One thing that separates EDX Markets from other crypto exchanges is that it doesn’t custody customers’ digital assets. Instead, users will have to go through financial intermediaries to buy and sell crypto assets, similar to how trades are executed on the New York Stock Exchange (NYSE) or the Nasdaq (NASDAQ). Regulators like the different approach, Nazarali said, because they think it’s important that there’s separation between the exchange function and the broker dealer function.
Source: https://www.coindesk.com/business/2023/06/20/new-crypto-exchange-backed-by-fidelity-schwab-and-citadel-launches/?utm_medium=referral&utm_source=rss&utm_campaign=headlines