If you control your private keys, you control your Kaspa, if you allow someone else to custody your Kaspa (you do not control the keys), you do not have control of “your” Kaspa, leaving on an exchange would be an example of trusting someone else with your Kaspa.
“According to proponents of the “not your keys” philosophy, a wallet on a centralized exchange does not truly belong to the account-holder. When withdrawals are paused, as they were by FTX in November, users lose access to their crypto. And if the worst happens, whether it’s the collapse of an exchange or a cyber-attack, those holdings could be lost altogether.”
Articles:
Not Your Keys, Not Your Coins: Explained
Not Your Keys, Not Your Crypto: What to Know Before the Next FTX-type Meltdown
Video Explanation:
“Not Your Keys, Not your Crypto” (Meaning + Issues)
