A significant discussion has emerged within the Japanese trading community regarding the business models of domestic cryptocurrency exchanges. Critics point out that these exchanges reportedly rely on spread-based "Sales Office" (OTC-style) transactions for over 70% of their revenue. This structure is seen as forcing users to pay high spreads rather than utilizing more efficient, transparent order book trading mechanisms. Some market participants contend that current regulations effectively protect this high-margin business model, shielding inefficient practices from genuine competition. Critics argue that this easy revenue source has historically disincentivized exchanges from functional development and improving user experience. There are ongoing concerns about the long-term sustainability of this model and the potential impact if future regulations target these high-spread practices. [Update 1] New reports highlight specific trader frustrations, noting that the regulatory environment may be inadvertently stifling innovation by allowing exchanges to deprioritize competitive fee structures.