Half a month ago, I topped up some USDT on a small exchange to try out a new coin. When I tried to withdraw, I was suddenly told, “IP non-compliant, unable to withdraw.”

No prior warning, no risk control alert. I asked customer service for half a month, only received templated responses, saying it was due to compliance requirements but no timeline was given. At that moment, I realized that money on the platform isn’t necessarily truly yours.

Since then, I’ve started to pay serious attention to compliance, only using exchanges that hold multiple compliance licenses. Those who have been burned know the feeling.

Recently, with the market doing poorly, I keep checking news. I saw that Gate US obtained an MTL license in Idaho, USA. State-level licenses now total 32, covering 43 jurisdictions.

Such news isn’t shocking, but I take a closer look anyway, after all, I’ve been scammed by small exchanges before. In the US, if there’s no MTL license involved in fund custody, transfers, or settlements, you could be cut off at any time.

This kind of thing is too common in the industry—changing rules, restricting withdrawals, mysterious risk controls, and just a phrase like “for compliance reasons” leaving you hanging.

In this market, even if you’re not seeking thrills, at least don’t risk a total wipeout.