The exchange community is like a bamboo tube; it can hold as much water as it can. It doesn't matter how strong your longest plank is (products, depth, activities), only how short your shortest plank is—that is, how well you govern the scammers.

If scammers are not dealt with, experts will definitely leave. The reason is simple: experts come here for long-term trading. They want stable rules, controllable costs, and predictable risks. Once scammers run rampant, no matter how low your fees are or how aggressive your promotions are, the environment will become toxic, and experts would rather move elsewhere.

It's like a dog that pees on your foot for the first time. If you ignore it, it will assume it's okay to pee here. The next day, it comes again, and on the third day, it might even bring other dogs. The more you ignore it, the more it will push its luck. In the end, it's not just your shoes that smell bad—people will start to see you as the pee spot, and others will avoid you.

There's an even harsher rule: the Crocodile Effect. If you don't govern the scammers, you're essentially feeding the crocodiles. Today, you're feeding retail investors; tomorrow, the crocodiles grow big enough to eat the platform's reputation and ecosystem. In the end, experts leave, leaving only scammers and their victims behind. The exchange then becomes a crocodile pond.