-cut-
License don't matter to me, I'd rather see regulators out the door myself.
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All small and obscure exchanges have turned to the third line of cryptocurrencies. These are solutions for coins/tokens that do not meet the minimum criteria to be listed on serious exchanges. Here they are offered the opportunity to be tradable. Very often, the coins they accept have very bad software, the network is full of errors, so this brings additional problems. One of the reasons why we often have shitcoin complaints on shit exchange.
The final crash happens with a bear market when the trading fees of worthless shit coins become dust.

I won't defend anyone here, but definitely, these exchanges with shittokens are a kind of dump, I believe that they are also part of the whole cryptocurrency game.