Is closing down acc the solution for not trading in months?

[TheMimic1]

STEX exchange decide to close down my account simply because I haven't trade on there for months, this is bad service IMO, I created binance account since 2018 with zero trade and today I'm now trading on the exchange, staying away from exchange doesn't mean you ain't coming back, I've never heard about this before, is here any other exchanges that choose this lame strategy too?

[Jawhead999]

Do you really sure it's caused by zero trading activities only? According to their TOS your account can be closing down if you meet 1 of those criteria below.

User’s profile and wallet are considered abandoned if meet at least one of the following conditions:
-the user has not accessed his profile or wallet for more than 1 year (365 days);
-the user that had been previously successfully verified has no submitted verification requests with at least one valid document for more than 1 year (365 days) from the last date of verified status;
-the user has no record of submitting verification requests with at least one valid document for more than 3 months (90 days)

.

Probably you're on the third condition, you missed the verification process on your mail or the exchange. I don't know any other exchange with such rules, but be sure you read the TOS before using any service.


Lower left move this topic to service discussion sections.

[TheMimic1]

You could be right, even if all these criteria isn't met this still doesn't mean they should be closing customers account, it's not cool, like I said I've opened binance account since 2018 and I've never deposited a penny on the exchange once, also I never went through KYC verification but my account stays intact, just because we don't have coins to sell or trade today doesn't mean we won't in future

[Lantind]

STEX exchange decide to close down my account simply because I haven't trade on there for months, this is bad service IMO, I created binance account since 2018 with zero trade and today I'm now trading on the exchange, staying away from exchange doesn't mean you ain't coming back, I've never heard about this before, is here any other exchanges that choose this lame strategy too?

You need to know that scammers always try to take anyone's money in any way, so don't be surprised when your account is closed by them because you are considered an unprofitable user for them, the STEX exchange has experienced complex problems and it will be very dangerous if you store assets you are in it, because I have also experienced things like this on my P2PB2B exchange, where I can't access them anymore even though I've made a deposit there even if only once.

[Twinkledoe]

STEX exchange decide to close down my account simply because I haven't trade on there for months, this is bad service IMO, I created binance account since 2018 with zero trade and today I'm now trading on the exchange, staying away from exchange doesn't mean you ain't coming back, I've never heard about this before, is here any other exchanges that choose this lame strategy too?

You need to know that scammers always try to take anyone's money in any way, so don't be surprised when your account is closed by them because you are considered an unprofitable user for them, the STEX exchange has experienced complex problems and it will be very dangerous if you store assets you are in it, because I have also experienced things like this on my P2PB2B exchange, where I can't access them anymore even though I've made a deposit there even if only once.

Never encounter this problem to any exchange that I am using. Considering that some of them, I haven't traded for months. Because for example, you will be only active for 1 to 2 exchanges only. And some other exchanges, you will only use if you can't find it to your major exchange. It is good to know that there are some exchanges that have this kind of policy. So if you know that you will be inactive, make sure that you haven't left any coin to to any exchange. At least, you are safe, that even if they closed your account, they haven't gotten anything from you.

[tabas]

You should be able to know that most of the services even not crypto-related if it's relative to user accounts, you should check their rules about being inactive for a long time.
They have the right to close accounts if they don't benefit from it anymore and the user has been inactive. There's a chance that they might retrieve your account if you will contact them but they could also not be. You are at their mercy if you haven't met their criteria.

[JeffBrad12]

STEX exchange decide to close down my account simply because I haven't trade on there for months, this is bad service IMO, I created binance account since 2018 with zero trade and today I'm now trading on the exchange, staying away from exchange doesn't mean you ain't coming back, I've never heard about this before, is here any other exchanges that choose this lame strategy too?

STEX was a scam exchange sute. I think that stex is the only exchange site that has been implementing such a horrible idea to ban the inactive account. I have been leaving my binance account since the end of 2018 and then i just came back again last month and then my account is still active.

You must not be surprised to see that happened with the garbage exchange site. that's a bit better rather than HITBTC which always banning active accounts.

You should add stex to your ban list of garbage exchange sites.

[Potato Chips]

User’s profile and wallet are considered abandoned if meet at least one of the following conditions:
-the user has not accessed his profile or wallet for more than 1 year (365 days);
-the user that had been previously successfully verified has no submitted verification requests with at least one valid document for more than 1 year (365 days) from the last date of verified status;
-the user has no record of submitting verification requests with at least one valid document for more than 3 months (90 days)

.

And if you have a balance in your account, you'll be charged each day which is over the top and sleazy for me.

The fee will be applied to each abandoned wallet with prior email notification to the user in the amount of 1% of the wallet whole remaining balance per day.

Scam or not, better avoid them if they have a much higher standard than most exchanges. CEX are already holding us in a high standard when their services ranges to crappy to so-so 🙄, for example, look at the amount of shitcoin this STEX have. I wouldn't wanna put more weight on my shoulders.

