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Binance Changes Terms of Service As BNB Reverses 2023 Gains
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Binance Changes Terms of Service As BNB Reverses 2023 Gains

Dalmas Ngetich
Dalmas Ngetich
1 year ago
3 mins read
Binance Terms of Service

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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.

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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.

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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.

BNB Price On June 12| Source: BNBUSDT On Binance, TradingView
BNB Price On June 12| Source: BNBUSDT On Binance, TradingView

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.  

Feature Image From Canva, Chart From TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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