Binance DEX will not have access to your coins, unless you disobey rules

25 Apr, 2019 | Updated: 25 Apr, 2019
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Binance DEX will not have access to your coins, unless you disobey rules

Twitter user @ImShillGates has brought to the attention the fine print on the upcoming Binance Decentralized Exchange (DEX) which states that your funds can in fact be taken from you by Binance.

In a recent tweet by @ImShillGates, the users posts an image with the fine print of the Binance DEX. The terms clearly state that "your wallet is not accessible by Binance, and Binance will not keep your Keystore files, passwords, mnemonic phrases and/or private keys"

However, on the same page the terms and conditions go on to explain what prohibit uses are not allowed on the DEX, followed by a conclusion paragraph stating that Binance has the right to "confiscation of any digital tokens obtained in any prohibited use". The paragraph also states that "Binance may, at its sole and absolute discretion, seize and hand over your property to law enforcement or other authorities where circumstances warrant".

The main concern for users of Binance DEX will be surrounding how decentralized the new exchange really is. While the wording appears to be targeting users who attempt to defraud or scam other users or sell stolen tokens, the potential to start seizing funds for other reasons remains a possibility based on the discretion of Binance. 

While the Binance DEX maybe an attempt to be decentralized, perhaps the DEX is not really decentralized at all. 

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