#CEXvsDEX101 Here's a concise 102-word overview of CEX vs. DEX, focusing on Binance:

**CEX vs. DEX 101: Binance Context**

* **CEX (Centralized Exchange - e.g., Binance):** Acts as an intermediary. You deposit funds *into Binance's custody*. Trades happen on Binance's internal order book. Offers high liquidity, many trading pairs (including fiat), advanced tools (like futures, margin), and customer support. Requires identity verification (KYC). Risk: You trust Binance to secure your assets.

* **DEX (Decentralized Exchange - e.g., PancakeSwap):** Peer-to-peer trading directly from your wallet (e.g., Trust Wallet). No intermediary; uses automated protocols (like AMMs) and smart contracts. Typically lists newer tokens faster. Offers greater privacy (often no KYC).