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It is my understanding that exchanges have one "omnibus settlement wallet" or multiple wallets assigned to individual users and exchanges have control over these wallets.

Of course, if any exchange opts for the omnibus settlement wallet, it usually assigns addresses to users so that they can transfer funds in and out their "wallets", the ultimate ownership of which of course belongs to the exchange.

Are these two designs the most commonly used wallet architectures for exchanges? It would be grateful if somebody could advise me on this wallet architecture issue, preferably about what the best practice for the architecture is these days.

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