https://ift.tt/RWmAPaK CEX work?

So firstly, these are what i understand about CEX:

1. They keep a centralised ledger that tracks who holds how many BTC and for what pride are we buying/selling it for.

2. When we want to buy or sell BTC, we are not transacting with the BTC network. The BTC is still held by the CEX, just that they change the coin ownership in their own ledger.

3. [ Most of the BTC on CEX are stored in coldwallet](https://ift.tt/TStgk8Ubitcoin-addresses.html). I assume that this is the wallet for traders (spot and derivatives) that mainly trade on their platform, since it would not require any withdrawal/deposit.

So here’s my confusion:
When I want to deposit BTC into the CEX, they would show me a public address that is generated only for me. I assume that it is to keep track of who’s depositing, they can’t just give everyone the same public address.

Then, when do this BTC get transferred into the CEX coldwallet?

So here’s the scenario:

1. I deposit BTC into the CEX.

2. I sell the BTC for USDT.

3. Would the BTC be transferred onto the CEX’s coldwallet or something else?

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