Definition ∞ A cryptocurrency exchange is an online platform where users can purchase, vend, or trade digital assets like Bitcoin and Ethereum. These platforms facilitate the conversion between various cryptocurrencies or between national currency and cryptocurrencies. Exchanges supply market liquidity and typically offer functionalities such as order books, trading pairs, and wallet services. They serve as a primary entry point for individuals and organizations participating in the digital asset economy.
Context ∞ Cryptocurrency exchanges are central to the digital asset ecosystem, but they operate under diverse regulatory conditions across different nations, leading to ongoing deliberations about jurisdiction and consumer protection. Discussions frequently pertain to security compromises, market manipulation, and the implementation of robust anti-money laundering and know-your-customer procedures. Future developments include augmented institutional adoption, stricter global regulatory alignment, and the continued evolution of decentralized exchange alternatives.
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