everyone thinks parking funds on a korean exchange is safe because the country is "pro crypto" but actually they just blocked 27 of them with almost no warning.
ngl ser the real pain is waking up to a frozen account with no way to move your $btc. people fomo into local platforms for the liquidity then get rugged by regulation instead of a smart contract.
south korea shutting down 27 unregistered exchanges is a clean case study in how fast this can happen. one day you're trading, next day the site is gone and you're filing paperwork hoping to recover anything. $eth and $usdt got caught in the same net, not just bitcoin. if your venue isn't properly licensed you are one announcement away from zero access.
self custody is boring until it isn't. this is exactly why some of us moved size off exchanges after watching this play out.
anyone else seeing this as a sign more countries follow the same playbook?
#crypto #bitcoin #regulation
ngl ser the real pain is waking up to a frozen account with no way to move your $btc. people fomo into local platforms for the liquidity then get rugged by regulation instead of a smart contract.
south korea shutting down 27 unregistered exchanges is a clean case study in how fast this can happen. one day you're trading, next day the site is gone and you're filing paperwork hoping to recover anything. $eth and $usdt got caught in the same net, not just bitcoin. if your venue isn't properly licensed you are one announcement away from zero access.
self custody is boring until it isn't. this is exactly why some of us moved size off exchanges after watching this play out.
anyone else seeing this as a sign more countries follow the same playbook?
#crypto #bitcoin #regulation