Why aren't there any new offshore CEX in this cycle? Because after becoming familiar with regulations, they began to tighten and comply, and compliance agencies and traditional finance had to share the cake and exert pressure. Huge profits without the support of power cannot last long. The United States doesn't need to say. Japan demands that Apple and Google remove the five major CEX products. Half a year ago, the boss of a certain second tier CEX decisively told me that the final blow came from the exchange owner's listing on Hongtong, and those who did not comply could only wait for death. I'm quite surprised.