In the context of blockchains, we refer to Centralized Finance (CeFi) as the financial systems that integrate distributed ledger technology while retaining centralized intermediaries, governance structures, and/or regulatory oversight. Unlike Decentralized Finance (DeFi), which operates on open and permissionless, peer-to-peer protocols on distributed ledgers, CeFi employs blockchain to enhance efficiency, transparency, or accessibility within traditional, intermediary-based operating models or simply enables cryptocurrency transactions amongst principals and agents. Hence, in CeFi, trusted entities such as banks, exchanges, or government institutions play a pivotal role in facilitating transactions, managing digital assets, and ensuring compliance to protect market participants from rogue actors.