What are European crypto exchanges?

Could you elaborate on the concept of European crypto exchanges? Specifically, I'm interested in understanding their definition, functionality, and significance in the cryptocurrency market. Are they platforms where European traders can buy, sell, and trade digital assets like Bitcoin and Ethereum? Do they adhere to specific regulations or guidelines set forth by European financial authorities? Additionally, how do they compare to crypto exchanges located in other regions of the world, and what unique features or advantages do they offer? I'm curious to know more about their role in the broader crypto ecosystem.