A US$6.3b hack at Binance has just stress tested the entire crypto exchange ecosystem, from basic custody to heavyweight regulated platforms. Sudden questions about who really absorbs losses and how fast withdrawals can restart are already reshaping how investors think about listed crypto infrastructure stocks. This article unpacks that shift and profiles 3 exchanges and custodians that screens suggest could be relatively well placed after the Binance incident.

The three listed crypto infrastructure stocks covered below are only a sample, and the full screen surfaced 51 more regulated exchanges and custodians with equally compelling narratives that are not included in this article.

If you want to identify,…