Few exceptions, p2p exchanges are non custodial you trade directly with a peer. Bull Bitcoin is not custodial similar as peer to peer but is KYCd but you have to put in a receiving address when you buy so they never hold your bitcoin for you.

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Yeah, but KYC should not be the norm anymore

I agree I’m just pointing out that not all exchanges are custodial.

Good points actually. I should have said centralized exchanges.