Maya Updates Crypto Terms: New Rules for Coin Listings and Delistings

Earlier in July, local crypto platform Maya notified its users that it had updated its terms and conditions for its crypto platform, including a new section about coin listing and delisting.

What’s the significance: The update is significant as it directly affects users’ control over their assets on the platform. It clarifies how Maya handles the listing and delisting of virtual assets, ensuring that users are informed and have options when assets are delisted.

Maya T&C Update on Coin listing and delisting:

• According to the updated terms and conditions: Maya can determine which Virtual Assets are listed or delisted on the platform.
• When a Virtual Asset is delisted, Maya will provide a way for the Account Holder to exit or offer customer service contacts for assistance.
• Account Holders have thirty days from the notice of delisting to decide on selling or transferring the Virtual Asset.
• If no decision is made within thirty days, Maya may sell off the Virtual Asset at the current rate.
• Maya can set or change the order size or volume for conversions based on market rules or regulations.

However: Prior to the update, a Maya user reported in the BitPinas Telegram group last June 28 that the crypto he bought got delisted.

How Other Platforms Handle Delistings

As per our last check on July 8 across major local exchanges, only Maya has a Coin Listing and Delisting rule in its terms and conditions:

• Coins.ph: In a blog on the Coins website, the firm noted that tokens or trading pairs may be delisted based on factors such as deposit volume, trading volume, and liquidity.
  • Users will be notified of any delisting and given a time window to convert or withdraw their assets.
  • Any remaining tokens in customer accounts after the time window has passed will be lost and unrecoverable.
• PDAX: While PDAX does not have specifications about listing and delisting coins in its terms and conditions, the firm had a record of informing its users before they delist a coin.
  • When PDAX switched its support for the $PYUSD from the Ethereum Network to Solana, the firm sent out emails to its users at least 2 weeks before the delisting.
    • Users are informed that they can continue regular trading activities until the deadline.
    • After the deadline, any remaining PYUSD on the Ethereum network will be automatically converted to PYUSD on the Solana network.
• Gcash: The firm shared that while it does not include delisting guidelines in its terms and conditions, Gcash noted that it is “listening to their[customers’] feedback and always responding to their in-app behavior.”
  • “In all cases and regardless of the reason, there will be multiple communications and a lengthy timeframe before any token is finally delisted. Customers will be given ample time to either withdraw or sell their holdings, and there will never be a situation where their control over their tokens is revoked,” GCash sent to BitPinas.

What to watch: Future updates or additional changes to the terms of these local platforms that could further refine how they handle user assets and potential regulatory developments that might influence these practices. (Read more articles about Maya on BitPinas.)

This article is published on BitPinas: Maya Updates Crypto Terms: New Rules for Coin Listings and Delistings

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