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Centralized Exchanges (CEX)

Companies maintain centralized cryptocurrency exchanges as middlemen for bitcoin transactions and storage. Customers on a centralized exchange do not have access to their private keys and relinquish control of their funds. The exchange records all buying and selling records of users' orders internally, only turning them into actual currency when they are withdrawn. Because of their ease, speed, and low cost to customers, centralized exchanges now handle the vast majority of bitcoin transactions. However, some see these exchanges as the polar opposite of the objectives of cryptocurrencies like Bitcoin. Furthermore, there are risks associated with the number of money exchanges keep. These problems include wash trading, exchange price manipulation, hacker theft, and government censorship. Binance,, KuCoin, WazirX, CoinDcx, Coinswitch Kuber, etc are some examples of centralized exchanges.