While you're probably right, I don't think they have to "have" the bitcoin. They can facilitate the transaction and the transfer of the key ownership. As defined in the contract.
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I’m not saying they’re doing anything illegal. Just risky. Self-custody is critical. At some point people will stop looking at bitcoin as an investment and start considering it a necessity. It will be interesting to see how Coinbase and Binance respond if/when self-custody becomes more of an imperative for bitcoin “investors”.