CEX
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CEX (Centralized Exchange) is a platform that allows users to buy, sell, and trade cryptocurrencies.
Drawbacks and Vulnerabilities
CEXs have some drawbacks, such as:
Centralized control: CEXs are owned and operated by a single entity and have a centralized point of failure. If a CEX is hacked or goes bankrupt, users can lose their funds.
KYC requirements: Most CEXs require users to undergo Know Your Customer (KYC) verification. This process can be time-consuming and invasive, and it can prevent some users from participating in the crypto economy.
High fees: CEXs typically charge high fees for trading and withdrawal.
Despite these drawbacks, CEXs likely will continue to evolve and offer new features and services.
Popular CEX's
See also
DEX - Decentralized Exchange