Let's clear something up here.

This isn't about shutting things down. It's regulatory friction, pure and simple.

What the EU's really pushing for? They want crypto exchanges to operate under the same rulebook as traditional stock brokers before they can roll out high-risk products to users.

The bottom line is pretty straightforward: if you're running an exchange without the proper licensing framework, you won't be offering leveraged crypto trading. Period.

It's less about banning and more about gatekeeping who gets to play in the derivatives sandbox.