It's every single part of a trade put together except for the buyer and seller, whereas in traditional finance, it's all handled by like 12 different firms." How to deal with excessive leverage: "It's a bit of a double-edged sword. The Monetary Authority of Singapore has been one of the most on-the-ball regulators in terms of trying to actually build out a regulatory and Binance licensing framework. We would get consumer outcry if we got rid of it, Binance and cryptocurrency we'd get very bad press. But it might be the right thing to do." Whether FTX is considering moving out of Hong Kong: "We've looked into it. That being said, like almost every jurisdiction, btc Singapore has not ruled out a comprehensive regulatory framework for Binance crypto yet." Why FTX has a separate branch just for Americans: "As we started expanding into more and more demographics, one of those is retail traders, and there are huge amounts of retail influence occurring in the United States. So there are some exceptions to this, but with most of the exchanges, a general consensus is maybe we should just get rid of 100 and 50 and anything above 10X. They all now have mandates for trading crypto somehow sometime." A lot of US institutions, historically, they've not traded any crypto, but that's starting to change. How crypto exchanges differ from traditional ones: "In crypto, exchanges handle basically the entire infrastructure. And the other piece is the institution.