Alex Heath

It gets flagged.

And when you look at it, it's like, who are you?

Who do you know?

How'd you get this information?

And then you can escalate to investigations and the regulators.

It's the same as the kind of like the regulated versus unregulated model, right?

And I always say this, it's like you can take any financial market, like you can take the stock market, right?

Which a lot of us perceives regulated and there's the right set of rules and et cetera.

And if somebody offshore like opens up a stock market without KYC, without the sort of like same level of protections, yes, things are going to happen on that marketplace, right?

Like it's not like a...

Like the thing I always say is like there are bad actors everywhere, right?

The bad actors are like, they'll always try to find outlets to, you know, do bad acts.

That's what they do.

And so there's this key distinction between regulated and unregulated.

And I think generally with nascent technologies, people sort of like merge the two and like treat them as similar.

And you see, it's always with crypto, right?

Like they were...

good actors in crypto that were doing things regulated.

And sometimes they had challenges with the government, like Coinbase had all sorts of challenges with the government, but that was a good actor.

It was like trusted KYC, you know where your money sits and you can trust us with it.