#加密监管政策 Seeing the news that the UK FCA approved Sling Money, my first reaction was not excitement, but more caution.

In the past two years, I have seen too many projects claim to have "regulatory approval" to harvest a wave of investors, only to either run away or become shells. Regulatory recognition is indeed a plus, but it has never been a guarantee of safety. What does FCA approval indicate? It shows that Sling Money meets the compliance requirements of the UK, nothing more.

What I care more about is the true picture of 2025— from the全民FOMO of TRUMP coin to the epic liquidation on 10.11, and now the so-called "compliance breakthrough." These changes seem to be positive, but the logic behind them is very clear: regulation is becoming more friendly, institutional funds are increasing their participation, and the industry is indeed maturing. But maturity does not equal safety, especially for retail investors.

The implementation of stablecoin frameworks, the resolution of trading platform issues, and Bitcoin reaching new highs—these are all real achievements. But it is precisely this positive atmosphere that can easily lead to complacency. Most liquidations did not happen in a bear market; rather, in this narrative of "historic breakthroughs," leverage is getting heavier, and stop-losses are loosening.

My simple advice: regulatory upgrades are good, but don’t take them as a signal to jump in. Do your homework thoroughly—project background, team, code audits, liquidity, real user numbers. When projects supported by regulation run away, don’t blink. The core that survives long on-chain has never been about chasing trends, but knowing when to say no.