Alex Heath

So the systems work really well.

Like it's working as intended.

And you see, you probably have noticed, like you don't really, like there haven't been kind of cases of like people doing bad things on cash because it was very regulated.

We asked you for your KYC, all the trades are reported to the government.

Like it's kind of a bad place to try to commit fraud.

There are other alternatives offshore, unregulated, and it's easier way to do it, right?

Like if you want to do something weird with crypto, you probably won't go to Coinbase.

You'll probably go to some offshore, you know, exchange that like offers similar services because there's no KYC.

They don't know who you are.

They don't report things to the government.

So that's one.

So I think in cash, those risks are very largely mitigated because of our regulated nature.

Two, there's something else that's interesting, which is,

The rules for an exchange, the way an exchange, which is an SRO, a self regulated organization,

you have to have a bifurcation between the commercial business aspects and the market surveillance regulatory functions.

So the market surveillance regulatory functions report to the CRO who reports directly to the board.

And a lot of the specific cases actually I'm not privy to.

So the, yeah, it's interesting because then you, because you don't want to have impact on, you don't want to have like a conflict of interest, right?

Like for example, if it's like a big customer that did something wrong, like the business may want to like be like, oh, maybe you should, but the rules say like, actually there's an information wall

between those two so that the regulatory side can interface with the regulator and the audit committees, et cetera, like independently of the commercial side.