Binance imposes automatic conversion of tokens removed from the platform
The exchange will be able to exchange for other assets at its discretion
12.06.2023 - 08:00
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What’s new? Cryptocurrency exchange Binance changed the terms of service for the platform’s users. The new rules include the ability to automatically convert tokens held by users after delisting. After a certain period of time, Binance reserves the right to exchange these tokens for other digital assets at its discretion.
What else is known? According to the updated data, Binance has sole authority to determine which digital assets are available on the platform and may add or remove them as it sees fit. If the platform has delisted and those assets remain in users’ accounts after a certain period, the exchange has the discretion to convert those tokens into other coins. Binance can also change the order sizes for each asset. However, the exchange has no obligation to notify users of these actions in advance and is not responsible for any changes.
What events preceded this? As a result of a lawsuit filed by the US Securities and Exchange Commission (SEC), Binance decided to remove 10 trading pairs and suspend trading on the over-the-counter (OTC) market. Starting from June 8, ATOM/BTC, BCH/BTC, DOT/BTC, LRC/BTC, MANA/BTC, UNI/BTC, VET/BTC, XTZ/BTC, HBAR/BUSD, and ONE/BUSD pairs are not available for trading on the platform. In addition, the offer to buy, sell and convert tokens was streamlined and the maximum order amount was reduced.
For more details on the aftermath of the SEC’s attack on Binance, Coinbase, and altcoins read GetBlock Magazine’s special feature.
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