Some of the largest cryptocurrency trading platforms, like Coinbase Inc.'s GDAX, aren't registered as exchanges with the SEC and instead have money transmission licenses with separate states. In the case of the platform Gemini, it's regulated by the New York State Department of Financial Services as a trust company, according to its website. Templum LLC is an affiliate to Liquid M Capital, which is registered as an alternative trading system with the SEC. Overstock.com Inc.'s tZero says it aims to be a fully compliant trading platform.

Source: Los Angeles Times March 07, 2018 23:48 UTC