CEXs are centralized exchanges. The most famous examples are Binance and Coinbase. They exercise centralized oversight over users’ transactions and urge users to deposit funds from their anonymous wallets to the platform’s accounts to conduct transactions. All new users need to go through a KYC/AML check, so CEXs are not about anonymity at all. DEXs, on the contrary, allow p2p transactions between private, non-custodial wallets and combine zero centralization with maximum privacy.