Only the person that holds the secret key to a crypto wallet actually controls the crypto assets in it.
In the case of a CEX, this means that they control all wallets on their system. Users typically have a fixed deposit address on the CEX, where they deposit their tokens.
As long as the user has account access and the CEX doesn’t have any financial, regulatory or technical problems, they can use their account to trade.
On the other hand, if there are problems, then users have no control over their own assets. They don’t have the keys to the wallet, so practically speaking, the user doesn’t own the coins.
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