Every day it seems a new story emerges about an exchange going bankrupt. Has been a recurring pattern since the Mt. Gox collapse. Why, with so many examples of failures, do people continue to keep their money on these? You don't own crypto if you have "coins" on an exchange, you have an IOU from a business that may or may not even be solvent.
Or you are not in possession of real cryptocurrency if you do not possess the secret keys/phrases that can be used to access and use the cryptocurrency on wallet that allows you to control and use your keys safely on its platform