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With this bear market and some disasters recently from Terra to Celcius, 3 Arrows Capital, it is very good time to learn this lesson and act accordingly. You don't own key and they can disable withdrawal, apply for bankruptcy anytime. It's bad idea to send your coins to centralized lending platforms (like Celcius, 3 Arrows Capital ie.). It's bad idea to put your coins on centralized exchanges with custodial wallets (you don't have access key to that wallet). I don't know since when the saying was born but it has been repeatedly mentioned in cryptocurrency communities. Other exchanges like Coinbase are facing smaller problems since their shadiness is far less than the first group but the problems they face is mainly because these days a large number of people are buying bitcoin and transferring it to their cold storages taking advantage of the current discount. Some exchanges like Binance are naturally shady and the problems they face are more real than others since they may not even have enough bitcoins to pay everyone which could be the reason why they stopped letting people withdraw bitcoin but they still allow withdrawal of shitcoins on alternative chains (like BTC on Binance chain which is not really BTC). Not your keys, not your coins is most relevant today. Things don't look good, now more than ever.
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Even Binance itself had to halt Bitcoin withdrawals due to a large volume of transactions that are stuck. Most especially these days when even the largest exchanges like Coinbase and are going through hard times, it is really more urgent to not leave funds on exchanges.