[Slow death]

STEX exchange decide to close down my account simply because I haven't trade on there for months, this is bad service IMO, I created binance account since 2018 with zero trade and today I'm now trading on the exchange, staying away from exchange doesn't mean you ain't coming back, I've never heard about this before, is here any other exchanges that choose this lame strategy too?

unfortunately there are more bizarre cases than yours, in my case it wasn't with the STEX exchange, but it was with the Skrill payment processor, I stopped using skrill because they blocked me because they said I couldn't deposit bitcoin and withdraw it to my card from the bank, I spent years without using skril until one day I received an email telling me that I should pay $5000 inactivity fee, I thought it was the most ridiculous thing in the world, they blocked me and even had the courage to charge me $5000 inactivity fee inactivity.

these online services look like they’re in a world of impunity, the TOS they create doesn’t seem to respect real-world consumer laws

[as.exchange]

Wow, those exchanges and services you described here guys really look horrible. It's a disgrace not only to the blockchain industry, but to the overall FinTech world. Although it reminds of some anti-utopian moves where you gotta pay for NOT watching an ad, here you gotta pay for NOT using a service what a hell...

Can't speak too much for others and what other exchanges will be doing about it, at least we guarantee that such things are never gonna happen with us. And we are as transparent as we possibly can about all fees and potential charges for customers (in fact we don't have any fees for our recently launched new product - BTC P2P, and will never have, while for others - there won't be any fees until certain conditions are met, which are openly disclosed here: https://as.exchange/fees). Would be really grateful for all your comments and feedback, and hope that we finally built something right for the crypto community with the community in mind.

[Darker45]

I'm not siding with STEX exchange. I haven't heard of it. It may be a scam exchange or not, but my point is that if you are not planning to trade for the next several months, there is no reason for your funds to stay on exchanges.

It is questionable for any exchange for that matter to simply declare an exchange account as abandoned simply because the owner hasn't accessed it for months. It could be interpreted as a sneaky stipulation in their ToS, or even an attempt by them to just confiscate the funds for no other reason than wanting them.

[as.exchange]

I'm not siding with STEX exchange. I haven't heard of it. It may be a scam exchange or not, but my point is that if you are not planning to trade for the next several months, there is no reason for your funds to stay on exchanges.

It is questionable for any exchange for that matter to simply declare an exchange account as abandoned simply because the owner hasn't accessed it for months. It could be interpreted as a sneaky stipulation in their ToS, or even an attempt by them to just confiscate the funds for no other reason than wanting them.

Let's be honest and call the things what they are. It's not "confiscating funds", but it's literally stealing.

[magneto]

STEX exchange decide to close down my account simply because I haven't trade on there for months, this is bad service IMO, I created binance account since 2018 with zero trade and today I'm now trading on the exchange, staying away from exchange doesn't mean you ain't coming back, I've never heard about this before, is here any other exchanges that choose this lame strategy too?

Definitely a crappy policy imho.

Why would you willingly let go of customers like that, unless you had malicious intentions to begin with? Does it really cost that much to host a 1mb data file that contains customer information?

If they did appropriate your balances and confiscated your funds, that is blatant theft imo. The funds are yours legally and morally - they have no right to it just because you haven't accessed your account or decided to make a trade for a few months.

[Husires]

Binance manage a huge database that contains a lot of accounts. Reserving a place in that base costs a fee that they deduct from you when you want to withdraw, deposit or update your database.
They will not reserve a place in the database for free, and even banks give a period of time such as 5 to 15 years before closing your account.

you can keep it free by using the blockchain.

[Coin_trader]

You could be right, even if all these criteria isn't met this still doesn't mean they should be closing customers account, it's not cool, like I said I've opened binance account since 2018 and I've never deposited a penny on the exchange once, also I never went through KYC verification but my account stays intact, just because we don't have coins to sell or trade today doesn't mean we won't in future

Nah. Once you click the Agree box on there ToS during your registratio, You are already bound to there rules and you must follow there rules whatever indicatedon it. The rules is really absurd if you think logically as user but this method is the exchange protocol to limit stolen abandon account and tomsave space on there database. You should read always ToS before you create any account.

[Oceat]

You could be right, even if all these criteria isn't met this still doesn't mean they should be closing customers account, it's not cool, like I said I've opened binance account since 2018 and I've never deposited a penny on the exchange once, also I never went through KYC verification but my account stays intact, just because we don't have coins to sell or trade today doesn't mean we won't in future

Nah. Once you click the Agree box on there ToS during your registratio, You are already bound to there rules and you must follow there rules whatever indicatedon it. The rules is really absurd if you think logically as user but this method is the exchange protocol to limit stolen abandon account and tomsave space on there database. You should read always ToS before you create any account.

Yeah, I agree somehow but isn't it unfair if they would just close your account for 3 months because you never complied to their KYC requirements? Binance didn't have this kind of policy since I used it in 2018 then reopening it again this year and nothing is actually change in my account.

It's just a lame and shady policy for me if you'd ask since most reputable exchanges doesn't have this kind of policy on their ToS.

[The Cryptovator]

Quite ridiculous reason to close the account. The reasons are mentioned in the Terms & Conditions just a few reasons to scam traders. Not using or not submitting KYC wouldn't a good reason for the closing account, I haven't seen this kind of Terms & Conditions in any other reputed exchange. The first time I hear about the STEX exchange, I don't know why traders risking their funds by choosing such as scammy exchange since many high reputed exchanges exist.

Anyway, thanks for sharing with us, hope others would take a lesson from here. But fortunately, we are very lazy to read the Terms & Conditions during registration in any exchange. If we can read it, then we might prevent such unexpected problems.