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CEX vs DEX: Complete Crypto Exchange Guide

Last verified: 2026-08-14

Last verified: 2026-08-14

This page is a reference directory, not a ranking. It explains how centralized exchanges (CEXs) and decentralized exchanges (DEXs) work, then lists major active venues with the facts that can be checked: who holds the assets, whether an account and identity checks are required, which products exist, and — where a regulator or official legal page confirms it — which entity is licensed or registered in which place.

Exchange availability, regulations, supported networks and product offerings change frequently. Always verify the current information on the platform’s official website and, where relevant, with the applicable regulator before depositing funds or connecting a wallet.

Inclusion here is informational. It is not an endorsement, not investment advice, and not a statement that any venue is safe, solvent, or lawful for a particular reader.

How to read the regulatory claims on this page

Four different facts are often mixed together. They are not the same:

A website can be opened from a country.
An account can be created.
A company is registered somewhere (company house, MSB, DCE, VASP registration).
A named legal entity is licensed or authorized to offer a specific service (spot brokerage, custody, trading-platform operation, derivatives) to residents of that place.

This page only states a license or authorization when an official regulator register, an official regulator notice, or the firm’s own current legal/licenses page names the entity and the permission. If that cannot be shown, the cell says Not clearly documented / requires local verification.

A global brand name is not a legal entity. Binance.com is not Binance Japan Inc. Coinbase, Inc. is not Coinbase Luxembourg S.A. Bybit.com is not Bybit EU GmbH. OKX.com (Aux Cayes / other non-EEA entities) is not OKX Europe Limited.

1. Introduction

A centralized exchange (CEX) is a company that runs a trading venue. You open an account, usually prove your identity, and send money or crypto to wallets the company controls. The order book, matching engine, and customer balances live in the company’s systems. When you “buy Bitcoin” on a CEX, you are usually buying a claim on Bitcoin the exchange holds for you, not taking on-chain delivery until you withdraw.

A decentralized exchange (DEX) is software — typically smart contracts on a blockchain — that lets people swap tokens without giving a company custody of those tokens. You connect a wallet you control, sign a transaction, and the chain settles the trade. There is usually no customer-support reset if you lose the wallet.

Custody means who can actually move the assets. On a CEX the exchange (or its custodian) holds the keys. On a typical DEX you keep the keys.

Private keys are the secret data that authorize spending from a wallet. Whoever has the keys can move the coins. A CEX holds keys for customer deposits. A self-custodial wallet holds keys for you — or, more precisely, you hold them.

KYC (Know Your Customer) is identity verification: name, address, government ID, and sometimes source-of-funds checks. Most CEXs require it before fiat rails or unrestricted withdrawals. Most DEX smart contracts do not. Official DEX websites, wallet apps, and fiat on-ramps may still block people or ask for checks.

Wallet-based trading means you do not deposit into an exchange account. You approve a contract (or sign an order) from a wallet such as a browser extension, mobile wallet, or hardware wallet. The trade happens on-chain, or on a specialized chain that still settles against your wallet.

An automated market maker (AMM) is a DEX design that prices trades with a formula and a pool of tokens, not with a traditional bid/ask book. Uniswap-style pools are the common example: the price moves as the pool’s balances change.

A liquidity pool is that pot of tokens. People called liquidity providers deposit pairs (or one-sided inventory, depending on the design) so others can swap against the pool. Providers earn fees and take on inventory risk, including impermanent loss when prices move.

An order-book DEX looks more like a CEX: bids and asks, market and limit orders. The difference is that matching and settlement are on-chain or on an app-specific chain, and users generally keep custody until a trade fills. Hyperliquid and dYdX are this family. They are not the same product as Uniswap.

A DEX aggregator does not hold a single pool of its own as the main venue. It looks at several venues and routes a swap to a better combination of pools or fillers. Jupiter (on Solana) and 1inch (on EVM chains) are this family.

A perpetual / futures DEX offers leveraged contracts that track an index and never expire. Funding payments keep the contract near the spot price. Liquidations can wipe a position. These venues have extra oracle, leverage, and liquidation risk on top of ordinary swap risk.

Self-custody means you (or a wallet/setup you control) hold the keys. It removes exchange-insolvency risk. It adds key-loss risk: if the seed phrase is gone, the assets are gone. No help desk can reset a blockchain.

A simple picture:

You want to buy €500 of bitcoin with a bank transfer and might forget a password → a regulated CEX is the usual type of venue, not because it is “better,” but because it has fiat rails and account recovery.
You already hold USDC in a wallet and want to swap it for a token that is not listed on large CEXs → a DEX or aggregator is the usual type.
You want leveraged perpetual futures without depositing to a CEX → a perpetual DEX is the usual type, with a different risk profile from a spot AMM.

Neither type is inherently safer. They fail in different ways.

2. CEX vs DEX comparison

Neither column is a recommendation. “Easier” and “more private” are trade-offs, not scores.

Topic	Typical CEX	Typical DEX
Custody	Exchange or its custodian holds keys	User wallet holds keys (self-custody)
KYC	Usually required for full use	Protocol usually has none; frontends, wallets, and fiat ramps may
Privacy	Account, identity, and transaction history held by the firm	Chain activity is usually public; identity is not collected by the protocol
Account required	Yes	Usually no account; a wallet connection is the “login”
Wallet required	Only for deposits/withdrawals	Yes, for almost every action
Ease of use	Familiar email/password, fiat buttons, password reset	Wallet, gas, networks, approvals, and signing
Fiat deposits	Often yes, via the firm or partners	Rare at the protocol; usually a separate on-ramp
Fiat withdrawals	Often yes, where the firm is allowed to offer them	Not a protocol feature
Liquidity	Concentrated in the firm’s book; deep on majors	Split across pools, chains, and venues; depth is pair- and chain-specific
Trading fees	Maker/taker or spread, set by the firm	Pool fee + (often) gas; aggregator fees vary
Network / gas fees	Usually only on deposit and withdrawal	On almost every transaction (unless the venue abstracts gas)
Asset availability	Listed by the firm; fewer very-new tokens	Any token the contracts can hold; includes junk and fakes
Newly launched tokens	Often delayed or never listed	Often tradeable immediately — including scams
Counterparty risk	High: you rely on the firm	Lower for custody; you still rely on contracts, oracles, bridges, frontends
Insolvency risk	Real: customer assets can be stuck or lost in a failure	Protocol does not “go bankrupt” the same way; contracts can still be drained
Smart-contract risk	Low for the matching engine (off-chain); present in any on-chain product the CEX offers	Central risk
Recovery if password/access is lost	Often possible via KYC and support	Usually impossible if keys/seed are lost
Recovery if seed phrase / private key is lost	N/A for exchange-hosted balances	Generally impossible
Regulatory oversight	Often some registration or license, entity- and country-specific	Protocol usually unlicensed; frontend company may have terms and geo rules
Geographic restrictions	Common, and often product-specific (spot vs derivatives vs fiat)	Official frontend may block regions; contracts may still be callable
Derivatives availability	Common, frequently restricted by residency and user type	Available on specialized venues; frontend geo rules still apply

What a CEX is usually better at

Turning bank money into crypto, and crypto back into bank money.
Account recovery after a lost password (if the firm still operates and accepts your KYC).
A single interface for many assets, including fiat pairs.
Customer support and, in some places, a regulator to complain to — which is not the same as deposit insurance.

What a DEX is usually better at

Keeping withdrawal control in the wallet.
Trading assets a CEX will not list.
Avoiding a single firm’s withdrawal queue, terms change, or insolvency.
Composability: the same wallet can use lending, bridges, and other apps.

Shared limits

A CEX license in one country does not make the global website a licensed service everywhere.
A DEX contract being live on a chain does not mean the official website will serve you, or that using it is lawful where you live.
Proof of reserves, where published, is not a full solvency audit unless an independent report says so in scope.

3. How licensing actually works in 2026

These are regime labels, not a claim that any brand is authorized under all of them.

European Union / EEA — MiCA CASP. From 30 December 2024, crypto-asset service providers need authorization under the Markets in Crypto-Assets Regulation. Member states could let existing national firms continue until they were authorized or refused, and no later than 1 July 2026. After that date, serving EEA clients without a CASP authorization (or a valid transitional position that has not ended) is a regulatory problem, not a marketing slogan. ESMA publishes an interim register of authorized CASPs. The copy used for this page was last updated 12 August 2026. Passporting is recorded per entity and per service code. “Has a European office” is not the same as “is a CASP.”

United Kingdom — FCA. As of August 2026, most crypto exchange activity in the UK is still under Money Laundering Regulations registration, plus separate permissions if the firm is also an e-money institution or offers regulated investments. That is not full FSMA authorization for crypto. The FCA’s new cryptoasset regime is expected to come into force on 25 October 2027. Applications are expected from 30 September 2026 to 28 February 2027. UK retail access to crypto derivatives is often blocked or limited to elective professional clients.

United States. Spot platforms typically sit on FinCEN MSB registration plus state money-transmitter licenses, and in New York a NYDFS BitLicense and/or a limited-purpose trust charter. Derivatives are a different perimeter (CFTC/NFA and, where relevant, designated contract markets). A US website does not imply every state is served.

Japan. Crypto-asset exchange service providers must be registered with the Financial Services Agency / Local Finance Bureau. The English list used here is dated 30 June 2026 and names 26 registered CESPs. A global brand that is absent from that list is not a registered Japanese exchange, even if the website loads.

Hong Kong. Virtual asset trading platforms that serve the public need an SFC VATP licence. The SFC also publishes applicants (including some “deemed-to-be-licensed” names) and withdrawn/refused names. Deemed-to-be-licensed is not licensed. The lists used here were last updated 29 May 2026.

Singapore. Digital payment token services generally need a MAS licence (commonly Major Payment Institution for larger DPT businesses). “Has a Singapore company” can mean a licensed DPT entity, an unlicensed affiliate for other products, or neither. OKX’s own terms, for example, split licensed OKX SG Pte. Ltd. from unlicensed OKX Financial Pte. Ltd.

Other labels used below. AUSTRAC DCE (Australia), FINTRAC MSB and provincial registration (Canada), VARA / ADGM FSRA / DFSA (UAE), KOFIU/FSC-type registration (Korea). Each is a local permission. None of them is a worldwide licence.

4. CEX comparison table

Spot, derivatives, and fiat columns describe the brand’s typical product set, not every local entity. Regional limits are in the next table and in each directory entry.

