# 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).

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