#加密货币犯罪与执法 The news of Upbit's listing in the US has attracted much attention. A careful analysis of the underlying capital flow and on-chain data reveals that this is not just a simple listing but a major restructuring in the Korean financial sector. The transformation from a trading platform to a comprehensive fintech giant indicates that Upbit is seeking broader development opportunities. Notably, although Upbit's profitability exceeds that of Coinbase, its valuation is only 1/7 of the latter. This valuation gap may stem from market differences in perceptions of Asian cryptocurrency platforms or could be a signal of Upbit's future growth potential. Continuous monitoring of its post-listing performance and market response is necessary to assess the impact of this strategic move on the entire cryptocurrency ecosystem.