CEX	Markets	Fiat	Access	Notes
Binance	SpotYesDerivativesRegion-dependent	InLimited / entity-dependentOutLimited / entity-dependent	KYCRequired for full useProof of reservesPublic PoR page exists; treat as issuer attestation unless independently scoped	Global `Binance.com` (ADGM-supervised from Jan 2026), Binance Japan, and Binance.US are different businesses
Coinbase	SpotYesDerivativesRegion-dependent	InYes (major markets)OutYes (major markets)	KYCRequiredProof of reservesNot a substitute for a scoped solvency audit	US MTL/BitLicense stack; EU CASP is Coinbase Luxembourg S.A.
Kraken	SpotYesDerivativesRegion-dependent; often professional-only	InYes (major markets)OutYes (major markets)	KYCRequiredProof of reservesNot clearly a full public PoR product on the pages reviewed	EU CASP entities are Irish Payward companies
OKX	SpotYesDerivativesRegion-dependent	InLimited / entity-dependentOutLimited / entity-dependent	KYCRequired for full useProof of reservesPublic PoR marketing exists; treat as attestation	EEA users are contracted to Malta entities; others to several local or Seychelles entities
Bybit	SpotYesDerivativesRegion-dependent	InLimitedOutLimited	KYCRequired for full useProof of reservesNot independently verified here	Global site excludes many countries; `bybit.eu` is a separate Austrian CASP
Bitget	SpotYesDerivativesYes on the global platform	InVia third parties (Bitget says it does not provide fiat itself)OutVia third parties	KYCRequiredProof of reservesNot independently verified here	Long official prohibited-country list (Aug 2026)
Crypto.com	SpotYesDerivativesRegion-dependent	InYes (major markets)OutYes (major markets)	KYCRequiredProof of reservesNot independently verified here	EU CASP is Foris DAX MT Limited; HK entity is an SFC applicant, not a licensed VATP
Gemini	SpotYesDerivativesRegion-dependent / limited	InYes (US and some other markets)OutYes	KYCRequiredProof of reservesNot independently verified here	EU CASP is Gemini Intergalactic EU Ltd (Malta)
KuCoin	SpotYesDerivativesRegion-dependent	InLimitedOutLimited	KYCRequired for full useProof of reservesNot independently verified here	`kucoin.eu` is a separate Austrian CASP
Gate.io / Gate	SpotYesDerivativesRegion-dependent	InLimitedOutLimited	KYCRequired for full useProof of reservesNot independently verified here	Gate Technology Limited is a Malta CASP; Gate Japan is a Japanese CESP; Gate.HK application was withdrawn
MEXC	SpotYesDerivativesYes on the global platform	InLimitedOutLimited	KYCRequired for full useProof of reservesNot independently verified here	No ESMA CASP row found under this name
Bitstamp	SpotYesDerivativesLimited / region-dependent	InYes (major markets)OutYes	KYCRequiredProof of reservesNot independently verified here	EU CASP is Bitstamp Europe S.A. (Luxembourg); US entity is separately licensed
Upbit	SpotYesDerivativesLimited / local-product	InYes (KRW, local)OutYes (local)	KYCRequiredProof of reservesNot independently verified here	Korea-centered; treat other countries as local verification
Bithumb	SpotYesDerivativesLimited / local-product	InYes (KRW, local)OutYes (local)	KYCRequiredProof of reservesNot independently verified here	Korea-centered
Coincheck	SpotYesDerivativesLimited / local-product	InYes (JPY)OutYes (JPY)	KYCRequiredProof of reservesNot independently verified here	Registered Japanese CESP
bitFlyer	SpotYesDerivativesLimited / local-product	InYes (JPY and some other rails)OutYes	KYCRequiredProof of reservesNot independently verified here	Registered Japanese CESP; also operates outside Japan under other entities
HTX	SpotYesDerivativesRegion-dependent	InLimitedOutLimited	KYCRequired for full useProof of reservesNot independently verified here	No ESMA CASP row found; former Huobi HK application withdrawn
Backpack	SpotYesDerivativesRegion-dependent	InLimitedOutLimited	KYCRequired for full useProof of reservesNot independently verified here	EU CASP is Trek Technologies SIA (`eu.backpack.exchange`)
Bullish	SpotYesDerivativesRegion-dependent	InLimited / institutional tiltOutLimited	KYCRequiredProof of reservesNot independently verified here	SFC-licensed in Hong Kong; BaFin CASP in Germany
HashKey Exchange	SpotYesDerivativesRestricted on the licensed HK platform	InLimited / localOutLimited / local	KYCRequiredProof of reservesNot independently verified here	SFC-licensed VATP; HashKey Japan is a registered CESP
OSL	SpotYesDerivativesRestricted on the licensed HK platform	InLimited / localOutLimited / local	KYCRequiredProof of reservesNot independently verified here	SFC-licensed VATP; OSL EU GmbH is an Austrian CASP; OSL Japan is a registered CESP
Bitpanda	SpotYesDerivativesLimited / region-dependent	InYes (EEA focus)OutYes	KYCRequiredProof of reservesNot independently verified here	Austrian CASP with broad EEA passporting in the ESMA file

PoR note. A “proof of reserves” page is usually a snapshot of selected assets, sometimes with a Merkle tree for customer balances. It is not, by itself, proof that liabilities are fully covered, that assets are unencumbered, or that the firm is solvent.

5. CEX regional / regulatory table

How to read the labels

Label	Meaning
Licensed / registered (named entity)	A regulator register or official legal page names a local entity and a relevant permission
Local entity	A local company exists; do not assume the permission covers every product
Restricted	Official terms or a regulator list exclude residents, or only a narrower product remains
Spot only / product-limited	Some service may exist; derivatives, fiat, or retail access is limited
Applicant / not licensed	Filed or deemed, but not granted the licence named in that column
Not on register	Brand not found on the official list used for that column
Not clearly documented	Official confirmation was not found or was incomplete

A single cell cannot describe every product. Notes under the table matter more than the short label.

CEX availability & regulation — Europe and Americas

CEX	EU/EEA	UK	US	Canada	Australia
Binance	No Binance CASP in ESMA register (12 Aug 2026). Treat current service as restricted / requires local verification after the 1 Jul 2026 MiCA deadline	Restricted / not a full UK crypto authorization. Confirm current onboarding on official pages	`Binance.com` not a US venue. Binance.US is a separate company with state gaps (no NY among others)	Often treated as restricted on the global site. Not clearly documented as a licensed local CASP-equivalent	Not clearly documented
Coinbase	Licensed: Coinbase Luxembourg S.A., CSSF CASP, 20 Jun 2025. Ireland EMI is a different permission	Registered / EMI: CB Payments Ltd, FCA EMI + MLR 900635. Not the 2027 FSMA crypto licence	Licensed/registered: Coinbase, Inc. MTLs in many states + NYDFS virtual-currency permission	Local entity / registration claimed on Coinbase pages; confirm FINTRAC/provincial status	Not clearly documented in the official pages opened for this package
Kraken	Licensed: Payward Europe Solutions Ltd and Payward Global Solutions Ltd, CBI, 25 Jun 2025 (service codes differ; trading-platform row is narrower)	MLR + EMI + some investment permissions via Payward entities. Retail derivatives generally restricted	FinCEN MSB + state licences (Kraken’s own licence article). No NY / ME on that article	Product-limited (Kraken has said no derivatives/margin for Canada). Confirm current	Not clearly documented
OKX	Licensed: OKX Europe Limited, MFSA CASP, 27 Jan 2025. Separate Malta investment firm for some expiry futures	Not clearly documented as FCA crypto registration for the global brand	Local entity: OKX INC. for approved US locations — product- and state-limited	Not clearly documented	Local entities: OKX Australia Pty Ltd / OKX Australia Financial Pty Ltd
Bybit	Licensed local site: Bybit EU GmbH, FMA Austria CASP, 28 May 2025 (`bybit.eu`). Global Bybit.com is a different contract	Not clearly documented	Restricted on global terms (6 Aug 2026)	Restricted on global terms	Not clearly documented
Bitget	Restricted for France, Germany, Austria on official Terms (3 Aug 2026). No Bitget CASP row in the ESMA extract used	Not named in the prohibited-country clause. Not a licence. Requires local verification	Restricted	Restricted	Not named in the prohibited clause. Requires local verification
Crypto.com	Licensed: Foris DAX MT Limited, MFSA CASP, 27 Jan 2025	Official licences page lists the UK. Confirm the exact FCA registration on the Financial Services Register	Multiple US registrations claimed on the official licences page (MSB, MTLs, other). Confirm entity and product	Official page lists FINTRAC + restricted dealer. Confirm current	Official licences page lists Australia. Confirm AUSTRAC / AFSL split
Gemini	Licensed: Gemini Intergalactic EU Ltd, MFSA, 21 Aug 2025	Historically FCA-registered; re-confirm the live register entry	US venue with state-split user agreements (Feb 2026). NY is a core market via the NY trust/BitLicense stack — confirm the current entity	Not clearly documented	Not clearly documented
KuCoin	Licensed local site: KuCoin EU Exchange GmbH, FMA, 27 Nov 2025 (`kucoin.eu`)	Not clearly documented	Typically restricted on the global venue. Requires local verification	Not clearly documented	Not clearly documented
Gate	Licensed local site: Gate Technology Limited, MFSA, 29 Sep 2025 (`gate.com/en-eu`)	Not clearly documented	Typically restricted. Requires local verification	Not clearly documented	Not clearly documented
MEXC	Not on the ESMA CASP extract used	Not clearly documented	Typically restricted. Requires local verification	Not clearly documented	Not clearly documented
Bitstamp	Licensed: Bitstamp Europe S.A., CSSF, 15 May 2025	Confirm current FCA registration on the live register	Local entity: Bitstamp USA, Inc. (NYDFS virtual-currency and money-transmitter language on official store listing)	Not clearly documented	Not clearly documented
Upbit	Not clearly documented	Not clearly documented	Not clearly documented / generally not a US retail venue	Not clearly documented	Not clearly documented
Bithumb	Not clearly documented	Not clearly documented	Not clearly documented	Not clearly documented	Not clearly documented
Coincheck	Not clearly documented	Not clearly documented	Not clearly documented	Not clearly documented	Not clearly documented
bitFlyer	Not clearly documented for every EEA product	Not clearly documented	bitFlyer USA has existed as a separate business; confirm current state licences	Not clearly documented	Not clearly documented
HTX	Not on the ESMA CASP extract used	Not clearly documented	Typically restricted. Requires local verification	Not clearly documented	Not clearly documented
Backpack	Licensed local site: Trek Technologies SIA, Latvijas Banka, 27 May 2026	Not clearly documented	Not clearly documented / likely restricted	Not clearly documented	Not clearly documented
Bullish	Licensed: Bullish Europe GmbH, BaFin, 4 Sep 2025	Not clearly documented	Institutional / limited US access historically. Requires local verification	Not clearly documented	Not clearly documented
HashKey	Not on the ESMA CASP extract used	Not clearly documented	Not clearly documented	Not clearly documented	Not clearly documented
OSL	Licensed: OSL EU GmbH, FMA, 7 Jul 2026	Not clearly documented	Not clearly documented	Not clearly documented	Not clearly documented
Bitpanda	Licensed: Bitpanda GmbH, FMA, 9 Apr 2025, with a broad EEA service list in ESMA	Confirm current FCA position on the live register	Not clearly documented as a full US retail exchange	Not clearly documented	Not clearly documented

