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by 55555
1435 days ago
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Because the exchange business is winner-take-all, roughly, due to the beneficial nature of greater liquidity. This means if any competitor is shady, a race to the bottom begins. And crypto has many competitors who are willing to be shady. If you demand a passport scan from every new registered user, another exchange will grow faster and enjoy deeper liquidity. And this is essentially how Binance won the great exchange war, by turning a blind eye and having balls of steel. US-domiciled exchanges never had a chance (the fiat gateway market is a different niche). |
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