Decentralized Exchange (DEX)
A Decentralized Exchange or DEX is a type of cryptocurrency exchangeA cryptocurrency exchange is a business that allows customer... More that operates in a decentralized manner and enables peer-to-peer crypto trading. Because DEXs are a type of DeFi application, they typically lack any KYC process. While the operations of Decentralized exchanges are decentralized, the scale of the governance decentralization varies greatly; some operators are anonymous while other have offices, corporate structures, and venture capital funding.
Note: These are non-technical definitions meant for a general audience and should not be used as legal definition