Centralized Exchange — a platform where users trade cryptocurrency through an intermediary (Binance, Coinbase, Kraken, OKX). CEXes hold customer funds in custody, match orders internally, and typically offer fiat on/off-ramps. They are convenient and liquid, but introduce custodial risk (FTX, Mt.Gox, Celsius, BlockFi all failed with customer assets at stake).
CEX
Centralized Exchange — a platform where users trade cryptocurrency through an intermediary (Binance, Coinbase, Kraken, OKX). CEXes hold customer funds in custody, match orders internally, and typically offer fiat on/off-ramps. They are convenient and liquid, but introduce custodial risk (FTX, Mt.Gox, Celsius, BlockFi all failed with customer assets at stake).
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