Crypto exchanges face mounting challenges navigating a fragmented global regulatory landscape. While regions like the European Union adopt unified frameworks such as MiCA, others like the U.S. enforce stricter, enforcement-driven approaches without clear rules. In contrast, countries like Singapore and the UAE promote innovation through well-defined guidelines. This divergence forces exchanges to tailor compliance strategies by jurisdiction, increasing operational complexity and cost. Some firms relocate or limit services in high-risk regions. The lack of global regulatory harmony hampers scalability and innovation, prompting calls for international collaboration to create standardized, transparent, and innovation-friendly crypto regulations for sustainable industry growth.