A leading exchange recently underwent a major overhaul.

It transformed itself from an outlaw operation into a fully regulated machine.

What was it like before? Matching, market making, custody, clearing, OTC business—all ran inside a sealed black box. Regulators couldn’t see inside, traditional institutions didn’t dare approach, and when something went wrong, there was no one to hold accountable.

Now? They’ve obtained a full set of licenses under the ADGM and FSRA frameworks. To put it simply: they smashed the black box and split it into three independent pipelines, each placed right under the regulatory spotlight.

This move is actually pretty bold—not for appearances, but to make those suit-wearing investors feel safe to come in.