Probably I should have added a bit more on that.
He said user, the moment you qualify as a user you're somebody who at least buys coins from that exchange or sells them, so you either send $ to that exchange to buy some coins, or send coins, sell them and wait for the $ to hit your bank account! The FDIC insurance was for the time you have $ in that exchange, the be your own bank is when you grab the coins as soon as possible and you stuff them in your wallet, but that won't help you if you're having only $ on that CEX waiting to buy the dip or whatever when it goes down.

So, extended version, FDIC for fiat, cold wallet for coins!