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I'm 100% serious. Exchanges are not and should not be banks. They should not be comingling their assets with client assets.

• jakelazaroff 4y ago
  (*stealing their customers’ money, but I can’t edit it without making it seem like you’re replying to something else entirely) Okay, but that’s only half of what OP said. They’re also trading on customer assets. That is an extremely bad thing no matter how you look at it.
  • djbebs 4y ago
    They shouldn't be, just like a pumpkin exchange shouldn't be trading using pumpkins that don't belong to them (or at all). That's where the crime comes in.
• manholio 4y ago
  Yes, exchanges shouldn't commingle their assets with clients funds, yet they have large operational outlays (coding &security, traditional financial fees, meth & luxury condos in Bahamas, etc.) that seem unlikely to be coverable with trading fees alone. Even if we allow them to work like banks, they still can't seem to justify the tens of billion valuations.
  • djbebs 4y ago
    If the fees aren't enough to cover it then the company isn't profitable and should shut down. Or raise fees. "I don't make a profit if I don't steal my customers assets" isn't a valid business plan.