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I guess we'll have to agree to disagree then. If customers didn't want their USDC deposits converted, they shouldn't have used Binance. Its not a public service

I guess we'll have to agree to disagree then. If customers didn't want their USDC deposits converted, they shouldn't have used Binance. Its not a public service company. Same goes for your expectations of custody, they never claimed to be one. Conversions are even announced when you go to deposit USDC: "Please note that your USDC Deposit will be auto-converted to BUSD at a 1:1 Ratio. Please refer to announcement details. https://www.binance.com/en/support/announcement/e62f703604a94538a1f1bc803b2d579f https://www.binance.com/en/support/announcement/e62f703604a9..." I don't see how your point holds, besides "customer expected X, but got Y" - but this is because customer is misinformed, not because Binance has an obligation to store USDC 1:1 (in this case).

nailer 4y ago
Nobody said Binance was a public service company. This is another bizarre straw man. > never claimed to be one. Binance say they are a custodian on their own website. > customer expected X, but got Y Yes. Misleading people for financial gain is fraud. > this is because customer is misinformed No customer holding USDC in Binance knew their funds would be replaced before Binance replaced their funds.