Will binance close due to chinese cryptocurrency ban

You acknowledge and agree that: a. You fully understand the high risks of Futures Trading, including but not limited to the risk of major fluctuations of Digital Assets in Futures Trading, and the risk of exacerbated adverse outcome when leverage is used; b. You have sufficient investment knowledge and experience and the capacity to take risks arising from Futures Trading, and agree to independently assume all the risks arising from the investment of Futures Trading; c.

Before performing Futures Trading, you have read and understood all the contents of the Binance Futures Service Agreement and the relevant Binance Platform Rules, and have consulted relevant professionals to make informed decisions on whether and how to complete Futures Trading according to their recommendations and your own reasonable judgment; d.

You agree and authorize Binance to take various reasonable measures in its discretion including but not limited to forced liquidation and forced position reduction under specific circumstances in accordance with the Binance Futures Service Agreement and the relevant Binance Platform Rules to protect the legitimate interests of you, Binance and other Users. You fully understand the high risks of Options Trading, including but not limited to the risk of major fluctuations of Digital Assets in Options Trading, and the risk of exacerbated adverse outcome when leverage is used; b.

You have sufficient investment knowledge and experience and the capacity to take risks arising from Options Trading, and agree to independently assume all the risks arising from the investment of Options Trading; c. Before performing Options Trading, you have read and understood, and agree to be bound by the terms of, the Binance Options Service Agreement and all relevant Binance Platform Rules, which shall supplement these Terms of Use, and have consulted relevant professionals to make informed decisions on whether and how to complete Options Trading according to their recommendations and your own reasonable judgment; d.

You agree and authorize Binance to take various reasonable measures in its discretion including but not limited to forced liquidation and forced position reduction under specific circumstances in accordance with the Binance Options Service Agreement and all relevant Binance Platform Rules to protect the legitimate interests of you, Binance and other Users. You understand and agree that: a. You shall carefully consider and exercise clear judgment to evaluate your financial situation and the aforesaid risks to make any decision on using Lending Services, and you shall be responsible for all losses arising therefrom; b.

Binance has the full right to manage your Collateral Account and collateral during the period in which Lending Services are offered, and reserves the right, under the circumstances specified in the Lending Services User Agreement or these Terms, to implement various risk control measures, which include but are not limited to forced liquidation.

Such steps may cause major losses to you and you shall be solely responsible for the outcomes of such measures; e. Binance has the right to temporarily or permanently prohibit you from using Lending Services when it deems it necessary or reasonable, and to the maximum extent permitted by law, without liability of any kind to you. When using Binance Savings service, you should note that: a. Binance Savings assets will be used in cryptocurrency leveraged borrowing and other businesses.

When you use Binance Savings service, you will unconditionally authorize Binance to distribute and grant the leveraged interest according to Binance Platform Rules. You shall abide by relevant laws and regulations to ensure that the sources of Digital Assets are legitimate and compliant when using Binance Savings service. When you use Binance Savings service, you should fully recognize the risks of investing in Digital Assets and operate cautiously.

You agree that all investment operations conducted on Binance represent your true investment intentions and that unconditionally accept the potential risks and benefits of your investment decisions. Binance reserves the right to suspend or terminate Binance Savings service. If necessary, Binance can suspend and terminate Binance Savings service at any time.

Due to network delay, computer system failures and other force majeure, which may lead to delay, suspension, termination or deviation of execution of Binance Savings service, Binance will use reasonable effort to ensure but not promise that Binance Savings service execution system runs stably and effectively.

Binance does not take any responsibility if the final execution fails to match your expectations due to the above factors. Staking Programs Binance will from time to time launch Staking Programs for specific types of Digital Currencies to reward, as per certain rules, users who hold such Digital Currencies in their Binance Accounts. When participating in Staking Programs, you should note that: a. Unless otherwise stipulated by Binance, Staking Programs are free of charge and Users may trade during the staking period; b.

Binance has the right to initiate or terminate Staking Program for any Digital Currencies or modify rules on such programs in its sole discretion; d. Users shall ensure that sources of the Digital Currencies they hold in Binance Accounts are legal and compliant and undertake to observe related laws and regulations. Otherwise, Binance has the right to take necessary steps in accordance with these Terms or Binance Platform Rules, including, without limitation, freezing Binance Accounts or deducting the Digital Currencies awarded to Users who violate the rules of respective Staking Programs.

