Your post here is thoughtful. I think the realization is that the Bitcoin is the property of the exchange until they send it to your address. Whatever that address is that you want (under your public / private key) If they do not send it to you in exchange for Fiat, then it is fraud.

Regardless of the rules the Bitcoin is not yours until you can send it where you want. So if you want to use Bitcoin you stay away from the fraudulent paper Bitcoin. This Bitcoin will be on paper only and it will end up as fraction reserve nonsense. The original UTXO to UTXO will be someone else's if you can not use it.

You'll have to earn it or just say, OK exchange assholes congratulations on your ownership of Bitcoin. HFSP because they can't use it either! It will end up getting "stolen". It should be entertaining.