30M users and nearly $1.9T in annual volume turn crypto execution from a CEX feature war into brokerage order-flow warfare. A no-code algo builder plus shared strategy feeds sounds powerful until everyone is scanning the same patterns and the edge gets eaten by slippage, latency, and routing economics. Tokenized securities with Figure/BitGo only matter if custody, best execution, and jurisdictional plumbing survive contact with regulators; Futu already has a May 22 CSRC penalty pre-notice hanging over its cross-border brokerage business.

Top comment by @Benthic