This is debatable for two reasons. First, many people believe that DEXs need to be accessible worldwide to be considered truly decentralized - Binance DEX uses geo-fencing to ban traders in several countries. Second, Binance DEX doesn’t use on-chain crypto assets for all trades. Bitcoin (BTC) is built on its own blockchain yet represented on Binance Chain via BTC.B. Users have to trust that Binance holds an equivalent amount of BTC for the amount of BTC.B traded.