Asked Grok, and he said the pros were right—Bybit is indeed in an extremely cautious phase right now because of licensing. I think this situation is pretty representative: CEXs are giving up some capabilities that everyone once thought were crucial in order to secure their ability to exist in a regulated world. In recent years, compliance has basically become the core focus and top priority for all CEXs! Binance reached a settlement with the U.S. DOJ in 2023 for over $4 billion, involving issues like AML, unlicensed money transmission, and sanctions compliance. OKX in 2025 also pleaded guilty to U.S. AML-related issues and paid over $500 million in fines. The top players are braving the storm and setting examples. So, everyone has realized that the more fundamental metric—whether a platform can operate long-term and stably within a regulatory framework—is becoming increasingly important: For example: Does it have clear boundaries for the regions it serves? Is its KYC/AML system long-term and systematic, rather than a temporary patch? Does it have verifiable licenses, proof of reserves, and risk control mechanisms? When faced with regulatory changes, does it proactively adjust or passively patch things up? So, Bybit slowing down right now, in my understanding, is about finding a foothold for this rare capability amidst the chaos. Not sure if my interpretation is correct—what do you think? @Bybit_ZH @benbybit @BybitMartin