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Question
What does "not your keys, not your coins" mean in practical terms for exchange-held crypto?
1
It means that crypto held on exchanges cannot be transferred to other wallets because the exchange retains ownership
2
It is a reminder to regularly change your exchange password to prevent unauthorised access
3
It refers to the encryption keys used to protect your exchange account login credentials
4
If your crypto is held on an exchange that controls the private keys, you are an unsecured creditor of the exchange — if the exchange fails, is hacked, or commits fraud, you may have no legal claim on the underlying assets
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