CEX availability & regulation — Asia and Middle East

CEX	Japan	Singapore	Hong Kong	UAE
Binance	Licensed/registered: Binance Japan Inc. (FSA list 30 Jun 2026)	Not clearly documented for the global brand as a MAS DPT licence	Not on SFC licensed-VATP list (29 May 2026)	Local / licensed (ADGM): FSRA public register lists Nest Trading Limited as Active (FSP 260000, effective 5 Jan 2026, website binance.com). That row is a broker-dealer entity, not by itself the exchange licence. ADGM’s Dec 2025 announcement describes three Binance.com entities (exchange, clearing, broker-dealer); Nest Exchange Limited and Nest Clearing and Custody Limited were not independently opened as stable public-register URLs in this review
Coinbase	Registered: Coinbase Co., Ltd. (FSA 30 Jun 2026)	MAS MPI has been announced for Coinbase Singapore; confirm on the MAS directory	Not on SFC licensed-VATP list	Not clearly documented
Kraken	Not on the 30 Jun 2026 FSA CESP list. Kraken has listed Japan among prohibited regions	Kraken’s own licence article: not licensed in Singapore	Not on SFC licensed-VATP list	VARA preliminary permission has been described by Kraken; confirm on VARA’s public register
OKX	OKCoin Japan K.K. is a registered CESP; that is not automatically OKX.com access	Split: OKX SG Pte. Ltd. (licensed DPT) vs OKX Financial Pte. Ltd. (unlicensed products, per OKX terms)	Application withdrawn 24 May 2024. Not licensed	Local entity: OKX Middle East Fintech FZE for UAE residents (confirm VARA/DFSA permission on the official register)
Bybit	Not on the FSA CESP list	Restricted on global terms	Applicant, not licensed (Spark Fintech Limited). Also listed in Bybit’s excluded jurisdictions	Global terms exclude Dubai for the Bybit Virtual Asset Platform Operator LLC entity. Other UAE access is not clearly documented
Bitget	Restricted	Restricted	Restricted	Not clearly documented
Crypto.com	Not on the 30 Jun 2026 FSA CESP list under this brand	Official page lists Singapore; Foris DAX Asia has been described as a MAS MPI. Confirm on MAS directory	Applicant / deemed-to-be-licensed, not licensed (Foris DAX HK Limited)	Official page lists Abu Dhabi and Dubai. Confirm the named licence on ADGM/VARA/DFSA registers
Gemini	Not on the FSA CESP list	Not clearly documented	Not on SFC licensed-VATP list	Not clearly documented
KuCoin	Not on the FSA CESP list	Not clearly documented	Not on SFC licensed-VATP list	Not clearly documented
Gate	Registered: Gate Japan Co., Ltd.	Not clearly documented	Application withdrawn 22 May 2024	Not clearly documented
MEXC	Not on the FSA CESP list	Not clearly documented	Not on SFC licensed-VATP list	Not clearly documented
Bitstamp	Not on the FSA CESP list	Not clearly documented	Not on SFC licensed-VATP list	Not clearly documented
Upbit	Not on the FSA CESP list	Not clearly documented	Not on SFC licensed-VATP list	Not clearly documented
Bithumb	Not on the FSA CESP list	Not clearly documented	Not on SFC licensed-VATP list	Not clearly documented
Coincheck	Registered CESP (FSA 30 Jun 2026)	Not clearly documented	Not on SFC licensed-VATP list	Not clearly documented
bitFlyer	Registered CESP (FSA 30 Jun 2026)	Not clearly documented	Not on SFC licensed-VATP list	Not clearly documented
HTX	Not on the FSA CESP list	Not clearly documented	Huobi HK application withdrawn (2024 SFC removal list)	Not clearly documented
Backpack	Not on the FSA CESP list	Not clearly documented	Not on SFC licensed-VATP list	Not clearly documented
Bullish	Not on the FSA CESP list under “Bullish”	Not clearly documented	Licensed: Bullish HK Markets Limited (SFC VATP)	Not clearly documented
HashKey	Registered: HashKey Japan Co., Ltd.	Not clearly documented	Licensed: Hash Blockchain Limited / HashKey Exchange	Not clearly documented
OSL	Registered: OSL Japan K.K.	Not clearly documented	Licensed: OSL Digital Securities Limited	Not clearly documented
Bitpanda	Not on the FSA CESP list	Not clearly documented	Not on SFC licensed-VATP list	Not clearly documented

South Korea (not in the grid). Upbit and Bithumb are the domestic KRW venues that matter for this directory. Korean virtual-asset service providers are a local registration/reporting perimeter (KOFIU / FSC-related). This package did not open a complete official Korean VASP register dump; treat Korean authorization for every global brand as requires local verification. Neither Upbit nor Bithumb should be described as “available worldwide.”

6. Detailed CEX directory

Each entry is written so it can be updated on its own. Volatile fields are called out.

Binance ↗

Official website: https://www.binance.com · Japan: https://www.binance.co.jp · US: https://www.binance.us
Main operating entities (documented, not exhaustive): ADGM-regulated Binance.com entities described as exchange, clearing, and broker-dealer. The FSRA public register independently confirms Nest Trading Limited (FSP 260000, Active, effective 5 Jan 2026, website binance.com) as one of those entities; it is not permitted to hold or control client money on that register row. Binance Japan Inc. and Binance.US (a separate US company) are not interchangeable with the ADGM entities.
Headquarters / principal jurisdiction: Global platform supervision described by ADGM/FSRA from January 2026; Japan and US entities are local.
Official FSRA register (confirmed entity): https://www.adgm.com/public-registers/fsra/firms/financial-firms/nest-trading-limited-260000
Spot: Yes · Derivatives: Region- and entity-dependent · Fiat in/out: Entity-dependent
KYC: Required for full use
Proof of reserves: Binance publishes a PoR page (snapshot cited on-site around 1 Aug 2026 during research). Treat as attestation.
Official PoR URL: https://www.binance.com/en/proof-of-reserves
Key strengths: Deep global liquidity on the international platform; a registered Japanese CESP; a separate US venue; ADGM authorization of the global platform.
Main limitations: No Binance row in ESMA’s CASP file dated 12 August 2026; EU access after 1 July 2026 must be treated as restricted unless a user can see a live CASP authorization. Binance.US does not serve New York and several other states. Binance.com is not a US or Japan substitute.
Last verified: 2026-08-14
Especially volatile: EU access, Binance.US state list, derivatives eligibility.

Coinbase ↗

Official website: https://www.coinbase.com
Main operating entities: Coinbase, Inc. (US); Coinbase Luxembourg S.A. (CSSF CASP N00000004, RCS B292147); Coinbase Ireland Limited (CBI EMI C188493); CB Payments, Ltd (UK EMI + MLR 900635); Coinbase Co., Ltd. (Japan CESP); Coinbase Financial Services Europe Ltd (CySEC CIF 374/19).
Headquarters / principal jurisdiction: US-listed group with multiple licensed affiliates.
Spot: Yes · Derivatives: Region-dependent · Fiat in/out: Yes in major licensed markets
KYC: Required
Proof of reserves: Not relied on here as a verified public PoR product
Key strengths: Broad US state MTL + NYDFS virtual-currency permission; a named EU CASP; UK EMI/MLR entity; Japanese registration.
Main limitations: Products still differ by entity (US exchange vs EEA CASP vs Ireland e-money). A US account is not an EEA CASP relationship.
Last verified: 2026-08-14
Especially volatile: Which Coinbase entity a user is onboarded to after MiCA migration; US state product differences.

Kraken ↗

Official website: https://www.kraken.com
Main operating entities: Payward Europe Solutions Limited and Payward Global Solutions Limited (Ireland, CBI CASP authorizations 25 Jun 2025); UK Payward / Crypto Facilities entities described on Kraken’s own licence article; US Payward Interactive (FinCEN).
Headquarters / principal jurisdiction: US group with Irish CASP entities for EEA.
Spot: Yes · Derivatives: Often blocked for retail in the UK and Canada; elsewhere region-dependent
Fiat in/out: Yes in major markets
KYC: Required
Proof of reserves: Not clearly documented as a scoped public attestation on the pages reviewed
Key strengths: Named Irish CASPs; long-standing US and UK perimeter; relatively explicit public licence article.
Main limitations: Not on Japan’s CESP list; Kraken has said it is not licensed in Singapore; no NY/ME on Kraken’s own US description; derivatives are not a global retail product.
Last verified: 2026-08-14
Especially volatile: Passporting scope of the two Irish entities (the trading-platform authorization is narrower in the ESMA file); VARA status.

OKX ↗

Official website: https://www.okx.com
Main operating entities (from OKX Terms, 24 Jul 2026): OKX Europe Limited (Malta, EEA); OKX Europe Markets Limited (Malta investment firm, expiry futures); OKX INC. (US); OKX Australia companies; OKX Middle East Fintech FZE (UAE); OKX SG Pte. Ltd. (licensed DPT); OKX Financial Pte. Ltd. (unlicensed SG products); OKX Serviços Digitais Ltda. (Brazil); OKX Fintech, S.A. de C.V. (El Salvador / LatAm); Aux Cayes FinTech Co. Ltd. (Seychelles) for other eligible users.
Spot: Yes · Derivatives: Region- and entity-dependent · Fiat in/out: Entity-dependent
KYC: Required for full use
Proof of reserves: Firm publishes PoR material; treat as attestation
Key strengths: Early MFSA CASP (27 Jan 2025); explicit multi-entity terms; licensed SG DPT entity named separately from unlicensed SG products.
Main limitations: Hong Kong VATP application withdrawn (24 May 2024). Seychelles entity is not a MiCA CASP. US access is a different company and product set.
Last verified: 2026-08-14
Especially volatile: Which contracting entity a user gets; SG licensed vs unlicensed product split.

Bybit ↗

Official website: https://www.bybit.com · EU: https://www.bybit.eu
Main operating entities: Global Bybit group companies (see current Platform Terms); Bybit EU GmbH (Vienna; FMA CASP 28 May 2025).
Spot: Yes · Derivatives: Core global product; EU/UK/other local rules differ
Fiat in/out: Limited
KYC: Required for full use
Proof of reserves: Not independently verified here
Official restricted-countries page: https://www.bybit.com/en/help-center/article/Service-Restricted-Countries (updated 6 Aug 2026)
Key strengths: Separate EU CASP entity; deep global derivatives liquidity on the international platform.
Main limitations: Global terms exclude the United States, Chinese Mainland, Hong Kong, Singapore, Canada, and several sanctioned or restricted territories. Spark Fintech Limited is an SFC applicant, not a licensed HK VATP. Bybit is not on Japan’s CESP list. bybit.com ≠ bybit.eu.
Last verified: 2026-08-14
Especially volatile: Excluded-jurisdiction list; relationship between global accounts and the Austrian entity.

