Can decentralized exchanges be tracked?

Those on decentralized exchanges (DEX) may be traced significantly more simply than transactions on centralised exchanges.

This is due to the fact that DEXs do not keep users' cash in their own, custodial wallets. Instead, they usually pair up two eager players who wish to trade. As a result, every transaction data is recorded on the relevant blockchain.

A blockchain explorer may simply be used to trace the transactions of a given wallet or blockchain. For example, if you wanted to inspect Ethereum transactions, you'd use Etherscan, but for Binance Smart Chain (now BNB Smart Chain), you'd use Bscscan.

Decentralized exchanges are frequently viewed as a more private alternative to centralized exchanges. Nonetheless, many of the largest are monitoring their users' trades and gathering data that may be used to identify them.

However, until a user's wallet address is known, no one knows who owns the wallet.

As a result, DEXs are both easier to trace and more private than centralized exchanges.