Binance made an important statement today. Accordingly, he seems to have found a solution for zombie coins. Let’s look at the details of our article.
Binance and zombie coins
What will you say about zombie coins now? Delisting of cryptocurrencies whose networks are “not fully supported by the exchange.” Also converting to stablecoins. However, Binance has not named the stablecoin that these assets will be converted to. Last week, several Binance users raised concerns about the updated terms of use of the platform. Accordingly, Binance had given it the exclusive right to convert the delisted cryptocurrencies into different digital assets after a certain period of time.
Binance acknowledges that the language of the updated terms of use could be improved. It also states that fixes will be made soon. However, the exchange claims that industry opposition is spreading “constant misinformation” about the update. According to the exchange, the SEC had updated its terms of service before filing a lawsuit against it on June 5. Also, the update has nothing to do with recent market instability in the United States.
concerns
Binance emphasizes that it is assessing users’ concerns about zombie coins. After that, he states that they decided to update the terms of use. At this point, Binance makes the following statement:
“Assets that Binance previously delisted can be held by users in their Binance wallets for extended periods of time. But if they are not converted to other assets before a network becomes completely unsupported, they can eventually get stuck in users’ accounts. So they turn into zombie coins. Based on feedback from the community, we are aware that the language of the [terms of use] could be clearer. On the other hand, we would like to point out that assets will be converted into a stablecoin. On the other hand, we would like to point out that this will only happen after a notification period. Thus, we will update shortly to clarify that users can choose to withdraw the delisted asset. Accordingly, this does not change our policy, it just clarifies our approach.”
The cryptocurrency exchange is currently in a legal battle with the US Securities and Exchange Commission for violations of federal securities law and facilitating the trading of crypto securities offerings. Borsa İstanbul states that it will defend itself in court against these allegations. When we look at Kriptokoin.com, we see that this statement of Binance is extremely important. Because after the step taken by Binance about zombie coins, there was a shock situation for the users. Now at least a roadmap is clear. Accordingly, this also clears up the confusion. Now everyone is wondering about the next step. That step is which stablecoin will be determined by the cryptocurrency exchange.
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