Regulation takes place – In order to obtain its registration PSAN (Digital Assets and Services Provider), Binance, the world’s first cryptocurrency trading platform had to comply with local legislation. Industry professionals know that if they want to continue to grow and stay ahead, they must comply with domestic laws.
Binance puts the small dishes in the big ones
Already forced to end services related to derivative contracts “ future in France from August 2022, the number one exchange recently updated its general terms and conditions of use. You know, those documents that we all sign without first reading. If it gets stuck behind, we can only blame ourselves.
The exchange details the authorized framework in which a user can use the platform. If he violates this policy, he may face an asset freeze. Indeed, all the cryptocurrencies displayed in your wallet hosted by a CEX are IOUs of the platform, towards you. You do not hold these tokens.
A user does not respect the rules (which he has signed a fortiori), he is sanctioned. Logic. Finally, if the motive justifies it and the reason for the misconduct is well identified and communicated by the crypto exchange.
Binance can therefore freeze funds unilaterally, without means of justification for the user. In addition, the signing of these T&Cs commits you automatically not to bring any collective legal action. But, you already knew that, since you signed the document.
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