Post
Topic
Board Beginners & Help
Merits 1 from 1 user
Re: What could make an exchange to seize users assets
by
o_e_l_e_o
on 12/03/2023, 10:06:41 UTC
⭐ Merited by John Abraham (1)
I use this platform to trade with my locals because I do not have other options to trade with locals.
Check out some decentralized exchanges: https://kycnot.me/. You might find some local activity.

I checked Binance and Kucoin user agreements they literally said they can terminate your account and seize your fund for any reason without giving you any explanation.
Yup. Every centralized exchange is the same.

I didn't know about those platforms. I would like to create a separate thread regarding this issue and I will dig a few more popular exchanges user agreements and gather them all together. Would you mind if I quote your old post about Celsius, Voyager and BlockFi?
By all means, but these platforms have already collapsed and declared insolvency (exactly because they were doing what I highlight above - gambling all their users' deposits in order to try to make themselves more profit).

This is the mistake we do as users. I myself never bothered to check full terms and conditions before I sign up. That's sick.
It's impossible to read the terms for every single website or service that you use, but when it comes to something that you are going to be sending money to, then people should really take the time to figure out just what they are signing up for. In the case of centralized exchanges, it is usually a case of signing away all your coins, all your privacy, and all your rights.