I hope that after this compensation refusal incident with FTX, the voices of 'compliance' in simplified Chinese cryptocurrency can lessen.

In my opinion, this is no different than kneeling on the ground begging the 'just and honorable lord' to take charge.

The one that exploded in 2022 was the FTX, which touted compliance, not the 'non-compliant' Binance, OKX, Bybit, or even Gate.

In the 2023 SVB incident, the collapse was triggered by the compliant USDC, not the 'non-compliant' USDT.

For the 'non-compliant' entities like 'Sun City' and 'Huiwang', if you want to transfer your 1 million USDT to someone, it will be instantly transferred; compliant banks, on the other hand, have their reasons for not letting you use your own money.

Why?

Because for the 'non-compliant', the trust akin to that of Chaoshan people is their entire fixed asset, their very foundation of existence.

For the 'compliant', the cost of compliance itself is their ticket to plunder users. What is paid out must be taken back from customers.

True 'compliance' is when the cost of enforcement is infinitely raised to the point of making enforcement impossible, forcing those in power to have to 'legalize' it. To seek peace through struggle means peace will exist.

It is not about begging lawmakers for 'compliance' status, wagging tails and seeking pity. To seek peace through compromise means peace will perish.