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Reminder: Gate.io doesn't acknowledge your ownership of deposited funds. It's time to consider withdrawing.

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by COINS NEWS 100 Views

With the arrest of the CEO and another user stating that they might have insolvency problems, I've come to remind you that their terms of service (ToS) do not acknowledge your ownership of the funds.

This might be something of a lesser importance to some, but if they are to declare bankruptcy, anyone with funds there will have a harder time going to court to receive things. I did a research on the top-10 exchanges for their ToS earlier this year, and Gate.io's have no mention at all about ownership nor about insurance. The most interesting part I found was

5.7. Gate.io may seize your abandoned property. If you have not logged into your account on the site for an uninterrupted period of two years, Gate.io reserves the right to deem any and all property that you hold on the site, including blockchain assets, to be abandoned, without notice to you. If your property is abandoned, it will be immediately forfeited to and seized by Gate.io and Gate.io may donate them to a nonprofit group.

[...]

XIV Indemnity
14.1 Under any circumstance, our liability for your direct damage will not exceed the total cost incurred by your three months' use of services offered by this Website.
14.2 Shall you breach this Agreement or any applicable law or administrative regulation, you shall pay to us at least US$ Two million in compensation and bear all the expenses in connection with such breach (including attorney's fees, among others). If such compensation cannot cover the actual loss, you shall make up for the difference

Use exchanges as exchanges and reconsider leaving funds there for longer.

submitted by /u/reddito321
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