After Binance CEO Changpeng Zhao (CZ) was sued by the SEC, the Binance trading platform (Binance.com) updated the “Terms of Service”, stating that if the delisted currency is not withdrawn, the platform has the right to convert it into Other assets, and the previous “Terms of Service” did not mention the handling of assets that have been delisted.
(Recap:CZ refutes “collecting 12 billion magnesium” Binance customer funds: fake news, Binance.US has not embezzled）
(background supplement:“SEC sued Binance” details” 13 key points to understand: the US government’s indictment against Binance and CZ）
beautifulThe US Securities and Exchange Commission (SEC) sued Binance CEO Changpeng Zhao (CZ) and Binance’s two subsidiaries BAM Management and BAM Trading on the 5th, accusing the defendant of violating US securities trading rules, and then sought court authorization to freeze the transactions on the 6th. Assets related to BAM Management and BAM Trading, the holding company of Binance US (Binance.US).
Further reading:Who is the “BAM company” under Binance CZ, and why does the SEC want to freeze assets?Understand the magical layout of Binance.US in one article
Binance Updates “Terms of Service”: The Platform Has the Right to Handle Delisted Assets for Users
It is worth mentioning that although Binance US was mainly sued, the Binance trading platform (Binance.com) was also sued after being sued.renew“Terms of Service”.
After using the website Wayback Machine to search in the dynamic zone, I found that Binance updated on June 5 this time, and added a new item to the terms:
“If the Binance platform no longer provides transactions of certain digital assets, but the user still retains the assets during the specified period, the platform has the right to convert these digital assets into different types of digital assets at its own discretion.”
條款原文：If Digital Assets that are no longer listed on the platform remain in your Binance Account beyond a specified period, Binance may in its discretion convert such Digital Assets to a different type of Digital Asset .
In other words, after Binance updated the “Terms of Service”, if the delisted currency has not been withdrawn, the platform has the right to convert the user into other assets (such as directly selling into USDT), while the previous “Terms of Service” No mention was made of the handling of delisted assets.
It should be noted that, for the purpose of simplifying product business, Binance US recently announced the delisting of hundreds of leveraged (Advanced) trading pairs, and at the same time suspended over-the-counter (OTC) trading. However, there is no large-scale delisting of digital assets on Binance.com.
Further reading:Court summons CZ! Binance US will “delist hundreds of trading pairs” and suspend over-the-counter OTC
📍Related reports📍
Court summons CZ! Binance US will “delist hundreds of trading pairs” and suspend over-the-counter OTC
Who is the “BAM company” under Binance CZ, and why does the SEC want to freeze assets?Understand the magical layout of Binance.US in one article
CZ refutes “collecting 12 billion magnesium” Binance customer funds: fake news, Binance.US has not embezzled
2023-06-11 03:24:37
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