Centralized Exchanges (CEX)
Binance, OKX, Coinbase — companies managing crypto markets and holding assets.
CEX (Centralized Exchange) is an exchange operated by a company — like Binance, OKX, Coinbase, Kraken. Users deposit crypto, and the exchange holds private keys.
CEX advantages:
•High liquidity and narrow spread
•Fiat on/off ramp (buying with RSD, EUR, USD)
•KYC protection and regulatory framework
•Customer support
•Advanced trading tools
•Margin, futures, options
CEX disadvantages:
•Custodial — "not your keys, not your coins"
•Subject to hacking (Mt. Gox 2014: $450M, Binance 2019: $40M)
•KYC requirements — privacy compromised
•Can block withdrawals (FTX, Celsius)
Top CEX by volume (2024):
•Binance — ~50% market share
•OKX — ~10–15%
•Bybit — ~10%
•Coinbase — ~5–8%
•Kraken — ~3–5%
Binance in Serbia:
•KYC verification with Serbian ID accepted
•Serbian dinar (RSD) P2P rate available
•Withdrawals to Serbian banks work (OTP, Raiffeisen)
Proof of Reserves:
•After FTX, exchanges started publishing "proof of reserves"
•Binance, OKX, Kraken — publish reserve audits