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 ...

Frank Combay , COO of Next Generation NGPES , a platform connecting traditional financial infrastructure with digital assets, argues that the rally in exchange tokens, which began in late August before the recent market correction, reflects more than just short-term hype. He points to stronger institutional demand and regulatory clarity as the key drivers:This raises the key issue: can CEXs withstand the surge of perp DEXs and keep their place in a market that is increasingly moving toward decentralized alt ...