> there are 200+ exchanges. you're saying all of them are fully collateralized?
In crypto? No. Because it's a marketing term there for brokers. FTX was, at the end of the day, a broker. (As is Coinbase and the other "exchanges" for how most people use them.)
In finance? Yes. Most exchanges (all in the U.S.) don't handle settlement; that's done by a clearinghouse, where the counterparty risk lives. They're fully collateralised [1].
According to coinmarketcap and coingecko, there are 200+ exchanges. you're saying all of them are fully collateralized? doubt it.