Alex Heath

whether it's in drugs or in financial markets or whatever, to basically pressure test your systems.

And we've done four years of pressure testing before we went live.

Now, kind of since start to finish, we started in 2019, now we're basically 2026.

It's been like seven years of pressure testing the system.

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.