Binance POS assets will be used in cryptocurrency staking to gain proceeds and other businesses. You shall abide by the relevant laws of the State to ensure that the sources of assets are legitimate and compliant when using Binance POS service. When you use Binance POS service, you should fully recognize the risks of investment in cryptocurrency and operate cautiously.

You agree that all investment operations conducted on Binance. If necessary, Binance. Due to network delay, computer system failures and other force majeure, which may lead to delay, suspension or deviation of Binance POS service execution, Binance. Binance Convert a. Upon completion of the registration and identity verification for your Binance Account, you may be able to make use of the Binance Convert Services, which enable Users to buy and sell Digital Assets.

Users may provide Binance with a request to convert one Digital Asset into another Digital Asset, which Binance may, in its sole discretion, elect to accept or reject. Binance may either accept or reject the User Trade Request at its sole discretion, depending on market conditions and other factors at the relevant time.

If Binance accepts the User Trade Request, Binance will guarantee the price regardless of price movement as well as the amount it provides to the User and will settle the Digital Assets accordingly. In most cases, the settlement will complete within 10 seconds. But it is sometimes possible that the settlement process takes several hours or even longer, depending on various factors, including market conditions, technical issues, etc.

During the process of settlement, the User cannot cancel the conversion or transfer, withdraw, or trade the Digital Asset that is being processed. Binance shall not be held responsible for potential loss or opportunity cost in connection with any price change of the Digital Asset being processed during this settlement period.

In respect of Convert Limit Orders, Binance does not guarantee the fulfillment of the limit order, even if the market price hits or crosses the limit price set by the User, as orders are executed subject to market conditions and liquidity. Binance shall not be held responsible for any potential loss or opportunity cost due to the unsuccessful execution of limit orders in such case.

It is recommended that Users conduct independent research into different Digital Assets prior to using Binance Convert Services. Users bear full responsibility for any profit or loss in connection with their use of the Binance Convert Services. Binance Leveraged Tokens Before transacting in Binance Leveraged Tokens, you acknowledge and agree that you have read, understood and accepted each of the Binance Leveraged Tokens Risk Disclosure Statement and the Binance Leveraged Tokens Agreement , which shall apply to all subscriptions to, redemptions of and transactions in Binance Leveraged Tokens as such term is defined in the Binance Leveraged Tokens Agreement.

Deposits From such time on the Conversion Inception Date as Binance may determine, when you deposit or receive a Designated Stablecoin into your Binance Account, the amount received will automatically be converted into an equivalent amount of BUSD at a rate of 1 to 1. Existing balances At such time on the Conversion Inception Date as Binance may determine, any balance in your Binance Account denominated in a Designated Stablecoin will automatically be converted into an equivalent amount of BUSD at a rate of 1 to 1.

Where you choose to withdraw a Designated Stablecoin, you will receive an amount equal to your balance in BUSD, converted into the relevant Designated Stablecoin at a rate of 1 to 1, minus any applicable withdrawal and transaction fees. Exceptions Binance reserves the right to suspend or terminate the Designated Stablecoin Conversion for any or all Designated Stablecoins at any time without prior notice.

Where necessary due to market conditions affecting one or more Designated Stablecoins, Binance may adjust the conversion rate used for the Designated Stablecoin Conversion. Liabilities 1. If you are obligated to indemnify Binance Operators, their affiliates, contractors, licensors, and their respective directors, officers, employees or agents pursuant to these Terms, Binance will have the right, in its sole discretion, to control any action or proceeding and to determine whether Binance wishes to settle, and if so, on what terms.

Announcements Please be aware that all official announcements, news, promotions, competitions and airdrops will be listed on www. Termination of Agreement 1. Suspension of Binance Accounts You agree that Binance shall have the right to immediately suspend your Binance Account and any accounts beneficially owned by related entities or affiliates , freeze or lock the Digital Assets or funds in all such accounts, and suspend your access to Binance for any reason including if Binance suspects any such accounts to be in violation of these Terms, our Privacy Policy, or any applicable laws and regulations.

