Where does Bittrex/Binance (alternative cryptocurrency markets) get their coins?

Where does Bittrex/Binance (alternative cryptocurrency markets) get their coins?

There are several cryptocurrency platforms like Bittrex, Binance where you can transfer your BTCs (or other mainstream coin types such as ETH, LTC) to and buy alternative coins (IOTA, XRP or thousand other types) in exchange. Where do these platforms get their alternative coins?

Are they just selling coins that they had bought from people (similar to coinbase's approach see [1]) who got them through ICOs or several other channels? What would those channels be?

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