Richard Teng: DEXs and CEXs Are Complementary, Not Competitors
Richard Teng, the CEO of Binance, stated that decentralized exchanges (DEXs) and centralized exchanges (CEXs) are complementary parts of the crypto ecosystem rather than direct competitors. He emphasized that both models serve different user needs—CEXs offering liquidity depth, compliance, and ease of access, while DEXs provide on-chain transparency, self-custody, and permissionless trading.
From a market and money flow perspective, this coexistence supports a healthier crypto financial system. CEXs help onboard capital from traditional finance, increasing overall liquidity, while DEXs enable capital to circulate freely on-chain. Together, they expand the effective money supply within crypto markets, improve capital efficiency, and strengthen market resilience rather than fragmenting liquidity.