An Examination of Digital Asset Exchanges

Digital asset exchanges are pivotal to the crypto economy as users acquire, trade, and manage blockchain-based assets. While U.S. anti-money laundering rules are defined for most centralized exchanges, regulatory uncertainty still lingers, especially around decentralized platforms.

In the latest Decrypting Crypto explainer, Visiting Fellow Yaya J. Fanusie and Research Assistant David Lee examine:

• The difference between Centralized (CEX) and Decentralized (DEX) exchanges
• How platforms like Binance, Coinbase, and Uniswap operate
• The role of key regulators like FinCEN, SEC, and CFTC
• Why classifying crypto assets and their exchanges remains a legal and policy challenge