Definition ∞ Centralized exchange features refer to the distinct functionalities offered by cryptocurrency trading platforms operated by a single, controlling entity. These platforms commonly provide order book trading, direct fiat currency conversions, and dedicated customer support services. They typically hold user funds and manage private keys on behalf of their clients.
Context ∞ News frequently discusses the convenience and high liquidity these exchanges provide, contrasting them with their susceptibility to security breaches, regulatory pressures, and the inherent risk of a single point of failure. The discourse often centers on balancing user accessibility with the foundational decentralization principles that underpin many digital assets. These features shape user interaction with the broader crypto market.
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