Binance Changes Terms of Service As BNB Reverses 2023 Gains

2023-6-13 01:00

Binance, the largest global cryptocurrency exchange, has quietly changed its terms of service after the United States Securities and Exchange Commission (SEC) filed a complaint at the District Court for the District of Columbia on June 5. Meanwhile, BNB prices continue to crash, dropping to register new 2023 lows as when writing on June 12.

Binance Changes Terms Of Service

News of the exchange quietly changing its terms of service was shared on Twitter. Under these new terms, Binance can, at their volition, swap delisted assets held in a user’s dormant account without consent. Moreover, the exchange can swap the token or coin for any asset they wish.

Observers on Twitter say this update represents an additional tool in the ramp’s arsenal, as it can affect users based on listing and delisting assets, identifying dormant accounts, and the precedents it establishes for other cryptocurrency exchanges.

Under the new terms, Binance has exclusive authority to determine which assets are listed, allowing it to list or delist an asset at will. Such a delisted asset can then be converted into a different coin and modified to its order size. Binance can absolve itself and its operatives, of any liabilities or accountability to the asset’s owner, for any fees or losses, or damages incurred in the process.

While most of the above interpretation is speculative, as there have been no official announcements or operational evidence of such activities, concerns have been raised about the possibility of Binance absolving itself of any need to be transparent.

BNB Crashing After SEC’s Lawsuit

The changes come after the SEC’s lawsuit against Binance, which accuses the exchange of allegedly illegally operating an unauthorized exchange in the United States.

Changpeng Zhao, the CEO of Binance, claims that, from 2019, all US-based citizens were restricted from transacting on Binance Global. Zhao also reiterated that its US-based exchange is an independent entity.

However, the SEC claims that the exchange” subverted their controls to secretly allow high-value United States customers to continue trading on the Binance Global platform.” Moreover, while Binance publicly claimed that Binance US is independent, the SEC alleges that Zhao secretly controls the company behind the scenes.

In the wake of this lawsuit, BNB has been free-falling, according to trackers on June 12. The coin is trading at $230 and down 35% from its April high. At this level, BNB has reversed all gains posted in 2023 and is trading in December 2022 territory.

With the SEC cracking the whip, laying down allegations against cryptocurrency exchanges and individual protocols, their respective tokens would likely be under pressure as holders exit.  

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Binance Coin (BNB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $562.5
Капитализация $0 Rank 99999
Цена в час новости $ 233.49 (-100%)

binance exchange district service terms commission sec

binance exchange → Результатов: 126


Binance Halts New User Registrations In The UK Starting October 16

In a significant development, Binance, the world’s largest cryptocurrency exchange, announced the suspension of access to its platform for new users in the United Kingdom.  According to a Bloomberg report, the move comes after the termination of a partnership with a third-party firm responsible for approving communications on the exchange, as mandated by the UK’s […]

2023-10-17 04:00


Фото:

Binance introduces community feedback tool in its Roadmap development

Binance, the largest cryptocurrency exchange, has launched a new tool that will allow it to gather and act on user feedback in a dynamic fashion. Besides allowing the crypto exchange in understanding what products need improvement, the new feature empowers Binance users to provide in-depth feedback on the exchange’s product improvement.

2023-2-3 18:53


How To Transfer Crypto From Binance, Coinbase to BTCC Exchange

MPORTANT WARNINGS Trying to deposit a non-supported token may result in the loss of tokens. Send a small test amount first Beware when choosing the network which you want to use for sending crypto Send coins from Binance to BTCC – Withdrawing coins from Binance Binance is the biggest exchange in the world, and it […] The post How To Transfer Crypto From Binance, Coinbase to BTCC Exchange appeared first on CaptainAltcoin.

2022-7-28 22:20


Binance Jersey Review 2022 – Beginner’s Guide to the new Fiat-Crypto Exchange

There’s not much we can say about Binance that hasn’t been said before; with hundreds of currencies on their portfolio, a native exchange token that remains resilient to bear markets, never-before hacked security measures, an OTC trading desk, an in-house built wallet, and a launchpad for up-and-coming blockchain projects, the platform is currently one of […] The post Binance Jersey Review 2022 – Beginner’s Guide to the new Fiat-Crypto Exchange appeared first on CaptainAltcoin.

2022-3-22 23:42