After the FTX collapsed, we learned that crypto exchange is not your crypto bank.
Now, the SEC wants to make sure regulations to stop crypto exchanges from becoming a custodian.
The custodian is the service provider to take care of your money.
Banks are the custodian of your cash.
Crypto exchange is not the custodian of your crypto.
They have no any obligation to help you to preserve your crypto.
They only facilitated the crypto purchase and charged services from each transaction.
I think many people take crypto exchange for granted and believe they are obligated to provide a qualified service.
They do not...
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That is why it is advisable that we should not put all our eggs into one basket