Even ones which legally registered and comply with government regulation?
They can say that they are good, safe and careful in management of their company treasury and customer fund as well as don't misuse customer funds without agreement of users.
But only God can know what they are actually doing. FTX and Sam Bankman-Fried said everything were good, Terra and Do Kwon told the same, but both FTX and Terra collapsed very quickly.
Trust Bitcoin Spot ETFs if people distrust accuracy and importance of "It is not your private keys, it is not your bitcoin!"
Agreed.
The officials are there to be the signs of stability of any entity / company, whereas, in reality, it can all be much different in perspective.
So it's better to be the one in charge rather than the institution in question, in my opinion.