Good to remind everyone of rule #1, but it's not normal that we got used to exchanges owning their users' coins directly. Other non-bank financial services don't work that way. For example, my crowdfunding investments are paid to an independent foundation, not to the operating company running the crowdfunding platform. This isolates users from the risk of a mismanaged operating company going broke or stealing the money.
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IIRC what coinbase is doing is the same way stock brokers work, with the exception that there is a national insurance program for your stock account balances.
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