The market in the past was immature—lacking comprehensive regulation, untested by crises, with a small user base and unstable profit models. The profits of exchanges are incredibly impressive. I've seen internal data, but even the average person can tell from Binance being able to pay a $4.2 billion cash fine. These exchanges are valued extremely high, and whether it's selling shares or seeking an IPO, they are excellent ways to cash out. There's absolutely no need to kill the goose that lays the golden eggs—it would lead to legal accountability and creditors chasing you for life. Self-custody of private keys could easily result in losing your recovery phrase due to a fire or life accidents, permanently losing your Bitcoin. For many people, self-custody of Bitcoin isn't necessarily safer. Otherwise, Ledger wouldn't have launched its recovery phrase storage service. Personally, I only keep funds on exchanges to use their features. The current crypto space is completely reliant on centralized exchanges. For long-term storage of crypto, I also use cold wallets to diversify risk. Any centralized institution carries risk—after all, even Silicon Valley Bank can collapse. Large exchanges have relatively smaller risks, so I only use top-tier exchanges.