I mean, if you ignore the countless reddit threads about not being able to access funds because the moment you try, they spring more and more requirements on people, or just plain ghost depositors..... even if you ignore that, what coinbase is doing seems to go heavily against rules that govern exchanges and the securities they exchange.

And Binance appears to be on the hook for various forms of fraud.

Maybe they did never steal a cent from anyone, but there are more crimes than theft on the books.