Why can't exchanges process withdrawals? Looking back at over a decade of crypto history, it usually boils down to three scenarios: 1. The platform gets hacked, like Mt. Gox 2. Misuse of user funds, like FTX 3. The private key holder goes MIA, like being 'invited for tea' Also, CEXs are essentially financial businesses. Without regulatory constraints, the founders themselves need to have a strong sense of risk awareness and moral responsibility, or problems will eventually arise.