Bitcoin Forum

Did the title sound a bit awkward? Oops 😬, the content may be better.

hello folks, A lot is happening already, with the SEC and their issues with Bitcoin; we already heard that Binance was charged on June 5 and Coinbase as well; then bla bla bla. It will really be a regrettable situation if your coins get jacked through any centralized platform that you used to carry out your Bitcoin transactions, probably because you were too lazy to look up the important stuff like T&C update and other updates. That aside.

How often do you check if there are any changes or updates on the platform you are using? Well, on one of the platforms I use for some Bitcoin transactions, I saw something like this on the image below, and I was surprised, because since I stated using Bitcoin, no platform has publicly drop down a notification like that on their home page, stating that there is an update on the terms and conditions. For these reasons, I have decided to remind us to be very vigilant and try to check if the platform you are using has any slit changes in T&C to avoid a situation where your assets will be at risk.

It was just a quick reminder, and I hope it's beneficial to at least a many users here. Thanks for taking the time to read or take a snippet 😜.
https://www.talkimg.com/images/2023/06/10/ARUe1.jpeg


Cheers 🥂, Dr.Bitcoin_Strange 👺👺

If they don't read Terms of Service (ToS) before or after creating their accounts, they will not mind to follow up ToS upgrades.

Many people use exchange accounts and given receiving addresses like their non custodial wallets to store their coins. With this mind, they think their coins will be safe and they don't mind to check their accounts after long time. With those people, reading ToS, following its changes are something impossible.

Following it regularly is good but not enough, because they can announce changes and shut down their platforms. Therefore following this

• Reminder: do not keep your money in online accounts (https://bitcointalk.org/index.php?topic=5421039.0)

Afaik T&C changes are rarely listed in announcements, there may be important extra sections (in particular) that are not usually added to the service.
I honestly didn't read the T&C in too much detail (I know it's bad) because it's long and boring. I think in general it only contains a few points such as: Responsible management, deposit and withdrawal, additional security, verification, etc.

If I have money on that platform I will not surely miss those as I'm keen to follow them and for sure they'll make it a priority if there are changes on their T&C like on your email, or put it simply by giving that notification on their own platform. If your rarely visit platforms where your money is, you probably was just lazy that you just give it away. Yeah, the title was a bit of a click bait.

You can say that I am lazy because I won't check the TOS most of the time but I do read it when I created an account. I won't have any problem if they updated their TOS since I am not storing my crypto in am exchange like that rather than storing it in a wallet that is non-custodial. I do think the same that the title is a bit clickbait. This thread of yours is best for those who are keeping their crypto on exchange platform.

Any centralized exchanges will always tightening their rules at least once time per year and you will not know which rules they added because they didn't state the difference of the old and new terms. This is different if you use a NO KYC exchange or decentralized exchange because they rarely add new rules. Even though few sites already set a mandatory KYC rule e.g. Localbitcoins and Localcryptos, this can be avoided by searching "KYC" on the terms before using the site.

Will these updated terms and conditions or terms of service affect  all their markets or most likely get a few changes for the US market as this is where they are having the most pressure to make such changes from SEC and the like.  

Btw didn't see this pop up either  last I got on Binance, but any chance you using this from Europe??

Which sacks about these changes ..if only they could hilight whats being added or removed to these , and sadly  they know very well that very few read these terms as they are loo long to read and most users like to just jump in and get caught unaware.

Thank you for this reminder because I have not really thought about this. This means we need to periodically read these terms of service because there might be some changes that might affect users negatively. But I am pleased to see such a platform making such an open announcement which means they are open to their customer.

Any exchange or crypto firm that updates its terms and conditions without informing its customers acted wrongly. Customers need to know when there are changes so they will have to check if they are comfortable with the exchange or not. But decentralized exchanges also have terms of service so even if they don't require KYC we still have to read these rules and these no KYC exchanges can also change some rules.

not many exchange users or centralized platforms will pay attention to ToS. Even for gambling platforms also more users just create an account and make a deposit then play. on the exchange platform, it might be even stricter with the KYC required but not many will pay attention to all the ToSs that are warned from the start of the account creation.
but to keep up with updates from existing notifications, it might still be difficult to see the difference in points added or replaced. it requires understanding to re-read the whole thing, and we still likely won't know the difference.

I know that many CEXs, including Binance in Europe, won't let you cashout or trade if you haven't accepted the latest version of TnC.

However, as you say, it's clear that people rarely read them. Whether it's for CEX, or for online casinos, many don't care and come to complain when these conditions are applied to them.

Just look at the dozens of messages from people complaining about KYC and other AML document requests when attempting to withdraw large amounts in the Gambling section of the forum; everything is written in the TnCs but they don't read them and then come crying to have to provide justifications.
Sometimes I think some people would sign dangerous documents without reading them, when you see how they behave online.

I never going to skip their updates regarding policy because it involves money so I always pay attention to the changes they have made and most exchanges will give you pop up that you have to agree to new policies to continue using their services and that's the only time I will look into their terms or if I have any doubt in my mind will go into ToS or FAQs to clear it.