Bitget ↗

Official website: https://www.bitget.com
Main operating entity (Terms, 3 Aug 2026): BTG Technology Holdings Limited
Spot: Yes · Derivatives: Yes on the global platform
Fiat in/out: Bitget states it does not provide fiat services itself; third-party providers do
KYC: Required
Proof of reserves: Not independently verified here
Official terms: https://www.bitget.com/support/articles/360014944032-terms-of-use
Key strengths: Broad global product set where the terms allow access.
Main limitations: Official prohibited list includes the United States, Canada, France, Germany, Austria, Hong Kong, Singapore, Japan, and many sanctioned territories. No Bitget CASP row in the ESMA extract used for this page. Not a substitute for a MiCA-authorized EEA venue in the prohibited member states.
Last verified: 2026-08-14
Especially volatile: Prohibited-country list; any future EU entity.

Crypto.com ↗

Official website: https://crypto.com
Main operating entities: Foris DAX MT Limited (Malta CASP, 27 Jan 2025); Foris DAX HK Limited (SFC applicant / deemed-to-be-licensed, not licensed); other Foris/Crypto.com affiliates listed on the official licences page.
Official licences page: https://crypto.com/us/licenses
Spot: Yes · Derivatives: Region-dependent · Fiat in/out: Yes in major markets
KYC: Required
Proof of reserves: Not independently verified here
Key strengths: Named Malta CASP; public multi-jurisdiction licences page; MAS MPI has been announced for the Singapore affiliate.
Main limitations: Hong Kong is an application, not an SFC VATP licence. The licences page is a company directory, not a substitute for the regulator register in each country.
Last verified: 2026-08-14
Especially volatile: HK application outcome; which entity serves which country after MiCA.

Gemini ↗

Official website: https://www.gemini.com
Main operating entities: US Gemini trust / exchange entities (state-split user agreement dated 19 Feb 2026); Gemini Intergalactic EU Ltd (Malta CASP, 21 Aug 2025).
Spot: Yes · Derivatives: Limited / region-dependent · Fiat in/out: Yes in core markets
KYC: Required
Proof of reserves: Not independently verified here
Key strengths: Long-standing NY-regulated US venue; named EU CASP.
Main limitations: Not on Japan’s CESP list or the SFC licensed-VATP list. US terms differ by state of residence.
Last verified: 2026-08-14
Especially volatile: US state agreement split; EU product scope.

KuCoin ↗

Official website: https://www.kucoin.com · EU: https://www.kucoin.eu
Main operating entities: Global KuCoin group; KuCoin EU Exchange GmbH (Vienna; FMA CASP 27 Nov 2025).
Spot: Yes · Derivatives: Region-dependent
Fiat in/out: Limited
KYC: Required for full use
Proof of reserves: Not independently verified here
Key strengths: Separate EU CASP; wide token list on the global venue.
Main limitations: Global site and EU site are different contracts. Not on Japan’s CESP list or the SFC licensed-VATP list. US access is generally restricted.
Last verified: 2026-08-14
Especially volatile: Whether a user is on the Austrian entity or the global entity.

Gate.io / Gate ↗

Official website: https://www.gate.io / https://www.gate.com · EU: https://www.gate.com/en-eu
Main operating entities: Global Gate companies; Gate Technology Limited (Malta CASP, 29 Sep 2025); Gate Japan Co., Ltd. (CESP).
Spot: Yes · Derivatives: Region-dependent
Fiat in/out: Limited
KYC: Required for full use
Proof of reserves: Not independently verified here
Key strengths: Named EU CASP and a registered Japanese CESP.
Main limitations: Gate.HK VATP application withdrawn 22 May 2024. Global token list is not the EU or Japan product.
Last verified: 2026-08-14
Especially volatile: Which domain/entity a resident is offered.

MEXC ↗

Official website: https://www.mexc.com
Main operating entity: Not clearly documented on a regulator register reviewed for this page
Spot: Yes · Derivatives: Yes on the global platform
Fiat in/out: Limited
KYC: Required for full use
Proof of reserves: Not independently verified here
Key strengths: Large global altcoin catalogue where the terms allow access.
Main limitations: No ESMA CASP row, no Japan CESP row, no SFC VATP licence found under this name. Geographic legality is not clearly documented from primary sources opened for this package.
Last verified: 2026-08-14
Especially volatile: Any new local licence; sudden country offboarding.

Bitstamp ↗

Official website: https://www.bitstamp.net
Main operating entities: Bitstamp Europe S.A. (Luxembourg CASP, 15 May 2025); Bitstamp USA, Inc. (NYDFS virtual-currency and money-transmitter language on the official app listing). Operates as Bitstamp by Robinhood.
Spot: Yes · Derivatives: Limited · Fiat in/out: Yes in core markets
KYC: Required
Proof of reserves: Not independently verified here
Key strengths: Named EU CASP; long-running European venue; US entity with NYDFS language.
Main limitations: Product set is narrower than global derivatives CEXs. Robinhood ownership does not automatically extend Robinhood’s US permissions to every Bitstamp user.
Last verified: 2026-08-14
Especially volatile: Post-acquisition entity mapping.

Upbit ↗

Official website: https://upbit.com
Main operating entity: Dunamu-related Korean exchange operator (confirm the current licensed company name on Korean registers)
Spot: Yes · Derivatives: Limited / local · Fiat in/out: KRW-centered
KYC: Required
Proof of reserves: Not independently verified here
Key strengths: Primary KRW spot venue; local Korean compliance perimeter.
Main limitations: Not a global retail CEX in the Binance/OKX sense. Non-Korean access and any overseas entities are not clearly documented in the primary sources opened here.
Last verified: 2026-08-14
Especially volatile: Korean VASP register details; any overseas expansion.

Bithumb ↗

Official website: https://www.bithumb.com
Main operating entity: Korean exchange operator (confirm current company on Korean registers)
Spot: Yes · Derivatives: Limited / local · Fiat in/out: KRW-centered
KYC: Required
Proof of reserves: Not independently verified here
Key strengths: Major domestic KRW venue.
Main limitations: Same as Upbit: local-first. Do not describe as globally licensed.
Last verified: 2026-08-14

Coincheck ↗

Official website: https://coincheck.com
Main operating entity: Coincheck, Inc. — registered Japanese CESP (Kanto Finance Bureau No. 00014, registered 2019/1/11)
Spot: Yes · Derivatives: Limited / local · Fiat in/out: JPY
KYC: Required
Proof of reserves: Not independently verified here
Key strengths: Domestic Japan registration; JPY rails.
Main limitations: Japan listing is not an EU, UK, or US licence.
Last verified: 2026-08-14

bitFlyer ↗

Official website: https://bitflyer.com
Main operating entity: bitFlyer, Inc. — registered Japanese CESP (Kanto Finance Bureau No. 00003, registered 2017/9/29). Overseas affiliates have existed; confirm each market separately.
Spot: Yes · Derivatives: Limited / local · Fiat in/out: JPY and some other rails
KYC: Required
Proof of reserves: Not independently verified here
Key strengths: Early Japan CESP; broad JPY spot catalogue on the FSA list.
Main limitations: Overseas products are other entities. Not on the SFC licensed-VATP list.
Last verified: 2026-08-14

HTX ↗

Official website: https://www.htx.com
Main operating entity: HTX group (formerly Huobi). Exact current parent is not clearly documented on the regulator registers used here.
Spot: Yes · Derivatives: Region-dependent
Fiat in/out: Limited
KYC: Required for full use
Proof of reserves: Not independently verified here
Key strengths: Large global product set where still offered.
Main limitations: HBGL Hong Kong Limited / Huobi HK appears on the SFC withdrawn-application list. No ESMA CASP row and no Japan CESP row found under HTX. Treat most country cells as not clearly documented.
Last verified: 2026-08-14

Backpack ↗

Official website: https://backpack.exchange · EU: https://eu.backpack.exchange
Main operating entities: Global Backpack exchange operator; Trek Technologies SIA (Latvia; Latvijas Banka CASP 27 May 2026) as Backpack EU.
Spot: Yes · Derivatives: Region-dependent
Fiat in/out: Limited
KYC: Required for full use
Proof of reserves: Not independently verified here
Key strengths: Named EU CASP; Solana-ecosystem focus on the global venue.
Main limitations: EU site and global site are different. Not on Japan or SFC licensed lists under this brand.
Last verified: 2026-08-14

Bullish ↗

Official website: https://bullish.com
Main operating entities: Bullish HK Markets Limited (SFC-licensed VATP); Bullish Europe GmbH (BaFin CASP, 4 Sep 2025).
Spot: Yes · Derivatives: Region-dependent; HK licensed VATPs have historically been spot-constrained
Fiat in/out: Limited / institutional
KYC: Required
Proof of reserves: Not independently verified here
Key strengths: One of the few global brands that is both an SFC-licensed HK VATP and an EU CASP.
Main limitations: Institutional tilt; do not assume retail derivatives in Hong Kong.
Last verified: 2026-08-14

HashKey Exchange ↗

Official website: https://www.hashkey.com
Main operating entities: Hash Blockchain Limited (SFC-licensed VATP, HashKey Exchange); HashKey Japan Co., Ltd. (CESP, FSA 30 Jun 2026).
Spot: Yes · Derivatives: Restricted on the licensed HK platform
Fiat in/out: Limited / local
KYC: Required
Proof of reserves: Not independently verified here
Key strengths: SFC licence; Japan registration.
Main limitations: No ESMA CASP row found. Licensed HK VATPs are not global offshore derivatives venues.
Last verified: 2026-08-14

OSL ↗

Official website: https://www.osl.com · EU: https://www.osl.com/eu
Main operating entities: OSL Digital Securities Limited (SFC-licensed VATP); OSL EU GmbH (FMA CASP, 7 Jul 2026); OSL Japan K.K. (CESP).
Spot: Yes · Derivatives: Restricted on the licensed HK platform
Fiat in/out: Limited / local
KYC: Required
Proof of reserves: Not independently verified here
Key strengths: SFC licence plus a 2026 Austrian CASP and a Japan CESP — three primary-source perimeters.
Main limitations: Still not a “worldwide” retail mega-exchange. Product scope is local.
Last verified: 2026-08-14

Bitpanda ↗

Official website: https://www.bitpanda.com
Main operating entity: Bitpanda GmbH (Vienna; FMA CASP 9 Apr 2025, broad EEA service list in ESMA). Additional DE/MT rows exist for affiliates.
Spot: Yes · Derivatives: Limited · Fiat in/out: Yes in EEA focus markets
KYC: Required
Proof of reserves: Not independently verified here
Key strengths: Early Austrian CASP with wide EEA passporting in the ESMA file; consumer fiat on-ramp design.
Main limitations: Not documented here as a US, Japan, or HK licensed exchange.
Last verified: 2026-08-14

7. DEX distinction that matters more than the brand name

A DEX is not “available worldwide” just because a contract address exists.

