小型加密货币交易所应对“旅行规则”——现实检验

This is a great point. I wonder how many smaller exchanges are truly compliant versus just operating under the radar, especially in less regulated jurisdictions. Are we talking about a significant enforcement gap?

Most smaller exchanges just ignore it, or pretend they're not a VASP. The 'clunky' solutions on larger exchanges are already a high bar that most won't bother with until forced.