You agree that Binance shall not be liable to you for any permanent or temporary modification of your Binance Account, or suspension or termination of your access to all or any portion of Binance Services. Binance shall reserve the right to keep and use the transaction data or other information related to such Binance Accounts. Should your Binance Account be terminated, the account and transactional information that meet data retention standards will be securely stored for 5 years.

In addition, if a transaction is unfinished during the account termination process, Binance shall have the right to notify your counterparty of the situation at that time. You acknowledge that a user-initiated account exit right to erasure under GDPR or other equivalent regulations will also be subjected to the termination protocol stated above.

If Binance is informed that any Digital Assets or funds held in your Binance Account are stolen or otherwise are not lawfully possessed by you, Binance may, but has no obligation to, place an administrative hold on the affected funds and your Binance Account. If Binance does lay down an administrative hold on some or all of your funds or Binance Account, Binance may continue such hold until such time as the dispute has been resolved and evidence of the resolution acceptable to Binance has been provided to Binance in a form acceptable to Binance.

Binance will not involve itself in any such dispute or the resolution of the dispute. You agree that Binance will have no liability or responsibility for any such hold, or for your inability to withdraw Digital Assets or funds or execute trades during the period of any such hold. Upon payment of all outstanding charges to Binance if any , Users will have 5 business days to withdraw all Digital Assets or funds from the account.

Dormant Accounts Notwithstanding any provision of this Section VI, Binance may provide a written notice requiring you to close all of your open positions and withdraw all of your Digital Assets from your Binance Account within 30 days of the notice. In the event that you fail to do so, Binance may in its absolute discretion and without prior notice to you: a deem your Binance account as a dormant account; b close any open positions in any Binance products; c convert the Digital Assets to a different type of Digital Asset e.

For the avoidance of doubt, none of the Binance Operators shall be liable for any loss of profit, tax obligations or any other loss, damage or expense incurred by you resulting from such conversion; d transfer such dormant account including any Digital Assets contained therein to an affiliate of the Binance Operators, any third-party custodian or an isolated wallet where it is deemed reasonably necessary by Binance to do so.

Any assets in these dormant accounts will be transferred in accordance to paragraph 5 d above. After a dormant account is closed, it cannot be reactivated by you i. No Financial Advice Binance is not your broker, intermediary, agent, or advisor and has no fiduciary relationship or obligation to you in connection with any trades or other decisions or activities effected by you using Binance Services.

No communication or information provided to you by Binance is intended as, or shall be considered or construed as, investment advice, financial advice, trading advice, or any other sort of advice. Unless otherwise specified in these Terms, all trades are executed automatically, based on the parameters of your order instructions and in accordance with posted trade execution procedures, and you are solely responsible for determining whether any investment, investment strategy or related transaction is appropriate for you according to your personal investment objectives, financial circumstances and risk tolerance, and you shall be solely responsible for any loss or liability therefrom.

You should consult legal or tax professionals regarding your specific situation. Binance does not recommend that any Digital Asset should be bought, earned, sold, or held by you. Before making the decision to buy, sell or hold any Digital Asset, you should conduct your own due diligence and consult your financial advisors prior to making any investment decision.

Binance will not be held responsible for the decisions you make to buy, sell, or hold Digital Asset based on the information provided by Binance. Users must also factor, to the extent of their local laws all aspects of taxation, the withholding, collection, reporting and remittance to their appropriate tax authorities. Privacy Policy Access to Binance Services will require the submission of certain personally identifiable information.

Notice of Claim and Dispute Resolution Period. Please contact Binance first! Binance wants to address your concerns without resorting to formal legal proceedings, if possible. If you have a dispute with Binance, then you should contact Binance and a ticket number will be assigned. Binance will attempt to resolve your dispute internally as soon as possible.

The parties agree to negotiate in good faith to resolve the dispute which discussions shall remain confidential and be subject to applicable rules protecting settlement discussions from use as evidence in any legal proceeding. The Notice of Claim must 1 describe the nature and basis of the claim or dispute, 2 set forth the specific relief sought, 3 provide the original ticket number, and 4 include your Binance account email.

