#CHOanswers 💡Before DeFi was introduced, Centralized Finance was the standard for trading cryptos. It handles a stronghold over the cryptocurrency industry. 🏦 In the centralized finance, all crypto trade orders are handled through a central exchange. Funds are managed by specific mechanisms of the central exchange. It means you don’t own a private key that provides you access to your wallet. 👉 Moreover, the exchange identifies which coins they list for trading or how much fees you need to pay to trade on their platform. 🌟 Concluding the concept of Centralized Finance, you don’t own your cryptocurrencies when buying / selling via a centralized exchange. Moreover, you are subject to the rules a centralized exchange imposes on you. Telegram | Twitter | Discord | Medium