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Peek at our Compliance team's 2018 Transparency Report. You can see why many businesses choose to block US users. Cost of handling subpoenas (regardless of licenses) is quickly becoming a barrier to entry. Inquiries up 3x YoY.
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Wish I could say revenue was keeping up with those numbers. Unfortunately, Compliance costs are increasingly eating in to margins.
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And the regulatory moat strengthens...
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Sad thing is it's not even about licenses and the majority of requests aren't coming from regulators. Does go to show what law enforcement stands to lose if regulators don't get it right though.
Oh, yeah. Up the base cost of operating and you raise the hurdle for new challengers. Good luck going out and raising capital as a new startup with 10 of your first 15 hires going to pushing paper. For the consumer, it reduces competition and increases fees.
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