[josaka]

Customers with assets in custodial accounts of an exchange that goes bankrupt are likely general unsecured creditors, and the assets are probably property of the bankruptcy estate. https://www.creditslips.org/creditslips/2022/02/what-happens...

This means that, in the line of people to get paid out of those assets, you're not even at the front. Custodial accounts leave you with little protection.

[adrr]

They aren’t custodial accounts if you have to wait for bankruptcy proceeding to get your assets back assuming they have your assets.