Anyone can move their tokens on-chain so nobody is forced to trust an exchange. Exchanges aren't gate keepers. You don't even exchanges to acquire Bitcoin; many

Anyone can move their tokens on-chain so nobody is forced to trust an exchange. Exchanges aren't gate keepers. You don't even exchanges to acquire Bitcoin; many deals are done OTC or salaries can be paid directly on-chain. Also, most whales only keep a fraction of their total holdings on the exchanges.