There's nothing in crypto like the New York Stock Exchange, but if the industry has anything close, Coinbase Global and Binance fill that role.

Coinbase is based in the US and provides audited financial statements to investors. Binance, based offshore, is more opaque. And that is causing concern: In the 24 hours through 13 December, investors withdrew assets from the exchange at the fastest rate in months, and it is facing perhaps one of the biggest stress tests in its five-year history.