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So-called crypto "exchanges" often function as a mix of exchange, broker-deal and bank.

100%. People are being fooled by the word Exchange. It makes them think that this is the same category as NYSE or NASDAQ.

Exchange should be a sort of a reserved word, like bank.

It is. But in the real world there is no compiler to prevent misuse. There is only a very lazy and incomplete runtime checker.

Even compiler is kind of a misused word though...

Runtime checker as in the guys who are eager to correct the terminology? Hahahaha