Crypto Exchanges

A crypto exchange is a centralized corporate entity that acts as an intermediary between people to exchange currency for crypto assets

Crypto exchanes are not regulated as market makers or brokers, but instead as money services business which does regulate order book making or protect consumers against market manipulation.

Many crypto exchanges offer their own stablecoin whose reserves may be comingled with customer funds.

Jurisdictions

Crypto exchanges are commonly set up in jurisdictions with loose or corrupt financial regulatory authorities.

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