Is Binance decentralized?

Could you elaborate on whether Binance, a leading cryptocurrency exchange, truly operates in a decentralized manner? While the underlying blockchain technology, such as Bitcoin or Ethereum, is inherently decentralized, exchanges like Binance often face scrutiny over their centralized nature. Does Binance maintain full control over user funds, or do they utilize a decentralized system of custody? How do their decision-making processes and governance structures align with the decentralized ideals of the crypto community? Understanding these aspects is crucial for investors and traders to assess the risks and benefits of using Binance as their preferred exchange.