Crypto currencies are generally not regulated securities. So there's basically no reason that an exchange can't run an exchange and then also run a trading team

Crypto currencies are generally not regulated securities. So there's basically no reason that an exchange can't run an exchange and then also run a trading team that knows every single individual's position, limit orders, stop losses, everything. Oh, and they work for the exchange so they also have a latency advantage. I've had conversations with engineers working in HFT. Their eyes light up when you talk about crypto because you can do every single trick that would get you in trouble in real markets. The fact that the WSJ thinks a trivial amount of insider trading is note worthy indicates that they don't have the first clue how crypto works. Go and read up on the regulations around trading regulated securities, and then realise that that's an instruction manual for how to make money trading bitcoin.