Uh... basically, it's all about getting the accounts straight. Right now, there are two approaches: 1. Go fully compliant. Not much else to say, but HashKey and Gemini are carrying heavy compliance costs, so it's probably tough for them too 2. Similar to Tether in the early days—get the business running first, grow big, and then clean things up later. Now that crypto has entered the second half, the giants are hoping to use compliance costs to squeeze out smaller players. That's the essence of it