this is the real question ^

My guess would be because it's a relatively new concept and there are pitfalls wrt. taking out a loan against Bitcoin collateral. Also some countries have low (or no) taxes on profits from selling Bitcoin. Could also be a risk-off and/or portfolio rebalancing thing for them, where they take the p...

Where I live, the interpretation is that if you give up custody of your bitcoin to the lender to take a loan against them, it's the same as if you had sold your bitcoin and you need to pay capital gains tax.