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4) There are a number of interesting distinctions here. What applies to HK _customers_ vs HK _exchanges_? What does it mean to be in HK? And who, exactly, *is* in HK?
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5) It's often pretty opaque to people where an exchange really is. Sometimes it's opaque to an exchange itself.
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6) Which jurisdiction has the most employees? Which has leadership? Where is it incorporated? The answer is different for Binance; Huobi; OKEx; BitMEX; FTX; Bybit; Bitstamp; etc.
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7) Anyway, just a long way of saying: sometimes these things are subtle and non-obvious.
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