从 2024 年 1 月的 0.284% 降至 2025 年 7 月的 0.009%，降幅 96.8%；针对伊朗交易所的直接风险敞口从 419 万美元降至 11 万美元，降幅 97.3%。 2025 年，币安协助执法机关冻结超 1.31 亿美元涉非法资金，处理逾 71,000 项执法请求。截至 2026 年 初，币安合规相关人员超过 1,500 人，占全球员工总数约 25%。 来源：市场资讯 ...

（来源：吴说） 区块链分析公司 Elliptic 发布报告称，5 家与俄罗斯相关的加密交易所正协助规避国际制裁，多数尚未 被列入制裁名单。除已被美国财政部海外资产控制办公室（OFAC）制裁的 Bitpapa 外，ABCeX、 Exmo、Rapira、Aifory Pro 等平台仍为俄方提供资金通道。报告称，ABCeX 在莫斯科 Federation Tower 办公，累计处理至少 110 亿美元加密交易；Exmo 虽称 2022 年退出俄罗斯市场，但链上数据显示其与 Exmo me 共享托管钱包基础设施，并与 Garantex、Grinex、Chatex 等受制裁实体存在约 1950 万美元直 接交易。（The Block） ...

Core Viewpoint - The evolution of the cryptocurrency listing process is likened to orthodontics, transitioning from a chaotic state in 2017 to an industrialized model by 2025, with each token distribution method reflecting structural corrections in the industry [1] Group 1: Stages of Listing Evolution - The listing process is divided into four stages: Baby Teeth, Growing Teeth, Deformed, and Orthodontics, with the core focus being on who holds the asset pricing power [4][7] - The first stage (2017-2018) saw pricing power in the hands of "shouters" and grassroots communities, leading to a noisy market where bad assets drove out good ones [4][7] - The second stage (2019-2022) marked a shift to exchanges regaining pricing power through IEOs and Launchpads, acting as gatekeepers and investment banks [4][10] - The third stage (2023-2024) experienced a collapse of VC pricing power, resulting in low liquidity for retail investors and forced exchanges to intervene [5][15] - The fourth stage (2025) anticipates a market driven by ETF flows and corporate earnings, with pricing power shifting to more mature financial mechanisms [20][21] Group 2: Historical Context and Logic - The first stage (2017-2018) was characterized by a lack of regulation, where exchanges had high decision-making freedom and community voting determined liquidity [9][10] - The second stage (2019-2022) focused on credit repair and ecosystem building, with exchanges conducting thorough due diligence to ensure project credibility [12][13] - The third stage (2023-2024) faced challenges from high valuations and low circulation, leading to significant potential selling pressure in the market [18][19] - The fourth stage (2025) is expected to see the cryptocurrency market industrialize, with a total market value exceeding $4 trillion and perpetual contracts dominating trading volume [20][21] Group 3: Evolution of Listing Fees - The evolution of listing fees reflects a power shift in the industry, transitioning from "paying for access" to "spending wealth for liquidity" [29][30] - In the first stage (2017-2018), listing fees were often opaque and varied widely, with exchanges benefiting directly from these fees [29][30] - The second stage (2019-2022) saw a shift to ecosystem sharing, where projects allocated tokens to platform users instead of paying direct fees [30][31] - The third stage (2023-2024) introduced mandatory token allocations to counter VC monopolization, with exchanges enforcing distribution to users [31][32] - By 2025, the listing fee structure is expected to reflect a "wealth-destroying dowry" model, where projects must allocate significant portions of their tokens to gain access to top-tier platforms [33][34][37]