The contracts may be deployed and callable by anyone who can send a transaction to that chain.
The official website / app may be reachable, or it may return an error, a legal wall, or a reduced product.
The official frontend’s terms may forbid residents of sanctioned regions or, less often, named countries. Uniswap Labs’ Terms (last modified 28 July 2026) bar sanctioned persons and persons in jurisdictions under comprehensive US sanctions. That is not a published country-by-country allowlist.
Wallets, RPC providers, fiat ramps, and app stores can impose their own blocks. A MetaMask, Apple, or RPC failure is not the same as the AMM being offline.

This page does not explain how to bypass any of those layers.

Interface ≠ protocol. Uniswap Labs says it does not control the Uniswap Protocol. The same pattern appears on most large DEXs: a lab/foundation runs a website; the contracts sit on a chain.

8. DEX categories

“DEX” is several products. Do not compare them as if they were one service.

Category	What it does	Examples on this page
Traditional AMM	Formula-priced pools, usually constant-product or a close cousin	Sushi, classic PancakeSwap pools, QuickSwap v2-style pools
Concentrated-liquidity AMM	Liquidity is placed in price ranges (Uniswap v3/v4 style)	Uniswap, PancakeSwap v3, many newer EVM DEXs
Stablecoin-focused DEX	Curves designed for like-priced assets	Curve
Order-book DEX	Bids/asks, often on an app chain	Hyperliquid, dYdX
DEX aggregator	Routes across venues	Jupiter, 1inch, CoW Swap (intent/settlement)
Perpetual DEX	Leveraged perps	Hyperliquid, dYdX, GMX, Drift
Cross-chain / hybrid	Bridging plus swap, or a frontend that spans many deployments	Some aggregator features; GMX Account; PancakeSwap’s multi-chain app

Uniswap is a spot AMM protocol. Jupiter is a Solana router. Hyperliquid is an L1 with on-chain books. Those three sentences are the whole point of this section.

9. Detailed DEX directory (by ecosystem)

Wallet connection is Yes for every venue below unless an official product says otherwise. Self-custody is user-held keys unless you deposit into a venue-specific account contract (still not a CEX account, but it is a contract you can lose funds in).

DEX overview

Scan every DEX on this page first. Names open the official site. Full notes and caveats are in the directory below.

DEX	Main ecosystem	Type	Best for	Chain coverage
Uniswap ↗	Ethereum / EVM	AMM	Spot swaps	Multi-chain
Curve ↗	Ethereum / EVM	Stable AMM	Like-asset swaps	Multi-chain EVM
Balancer ↗	Ethereum / EVM	Weighted AMM	Flexible pools	Multi-chain EVM
Sushi ↗	Ethereum / EVM	AMM	Spot swaps	Multi-chain EVM
PancakeSwap ↗	BNB Chain	AMM	Spot / multi-chain	Multi-chain
Aerodrome ↗	Base	AMM	Base spot	Base
Velodrome ↗	Optimism	AMM	Optimism spot	Optimism
Camelot ↗	Arbitrum	AMM	Arbitrum spot	Arbitrum
QuickSwap ↗	Polygon	AMM	Polygon spot	Polygon
Thena ↗	BNB Chain	AMM	BNB Chain spot	BNB Chain
GMX ↗	Arbitrum	Perps	Leveraged trading	Arbitrum / Avalanche / MegaETH
1inch ↗	Ethereum / EVM	Aggregator	Routing / spot	Multi-chain EVM
CoW Swap ↗	Ethereum	Aggregator	MEV-aware routing	Ethereum / EVM
Jupiter ↗	Solana	Aggregator	Routing / spot	Solana
Raydium ↗	Solana	AMM / CLMM	Spot / liquidity	Solana
Orca ↗	Solana	AMM	Solana spot	Solana
Meteora ↗	Solana	AMM	Solana liquidity	Solana
Drift ↗	Solana	Perps	Leveraged trading	Solana
LFJ ↗	Avalanche	AMM	Avalanche spot	Avalanche
Cetus ↗	Sui	AMM	Sui spot	Sui
Bluefin ↗	Sui	Order book	Perpetuals	Sui
STON.fi ↗	TON	AMM	TON spot	TON
Osmosis ↗	Cosmos	AMM	Cosmos spot	Cosmos / IBC
dYdX ↗	dYdX Chain	Order book	Perpetuals	dYdX Chain
Hyperliquid ↗	Hyperliquid L1	Order book	Perpetuals	Hyperliquid

Ethereum and EVM L2s

Uniswap ↗

Official website: https://app.uniswap.org · Docs: https://developers.uniswap.org
Native / main ecosystem: Ethereum
Supported blockchains (official v3 deployment index): Ethereum, Unichain, Arbitrum, Optimism, Polygon, Base, BNB Chain, Avalanche C-Chain, Celo, ZKsync, Zora, World Chain, X Layer, Monad, MegaETH, Tempo, Robinhood Chain. Not Solana, Sui, Aptos, Cosmos, or TON on that official v3 list.
DEX type: Concentrated-liquidity AMM (v3/v4) plus earlier AMMs; the Interface also reaches third-party vaults and auctions
Spot: Yes · Perpetuals: No (not the core protocol)
Gas tokens: Native gas of the selected chain (ETH on Ethereum/most L2s, BNB on BNB Chain, AVAX on Avalanche, etc.)
Cross-chain: Bridged/wrapped assets exist; Uniswap Labs’ terms say Labs does not operate bridges
Liquidity model: LP fees in pools; optional protocol fee if governance enables it
Frontend policy: Uniswap Labs Terms, last modified 28 July 2026 — age of majority; not a sanctioned person; not in a comprehensively US-sanctioned jurisdiction. Not a full geo directory.
Strengths: Canonical EVM spot venue; official multi-chain deployment list.
Limitations / security: Smart-contract, MEV, approval, and fake-token risk. Interface ≠ protocol.
Last verified: 2026-08-14

Curve ↗

Official website: https://www.curve.finance
Native / main ecosystem: Ethereum
Supported blockchains: Official app is multi-chain; Ethereum is confirmed from the live app path. Other EVM deployments exist; confirm the current chain list in the app before treating a chain as supported. Do not assume every EVM chain.
DEX type: Stablecoin-focused AMM (StableSwap and later variants) plus other pool types
Spot: Yes · Perpetuals: No
Gas tokens: Chain-native
Cross-chain: Some pools use bridged assets — that is bridge risk, not a Curve “transfer service”
Liquidity model: Specialized invariant for correlated assets; DAO/gauge incentives on some pools
Strengths: Deep like-asset swaps when pools are healthy.
Limitations / security: Pool-parameter risk, smart-contract history matters, wrapped-asset risk.
Last verified: 2026-08-14

Balancer ↗

Official website: https://balancer.fi
Native / main ecosystem: Ethereum
Supported blockchains: Multi-chain EVM deployments; confirm in official docs/app. Not Solana/Sui/TON.
DEX type: Weighted / composable AMM
Spot: Yes · Perpetuals: No
Gas tokens: Chain-native
Strengths: Flexible pool math; used as DeFi infrastructure.
Limitations / security: Pool-type complexity; composability risk.
Last verified: 2026-08-14

Sushi ↗

Official website: https://www.sushi.com
Native / main ecosystem: Ethereum, historically multi-chain
Supported blockchains: Multiple EVM chains via official app. Confirm current deployments in the app. Not a Solana-native AMM.
DEX type: AMM / hybrid
Spot: Yes · Perpetuals: Not the core product
Strengths: Wide historical multi-chain footprint.
Limitations: Liquidity is uneven; chain support changes.
Last verified: 2026-08-14

PancakeSwap ↗

Official website: https://pancakeswap.finance · Docs: https://docs.pancakeswap.finance
Native / main ecosystem: BNB Chain
Supported blockchains (official product overview): BNB Chain, Ethereum, Solana, Base, Arbitrum, Aptos, ZKsync, Linea, Monad, Robinhood Chain, opBNB — eleven chains in the current docs.
DEX type: AMM + concentrated liquidity; also farms, perps (where offered), and other products
Spot: Yes · Perpetuals: Offered as a separate product on some deployments — confirm in-app
Gas tokens: BNB on BNB Chain/opBNB; ETH on Ethereum/L2s; SOL on Solana; APT on Aptos
Strengths: Official, current multi-chain list including Solana and Aptos.
Limitations / security: Large attack surface because of many products and chains; always verify contract addresses from official docs.
Last verified: 2026-08-14

Aerodrome ↗

Official website: https://aerodrome.finance · Docs / contracts: https://aerodrome.finance/security
Native / main ecosystem: Base
Supported blockchains: Base (do not mark other chains unless the official app lists them)
DEX type: ve(3,3)-style AMM / concentrated liquidity on Base
Spot: Yes · Perpetuals: No
Gas token: ETH on Base
Strengths: Primary spot liquidity hub on Base.
Limitations: Single-ecosystem concentration; token-incentive complexity.
Last verified: 2026-08-14

Velodrome ↗

Official website: https://velodrome.finance · Docs / contracts: https://velodrome.finance/security
Native / main ecosystem: Optimism
Supported blockchains: Optimism (and Superchain deployments only if shown in the official app)
DEX type: ve(3,3)-style AMM
Spot: Yes · Perpetuals: No
Gas token: ETH on Optimism
Strengths: Core Optimism spot venue.
Limitations: Ecosystem-specific; incentive-driven liquidity can move.
Last verified: 2026-08-14

Camelot ↗

Official website: https://camelot.exchange
Native / main ecosystem: Arbitrum
Supported blockchains: Arbitrum (confirm any extra chains in-app)
DEX type: AMM / concentrated liquidity
Spot: Yes · Perpetuals: No
Gas token: ETH on Arbitrum
Strengths: Arbitrum-native spot venue.
Limitations: Thinner than Uniswap on some pairs; verify official contracts.
Last verified: 2026-08-14

QuickSwap ↗

Official website: https://quickswap.exchange
Native / main ecosystem: Polygon
Supported blockchains: Polygon; other deployments only if the official app lists them
DEX type: AMM / concentrated liquidity
Spot: Yes · Perpetuals: Not the core product
Gas token: POL/MATIC on Polygon (confirm the current gas token in-wallet)
Strengths: Long-standing Polygon spot venue.
Limitations: Liquidity is pair-specific; official frontend is not the contracts.
Last verified: 2026-08-14

