to best of my knowledge i think your figures are wrong..?????..IF .binance grosses around 30 mil daily which is not uncommon ......their commish is 0.1%..........and despite being very popular and around for a while only have about 1% of the market....im reasonably certain they r not in top 10... ...the top 10 exchanges are very well establish and carry about 90% of the market....there are a shit load of exchanges already.over 200...many make nothing......commissions in top exchanges range from around 0.1 to 1% give or take.. if you think an exchange is an automatic money making machine your dreaming,,,,,the only reason this one may have legs is because of mackay and he eventually wants the exchange to end up being a broker -dealer buying and selling securities..god only knows what will go on with this....they are setting up in singapore initially if it takes off and makes big money they can expand but what you may not know is that it could cost well over 20 mil u.s. to meet regs for an expansion..........i sometime wonder how much research some do.....its easy to wishful think,,,...not a ref to kevg91....
i also wouldnt trust anything out of morgan stanley...cost would vary greatly....that 8600 figure is useless...you will find it would vary more likely from around 6k and up....
