![[SERIOUS] Binance and Gate.io seize your funds if you do not log in to your account after some time](https://b.thumbs.redditmedia.com/X2NcT1JCoXTJryBr65zUIgn754Nye6qZnA1ohuigofw.jpg "[SERIOUS] Binance and Gate.io seize your funds if you do not log in to your account after some time") | In this post, I use the name format Gate\[dot]*io so the name isn't registered as a link.* In more news about not your keys not your crypto, Binance and Gate[dot]io retain the right to seize your funds if you do not use your account for some time. Specifically for Gate[dot]io they specify a period of 2 years. The TOS says: They deem your crypto as “abandoned property” if you do not log in for two years and reserve the right to seize your assets. It gets a bit more murky for Binance. Binance describes such accounts as “Dormant Accounts”. Stunningly they do not outline any specific deadline or timeframe by which they use to determine what a dormant account is or how long it takes for an account to be deemed as such. It seems it is simply up to the whims of Binance themselves. Binance does claim that they may initially send a notice to dormant account owners to close all positions and withdraw their assets within 30 days. The use of may seems to indicate they can choose whether to notify you. However, if you fail to do so in 30 days(or if Binance chooses not to inform you that your account is now dormant), Binance can close your account and take possession of your assets. [link] [comments] |
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