The competition among exchanges has entered the next stage—not just fighting over licenses, but also over AI. OKX has pretty much secured licenses worldwide, except for Hong Kong. Hong Kong probably regrets it now, because according to the latest directive from He Lifeng, who oversees financial matters, if an institution is insolvent, its license must be revoked. Based on Hashkey's current situation, if they stay low-key, their cash flow can last for three years. But if they go all-in on AI, they'll be insolvent within a year