[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:

https://preview.redd.it/vf5zl3e0h3eb1.png?width=1120&format=png&auto=webp&s=190ccf4be4fe485c13291b8ddb8d614b261633b4

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.

https://preview.redd.it/fvkzktm8h3eb1.png?width=1467&format=png&auto=webp&s=7ceb32d4bbca35d037c2e7de11fb2f4bbac8dba2

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.

https://preview.redd.it/m41m3887h3eb1.png?width=1455&format=png&auto=webp&s=1851a4938c867eb90842f5a99e1ea76ed1119cd9

https://preview.redd.it/miegdrv5h3eb1.png?width=1447&format=png&auto=webp&s=295e2c33a9efd2ffb7a293c17d56f77dbdab9f04