Binance to Convert Zombie Assets Into Stablecoins, Clarifies Terms of Use

• The crypto industry is speaking out against the SEC’s attempt to conflate DeFi with centralized exchanges.
• Binance clarified its terms of use and plans to turn ‘zombie assets’ into stablecoins in order to protect user assets.
• Ripple’s chief legal officer called for an investigation after the release of Hinman documents concerning Cardano’s DeFi TVL, which has surpassed 500 million ADA amidst ecosystem interest.

Crypto Industry Opposes SEC’s Conflation of DeFi with Exchanges

The crypto industry is voicing its opposition to the US Securities and Exchange Commission (SEC) for attempting to link decentralized finance (DeFi) projects with centralised exchanges. Binance has also clarified its terms of use, announcing plans to convert ‘zombie assets’—cryptocurrencies that have been delisted from their networks—into stablecoins in order to protect users‘ assets. This comes after Ripple’s Chief Legal Officer called for an investigation into documents released by Gary Gensler, the new Chairman of the SEC, concerning Cardano’s DeFi Total Value Locked (TVL), which has surged past 500 million ADA amid growing ecosystem interest.

Binance Clarifies Terms Of Use

Binance said in a statement shared with CryptoSlate that it would convert “zombie assets” into stablecoins in order to protect users‘ assets from getting stuck in limbo. Last week, several Binance users raised concerns about the platform’s updated terms of use, giving it exclusive rights to convert delisted cryptocurrencies into different digital assets after a designated period. In response, Binance admitted that the language used could have been better and explained that these measures were being taken as part of its commitment towards protecting user funds.

Ripple Chief Legal Officer Calls For Investigation

Ripple’s Chief Legal Officer Stuart Alderoty publicly called for an investigation into documents released by Gary Gensler, Chairman of the SEC. These documents concern Cardano’s DeFi Total Value Locked (TVL), which has exceeded 500 million ADA due to increasing interest within its ecosystem.

Cardano Surpasses 500 Million ADA Amid Growing Ecosystem Interest

Cardano’s DeFi Total Value Locked (TVL) surged past 500 million ADA as part of a larger trend indicating growing interest within its ecosystem. This increase in TVL can be attributed partly to increased investments from Taiwan’s second largest telecommunications company, which is exploring opportunities within local crypto firms as well as other blockchain-related projects such as Cardano’s Shelley Testnet launch earlier this year.

Taiwan Telecom Explores Investments Into Local Crypto Firms

Taiwan’s second-largest telecoms company Chunghwa Telecom Co., Ltd recently announced plans to explore potential blockchain investments within local crypto firms and other projects related to distributed ledger technology (DLT). This move follows similar strategies adopted by other major companies across Asia including SoftBank Group Corp., Line Corp., and Kakao Corp..