Tuesday, 26 May 2020

Binance is kicking people without update of their TOU

Today we are witnessing something very unusual and not appropriate for exchange like Binance.
One of our writers appointed to us that he received very short e-mail from Binance:

Notification from Binance
Dear user,Due to recent updates to our TOU, we regretfully inform you that we are unable to provide our services to you going forward. If you have not read our TOU, we highly recommend you to do so. Binance remains extremely thankful for your support.
Thank you Binance Team
Automated message.please do not reply.

For a moment we thought that it's some kind of spam or e-mail which is not associated with Binance Exchange. We checked their TOU on their official website, and clearly wasn't about that, the last TOU update was from May 2018.
So we tried to address the issue on their Telegram channel, and yes the admin said that the e-mail was legit, very short and no explanation. Immediately few other people wrote about it, and the admin responded again with short answer, to remove their funds a.s.a.p from Binance platform.

During the day we followed the addressed issue on their channel ,and we noticed that they are banning people from non EU countries, Bosnia and Herzegovina, Serbia, Macedonia, Belorussia and few more.

Considering that they opened an office in Malta, the question is, if Binance Exchange is adapting and following the new EU regulations, placing services just to members of Europe economic zone countries, and paying high price just to involve in Europe, knowing that in Europe there are already exchanges that leads the way. (It seems like Malta will regulate Binance after all)...
Or just because for what ever reason they decided to remove all these people, it would be a good guessture Binance to come up official statement about this issues, besides the update of their "double" standard Terms of Usage.

Not updating TOU, without official statement, but just sending e-mails to users, looks like Binance don't want too much noice around this issue, because they don't want their "step backward" to ruin their reputation.

Legal disclaimer: The insight, recommendations and analysis presented here are based on corporate filings, current events, interviews, corporate press releases, and what we've learned as financial journalists. They are presented for the purposes of general information only, and all the information belongs to the original publishers. These may contain errors and we make no promises as to the accuracy or usefulness of the information we present. You should not make any investment decision based solely on what you read here.

Creamcoin Marketcap