# Exchanges I Use

> !

- Author: [Dariusz](https://www.motacrypto.pl/en/author)
- Published: October 13, 2026
- Category: [Exchange](https://www.motacrypto.pl/en/category/gieldy)
- Tags: Bitcoin, Eth, Exchange
- Source: https://www.motacrypto.pl/en/post/exchanges-i-use

I use both **CEX and DEX platforms**. Below, I distinguish between them based on their operating models, as well as the key regulations and security measures applicable to each.

### 🔵 CEX — Centralized Exchanges

**OKX — CEX | Partnership / Affiliate**

🇪🇺 **MiCA / CASP**

OKX Europe Limited holds a **Crypto-Asset Service Provider (CASP) authorization** issued by the Malta Financial Services Authority (MFSA) under the MiCA framework.

📑 **MiFID II**

OKX Europe Markets Limited holds an investment firm license issued by the MFSA under **MiFID II**. This applies to specific investment services, including certain financial instruments and products covered by this regulatory framework. **It does not mean that all spot crypto trading on OKX falls under MiFID II.**

🔐 **Proof of Reserves (PoR)**

OKX publishes **monthly Proof of Reserves reports**, using cryptographic verification methods, including zk-STARKs. OKX states that it maintains reserves of at least 1:1 for customer assets.

🏦 **Segregation of Customer Assets**

OKX Europe states that customer funds are held in accounts separate from the company's own funds.

🛡️ **OKX Shield Program**

🔎 **KYC / AML**

Customer identification and anti-money laundering requirements.

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### **Bybit EU — CEX**

🇪🇺 **MiCA / MiCAR — CASP**

Bybit EU GmbH is an authorized **Crypto-Asset Service Provider (CASP)** in Austria under the MiCA regulatory framework (MiCAR).

🏦 **Safeguarding / Segregation of Assets**

Under MiCAR, Bybit EU is subject to requirements concerning the protection and segregation of customer assets.

🔐 **Proof of Reserves (PoR)**

Bybit publishes **Proof of Reserves information** and states that it maintains a **1:1 reserve ratio** for user assets. However, PoR is a transparency mechanism, **not a regulatory license**.

🔎 **KYC / AML**

Compliance obligations arising from applicable regulations and internal compliance procedures.

⚠️ **Important:** Bybit EU holds a MiCAR authorization for specific services. Not all products and services available on the platform are necessarily covered by this regulatory framework.

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### 🟣 DEX — Decentralized Exchanges

**Uniswap — DEX**

🔗 **Decentralized Exchange / Automated Market Maker (AMM)**

Uniswap is a decentralized exchange protocol that uses **smart contracts and liquidity pools** rather than a traditional centralized order book.

👛 **Non-Custodial / Self-Custody**

The protocol does not take custody of users' funds in the same way as a traditional centralized exchange. Users interact through their own wallets and retain control of their private keys.

🌐 **On-Chain**

Transactions are executed directly on the blockchain according to the logic of smart contracts.

❌ **No MiCA License Equivalent to That of a Centralized Exchange**

As a decentralized protocol, Uniswap should not be presented as holding a MiCA authorization equivalent to those held by entities such as OKX Europe or Bybit EU.

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### ⚖️ Summary Comparison

| Platform | Type | MiCA / MiCAR | MiFID II | PoR | Custody |
| --- | --- | --- | --- | --- | --- |
| **OKX** | CEX | ✅ | ✅\* | ✅ | ✅ |
| **Bybit EU** | CEX | ✅ | ❌\*\* | ✅ | ✅ |
| **Uniswap** | DEX | ❌ | ❌ | ❌\*\*\* | ❌ |

\* MiFID II applies to specific investment services offered by **OKX Europe Markets**, not to all spot crypto trading.

\*\* Bybit EU is regulated under MiCAR as a CASP. It should not be described as holding a general MiFID II license for crypto services.

\*\*\* Uniswap provides on-chain transparency, but this is not the same as a traditional centralized exchange's **Proof of Reserves** mechanism.

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### Key Definitions

- **MiCA / MiCAR** = The EU regulatory framework for crypto-assets and Crypto-Asset Service Providers (CASPs).
- **MiFID II** = The regulatory framework governing certain investment services and financial instruments.
- **PoR (Proof of Reserves)** = A reserve transparency mechanism, not a regulatory license.
- **CEX** = Centralized exchange.
- **DEX** = Decentralized exchange protocol.

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*This article is for educational purposes only and is not investment, legal or tax advice. Investing in cryptocurrencies carries a high risk of losing your capital.*