We have heard alot of stories in the past how major cryptocurrency exchanges got hacked and the most recent one that was surprising was that of bybit. Just imagine waking up in the morning and the exchange where you stored all your coins hoping that it's safe suddenly goes dark. you read on the news that they got hacked and no news from their officials yet. It would be very devastating especially if you have a reasonable amount of coins stored with them.

well this thing can be avoided if you have a non custodian wallet and let's not fail to remember all the time "NOT YOUR KEYS NOT YOUR COINS". It just never gets old and it's very important we continue to pass it on to newbies joining in the crypto space who barly even have any idea of the dangers of storing their coins on centralized platforms. most exchange are vulnerable to hackers and it's important to understand why you need to keep your coins away from them. 

Aside from hack, we have regulatory controls. For years, we have seen how the government have been fighting against decentralised platforms and successfully forced many of them to become centralised due regulations. It's just like how the banks works. When they find an unusual activity on your account, they may end up freezing it. These exchanges can works on order from the government bodies to take down any accounts if they have suspicions, which to me would have never happened if you were in control of your coins.

Imagine asking a honest user to provide unnecessary explanation of the  source of his coins, thats going too far and invading the users personal life.

The lesson here is to avoid storing a large amount of funds on centralized platforms. If you must use them, then it should be just for  very small transactions or those who are into trading on a daily business, but it shouldn't be used as a means to store your coins.
It's not that difficult to get a non custodial wallet, write out your seedphrase and store them in a secure place is it? So why would you want to risk the safety of your funds in the hands of centralized platforms? Let's try to play safe at all time. The cryptocurency space is filled with unseen circumstances that one would regret over and no one would enjoy going through such stress for their hard earned money.