Binance, the world’s largest crypto exchange, has launched an initial version of its highly-anticipated decentralized trading service (dex) today which is available now at testnet.binance.org.
The launch — which is initially a testnet as the URL suggests — has been a long time coming and it is designed to complement the main Binance exchange, which does around $1 billion in daily trading volumes according to data from CoinMarketCap.com.
That core service is centralized, like most others, meaning that the exchange manages its customers’ fiat or cryptocurrency balance for them. Centralized exchanges also set the price, pick the selection of assets on offer and make money from transaction fees. Some see that as necessary but others disagree. Ethereum creator Vitalik Buterin went so far as to say that centralized exchanges should “burn in hell” for their controlling position.