“…Moreover, the centralized exchanges finance cannot provide the high transparency, as centralized financial institutions have to secure their centralized ledgers by restricting access (Chen & Bellavitis, 2020). Previous studies on the centralized exchanges platform are focused on the price discovery (Patel et al, 2020;Alexander et al, 2020), risk exposure analysis (Corbet et al, 2020;Brauneis & Mestel, 2019), cryptocurrency volatility (Conrad et al, 2018;Walther et al, 2019;Bouri et al, 2019;Ma et al, 2020).…”