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2) NOT INVESTMENT ADVICE. NOT REGULATORY ADVICE.

3) In general a lot of the answer here is "we'll see". As

@AdamScochran

notes, the SFC hasn't yet come out with the new policy, just noted that there _will be_ one. So take everything here with a grain of salt.

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?

4:26 PM · Nov 3, 2020Twitter Web App

5) It's often pretty opaque to people where an exchange really is. Sometimes it's opaque to an exchange itself.

Replying to

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.