Is that really true? On traditional exchanges, the exchange itself is a mostly neutral party, a technology-and-marketplace provider. If a clearing member becomes insolvent, the other clearing members have agreements in place to "pitch in" together to keep the whole system functional.
(Edit: to be clear, this isn't a rosy situation: it's usually a adjacent to fraud, so the SEC, CFTC, etc. pursue criminal charges; and other clearing members tend to sue the bankrupt one, letting the courts figure it out.)
The cryptocurrency "exchanges" are not structured similarly to the stock market. There's no separation of broker, matching venue and central counterparty clearing service.
(Edit: to be clear, this isn't a rosy situation: it's usually a adjacent to fraud, so the SEC, CFTC, etc. pursue criminal charges; and other clearing members tend to sue the bankrupt one, letting the courts figure it out.)