The world’s largest cryptocurrency exchange, Binance, continues to make various adjustments to its services following its legal issues with the U.S. Securities and Exchange Commission (SEC). The recent developments reveal a significant change in company usage conditions, which experts in the crypto field warn could directly affect users. Here are the details:
Binance quietly made the change in its terms of service!
By updating their contracts, Binance states that it has full authority over the management of digital assets going forward. According to this contractual clause that all users must accept to use the exchange, company can now decide which digital assets, no longer available on their platform, will be listed or delisted.
While this change may seem like a standard practice for many cryptocurrency exchanges, company goes a step further by retaining the right to convert users’ digital assets into alternative assets.
According to the updated terms of service, if a user’s account contains delisted digital assets, Binance will have the authority to convert these assets into another type of digital asset after a certain period. Since the user is not obligated to be informed about these conversions, Binance frees itself from any legal responsibility arising from the conversions.
As a result of pressure from the US government, Binance CEO Changpeng Zhao may step down from his position in favor of Richard Teng.
So, what are your thoughts on this matter? Could Binance’s move, which has drawn attention in the cryptocurrency world, be aimed at profiting from its own digital asset unit? Feel free to share your opinions with us in the comments section.
