Photo by BeInCrypto Centralized exchanges are shifting from trading venues to regulated finance platforms. IPO fundraising, app innovation, and stricter oversight reveal a structural change in how institutions and consumers access markets. At the same time, perpetual DEXs surged past $2.6 trillion in trades in 2025, showing how decentralized rivals are gaining traction with custody-free leverage and speed. This transition matters because it determines whether CEXs become systemic finance hubs—subject to b ...