On the chain, it may be stolen, RUG, or lost. When the exchange encounters problems, they are afraid of bankruptcy and cannot withdraw their own money. Even if they make money, they are afraid of freezing their cards. What's more serious is that they may be thrown into the cold air conditioning system. I don't even know if this is cryptocurrency speculation or masochism seeking abuse. Perhaps all cryptocurrency traders are M? Not being abused and unhappy? Ha ha ha. Spread a little knowledge that exchanges and securities firms in the cryptocurrency industry are two completely different roles. For securities firms, user funds are kept independently, and securities firms do not have the right to use customer funds. Even if the securities firm goes bankrupt, your funds will not be affected. Simply put, the customer's money is isolated from the securities firm itself and is held in custody by the bank. Securities firms transmit orders to exchanges for centralized matching in compliance with legal regulations, ensuring fairness and transparency. There is also a role called a clearing agent, and the US stock exchange is not responsible for clearing itself, only for matching, with the clearing agent responsible for clearing. So US stock trading is a separation of powers, with exchanges, banks, securities firms, and clearing houses each responsible for their respective duties, very independent and mutually restrictive, and no one can or has the motivation to do evil.