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What about the exchange wallets, are they exempt, or are they just gonna pocket it?

I think the only wallets getting the peerplay is the BTS online web site.
All others are ignored.

You can use OpenLedger.info, https://secure.freedomledger.com/ or the light wallet https://github.com/bitshares/bitshares-2/releases

Those exchanges are all compatible and you can move/share your funds and wallet files between all of them.

And always remember, backup, backup, backup. Only you are in control of your funds.