Thena ↗

Official website: https://thena.fi
Native / main ecosystem: BNB Chain
Supported blockchains: BNB Chain
DEX type: ve(3,3)-style AMM
Spot: Yes · Perpetuals: No
Gas token: BNB
Strengths: BNB Chain spot alternative to PancakeSwap.
Limitations: Smaller than PancakeSwap on most pairs.
Last verified: 2026-08-14

GMX ↗

Official website: https://gmx.io · Docs: https://docs.gmx.io/docs/intro
Native / main ecosystem: Arbitrum
Supported blockchains (official intro): Perps/spot on Arbitrum, Avalanche, and MegaETH. GMX Account can be used from other supported chains including Ethereum, Base, and BNB.
DEX type: Oracle-priced perpetual + swap pools (not a CLOB)
Spot: Yes (swaps against pools) · Perpetuals: Yes (up to the leverage the docs state; confirm live UI)
Gas tokens: ETH (Arbitrum), AVAX (Avalanche), plus origin-chain gas if using GMX Account
Liquidity model: GM / GLV pools; LPs earn a documented share of fees
Strengths: Official multi-chain perps docs; oracle pricing rather than an AMM curve for the index.
Limitations / security: Oracle risk, LP inventory risk, leverage/liquidation risk. GMX Account does not remove those risks.
Last verified: 2026-08-14

1inch ↗

Official website: https://1inch.com · App: https://app.1inch.io
Native / main ecosystem: Ethereum / EVM
Supported blockchains: Multiple EVM networks via the official app. This is routing support, not 1inch deploying every AMM. Confirm the live network list in the app. Not Solana-native.
DEX type: Aggregator
Spot: Yes (routed) · Perpetuals: No
Gas tokens: Destination-chain native gas
Strengths: Splits orders across EVM venues.
Limitations: Router + underlying-pool risk; frontend terms apply.
Last verified: 2026-08-14

CoW Swap ↗

Official website: https://swap.cow.fi
Native / main ecosystem: Ethereum
Supported blockchains: Ethereum and a small set of EVM chains shown in the official app (confirm live list). Not Solana/Sui/TON.
DEX type: Intent / batch-auction settlement (aggregator-like)
Spot: Yes · Perpetuals: No
Strengths: MEV-aware batching; signed intents rather than an immediate AMM swap.
Limitations: Solver / settlement-contract risk; fewer chains than Uniswap.
Last verified: 2026-08-14

Solana

Jupiter ↗

Official website: https://jup.ag · Docs: https://developers.jup.ag
Native / main ecosystem: Solana
Supported blockchains: Solana for execution. Other chains appear only if Jupiter documents a specific product (do not assume EVM routing).
DEX type: Aggregator (plus limit/trigger orders and other Solana products in the docs)
Spot: Yes · Perpetuals: Separate Jupiter product exists in the wider suite — confirm in official docs before treating it as the same app
Gas token: SOL
Liquidity model: Routes through Solana AMMs and other Solana liquidity
Strengths: Default Solana routing layer; official developer docs.
Limitations: Solana outage/congestion risk; underlying AMM and token-spam risk.
Frontend restrictions: Not a published country directory on the pages reviewed.
Last verified: 2026-08-14

Raydium ↗

Official website: https://raydium.io · Docs: https://docs.raydium.io
Native / main ecosystem: Solana
Supported blockchains: Solana
DEX type: AMM / concentrated liquidity
Spot: Yes · Perpetuals: Official docs include a Perps product — confirm in-app; not the core AMM
Gas token: SOL
Strengths: Deep Solana spot pools; often a Jupiter route target.
Limitations: New-pool spam; verify mint addresses.
Last verified: 2026-08-14

Orca ↗

Official website: https://www.orca.so · Docs: https://docs.orca.so
Native / main ecosystem: Solana
Supported blockchains: Solana
DEX type: Concentrated-liquidity AMM
Spot: Yes · Perpetuals: No
Gas token: SOL
Strengths: Straightforward Solana CL AMM.
Limitations: Solana-only.
Last verified: 2026-08-14

Meteora ↗

Official website: https://meteora.ag · Docs: https://docs.meteora.ag
Native / main ecosystem: Solana
Supported blockchains: Solana
DEX type: Dynamic / DLMM-style AMM
Spot: Yes · Perpetuals: No
Gas token: SOL
Strengths: Solana liquidity infrastructure used by other apps.
Limitations: Pool-parameter complexity; mint-spam risk.
Last verified: 2026-08-14

Drift ↗

Official website: https://www.drift.trade · Docs: https://docs.drift.trade
Native / main ecosystem: Solana
Supported blockchains: Solana
DEX type: Perpetuals (hybrid on-chain)
Spot: Limited / not the core product · Perpetuals: Yes
Gas token: SOL
Strengths: Solana-native perps alternative to leaving the ecosystem.
Limitations: Leverage, insurance-fund, and oracle risk. Frontend geo rules may apply.
Last verified: 2026-08-14

Avalanche

LFJ (Trader Joe) ↗

Official website: https://lfj.gg · Docs: https://docs.lfj.gg
Native / main ecosystem: Avalanche
Supported blockchains: Avalanche; official docs mention other deployments. Confirm the live app before treating extra chains as supported.
DEX type: Liquidity-book / concentrated AMM
Spot: Yes · Perpetuals: Not the core product
Gas token: AVAX
Strengths: Primary Avalanche spot venue historically associated with Trader Joe.
Limitations: Brand/domain migration (LFJ) — bookmark the official domain only.
Last verified: 2026-08-14

BNB Chain

Covered above under PancakeSwap and Thena. PancakeSwap remains the primary BNB Chain spot venue in this directory.

Sui

Cetus ↗

Official website: https://www.cetus.zone · Docs: https://cetus-1.gitbook.io/cetus-docs
Native / main ecosystem: Sui
Supported blockchains: Sui (official docs still mention Aptos; confirm any Aptos leftover only if the official app still lists it)
DEX type: Concentrated-liquidity AMM
Spot: Yes · Perpetuals: No
Gas token: SUI
Strengths: Major Sui spot venue.
Limitations: Prior exploit history in the Cetus ecosystem is a reminder that audits are not a guarantee. Use official links only.
Last verified: 2026-08-14

Bluefin ↗

Official website: https://bluefin.io · Docs: https://learn.bluefin.io
Native / main ecosystem: Sui
Supported blockchains: Sui
DEX type: Order book / perps (confirm live product mix in official docs)
Spot: Yes (if offered in the current UI) · Perpetuals: Yes
Gas token: SUI
Strengths: Sui derivatives venue.
Limitations: Leverage and liquidation risk; frontend terms may restrict regions.
Last verified: 2026-08-14

Aptos

PancakeSwap’s official docs include Aptos. That is the Aptos row this directory can mark from a primary source. Other Aptos-native AMMs exist; they are omitted rather than padded.

TON

STON.fi ↗

Official website: https://ston.fi · Docs: https://docs.ston.fi
Native / main ecosystem: TON
Supported blockchains: TON
DEX type: AMM
Spot: Yes · Perpetuals: No
Gas token: TON
Strengths: Primary TON spot venue in this directory.
Limitations: TON wallet UX differs from EVM/Solana; confirm official links (fake TON DEXs are common).
Last verified: 2026-08-14

Cosmos

Osmosis ↗

Official website: https://osmosis.zone · Docs: https://docs.osmosis.zone
Native / main ecosystem: Cosmos (Osmosis chain)
Supported blockchains: Osmosis app-chain; IBC-connected Cosmos assets. This is not an Ethereum deployment.
DEX type: AMM
Spot: Yes · Perpetuals: Not the core product
Gas token: OSMO
Cross-chain: IBC, which is a different risk model from lock-mint EVM bridges
Strengths: Cosmos hub of spot liquidity.
Limitations: IBC and app-chain validator-set risk.
Last verified: 2026-08-14

dYdX ↗

Official website: https://dydx.trade · Docs: https://docs.dydx.xyz
Native / main ecosystem: dYdX Chain (Cosmos stack)
Supported blockchains: dYdX Chain for matching/settlement. Collateral typically arrives via a documented deposit path — that path is bridge/bridging-adjacent risk, not “dYdX runs on Ethereum.”
DEX type: Order-book perpetuals
Spot: No (core product is perps) · Perpetuals: Yes
Gas token: DYDX / chain gas as documented; trading UX often abstracts this
Frontend restrictions: Official help material has described geo-blocking of the hosted UI. Treat the frontend as restricted; do not treat the chain as a travel workaround.
Strengths: Long-running perps protocol now on its own chain; official integration docs.
Limitations: Leverage, liquidation, validator-set, and frontend-policy risk.
Last verified: 2026-08-14

Hyperliquid L1

Hyperliquid ↗

Official website: https://hyperliquid.xyz · Docs: https://hyperliquid.gitbook.io/hyperliquid-docs
Native / main ecosystem: Hyperliquid L1
Supported blockchains: Hyperliquid (HyperCore + HyperEVM). Deposits are commonly described via an Arbitrum USDC path — that is a bridge into Hyperliquid, not Hyperliquid “running on Arbitrum.”
DEX type: On-chain order book (perps and spot on HyperCore)
Spot: Yes (HyperCore spot books) · Perpetuals: Yes
Gas / fees: L1 gas/fee model as documented; not Ethereum gas
Liquidity model: Central limit order book; protocol vaults (e.g. HLP) as documented
Strengths: Official docs: HyperBFT L1, HyperCore books with one-block finality, stated ~200k orders/second capacity, HyperEVM for general contracts.
Limitations / security: Newer L1 and smaller validator set than Ethereum; leverage risk; official frontend terms may restrict users. Not a Uniswap-style AMM.
Last verified: 2026-08-14

There is no Uniswap-on-Bitcoin equivalent in this directory. Bitcoin exposure on DEXs is usually:

Wrapped bitcoin (WBTC and successors) in EVM AMMs — issuer/custodian + contract risk.
Lightning / RGB / side-system swaps — different products, not listed here as major DEXs.
CEX bitcoin pairs — still CEX custody.

Treat wrapped-BTC pools as issuer + bridge + AMM risk, not as native Bitcoin settlement.

Multi-chain / cross-chain note

Aggregators and multi-chain frontends mix three different claims:

Execution network: the chain where the swap actually happens.
Routing support: the venues the router can see.
Cross-chain functionality: a bridge or intent that moves value between chains.

This page only marks a matrix cell when the protocol is deployed there or the official docs say the product executes there. A frontend logo is not a deployment.

10. DEX blockchain support matrix

Optional chain-by-chain grid. Open it only when you need execution versus routing detail.

