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A CEX is a type of cryptocurrency exchange where all transactions are conducted through a central authority or company. In a centralized exchange, the company acts as an intermediary between buyers and sellers, and facilitates the trading of cryptocurrencies.

Centralized exchanges generally offer a user-friendly interface, high liquidity, and a wide variety of trading pairs. However, they also have some drawbacks, such as the potential for security breaches, the possibility of the exchange being shut down by authorities, and the lack of privacy for users.