[frupert52]

I believe CEX is Centralised EXchange as opposed to DEX the Decentralised equivalent. This is just my best guess based on what I’ve learned from following this scandal so could be wrong. TLDR: FTX is not the only centralised exchange behaving in the manner being discussed (according to parent)

Edited for clarity

[siftrics]

I know what a CEX is and what a DEX is.

The phrase "protocol CEX" is an oxymoron.

"protocol" implies a set smart contracts, i.e., some semblance of decentralization.

A CEX could be fully off-chain.