Is an administrator or exchanger An MSB?

Could you please clarify if an administrator or exchanger of cryptocurrency falls under the category of a Money Services Business (MSB)? In the realm of cryptocurrency and finance, the definition of an MSB often varies depending on the regulatory jurisdiction. Administrators and exchangers play crucial roles in the cryptocurrency ecosystem, facilitating the buying, selling, and trading of digital assets. However, determining whether they qualify as an MSB typically requires an analysis of the specific services offered, the nature of the transactions involved, and the applicable regulatory framework. Could you elaborate on the criteria that would determine such a classification?