A CEX is a custodial trading platform that matches orders in an off-chain order book.
CEXs offer speed and fiat ramps but require trusting custody and compliance rules.
In research workflows, Centralized exchange is usually interpreted with Decentralized exchange, Custody, Exchange listing, and KYC rather than as a standalone signal. Compare circulating float, unlock overhang, and where size can actually trade before trusting a breakout headline.