[Animats]

That's just the first and lowest bar - exchanges and broker/dealers not outright stealing the customer's money. Then come issues such as self-dealing, trading on an exchange that you you run, and similar market manipulation offenses.

Coinbase has issuer-side problems, too. Coinbase claims that their "staking as a service" offering is not a securities offering, but it looks a lot like a mutual fund. You buy in, and someone else manages the money. Just because the management strategy is pre-defined and passive doesn't matter. Passively managed mutual funds, such as index funds and ETFs, are still considered regulated investment offerings.