What if one day of the year, we got everyone to withdraw from the exchanges to see what exchanges are legit? and casinos.
I bet 80-90% of them would not have the btc to cover everyone.
I am not sure how accurate this statement is, if that is the case you could file a legal actions against the exchange and with regulations coming up around the world we might see some major change in these situation as they will understand the gravity of what they are doing, i bet all of the top exchanges will have the funds in reserve, since it is not a regulated market, the market will lower volumes might end up being a scam exchange if a situation like that arises.