Binance Account Bound Token Terms and Conditions

Last revised: [ 1 September 2022 ]

Binance.com is a platform providing various products and services to global customers, which are subject to different laws and regulations in different jurisdictions. Obtaining a BAB Token is completely optional. It is not, and is not intended as, an invitation, inducement or requirement to invest in any products or services on Binance.com.

1. Acceptance of Binance Account Bound Token Terms; Modification of Binance Account Bound Terms

1.1 These terms and conditions (“BAB Token Terms”) constitute a legally binding agreement between Binance Capital Management Co. Ltd. (“Binance”, “we”, “us” or “our”) and each registered end user (“you” or “your”) of the BAB Token.

1.2 The BAB Token is considered part of the “Binance Services” as defined in the Binance Terms of Use (“Binance Terms”) set forth here. The Binance Terms are also incorporated into these BAB Token Terms. The BAB Token Terms govern your use and access of the BAB Tokens. In the event of a conflict between these BAB Token Terms and the Binance Terms, the Binance Terms will prevail.

1.3 Please carefully review these BAB Token Terms before requesting to get a BAB Token. By requesting and using a BAB Token, you are deemed to have read, accepted, executed and agreed to be bound by these BAB Token Terms (including the Binance Terms that are incorporated in these BAB Token Terms).

1.4 We may change or amend these BAB Token Terms at any time at our sole and absolute discretion. Any changes to these BAB Token Terms will be in effect as of the “last revised” date referred to at the top of this page. You acknowledge and agree that the form and nature of the BAB Token Terms, and any part of it, may change from time to time, and that we may add new or remove existing features. Any changes made to these terms will be notified to you through our communication channels.

1.5 If any provision of these BAB Token Terms or any future changes are unacceptable to you, you should cease to use the BAB Token. Your continued use of the BAB Token following the posting of any notice of any change to these BAB Token Terms shall constitute your acceptance and agreement to such change.

2. Definitions

BAB Token means Binance Account Bound Token, a type of non-fungible token characterized as a soulbound token that can be minted by Users to a Chain Account if they have completed KYC procedure for their Binance Account. BAB Token is described in more detail under paragraph 3 below.

BAB Token Terms refers to these terms and conditions governing the BAB Token.

Binance Account refers to the foundational virtual accounts, including main accounts and subaccounts, which are opened by Users to record on Binance their usage of Binance Services, transactions, asset changes and basic information. Binance Accounts serve as the basis for Users to enjoy and exercise their rights on Binance.

Binance Terms refers to the general Terms and Conditions for Binance, which can be found here, and are incorporated by reference into these BAB Token Terms.

Chain Account refers to an account held by the User on a blockchain to be able to hold a Digital Asset balance and to initiate transactions on the ledger of such blockchain.

Digital Assets refer to Digital Currencies, their derivatives or other types of digitalized assets with a certain value.

Digital Currencies refer to encrypted or digital tokens or cryptocurrencies with a certain value that are based on blockchain and cryptography technologies and are issued and managed in a decentralized form.

KYC refers to the “know-your-customer” process that Binance has put in place before entering into a business relationship or conducting transactions with its Users. As part of this process, Binance may do anything that it deems necessary in order to identify Users, verify their identity, scrutinize and investigate User transactions, or comply with any applicable law or regulation. KYC procedures are designed to protect Users’ against the misuse of financial accounts such as fraud, corruption, money laundering, and terrorism financing. Binance requires users to complete KYC procedure to increase their account security and to access certain Binance Services and features.

Terms that are used but not defined in these BAB Token Terms shall have the meanings ascribed to them in Binance Terms which can be found here.

3. Overview of the Binance Account Bound Token (“BAB Token”)

3.1 BAB Token is a specific type of non-fungible token (NFT) characterized as a soulbound token that can be minted by Users to a Chain Account they hold only if they have completed the KYC procedure for their Binance Account. BAB Token has no monetary value and it can be used by Users solely for the purposes of minting it to a Chain Account that they hold. Users can mint the BAB Token to a Chain Account by connecting a wallet that they use to manage such a Chain Account to their Binance Account.

3.2 BAB Token has three main characteristics: (a) it cannot be transferred from one Chain Account to another (non-transferability), (b) it can be revoked from a Chain Account at any time, and (c) BAB Tokens can be minted only on one Chain Account at a time (uniqueness).

3.3 You have no obligation whatsoever to create or use a BAB Token. Obtaining a BAB Token is completely optional, can be revoked at any time and it is not, and is not intended as, an invitation, inducement or requirement to invest in any products or services on Binance.com. If you request to create a BAB Token, you will be required to pay a fixed amount of non-refundable gas fee that may be updated from time to time, as determined by Binance in its sole discretion. The gas fee that must be paid to obtain a BAB Token will be shown to you before confirming your request.

