As I understand, this exchange is not decentralized, does it mean that some group of people control our funds?
Yes, you are right, but on the other hand, that means that government make control of that exchange.
I don’t see any involvement of government in this exchange, the fact that it is not decentralized exchange does not mean that it has the control of government and when we talk of government, which government are we talking about because we have several governments of different countries in this world and as far as I know, I am not sure that any of those government are interested in regulating any of these exchanges yet except those countries that we know has been cryptocurrency friendly right from the beginning.
Most of the exchanges that we have in the market today are centralized exchange, although few of them might have their own dex too established just like Binance, but they are still being controlled by the owner of the exchange and not government.