Not Your Keys, Not Your Coins
custody · security
A custody-risk slogan warning that a service controlling the signing keys can restrict or lose a user's funds.
"Not your keys, not your coins" warns that an exchange or custodian can freeze withdrawals, become insolvent, lose keys, or misstate reserves when it controls the signing authority.
The slogan is not a complete security plan. A self-custody user can lose a seed, approve malware, mishandle a passphrase, or create an unrecoverable multisignature setup. Custody can also be deliberately shared for institutional controls or inheritance.
Compare specific failure modes: who can authorize a spend, who can block access, how reserves are verified, what recovery requires, and which mistakes are reversible. The appropriate arrangement depends on value, capability, legal needs, and threat model.
Related terms
Custodial Wallet
→A wallet where a third party controls the private keys on your behalf.
wallet · security
Self-Custody
→Holding and securing your own private keys instead of relying on an exchange, custodian, or broker.
wallet · security
Non-Custodial Wallet
→A wallet in which the user controls the signing keys or authorization needed to move funds.
wallet · custody
Private Key
→Secret cryptographic material used to produce signatures or other authorization proofs.
cryptography · security · wallet