At least in the US, exchanges aren't really regulated. Not as broker-dealers, anyways, in the same way a Fidelity or Schwab is regulated. They're regulated as m

At least in the US, exchanges aren't really regulated. Not as broker-dealers, anyways, in the same way a Fidelity or Schwab is regulated. They're regulated as money services businesses and money transmitters, a much weaker form of regulation designed explicitly to work around the "onerous" regulations in the rest of the system.