Gary Gensler is implementing the advice of many bitcoin experts frequently given to crypto hodlers, which is to take bitcoins and altcoins out of exchanges.

Cryptos to leave or not to leave the exchange 

     Even though experts may argue that keeping digital assets on exchanges is risky and not financial freedom, people still invest in exchanges. This is not because they do not trust the experts, but because of the temptation of cheap trading on the exchange, where they receive interest on the invested crypto, which they do not receive elsewhere.

Heavy Withdrawals Gary Made

     Cryptocurrency worth billions of dollars was removed from exchanges after the SEC sued Binance and Coinbase. Investors withdrew their money because they were afraid that SEC regulations might force exchanges to close, not because they trusted SEC Chair Gary.

Importance and Risk of Exchanges 

     Due diligence is performed by exchanges before listing any cryptocurrency, making them a necessity in light of cryptocurrency scams. However, I caution against becoming careless. In fact, even cryptos that are listed on CeFi could be frauds, like Luna, and any exchange could close due to the death of the proprietor, like Quadriga. But the reason people are removing cryptocurrency from the exchange is due to Gary's corruption.