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The new terms will apply to those delisted tokens that are still in the custody of users of the platform. Now, after some time, Binance can convert coins to others of its choice.
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“If digital assets that are no longer listed on the platform remain in your Binance account after the specified period, Binance may, at its discretion, convert them to another type of digital asset,” the updated rules state.
The company said it can, but is not required to notify users of the procedure in advance .
“Binance has no liability to users in connection with such additions, deletions, conversions or changes,” the company added.
The exchange changed the terms a week after the SEC filed 13 legal challenges against Binance and Changpeng Zhao. The lawsuit alleges that the company failed to limit access to the trading floor to U.S. customers and “misrepresented critical information by misleading investors about its market controls.”. The U.S. exchange removed ten trading pairs from its listings amid an SEC lawsuit against Binance;
As a reminder, according to Binance lawyers, in 2019 SEC Chairman Gary Gensler offered himself as an advisor to the cryptocurrency exchange.