The Notice of Claim should be submitted to an email address or hyperlink provided in your correspondence with Binance. After you have provided the Notice of Claim to Binance, the dispute referenced in the Notice of Claim may be submitted by either Binance or you to arbitration in accordance with paragraph 2 of this Section, below. For the avoidance of doubt, the submission of a dispute to Binance for resolution internally and the delivery of a Notice of Claim to Binance are prerequisites to commencement of an arbitration proceeding or any other legal proceeding.

During the arbitration, the amount of any settlement offer made by you or Binance shall not be disclosed to the arbitrator. Agreement to Arbitrate and Governing Law. You and Binance Operators further agree that the arbitrator shall have the exclusive power to rule on his or her own jurisdiction, including without limitation any objections with respect to the existence, scope or validity of the Agreement to Arbitrate, or to the arbitrability of any claim or counterclaim.

Arbitration is more informal than a lawsuit in court. There may be more limited discovery than in court. The arbitrator must follow this agreement and can award the same damages and relief as a court including, if applicable, attorney fees , except that the arbitrator may not award declaratory or injunctive relief in favour of anyone but the parties to the arbitration.

The arbitration provisions set forth in this Section will survive termination of these Terms. Arbitration Rules. Rules in force when the Notice of Arbitration is submitted, as modified by this Section X. Any arbitration will be conducted in the English language. Regardless of the manner in which the arbitration is conducted, the arbitrator shall issue a reasoned written decision sufficient to explain the essential findings and conclusions on which the decision and award, if any, are based.

If applicable law prohibits a one-year limitation period for asserting claims, any claim must be asserted within the shortest time period permitted by applicable law. If we request arbitration against you, we will give you notice at the email address or mailing address you have provided.

You agree that any notice sent to this email or mailing address shall be deemed effective for all purposes, including without limitation to determinations of adequacy of service. Seat of Arbitration: The seat of the arbitration shall be Hong Kong. Place of Hearing: The location of any in-person arbitration hearing shall be Hong Kong, unless otherwise agreed to by the parties. Governing Law: These Terms including this arbitration agreement shall be governed by, and construed in accordance with, the laws of Hong Kong.

The parties agree that the arbitration shall be kept confidential. Notwithstanding the foregoing, a party may disclose Confidential Information to the extent that disclosure may be required to fulfill a legal duty, protect or pursue a legal right, or enforce or challenge an award in bona fide legal proceedings.

This confidentiality provision shall survive termination of these Terms and of any arbitration brought pursuant to these Terms. Class Action Waiver. You and Binance agree that any claims relating to these Terms or to your relationship with Binance as a user of Binance Services whether based in contract, tort, statute, fraud, misrepresentation, or any other legal theory, and whether the claims arise during or after the termination of these Terms shall be brought against the other party in an arbitration on an individual basis only and not as a plaintiff or class member in a purported class or representative action.

You and Binance further agree to waive any right for such claims to be brought, heard, or arbitrated as a class, collective, representative, or private attorney general action, to the extent permissible by applicable law. Combining or consolidating individual arbitrations into a single arbitration is not permitted without the consent of all parties, including Binance. You hereby consent and agree that it is your responsibility to ensure that your understanding of this Section is up to date.

BY Marco Quiroz-Gutierrez January 4, , PM UTC China made big headlines when it banned crypto last year, but it is only one of dozens of countries and jurisdictions that have either banned cryptocurrencies outright or severely restricted it over the past few years. Forty-two other countries, including Algeria, Bahrain, Bangladesh, and Bolivia, have implicitly banned digital currencies by putting restrictions on the ability for banks to deal with crypto, or prohibiting cryptocurrency exchanges, according to a summary report by the Law Library of Congress published in November.

The number of countries and jurisdictions that have banned crypto either completely or implicitly has more than doubled since , when the organization first published a report on the subject. Some governments that have banned crypto have said that cryptocurrencies are being used to funnel money to illegal sources and argued that the rise of crypto could destabilize their financial systems.

Although not all governments are moving to ban crypto, many are looking into how to regulate digital currency, including the U. Gensler hired a senior adviser specializing in cryptocurrency last week.

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