When we say censorship-resistant, we are referring to freedom: users' ability to voluntarily trade with one another without interference from a third party. Centralized bitcoin exchanges are highly susceptible to such interference. By their nature, they must operate within one legal jurisdiction or another, putting them at risk of being fined or shut down if they do not comply with the laws and other rules of that jurisdiction, which may include restrictions on who can trade and what can be traded, and which almost always include requirements to collect personal information as described above.

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