TechFlow reports that a recent update to Binance's terms of use has raised concerns among some users. The clause states that if digital assets remain in a Binance account beyond a specified period and are not converted into other assets, Binance may convert them into different types of digital assets.
In response, Binance said the wording of the clause could be improved and will be revised shortly. However, industry critics have spread "ongoing misinformation" about this update.
Binance emphasized that it updated its terms of service prior to the U.S. Securities and Exchange Commission filing its lawsuit on June 5, and that the change is unrelated to recent market instability in the United States. Binance explained that delisted assets can be held by users for long periods, but if they are not converted into other assets before network support fully ends, they may eventually become zombie assets.
Due to community feedback, Binance acknowledged that the terms' wording could be clearer, and it will soon update them to clarify: 1) assets will be converted into stablecoins, and 2) such conversion will only occur after a notice period, during which users may choose to withdraw their delisted assets.
Binance stated that this does not change its policy, but merely clarifies its existing practice. However, Binance has not yet specified which stablecoin these funds will be converted into. As of now, the platform has not modified the aforementioned条款.
