The last question in today's AMA was about European licenses. Coincidentally, a lot of friends have been discussing European licenses over the past few days, so I shared my honest thoughts during the AMA. First of all, a license is basically a "good person card." A good person card is like a security door—it keeps out gentlemen but not villains. Having a license doesn’t necessarily mean something will be "good," and not having one doesn’t automatically mean it’s "bad." The key is whether a platform, as an exchange, puts its users at the core of its considerations. Some exchanges might not have obtained a license yet but still enjoy a great reputation among users, while others with licenses might be running things terribly. So, there’s no such thing as applying for a license too early or too late. Getting one early might indicate strong qualifications, but getting one later doesn’t mean it’s a scam. If an exchange has its users in mind, even without a license, it’s still worth trusting.