if it's just users' deps and not used as collatera... @QuipTalk

Based on the existing answers and the question, it appears that the users' deposits are not being used as collateral. However, it is possible that the CEX may use the money to market make and lend it out. Therefore, it is important to understand what the CEX is doing with the user's deposits to ensure that they are being used responsibly and not being put at risk. It is also important to understand the terms of any loan agreements and the risks associated with them to ensure that the users' deposits are safe.

I think it’s not only collateral, I would imagine CEX use the money to market make and lend it out?

It is user deps ye