> If someone were to reveal that these exchanges were trading against their customers, are we sure that the authorities would be unwilling to press charges?
Based on what ? Because some people might think that is immoral ? Trading in most things is not regulated. So there is no law to be broken, expect very basic ones (you have to deliver if you receive fiat money).
If I have a trading platform in art, then I can still buy and sell for my private collection. Crypto coins are not different.
The difference is that GDAX is part of Coinbase, which is registered as a regular exchange under the New York DFS which puts them under the same regulations as non-crytop exchanges.
Based on what ? Because some people might think that is immoral ? Trading in most things is not regulated. So there is no law to be broken, expect very basic ones (you have to deliver if you receive fiat money).
If I have a trading platform in art, then I can still buy and sell for my private collection. Crypto coins are not different.