Getting downvoted in another thread for saying this but I'll say it again here. Forcing 1,200+ firms down to ~200 licensed ones cuts out a lot of the sketchy operators that never had proper custody or AML controls to begin with.
Platforms that did the work and got licensed: CDC, Kraken, Nexo, eToro, Bitpanda, Revolut
Yes, it's annoying short-term if your exchange didn't make it. But anyone who's been through an exchange collapse before probably sees the appeal of forced consolidation toward licensed players
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