According to Chainalysis, cryptocurrency users in Latin America significantly prefer centralized exchanges, in contrast to the rest of the world

Latin America is the region that most prefers centralized exchanges, says reportNEWS
According to a recent report from blockchain analytics firm Chainalysis, Latin America has a greater inclination towards centralized exchanges (CEXs) compared to decentralized exchanges (DEXs), relative to the rest of the world.

Published on October 11, the report points out that Latin America has the seventh largest crypto economy in the world, behind the Middle East and North America (MENA), East Asia and Eastern Europe.

However, the report notes that cryptocurrency users in Latin America have a strong preference for using CEXs:

"Latin America demonstrates the greatest preference for centralized exchanges of all the regions we studied and is slightly less biased toward institutional activity compared to other regions."

Additionally, in certain countries in the region, the distribution of cryptocurrency activity by platform type is significantly skewed toward CEXs compared to the global average.

The global average of preferences regarding cryptocurrency platforms is 48.1% for CEXs, 44% for DEXs and 5.9% for other activities within the decentralized finance (DeFi) ecosystem.