"Often they’re market-marking against their customers."

Tether/USDCoin/BinanceUSD: "Each one of the three big ones were founded by the trading platforms to facilitate trading on those platforms and potentially avoid AML and KYC".

https://www.bloomberg.com/news/articles/2022-05-10/sec-chief-questions-whether-crypto-exchanges-bet-against-clients

🐦🔗: https://nitter.eu/AuroreLalucq/status/1526145343238418434