MiCA Redrew the Map of Who Can Serve You
Europe now licenses crypto venues the way it licenses brokers. The consequences landed in 2025 and 2026, and they are visible.
Proof of Reserves: What It Proves and What It Does Not
A Merkle tree shows assets at a moment. Solvency needs liabilities too, and most published attestations stop short of that.
Reading a Crypto Exchange Fee Schedule Properly
Maker and taker at the entry tier, plus spread, plus withdrawal, plus conversion. The headline number is the smallest one.