Binance changes its terms of use: what’s new for France?

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. Professionals in the domestic sector know that if they want to continue to grow and stay ahead, they must comply with the laws.

Binance puts the small dishes in the big ones

Already forced to end services related to derivative contracts “ futures contracts in France as of August 2022, the number one exchange recently updated its terms and conditions. You know, those documents that we all sign without first reading. If it gets stuck behind, we can only blame ourselves.

Dug by @DocMarmott on Twitter, the news Binance Terms of Use… can send shivers down your spine. In this case, the mentions concerning the freezing of assets by the platform. The most superstitious will not be more reassured to see this term appear 13 times inside the document.

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.

Updated TOS on Binance.

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 know that, since you signed the document.

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