3.4 You understand and agree that by requesting a BAB Token and minting it to a Chain Account, you are agreeing to share with Binance the addresses of the Chain Account(s) that you hold. This information and any additional information that may become available to Binance as a result of minting a BAB Token to the Chain Account(s) will be collected and processed in accordance with our Privacy Policy available here. Should you have any questions or issues with respect to the collection and processing of your personal information, you may contact our data protection officer at dpo@binance.com.

3.5 BAB Token is strictly for personal use. You represent and warrant that you will mint your BAB Token only to Chain Account(s) that you are the sole owner. You shall not allow the BAB Token created for your Binance Account to be minted to a Chain Account that you are not the sole holder in any way whatsoever.

3.6 If you obtain a BAB Token, you own the non-fungible token that is associated with the BAB Token, however, you do not own any intellectual property rights in such BAB Token except expressly provided otherwise in these BAB Token Terms.

4. Use of BAB Tokens

By agreeing to these BAB Token Terms you understand that independent third party protocols, decentralized autonomous organizations or decentralised applications (“Third Party Projects”) may decide to use BAB Tokens for various purposes in their sole discretion. Use of BAB Tokens by a Third Party Project in any way should not be construed as a recommendation, vetting or endorsement of such Third Party Project by Binance. ALWAYS DO YOUR OWN RESEARCH - you are solely responsible for your investment decisions and your use of any Third Party Projects are at your own risk.

5. Revocation

5.1 You understand and agree that you must have completed the KYC process on your Binance Account to be able to request a BAB Token, and it is your responsibility to ensure that your KYC information continues to be true and accurate to maintain your BAB Token. We will check your KYC status on a regular basis to confirm your eligibility to hold a BAB Token. In case of loss of your Binance Account’s KYC-verified status for any reason whatsoever, your BAB Token will be revoked from any Chain Account. In such a case, you will need to verify your KYC status again before you are able request a new BAB Token and to mint it to any Chain Account.

5.2 You may revoke your BAB Token from a Chain Account at any time, however, in case of confirmation of the revocation, you will only be allowed to re-mint your BAB Token to any Chain Account after expiration of a security period to be determined by Binance. The applicable security period will be shown to you before you revoke your BAB Token.

5.3 If you request to revoke your BAB Token from any Chain Account, you will be required to pay a fixed amount of non-refundable gas fee that may be updated from time to time as determined by Binance in its sole discretion. The gas fee that must be paid to revoke a BAB Token will be shown to you before confirming your revocation request.

5.4 We reserve the right, in our sole and absolute discretion, to revoke your BAB Token immediately without notice if you are unable to provide documents or information required for your Binance Account’s KYC verification or if you are suspected for using your Binance Account or your BAB Token for trades that are deemed to be wash trades or illegally bulk registered accounts, as well as trades that display attributes of self-dealing or market manipulation, or for any other reason that we deem reasonable or necessary.

6. Limitation of Liability

In no event shall Binance, its affiliates and service providers, or any of their respective officers, directors, agents, joint venturers, employees or representatives, be liable:

(a) for any losses arising out of or in connection with minting or use of the BAB Token with any specific Chain Account;

(b) for any losses arising out of or in connection with the use of BAB Token in any Third Party Project in any way whatsoever; or

(c) losses that were not caused by any breach on the part of Binance;

whether based in contract, tort, negligence, strict liability, or otherwise, except to the extent that such losses were a result of our gross negligence, fraud, wilful misconduct or intentional violation of law.

7. Suspension and Termination

You agree that Binance shall have the right to immediately suspend or terminate your access to BAB Token for any reason including if Binance suspects any such BAB Token is used in violation of these Terms, our Privacy Policy, or any applicable laws and regulations. You agree that Binance shall not be liable to you for any suspension or termination of your access to your BAB Token, including in the case where Binance decides to cease offering the BAB Token service. Binance shall reserve the right to keep and use the data or other information related to or derived from such BAB Token to enable your continued use of our services and to fulfill requirements under law. The above account controls may also be applied in the following cases:

(a) in case of a governmental proceeding, criminal investigation or other pending litigation arising out of or directly or indirectly related to the use of your BAB Token ; (b) in case we detect unusual activities in the use of your BAB Token; (c) in case we detect unauthorized or fraudulent usage of your BAB Token; and/or (d) in case we are required to do so by a court order or command by a regulatory/government authority.