Terms and conditions of Coinbase’s updated pledge service: the pledge must be released before the asset is sold or transferred

According to the news on March 11, under regulatory pressure, Coinbase is updating the terms and conditions of its pledge service. In an email to customers this Friday, Coinbase said that the pledge service will continue to be provided, but Coinbase will only serve as a service provider connecting pledge users, verifiers and agreements, and will also charge “transparent Coinbase fees”, The biggest change in the terms is that “users must now cancel the pledge before selling or transferring some assets, which makes the service of Coinbase more consistent with the type of pledge service that is native to the blockchain network. The assets that must be released from the pledge on Coinbase now are Solana (SOL), Cosmos (ATOM), Cardano (ADA) and Tezos (XTZ)”. Coinbase also reminded users that it may take “several hours or weeks” for any assets pledged on its platform to cancel the pledge, and the time required for transfer or sale depends on the agreement rules and the processing time of Coinbase “. （decrypt）

Interpretation of this information:

Coinbase, a leading cryptocurrency exchange, is updating its pledge service terms and conditions to comply with regulatory requirements. The platform will continue to offer the service but only as a connecting service provider between users, verifiers, and agreements. It will also charge transparent fees. The main change is that users must cancel the pledge before selling or transferring assets, which aligns it more closely with blockchain network pledge services. Additionally, four specific assets, namely Solana, Cosmos, Cardano, and Tezos, must be released from the pledge on Coinbase. The exchange reminded its users that the cancellation process may take several hours or weeks, depending on various factors.