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What is a crypto exchange?

A crypto exchange is, very basically, a place where you can purchase a cryptocurrency using cash or another digital asset. This roundup primarily discusses a type of crypto exchange known as a centralized exchange. A centralized exchange is a marketplace operated by a business entity that buys, sells and facilitates transactions in cryptocurrency.

What happens if my crypto account is frozen?

Frozen accounts. Crypto exchanges freezing deposits and withdrawals can happen without warning. If your account is frozen, you will not be allowed to remove your funds until the exchange approves or denies your request. Precautionary measures such as only holding a trading balance on an exchange are recommended. Asset delistings.

How do I know if a cryptocurrency exchange is safe?

Check the exchange’s trust score on CoinGecko or CER. Local regulation. US-based cryptocurrency exchanges are regulated by the Bank Secrecy Act (BSA), which requires that crypto exchanges register with the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN).

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