Binance Clarifies updated Terms of Use: to Convert Delisted Crypto into Stablecoins

Binance announced its plan to convert "zombie assets" into stablecoins, ensuring the protection of users' assets from being stuck in an unsupported state.

Zombie assets refer to cryptocurrencies that have been delisted and whose networks are no longer supported by the exchange.

Concerns were raised by Binance users last week regarding the platform's updated terms of use, which granted the exchange the exclusive right to convert delisted cryptocurrencies into different digital assets after a specified period.

Binance has addressed these concerns by acknowledging that the language in its updated terms of use could have been clearer, and it assured users that necessary corrections would be implemented soon.

The exchange also clarified that the updated terms were in place prior to the Securities and Exchange Commission (SEC) filing a lawsuit against Binance on June 5, emphasizing that the update was unrelated to recent market instabilities in the United States.