Small and medium-sized brokerages and crypto exchanges that want to take advantage of leading Chinese brokerages like Futu, Tiger, and Changqiao withdrawing mainland Chinese users to directly acquire these retail investors are both shortsighted and dangerous.

Currently, there are mainly three approaches in the market: crypto platforms entering stock trading, building their own liquidity pools, and continuing to rely on leading offshore brokerages to provide underlying services.
These three models essentially shift
compliance risks (illegal cross-border operations)
liquidity and spread risks (slippage and insufficient depth)
custody and operational risks (risk control experience and fallback capabilities)
onto the users. U.S., Hong Kong, and Korean stock markets are mature markets with well-established rules and institutional dominance; whereas crypto users mostly belong to the underserved financial groups, relying for years on exchanges and leading project airdrops for blood transfusions, with weak risk awareness and market experience.
Now, they are throwing a group of completely inexperienced newcomers into mature markets to compete with veteran investors. When prices rise, they loudly proclaim that the situation looks great; when prices fall, it’s likely every person for themselves.
The only one who can pay for your decisions is yourself.