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That's why crypto exchanges tend to be careful to not imply that they are banks. When you transfer your crypto to an exchange, the crypto is now theirs and they
by dotnet00 4y ago
That's why crypto exchanges tend to be careful to not imply that they are banks. When you transfer your crypto to an exchange, the crypto is now theirs and they're just promising to give it back to you when you ask for it. Then they can do whatever they want with it internally until they go bust, at which point the promises all go in the trash.