DEX or Decentralized Exchange is a type of cryptocurrency exchangeA business that allows customers to trade cryptocurrencies o... More that operates in a decentralized manner and enables peer-to-peer crypto trading. Because DEX’s are a type of DeFiDecentralized Finance (DeFi) removes financial institutions ... More 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.