But most people just click ok and move on but the consequences will be felt much later when exchange freeze account for violating the terms and starts blaming the exchange.

Granted - I rarely read the ToS beyond just a few key points, but I don't miss any important updates from any announcements. Particularly about the centralized exchange that I use, of course I will get the announcement as best I can. The ToS changes are actually noteworthy, but I admit that they are often overlooked by many users.

Honestly, I typically just skim them whenever I register to a new platform. As for updates, I must admit I rarely look at them lol.

But if you've been dabbling with exchanges for years, most of them have similar clauses hence only a matter of time before you get used to it. Furthermore, I follow the "not your keys, not your coins" mantra so I know the extent of what to expect. For instance, I don't get surprised anymore whenever someone in the community share a clause they find disturbing.

This is a very serious question to ask. The first question should have been: how many of us usually read through an entire T&C before we use any platform service? If I am to be honest, I will rate myself at 1/4. All I do on every platform I enter is check their withdrawal limit and deposit limit; those are the things I usually check, and when I am done with that, I barely look at the rest.

So talking about checking the T&C more often for me to see if it's been updated or not, I don't actually do that, which I know is very risky even for a non-crypto platform, but it's also considered very important. But if things are to be done the right way, platforms are meant to either send a notification either by mail or whatever means they will use to reach out to their customers regarding their updated T&C, even if the user might actually not find it interesting to read, or an auto pop-up when an already existing user revisits the platform. This will go a long way and might attract us to check through it again.

To be honest I’m not one of those who can boldly say they read the TOS of platforms they use, except maybe online casinos (and that’s mostly to check if my country is banned from the site or to see what the withdrawal process looks like). It’s a bad practice but I can’t spare five minutes straining my eyes reading a load of text. I wish I would but I just can’t!

People underestimate how important it is to read terms of websites you’re signing up to. This can be life changing in some situations, and not in a good way! In fact, I’d say it’s about as important as reading any other real life contract.

But I do agree, it’s pretty hard to keep up with terms.. particularly if you pull out online contracts like Google’s terms which take you probably at least 15 minutes to read and at the end of the page you aren’t sure you understand the entirety of it. I think they make the contracts so long partially because they know we won’t read it, lol.

Updates to terms are obviously important. But who the heck keeps up with all of that….

You're not alone on this and I think the general problem with why many do ignore them is because they are cumbersome notes that may not be self-explanatory to some people, some terms and conditions contain notes that are drafted and written by lawyers, and this is why many people including me ignored that image as soon as I sight them on any websites, even cookies need to be checked sometimes before you accepted but in general, we are all familiar with the norms of websites, if you are using a regular website that is for sales, you should be familiar with the regular norms and some policy or heard some experience from friends, its still good to check them though.

If we all read the terms of use, then most likely we will not use any service that currently exists, and most likely if these companies implement these regulations, the number of their users will decrease by 90%. TOS are written to ensure that you do not try to take your case to court and stop litigation procedures before they occur and are not taken as an excuse to close the account Unless it crosses the red lines, which are often the most common reason for closing accounts, or they are shaded in a certain color.

These platforms are looking for users, but they comply with these TOS so that the license is not withdrawn from them, it is better to ask the support team for a short list of them instead of reading them in detail.

I think upon the completion to reading every terms and conditions of any centralized exchanges or institutions, they will provide you with the option to tick a button to confirm that you have read through, understand and have accepted their ToS, then you supply your response and submit, this is a normal procedure and protocols to be followed, but because we are sometimes too lazy to read them due to the long composition or contents in them, we often neglect.


I don't normally check because i believe if there should be any changes then they should be able to communicate them to me through the contact information i left with them.

Thanks OP, for this reminder. This is for those users who keep their funds in centralized platforms or exchanges. I don't keep much funds there,I only use Binance when I want to make a trade apart from that,nothing more. My coins are always in my noncustodial wallet. The funny thing with some of these exchanges,is that they will do a little change in their ToS and might not even write to you or put it where every user can read it but only on their ToS. If you are such user that is lazy to read or feel reluctant to always check their ToS,you might go against the new updates. Avoid any regrets from exchanges,and always visit their ToS regularly,if you are the type that can't do without these centralized exchanges

Terms and condition is one thing I notice we are suppose to be very careful and read through it each time we visit sites. But lot of us always don't fine it easy doing that because it looks time consuming and we always seems to be in a hurry to go and get what ever we visit the site for and live. Which is one thing most scam site always use against their users.

But if the sites can be popping up the notification like this, it will be a little different at least we have seen it, let it be our ignorance which makes us lose the update, even if we are not able to read the outdated one, let us read through the new one.

Sites and services don't present all TOS updates in the same way. I will use my bank as an example. When there is a TOS change, they send me an email mentioning their terms got changed, and then they highlight the exact points they changed. That makes it much clearer for the end-user to focus on the updates. Some other services I use aren't as detailed. All they say is, our terms have changed. To read the new ones, please check the following document. It's then your job to go through everything from beginning to end to see if there is something there you might not like.