If your account remains inactive or dormant for an extended period, your funds may be considered “unclaimed” and transferred to your state of residence through a process known as 'escheatment'. This article explains the process and how to prevent your funds from being escheated.
To learn more about the claim process for escheated funds in your state, click here.
What is the escheatment process?
Escheatment typically refers to a legal process in which certain entities, including financial institutions like Binance.US, are required by law to transfer unclaimed customer funds (referred to as “Unclaimed Property”) to each customer’s state of residence.
During the escheatment process, Binance.US may be required to convert your crypto balance(s) to U.S. dollars (USD), which may create a taxable event. No conversion is necessary for any USD balance remaining in your account, as USD is escheated as-is.
Escheatment processes vary by state, but funds are typically considered Unclaimed Property after 2–5 years of account inactivity.
How to protect your funds from being escheated
To prevent your funds from being escheated, simply log in to your Binance.US account periodically. This ensures your account will not fall into inactive or dormant status.
How to claim escheated funds
If your funds have been escheated, or to learn more about the claim process for escheated funds in your state, visit your state’s unclaimed property website and follow their claims instructions.
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