Is Coinbase a Securities Exchange or a clearing agency?

In the realm of cryptocurrency and finance, the role of Coinbase often begs the question: is it a securities exchange or a clearing agency? Coinbase, a globally renowned digital asset platform, provides users with a wide array of services, ranging from buying and selling cryptocurrencies to storing them securely. However, the nature of these services begs for clarification as to whether it operates as a traditional securities exchange, facilitating trades between buyers and sellers, or if it functions more as a clearing agency, settling transactions between parties and managing risk. Understanding this distinction is crucial for investors and regulators alike, as it impacts the regulatory framework and oversight Coinbase falls under.