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License don't matter to me, I'd rather see regulators out the door myself.
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I think that trusting to unlicensed exchanges is weird when we now have options. Many of us used to want them beng regulated them back in day as exit scams and pump & dumps were happening so often.
All small and obscure exchanges have turned to the third line of cryptocurrencies. These are solutions for coins/tokens that do not meet the minimum criteria to be listed on serious exchanges. Here they are offered the opportunity to be tradable. Very often, the coins they accept have very bad software, the network is full of errors, so this brings additional problems. One of the reasons why we often have shitcoin complaints on shit exchange.
The final crash happens with a bear market when the trading fees of worthless shit coins become dust.
I won't defend anyone here, but definitely, these exchanges with shittokens are a kind of dump, I believe that they are also part of the whole cryptocurrency game.
They used to be needed a lot more when every coin had their own blockchain. Now most new cryptos are L2 tokens and you can trade them in dexes so smaller exchanges have lost lot of their meaning.