View detailed DEX network matrix

Legend: Y = official docs or official deployment index support trading/execution there. R = router/account access from that chain, execution may be elsewhere. — = not claimed here.

Swipe or scroll sideways to compare every chain.

DEX	ETH	Sol	Base	Arb	OP	Pol	BNB	Avax	Sui	Aptos	Cosmos	TON	Other
Uniswap	Y	—	Y	Y	Y	Y	Y	Y	—	—	—	—	Unichain, ZKsync, Celo, Monad, MegaETH, Robinhood Chain, others on the v3 list
Curve	Y	—	Confirm in-app	Confirm in-app	Confirm in-app	Confirm in-app	Confirm in-app	Confirm in-app	—	—	—	—	Multi-chain EVM; do not assume all
Balancer	Y	—	Confirm in-app	Confirm in-app	Confirm in-app	Confirm in-app	Confirm in-app	Confirm in-app	—	—	—	—	Gnosis and others only if listed in-app
Sushi	Y	—	Confirm in-app	Confirm in-app	Confirm in-app	Confirm in-app	Confirm in-app	Confirm in-app	—	—	—	—	Historical multi-chain; verify live
PancakeSwap	Y	Y	Y	Y	—	—	Y	—	—	Y	—	—	ZKsync, Linea, Monad, Robinhood, opBNB
Aerodrome	—	—	Y	—	—	—	—	—	—	—	—	—	Base only
Velodrome	—	—	—	—	Y	—	—	—	—	—	—	—	Superchain extras only if listed
Jupiter	—	Y	—	—	—	—	—	—	—	—	—	—	Solana execution
Raydium	—	Y	—	—	—	—	—	—	—	—	—	—
Orca	—	Y	—	—	—	—	—	—	—	—	—	—
Meteora	—	Y	—	—	—	—	—	—	—	—	—	—
Drift	—	Y	—	—	—	—	—	—	—	—	—	—	Perps
Hyperliquid	—	—	—	R (common deposit path)	—	—	—	—	—	—	—	—	Hyperliquid L1
dYdX	—	—	—	—	—	—	—	—	—	—	Y (dYdX Chain)	—
GMX	R	—	R	Y	—	—	R	Y	—	—	—	—	MegaETH; Account from ETH/Base/BNB
Camelot	—	—	—	Y	—	—	—	—	—	—	—	—
LFJ	—	—	—	Confirm in-app	—	—	—	Y	—	—	—	—
Osmosis	—	—	—	—	—	—	—	—	—	—	Y	—	IBC assets
Cetus	—	—	—	—	—	—	—	—	Y	Confirm in-app	—	—
Bluefin	—	—	—	—	—	—	—	—	Y	—	—	—
Thena	—	—	—	—	—	—	Y	—	—	—	—	—
QuickSwap	—	—	Confirm in-app	—	—	Y	—	—	—	—	—	—
1inch	Y	—	Y	Y	Y	Y	Y	Y	—	—	—	—	Routing; confirm live networks
CoW Swap	Y	—	Confirm in-app	Confirm in-app	Confirm in-app	Confirm in-app	—	—	—	—	—	—	Small EVM set
STON.fi	—	—	—	—	—	—	—	—	—	—	—	Y

11. Which type of venue fits which job?

This is about venue types, not a “best exchange” list. It is not personal advice.

Situation	Type that usually fits	Why	Not the same as
Beginner buying crypto with EUR/USD	A CEX that is actually authorized where you live, with fiat rails	Bank transfer, account recovery, a support path	Any global website that merely loads
Need bank deposits or withdrawals	CEX or a regulated on-ramp, then optionally withdraw to a wallet	DEX protocols do not hold IBAN relationships	A DEX “buy crypto” button that is just a third-party ramp
Newly launched token	DEX / aggregator on that token’s home chain	CEXs list slowly; many never list	Assuming the token is real
Maximum self-custody	Self-custody wallet + DEX or on-chain order book	Keys never go to a firm	Leaving coins on a CEX “just this week”
Solana tokens	Solana aggregator (Jupiter) and Solana AMMs	Liquidity is on Solana	Bridging to Ethereum first “because Uniswap is bigger”
Ethereum / Base tokens	Uniswap-style AMM or an EVM aggregator; Aerodrome is Base-native	Official deployments exist there	Assuming every EVM DEX is on Base
Perpetuals	Perp DEX (Hyperliquid, dYdX, GMX, Drift) or a CEX derivatives book you are allowed to use	Different leverage and liquidation designs	Treating Uniswap as a perps venue
Fragmented liquidity	Aggregator (Jupiter, 1inch, CoW Swap)	Routes across pools	One pool with a familiar name
Do not want to deposit with a CEX	Self-custody + DEX	No exchange IOU	A “non-custodial” CEX feature that still holds keys

If a reader cannot name the legal entity on the other side of a CEX deposit, they do not yet know who they are trusting.

12. Safety

Inclusion in this directory is not a safety rating.

Fake CEX websites. Phishing domains mimic Binance, Coinbase, Kraken, OKX, Bybit, and the rest. Type the domain or use a bookmark. Do not follow ads.

Fake DEX frontends. The same attack exists for app.uniswap.org, jup.ag, hyperliquid.xyz, and PancakeSwap. A cloned site will ask for a seed phrase or a malicious approval.

Search-engine phishing. Sponsored results are a common distribution channel. Official links in this page can go stale; confirm on the project’s documentation or a regulator register when it matters.

Wallet drainers. Malicious sites ask you to sign Permit, Permit2, IncreaseAllowance, set-code, or “security update” messages. Read the wallet prompt. If you do not understand it, do not sign.

Malicious token approvals. AMMs need an allowance. Unlimited allowances to an unknown spender are how many drains complete days later. Review and revoke approvals on the chain you used.

Seed phrase / private-key scams. No CEX support agent, DEX “admin,” or airdrop site needs your seed. Anyone who asks for it is stealing the wallet.

Fake contract addresses. On EVM and Solana especially, ticker collisions are normal. Copy mints/addresses from official docs or a block explorer you navigated to yourself.

Token impersonation. A token named “USDT” on the wrong chain, or a new mint with the same ticker, is not Tether.

Smart-contract exploits. Audits reduce risk; they do not remove it. New pools and new farm contracts are higher risk.

Bridge risk. Wrapped or “native” assets that arrived through a bridge can go to zero if the bridge or issuer fails. Hyperliquid deposits via Arbitrum, dYdX deposits, and WBTC-style tokens all sit in this bucket.

Oracle risk. Perp DEXs and some AMMs depend on price feeds. A bad oracle can liquidate or misprice.

Exchange insolvency. CEX balances are IOUs. Proof of reserves is not bankruptcy remote. FTX-style failures remain the model to remember.

Custodial counterparty risk. Even a licensed CEX can freeze, delay, or haircut withdrawals within the law of its jurisdiction.

Account freezes. KYC, sanctions screening, chargebacks, and “compliance reviews” can lock a CEX account. That is a feature of the regulated model, not an edge case.

Regulatory changes. MiCA’s 1 July 2026 grandfathering end, the UK’s 2027 regime, and SFC VATP decisions are examples of rules that change who may serve whom. A venue that worked last year may offboard a country this year.

Stablecoin and wrapped-asset risk. A “$1” token is a claim on an issuer or a basket. Depeg, freeze, and issuer-failure risk sit on both CEXs and DEXs.

If a password is lost on a CEX, recovery is sometimes possible. If a seed phrase is lost on a DEX, it is not.

13. Disclaimer

This page is educational. It is not an offer, solicitation, endorsement, or personalized recommendation.

Sources

Access/verification date for all rows: 2026-08-14 unless a row says otherwise.

