Regulators around the world have been cracking down on cryptocurrency trading, and exchange operators have been retrenching.

Binance said on Monday that users in Singapore won’t be able to trade on its main platform. Chinese crypto exchange Huobi will stop taking new mainland customers. And U.S. Securities and Exchange Chair Gary Gensler said at a conference this week that “people will be hurt” if crypto markets remain unregulated. But crypto insiders say that by its very nature, decentralized finance and crypto will find ways to survive and thrive.

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