diff --git a/articles/ui/ui.tex b/articles/ui/ui.tex
index 8f95a3674..f7a6db549 100644
--- a/articles/ui/ui.tex
+++ b/articles/ui/ui.tex
@@ -413,7 +413,8 @@ realized as browser extensions, mobile Apps or even in custom
 hardware.
 
 \item
-{\em Exchanges} enable customers to withdraw anonymous digital coins
+{\em Exchanges}, run by for-profit financial service providers, enable
+customers to withdraw anonymous digital coins
 and merchants to deposit digital coins, in exchange for
 bank money.  Coins are signed by the exchange using
 a blind signing scheme \cite{chaum1983blind}.  Thus only