Definition ∞ This is an entity that manages and facilitates the trading of financial instruments on a platform, operating under the strict supervision and licensing of a governmental authority. It must comply with rules regarding market integrity, investor protection, fair pricing, and operational resilience. Such operators provide a structured and trustworthy trading environment.
Context ∞ The role of regulated exchange operators is increasingly vital in the digital asset space, offering a bridge between traditional finance and crypto markets. Their compliance with established financial regulations helps to legitimize digital asset trading, attracting institutional capital and fostering greater market stability and investor confidence.