California recently enacted a new law, which is not a small matter for exchanges. If you leave assets on an exchange unused for more than three years, the government can seize them under the "Unclaimed Property Law." It sounds like confiscation, but it's not entirely — you can theoretically claim them back, but the process is extremely complicated. You need to fill out a bunch of forms, provide proof documents, go through various administrative approvals, which is time-consuming and labor-intensive. In other words, this law traps the owners of idle assets in a troublesome deadlock. For exchange users, this means they need to manage their accounts more proactively and not let their assets sit unused for three years.
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TokenToaster
· 13h ago
Wow, California is at it again? After three years of inactivity, it gets taken back into state ownership. This is basically forcing users to frequently operate their accounts. So frustrating.
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SignatureLiquidator
· 13h ago
Wow, confiscated after just three years? This is disguised theft. They even call it "claiming," but the approval process will be delayed until the Year of the Monkey and the Horse.
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TopBuyerForever
· 13h ago
Wow, California is doing this again? If you don't claim it within three years, they'll seize it. Isn't this essentially confiscation? All these unclaimed property laws are just a facade.
California recently enacted a new law, which is not a small matter for exchanges. If you leave assets on an exchange unused for more than three years, the government can seize them under the "Unclaimed Property Law." It sounds like confiscation, but it's not entirely — you can theoretically claim them back, but the process is extremely complicated. You need to fill out a bunch of forms, provide proof documents, go through various administrative approvals, which is time-consuming and labor-intensive. In other words, this law traps the owners of idle assets in a troublesome deadlock. For exchange users, this means they need to manage their accounts more proactively and not let their assets sit unused for three years.