Traders are expressing concern over the reported trading volumes on Hashkey Global, with recent data showing Bitcoin 24-hour volume dipping below 1 BTC. Such low liquidity figures are raising questions about the exchange's actual market penetration despite its compliant status. The lack of volume suggests challenges in attracting active market makers or retail flow, potentially leaving the order books thin and susceptible to slippage. For an exchange positioning itself as a major regulated player, these metrics are currently underwhelming. Market participants are watching to see if the exchange can ramp up activity through incentives or if this indicates a broader difficulty for fully regulated entities to compete with offshore giants in the current landscape.