Binance has rolled out an update that affects all users on the platform with a silently important change to its Terms of Service.
These changes primarily focus on the management of digital assets that are no longer listed on the Binance platform. Binance was recently sued by the US Securities and Exchange Commission.
Binance Updated Terms of Service
Binance has rolled out an update to cover all users on the platform, with an important silent change to its Terms of Service. These changes focus specifically on the management of digital assets that are no longer listed on the Binance platform.
Under the new terms, Binance will now have the exclusive authority to determine which digital assets are listed on its platform. However, the company can add or remove these assets if they wish. This practice is standard practice for most cryptocurrency exchanges, but the new requirements take it a step further. If a user’s account still has a digital asset that is not listed on the Binance platform, Binance will reserve the right to convert these assets to another type of digital asset of their choice.
These changes highlight Binance’s mandate to further control and regulate asset management on the platform. However, it is important for users to take into account that the digital assets in their accounts may be subject to this type of conversion.
