Centralized exchanges (CEXs) are large-scale organizations that coordinate cryptocurrency trading, similar to traditional asset exchanges such as stock exchanges.
Exchanges are, in essence, markets. They are beneficial when a big number of individuals are attempting to purchase and sell the same sort of asset at the same time. Famous exchanges in the traditional economy include the New York Stock Exchange and the London Metal Exchange. Binance, Coinbase, Gemini, and Kraken are some well-known cryptocurrency exchanges.
According to 2021 research by global accounting firm KPMG, exchanges are the most valuable firms in the crypto industry.
CEXs are still considerably more widespread than decentralized exchanges in February 2022. (DEXs). KPMG discovered that they accounted for around 95% of exchange crypto transactions. Binance is the world's largest cryptocurrency exchange, albeit it has built its own DEX. The centralized Binance exchange conducts more than $20 billion in transactions each day, whilst the biggest DEX Uniswap processes less than $2 billion.
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