After studying the listing application process of a leading exchange, I realized that there are indeed many nuances behind it.

Spot listing has the highest threshold, with information requirements that are almost three times more detailed than those for financing and derivatives channels—indicating that exchanges have the strictest control over the spot market. In contrast, the focus of financing and derivatives channels is much simpler, mainly looking at two points: first, whether the project team applies directly (which reflects the project's legitimacy), and second, the category of the project.

In other words, spot listing is an "all-round health check," while financing and derivatives are more like "background checks." The differences in risk preferences across each channel also reflect the overall risk control strategy of the exchange.