Previously, Binance introduced new rules without notice for delisted tokens that are still held by users of the site. Now, after some time, the marketplace will be able to convert coins to others of their choice.
Assets previously delisted can be stored in Binance wallets for a long time. However, if they are not converted into other assets before the network is completely unsupported by the developers, the coins can get stuck in user accounts.
Therefore, the Binance team decided to convert such assets into stablecoins. But this will only happen after notifying users.
“Based on community feedback, we acknowledge that the wording of the terms of use could be clearer and will update shortly to clarify: (1) assets must be converted to stablecoins and (2) this will only happen after a notice period. So users will be able to opt out of an asset delisted. This does not change our policy, but simply clarifies the approach,” representatives of the exchange assured.
The crypto exchange changed the terms a week after the US securities regulator filed a list of 13 claims against Binance and CEO Changpeng Zhao personally. The lawsuit alleges that the company failed to restrict access to the trading floor for U.S. clients and also “misrepresented critical information by misleading investors about its market controls.” Amid the SEC lawsuit against Binance, the US division of the exchange delisted ten trading pairs.
Source: Bits
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