Before I could say anything, I employ Bitcoin users and newbies in particular to go through this thread Recent events should make you withdraw all your coins to your own wallet: Part 2 by one of the tech giant once a member of this forum before he left o_e_l_e_o  this has taught me a lot to why I must understand the danger in using centralized exchanges, no matter what they called themselves, we have no privacy and control over our asset in them, this has been and will always be, more discussions were made and key points being emphasized upon recent events happening as at then.

These exchanges know that they have in custody of what belongs to us and will not profess their risk or danger to the world to know, because that is their own survival way, but must we learn our lessons the hard ways before doing the right thing, not your key not your coins is not a slogan being said for fun, events like this prompted it use and the way we made the campaign for the people to be informed about the risk in using a centralized exchange, they are of no difference to using banks.

The one that happened to me recently which was not more than two days ago was that I disabled the passkey on the exchange that I am using. I needed money later that day and I sent money to the exchange so that I can convert it to fiat, but I was unable to convert it to fiat saying my account is under fraudulent activities. I think it would be the passkey that I changed. I decided to withdraw the coin to another exchange but it was displayed that I have to wait for 24 hours before I will be able to withdraw. After 26 hours has passed, I make use of the fiat withdrawal and it worked but I borrowed money from two people which I later paid back the following day. Also the coin withdrawal started to work.

It is for the protection of my account but anything unknown may happen at anything to an exchange that may lead to the exchange disable the withdrawal which can be very frustrating. This can not happen on noncustodial wallets.

Have you ever used a bank account before?  They welcome you in such a warm tone when it comes to giving them money, but there are always barriers to encounter when you take your money out of what is supposed to be your account.

After all, we are in theory here particularly to run from these situations and PARTICULARLY from banks or entities who act as such!  Exchanges or custodial wallets included.  Run from them as fast as you can, nobody can guarantee control more than having ACTUAL control over your own stuff.

Centralized platforms misbehave attimes, this could be as result of some system error or they purposely want to stress the party, but the truth is that, their contribution to the growth and development of bitcoin and crypto currencies at large can't be over emphasized, it is OK to comdemn centralized platforms for their rules and policies which are not user friendly some times, but then, lets not forget that from time to time, we will always have courses or reasons to run to the same platform to perform some task, could be a trade or something.

So my suggestion and advice is, don't castigate centralized platforms for they are still rendering useful services to the crypto community, but best is ensure your investment is always in your own custody at all times, and any time you must give a centralized Platform any custody to your funds for whatever reasons, make sure to use a well trusted, reliable and reputable platform to avoid getting into issues.

A customer are constrained to follow these centralized services or else risk getting their funds at the right time or entirely. This goes beyond brokers and CEX, anywhere we have our funds and are not fully control of it, this is something we are expected to face or confined to ironically.

I think this is always stated in most known CEX when you disable passkey, this is expected. It has same rule when customers change password or used the forgot password. These are parts of some security terms one has to confined to when using CEX.

I have never experienced anything like what OP experienced, even though I used a Local CEX but the process went smoothly because it was transferred directly through an account in fiat form. Not to USDT or other coins. At that time I also needed emergency funds considering that I was on my way home and ran out of money. All I did was transfer bitcoins from my personal wallet to CEX and then sell them. From the beginning CEX role was nothing more than that, not a place to store assets that were not used for trading at all.

Well, every CEX has their modus operandi and are also very different in their own ways. Just like I said earlier, for funds that you don't have long term plans for, then CEXs can actually come in great handy.i also haven't experienced anything of sort during my years of using a CEX but I've also experienced other things that made me feel skeptical about confidently relying on CEXs, and that was enough to make me see that even if CEXs can actually come in handy, that doesn't make it a reliable storage method.

I mean that was what happened to me recently but the reason that i posted that is because of the second thing that I posted which is that anything can happen to an exchange in a way that the exchange will disable withdrawals at anything. I was not expecting 24 hours withdrawal restriction but I posted that I knew it was for the protection of my coins on the exchange.

Lol! We all want to spend our Bitcoins and other cryptos in a nicest way possible. In many countries, crypto debit card is a great solution. You fill in your debit card wallet in crypto and spend it like fiat. Fast, easy and friction-less.

But this facility is not available in my country as the government doesn't allow non-banking financial corporations to issue debit cards. So even I am stuck in such loops. The only way to spend crypto is by converting it to fiat and I understand the pain of converting using a centralised exchanges. Moreover, 30% is deducted as tax in my country. Real pain!