Being your own Bank gives Crypto currency users a lot of power. And as they say, with great power comes great responsibility. So what are his responsibilities?
If you lose your keys you lose your funds. Unlike CEX where you have the possibility to reset your account. Also in case of death, if you don't have a procedure drafted nobody will know what your 12 or 24 words mean unlike in CEX where your rightful owners could launch a procedure to recover the funds as one would do at the bank.