Binance Quietly Amends Terms of Service, Impacting User Digital Asset Management

Binance, by silently making a significant change in its Terms of Service, has performed an update that affects all users on the platform. These modifications primarily focus on managing digital assets that are no longer listed on the Binance platform. Binance had been sued in recent days by the U.S. Securities and Exchange Commission.

According to the new terms, Binance will now have exclusive authority to determine which digital assets are listed on its platform. Furthermore, the company may add or remove these assets at its discretion. This practice is standard for most cryptocurrency exchanges, but the new terms take it a step further. If a user’s account still has a digital asset not listed on the Binance platform, Binance will reserve the right to convert these assets into another type of digital asset of their choice.

These changes highlight Binance’s increased control over asset management and regulatory authority on its platform. However, it’s crucial for users to consider that the digital assets in their accounts could be subject to this kind of transformation.