“Binance DEX is a decentralized exchange with a decentralized network of nodes, where you hold your own private keys and manage your own wallet,” said Changpeng Zhao (CZ), CEO of Binance. “With Binance DEX, we provide a different balance of security, freedom, and ease-of-use, where you take more responsibility and are in more control of your assets.”

Binance Chain is a new blockchain and peer-to-peer distributed system developed by Binance and the community. A secure, native marketplace built on Binance Chain, Binance DEX allows for the exchange of digital assets that are issued and listed on the DEX. Matching happens within the blockchain nodes and all transactions are recorded on-chain, forming a complete, auditable ledger of activity.

https://www.binance.com/en/blog/304867000443084800/Binance-Launches-DEX-Testnet-for-the-New-Era-of-PeertoPeer-Cryptocurrency-Trading