Recently, domestic and international crypto exchanges have been carrying out a so-called 'compliance housecleaning,' aggressively delisting assets and designating investment warning tokens. This is being interpreted as more than just a series of individual negative events; it is a manifestation of proactive risk management systems functioning to address tightening global regulations. The full-scale arrival of global regulatory pressure: With the MiCA regulatory grace period in the European Union drawing to a close, platforms like OKX Europe have begun implementing trading restrictions on non-compliant stablecoins such as USDT, while Kraken has announced a mass delisting schedule for 14 different digital assets. Proactive measures by domestic exchanges: In South Korea, Upbit has designated AERGO and AQT as investment warning tokens, and Coinone has extended the investment warning designation for THORChain (RUNE) for another month, signaling a period of high-intensity verification. These actions align with the South Korean government's recent announcements regarding amendments to the Foreign Exchange Transactions Act, reflecting a trend of tighter capital outflow regulations and strengthened investor protection standards. Outlook and implications: Exchanges that once expanded listings indiscriminately to maximize fee revenue are now prioritizing the mitigation of regulatory risk and the maintenance of their operating licenses. As the delisting of altcoins with low liquidity or unresolved technical concerns may accelerate, it is time to thoroughly examine projects beyond mere price volatility, focusing on on-chain security and compliance with exchange regulations.