Everyone says exchanges make money, but all the compliant exchanges in Hong Kong combined only made $16 million in revenue over six months. Meanwhile, just the compliance costs for a single exchange like @HashKeyGroup are as high as $8 million. With 11 exchanges in Hong Kong, it’s estimated that the entire industry’s compliance costs for half a year are at least $20 million. Now compare that to Coinbase, which made over $1 billion in commission revenue in just Q1 alone. The Hong Kong market is small, with all kinds of rules and regulations. It really proves the old saying: 'Small temple, big trouble; shallow waters, plenty of turtles.'