A friend asked me about this privately, so I’ll try to explain it in simple terms.
A centralized exchange (CEX) holds users’ assets, and trades are matched in the platform’s internal order book—not every transaction is recorded on-chain.
CEXs typically offer services like fiat deposits and withdrawals, customer support, and account recovery. These services require you to trust the platform’s security and asset management.
$BNB is both a major token in the Binance ecosystem and the native coin used to pay Gas fees on BNB Smart Chain.
If anything is unclear, ask me in the comments.
Be aware of the risks and make your own decisions.
A centralized exchange (CEX) holds users’ assets, and trades are matched in the platform’s internal order book—not every transaction is recorded on-chain.
CEXs typically offer services like fiat deposits and withdrawals, customer support, and account recovery. These services require you to trust the platform’s security and asset management.
$BNB is both a major token in the Binance ecosystem and the native coin used to pay Gas fees on BNB Smart Chain.
If anything is unclear, ask me in the comments.
Be aware of the risks and make your own decisions.