# Crypto Exchanges
A crypto exchange is a centralized corporate entity that acts as an intermediary between people to exchange [currency](currency.md) for [crypto assets](cryptoasset.md)

Crypto exchanes are not regulated as [market makers](market-maker.md) or [brokers](broker.md), but instead as [money services business](money-services-business.md) which does regulate [order book](order-book.md) making or protect consumers against [market manipulation](market-manipulation.md).

Many crypto exchanges offer their own [stablecoin](stablecoin.md) whose reserves may be comingled with customer funds.

Crypto exchanges are commonly set up in jurisdictions with loose or corrupt financial regulatory regimes. These include, but are not limited to:

* Antigua 
* Barbuda
* Seychelles
* Malta
* Jersey
* Isle of Man
* The Bahamas
* Cayman Islands
* Singapore

See also [bucket shop](bucket-shop.md), [market manipulation](market-manipulation.md),  [economic cartel](cartel.md), [recentralization](recentralization.md) and [platform risk](platform-risk.md).

## References
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1. Cumming, Douglas J., Sofia Johan, and Anshum Pant. 2019. ‘Regulation of the Crypto-Economy: Managing Risks, Challenges, and Regulatory Uncertainty’. Journal of Risk and Financial Management 12 (3): 126. https://doi.org/10.3390/jrfm12030126.
1. Canning, Tonya. 2018. ‘"We Don’t Want Hippy Money”: Contradiction and Exchange in a Local Currency System’. PhD Thesis. https://dalspace.library.dal.ca/handle/10222/74190.
1. Johnson, Kristin N. 2021. ‘Decentralized Finance: Regulating Cryptocurrency Exchanges’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3831439.
1. Mizrach, Bruce. 2021. ‘Stablecoins: Survivorship, Transactions Costs and Exchange Microstructure’. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3835219.
1. Roubini, Nouriel. 2019. ‘The Great Crypto Heist’. Project Syndicate 16. https://www.project-syndicate.org/commentary/cryptocurrency-exchanges-are-financial-scams-by-nouriel-roubini-2019-07.