#	Source title	Organization	URL	Claims supported
1	Markets in Crypto-Assets Regulation (MiCA)	ESMA	https://www.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets-regulation-mica	MiCA framework; grandfathering until 1 Jul 2026; interim register last update 12 Aug 2026; CASP CSV download
2	Interim MiCA register — Crypto-asset service providers (CASPS.csv)	ESMA	https://www.esma.europa.eu/sites/default/files/2024-12/CASPS.csv	Named CASPs and dates: Coinbase Luxembourg S.A. 20/06/2025; Payward Europe Solutions Ltd & Payward Global Solutions Ltd 25/06/2025; OKX Europe Limited 27/01/2025; Foris DAX MT Limited (Crypto.com) 27/01/2025; Bitstamp Europe S.A. 15/05/2025; Gemini Intergalactic EU Ltd 21/08/2025; Gate Technology Limited 29/09/2025; Bybit EU GmbH 28/05/2025; KuCoin EU Exchange GmbH 27/11/2025; Bullish Europe GmbH 04/09/2025; OSL EU GmbH 07/07/2026; Trek Technologies SIA (Backpack EU) 27/05/2026; Bitpanda GmbH 09/04/2025. Absence of Binance, Bitget, MEXC, HTX, HashKey rows in the extract searched
3	A new regime for cryptoasset regulation	FCA	https://www.fca.org.uk/firms/new-regime-cryptoasset-regulation	New UK crypto regime expected 25 Oct 2027; final rules 30 Jun 2026; FSMA crypto regulations made 4 Feb 2026; page updated 24 Jul 2026
4	Lists of virtual asset trading platforms	SFC Hong Kong	https://www.sfc.hk/en/Welcome-to-the-Fintech-Contact-Point/Virtual-assets/Virtual-asset-trading-platforms-operators/Lists-of-virtual-asset-trading-platforms	Licensed VATPs including OSL, HashKey, Bullish HK Markets Limited; applicants including Foris DAX HK (Crypto.com, deemed) and Spark Fintech (Bybit); withdrawn OKX HK 24 May 2024, Gate.HK 22 May 2024, Huobi HK; last update 29 May 2026; deemed ≠ licensed
5	List of Registered Crypto-asset Exchange Service Providers in Japan	Japan FSA	https://www.fsa.go.jp/en/regulated/licensed/en_kasoutuka.pdf	List as of 30 Jun 2026; 26 CESPs; bitFlyer, Coincheck, Gate Japan, OKCoin Japan, Coinbase Co., Ltd., HashKey Japan, OSL Japan, Binance Japan Inc. (2022/10/14)
6	Coinbase European Licenses and Disclosures	Coinbase	https://www.coinbase.com/legal/licenses/europe	CB Payments Ltd FCA EMI + MLR 900635; Coinbase Luxembourg S.A. CSSF CASP N00000004 / B292147; Coinbase Ireland Limited CBI EMI C188493; CySEC CIF 374/19
7	Coinbase Secures MiCA Licence	Coinbase	https://www.coinbase.com/blog/coinbase-secures-mica-licence-a-milestone-in-europes-crypto-evolution	CSSF MiCA licence announced 20 Jun 2025; Luxembourg as EU crypto hub
8	Coinbase US Licenses	Coinbase	https://www.coinbase.com/legal/licenses	Coinbase, Inc. state MTL table; NY Money Transmitter + NYDFS Virtual Currency Business Activity
9	Terms of Use	Bitget	https://www.bitget.com/support/articles/360014944032-terms-of-use	Last updated 3 Aug 2026; operator BTG Technology Holdings Limited; prohibited-country list; fiat services are third-party
10	Service Restricted Countries	Bybit	https://www.bybit.com/en/help-center/article/Service-Restricted-Countries	Updated 6 Aug 2026; excluded jurisdictions including US, Chinese Mainland, Hong Kong, Singapore, Canada, sanctioned regions; Dubai exclusion for BVAPO LLC
11	Terms of Service	OKX	https://www.okx.com/help/terms-of-service	Last updated 24 Jul 2026; contracting entities including OKX Europe Limited, OEM, OKX INC., OKX Australia, OKX Dubai, OKX SG Pte. Ltd. (licensed DPT), OKX Financial Pte. Ltd. (unlicensed SG products), Aux Cayes
12	Crypto.com Licenses and Registrations	Crypto.com	https://crypto.com/us/licenses	Company-stated licence directory by region (EEA, UK, US, SG, HK, AU, UAE, etc.). Use as a pointer; confirm each line on the regulator register
13	Binance becomes first crypto exchange to secure a global licence under ADGM framework	ADGM	https://www.adgm.com/media/announcements/binance-becomes-first-crypto-exchange-to-secure-a-global-license-under-adgm-framework-setting-a-new-standard-in-digital-asset-regulation	FSRA authorization of Binance.com; three ADGM entities; operations from 5 Jan 2026
13a	Nest Trading Limited — FSRA public register	ADGM FSRA	https://www.adgm.com/public-registers/fsra/firms/financial-firms/nest-trading-limited-260000	Active Binance.com-related ADGM entity; FSP 260000; FSP date 5 Jan 2026; website binance.com; not permitted to hold or control Client Money. Broker-dealer row, not by itself the exchange licence
14	Binance ADGM blog post	Binance	https://www.binance.com/en/blog/regulation/135414587642456580	Same ADGM authorization claim from the operator
15	List of supported and unsupported states and regions	Binance.US	https://support.binance.us/en/articles/9842798-list-of-supported-and-unsupported-states-and-regions	Dated 3 Jun 2026; unsupported includes NY, TX, WA, and others; crypto-only KS/WI
16	Uniswap Labs Terms of Service	Uniswap Labs	https://support.uniswap.org/hc/en-us/articles/30935100859661-Uniswap-Labs-Terms-of-Service	Last modified 28 Jul 2026; Interface ≠ Protocol; sanctioned-person and comprehensive-sanctions territorial bar; non-custodial; not a country allowlist
17	Uniswap v3 deployments	Uniswap Developers	https://developers.uniswap.org/docs/protocols/v3/deployments	Official v3 networks listed in §9
18	PancakeSwap product overview	PancakeSwap	https://docs.pancakeswap.finance/	Official eleven-chain list including Solana and Aptos
19	About Hyperliquid	Hyperliquid	https://hyperliquid.gitbook.io/hyperliquid-docs	L1, HyperBFT, HyperCore perps+spot books, HyperEVM, ~200k orders/s
20	GMX intro	GMX	https://docs.gmx.io/docs/intro/	Arbitrum, Avalanche, MegaETH; GMX Account from Ethereum, Base, BNB; oracle-priced pools
21	Jupiter developer platform	Jupiter	https://developers.jup.ag/	Official Solana developer docs / aggregator
22	dYdX integration documentation	dYdX	https://docs.dydx.xyz/	Official dYdX Chain developer docs
23	Gemini User Agreement landing	Gemini	https://www.gemini.com/legal/user-agreement	Agreement dated 19 Feb 2026; US terms split by state of residence
24	Reuters: Binance set to lose permission to operate in EU	Reuters	https://www.reuters.com/business/finance/binance-set-lose-eu-licence-bid-permission-offer-services-bloc-sources-say-2026-06-16/	Secondary. Context only for why Binance is absent from the ESMA CASP file. Not used as a licence grant
25	Where is Kraken licensed?	Kraken Support	https://support.kraken.com/articles/where-is-kraken-licensed	Operator-stated licences (CBI EMI/CASP numbers, FCA FRNs, FinCEN, no NY/ME, not licensed in Singapore). Use together with ESMA; re-open before hard-coding FRNs in CMS
26	Coinbase MiCA service-change help	Coinbase Help	https://help.coinbase.com/en-gb/coinbase/other-topics/other/mica-cblu	Describes EEA entity migration and Ireland/Luxembourg split
27	Binance Terms	Binance	https://www.binance.com/en/terms	ADGM FSRA supervision language for Binance ADGM entities
28	Curve frontend	Curve	https://www.curve.finance	Confirms live official app (Ethereum path observed)
29	Official project homepages cited in each CEX/DEX entry	Various operators	See each entry	Brand URL, product existence (spot/perps/fiat) where the homepage is the only source — labelled conservatively
30	Raydium documentation	Raydium	https://docs.raydium.io	Official Solana AMM/CLMM docs; also lists a Perps product
31	Orca documentation	Orca	https://docs.orca.so	Official Solana concentrated-liquidity docs
32	Meteora documentation	Meteora	https://docs.meteora.ag	Official Solana DLMM / DAMM docs
33	Drift documentation	Drift Protocol	https://docs.drift.trade	Official Solana perps developer docs
34	Aerodrome security / contracts	Aerodrome	https://aerodrome.finance/security	Official Base contract and security page
35	Velodrome security / contracts	Velodrome	https://velodrome.finance/security	Official Optimism / Superchain contract and security page
36	Cetus documentation	Cetus	https://cetus-1.gitbook.io/cetus-docs	Official Sui (and historically Aptos) protocol docs
37	Bluefin documentation	Bluefin	https://learn.bluefin.io	Official Sui order-book / perps docs
38	STON.fi documentation	STON.fi	https://docs.ston.fi	Official TON AMM docs
39	LFJ documentation	LFJ	https://docs.lfj.gg	Official Avalanche liquidity-book docs; other deployments mentioned, not marked here without app confirmation
40	Osmosis documentation	Osmosis	https://docs.osmosis.zone	Official Cosmos / Osmosis app-chain docs

Primary / regulator sources in the table above: 1–8, 13, 13a, 16–17, plus operator legal pages 6–12, 15, 23, 25–27.

Intentionally not used as authority: “best exchange 2026” listicles, affiliate reviews, CASP-tracker blogs except as a hint to re-check ESMA.

Maintenance notes

Re-check these before any republish. Suggested cadence in brackets.

Field	Why it moves	Where to look
ESMA CASP rows and service codes	Weekly register refresh; passporting lists change	Source 1–2
MiCA enforcement / offboarding	Grandfathering ended 1 Jul 2026; NCAs still acting	ESMA + national registers
UK MLR vs 2027 FSMA licence	Application window opens 30 Sep 2026	Source 3 + Financial Services Register
SFC VATP licensed / applicant / withdrawn	HK list last update 29 May 2026 in this research	Source 4
Japan CESP PDF	Periodic FSA refresh (used 30 Jun 2026)	Source 5
Binance EU access	No CASP row as of 12 Aug 2026; news described suspensions	Sources 2, 13, 13a, 24
Binance.US state list	Dated 3 Jun 2026; “onboarding paused” section was empty	Source 15
Bybit excluded jurisdictions	Page updated 6 Aug 2026	Source 10
Bitget prohibited countries	Terms updated 3 Aug 2026	Source 9
OKX contracting entity	Terms updated 24 Jul 2026; SG split is easy to misread	Source 11
Crypto.com HK application	Deemed-to-be-licensed can become licensed, refused, or withdrawn	Source 4
Coinbase entity a user holds	MiCA migration still settling by country	Sources 6–7, 26
Uniswap official chain list	New v3/v4 deployments (Monad, MegaETH, Tempo, Robinhood Chain already on the list)	Source 17
PancakeSwap chain count	Docs currently say eleven chains	Source 18
GMX networks	MegaETH and GMX Account expand the map	Source 20
Hyperliquid deposit path	Bridge/collateral details change	Source 19
Proof-of-reserves URLs	Often re-pathed or paused	Operator PoR pages
Frontend ToS geo rules	Uniswap ToS modified 28 Jul 2026	Source 16
Fake domains	Always	User bookmarks + official docs

Claims left uncertain on purpose

Binance EEA service after 1 July 2026. Primary fact: no Binance CASP in the 12 Aug 2026 ESMA file. Secondary press describes suspensions. Live user access by member state was not independently logged from inside each national app.
Full FRN-level UK register extracts for every brand. FCA’s new-regime page is verified; individual Financial Services Register pages were not all opened successfully in this environment.
MAS Financial Institutions Directory dumps for Coinbase Singapore, Foris DAX Asia, OKX SG. Operator/announcement language is noted; the MAS directory page itself should be re-opened before calling any of them “MAS-licensed” in UI badges.
VARA / DFSA / ADGM public-register line items for Kraken, OKX Dubai, Crypto.com UAE, Bybit (non-Dubai UAE), and the other Binance ADGM entities besides Nest Trading Limited. Nest Trading Limited is confirmed on the FSRA register (source 13a). Operator claims exist for the others; register screenshots were not all captured.
Canada (FINTRAC + CSA/OSC restricted dealer) and Australia (AUSTRAC DCE / AFSL) for most brands, except where an official licences page merely lists the country.
Korean official VASP register for Upbit and Bithumb (and anyone else claiming Korea).
Bitget / MEXC / HTX / global KuCoin / global Gate product legality in countries not on an official prohibition list. Absence from a ban list is not a licence.
Bybit EU GmbH vs bybit.com account mapping. ESMA shows an Austrian CASP; it does not prove every historic Bybit user was migrated.
Kraken Irish trading-platform passporting. ESMA lists a narrower country set on the Payward Global Solutions “operation of a trading platform” row than on typical full-passport CASPs. Do not auto-expand that cell to “all EEA.”
Curve, Balancer, Sushi, LFJ, Cetus extra-chain deployments. Ethereum/home-chain is safe; other EVM ticks should be confirmed in each official app at publish time.
Jupiter perpetuals vs spot aggregator. Docs cover a wider product suite; this page does not collapse them into one “DEX type.”
Proof-of-reserves quality. No PoR page reviewed here was treated as a scoped independent solvency audit.
Coinbase / Gemini / Bitstamp US state-by-state product matrix beyond the official pages opened (Coinbase MTL table; Gemini state-split agreement; Binance.US state article; Bitstamp NYDFS language).
Whether OKCoin Japan K.K. offers OKX-branded global products to Japanese residents. It is a registered CESP; that is all the FSA PDF proves.