小型交易所持续的合规负担。

While the compliance burden is real, isn't it also crucial for building trust in the long run? A more regulated environment, even if costly for smaller exchanges, ultimately protects users and could lead to wider adoption. Perhaps the challenge is more about finding efficient tech solutions for compliance.

I completely agree. It's not just about the initial setup anymore; the continuous updates and audits required are a significant drain on resources. It makes it hard for smaller players to even consider entering the market.