By participating in non-fungible token ("NFT") staking ("NFT Staking") with Binance you acknowledge that you have read, understood and accepted all of the terms and conditions in these NFT Staking Terms, and you acknowledge and agree that you will be bound by and will comply with these NFT Staking Terms. If you do not understand and accept these NFT Staking Terms in their entirety, you should not participate.
B. How to participate in NFT Staking
When you subscribe to a Staking Offer ("Subscribe"), you agree to:
a. Binance or a Binance Operator locking your Committed Assets, in whole or in part;
b. Binance or the Binance Operator locking your Committed Assets onto an Applicable Network; and
c. delegating any voting rights to Binance, or Binance Operator, that are attached to your Committed Assets.
Binance may specify:
a. minimum amounts of Committed Assets that are required to Subscribe;
b. any Subscription Limits;
c. the Staking Duration; and/or
d. the APR and/or Daily Rewards for Committed Assets
Your consent to your subscription cannot be withdrawn until you instruct Binance to Redeem and your Committed Assets are returned to your Binance Account.
C. Calculation of Daily Rewards
a. are calculated from the 0.00 UTC the day after you Subscribe (Reward Calculation Day). Daily Rewards will accrue from day to day and will be calculated on the basis of the number of days elapsed. You do not earn any Daily Rewards for the first day that you Subscribe;
b. will be distributed to your Binance Account daily, the day after each Reward Calculation Day, between 00:00 UTC to 08:00 UTC;
c. will be calculated by reference to the Variable Reward Rate on the day the Staking Rewards accrue;
d. are applied each day to Committed Assets only, and not to any Daily Rewards; and
e. are distributed in the Virtual Assets identified by Binance at the time you Subscribe.
Daily Rewards, and all related calculations, are rounded down to 8 decimal places.
Binance retains all On-Chain Rewards. This amount may be different from Daily Rewards.
D. Calculation of the Variable Reward Rate
The Variable Reward Rate is determined by calculating the total rewards available on the Applicable Network divided by the number of total of any Committed Assets that are locked on the entire Applicable Network and these amounts may change from time to time.
Binance does not guarantee that you will receive Daily Rewards shown at the time you Subscribe. Any representation concerning possible return at the time you Subscribe (i) is an estimate only and not guaranteed, (ii) is based on the Variable Reward Rate, which may change, and (iii) may be more or less than the On-Chain Rewards.
If you selected a Variable Duration or you have completed your initial Fixed Duration, you can Redeem your Committed Assets at any time, by giving us two (2) Reward Calculation Day’s notice, and for all other Staking Durations, such as Fixed Duration early Redemptions, you agree that you will give us seven (7) Reward Calculation Day’s;
a. in all circumstances, if you elect to Redeem you agree that:
i. Daily Rewards will not be accrued or distributed to your Binance Account for the day that you instruct Binance to Redeem your Committed Assets; and
ii. Binance will use its best endeavours to return your Committed Assets to your Binance Account in accordance with the timescales set out above and in any event as soon as reasonably practicable taking into account network congestion; and
b. in some circumstances, including but not limited to events of extreme market volatility, network delays or a significant number of simultaneous instructions to Redeem from other Binance users, your Redemption may be delayed; and
c. you will not be able to Redeem your Commited Assets between 23:50 UTC and 00:10 UTC each day.
F. Placing a stop or suspension on, or cancelling your access
Binance may stop, suspend or cancel your access to the Platform, impose limits to any Binance Accounts, suspend or cancel your ability to participate in NFT Staking, or delay certain transactions where:
a. you do not provide additional information to verify your identity or source of funds as requested by Binance;
b. Binance is required to do so by court order, to comply with any Applicable Laws (including anti-money laundering or sanctions laws);
c. Binance is required to do so to comply with any direction or instruction from a government body or agency;
d. Binance reasonably determines that any information you have provided to Binance is wrong, untruthful, outdated or incomplete; or
e. you do not provide additional information that we request to our reasonable satisfaction or in a timely manner.
G. Account information and transaction records
You will be able to view your account history on the Platform. You must review your account history carefully and let Binance know if you see any entries or transactions that you do not recognize or you think are incorrect as soon as possible, and within 14 days after the date that your account history is provided or made available to you.
We may rectify any error in your account history at any time, and reserve the right to void or reverse any transaction:
a. involving or deriving from a manifest error (that is, any error, omission, or misquote, whether an error of Binance or any third party) which is manifest or palpable, including a misquote by any representative of Binance taking into account the current market and currently advertised quotes, or any error of any information, source, official, official result or pronunciation); or
b. to reflect what we reasonably consider to be the correct or fair details of the transaction.
We may be required under Applicable Law to share information about your accounts and use of the Platform with third parties. You acknowledge and agree that we are entitled to disclose such information.
H. Technology disclaimers
Binance may, from time to time, suspend access to your Binance Accounts, the Platform, and/or the Binance services, for both scheduled and emergency maintenance. Binance will make reasonable efforts to ensure that transactions on the Platform are processed in a timely manner, but Binance makes no representations or warranties regarding the amount of time needed to complete processing, which is dependent upon many factors outside of our control.
Although Binance makes reasonable efforts to update the information on the Platform, we make no representations, warranties, or guarantees, whether express or implied, that the content on the Platform, including information in relation to the Binance services, is accurate, complete, or up to date.
You are responsible for obtaining the data network access necessary to use the Binance services. You are responsible for acquiring and updating compatible hardware or devices necessary to access and use the Binance services, the Platform, and any updates thereto. Binance does not guarantee that the Binance services, or any portion thereof, will function on any particular hardware or devices. Binance services may be subject to malfunctions and delays inherent in the use of the internet and electronic communications.
I. General Terms
Binance will contact you using the details you provide to Binance. This may include contacting you by email, SMS, or telephone. It is important that you ensure that your contact details are correct and up to date. If your contact details change, you must let us know immediately. If you do not, Binance will not be responsible if you do not receive information, notices, or other important information from Binance.
Binance may give notice by email to your email address. It is your responsibility to ensure that the email address is up to date and accurate. Notices may be given, and are deemed to be received, if sent to your email address, whether or not a notice of delivery failure is received.
You may give us notices only as Binance directs, which may change from time to time.
Any notices, consent, or other communication given under these NFT Staking Terms must be in writing, in English, and signed or otherwise authorised by the party giving it.
For more information on Binance, you may refer to the company and licence information found on Binance websites. If you have questions regarding these NFT Staking Terms, please feel free to contact Binance for clarification via our Customer Support team.
Applicable Laws means means all relevant or applicable statutes, laws (including rules of common law), principles of equity, rules, regulations, regulatory principles and requirements, notices, orders, writs, injunctions, judgments, bye-laws, rulings, directives, proclamations, circulars, mandatory codes of conduct, guidelines, practice notes and interpretations (whether of a governmental body, regulatory or other authority, or self-regulatory organization of which Binance is a member), that are applicable to the provision, receipt or use of the Binance services, or any other products or deliverables provided, used or received in connection with these NFT Staking Terms.
Applicable Networks means third party network selected by Binance for the applicable Staked Asset.
APR means Annual Percentage Rate.
Binance NFT Marketplace refers to the digital marketplace in which Binance users can trade, purchase and sell NFTs.
Committed Assets means the NFT(s) used by you to Subscribe.
Daily Rewards means the Virtual Assets that are provided to you as consideration for Subscribing to a Staking Offer, in accordance with these NFT Staking Terms.
Fixed Duration means for a period of 30, 60 or 90 Reward Calculation Days, as applicable.
NFT has the meaning given to it in clause 1.
NFT Marketplace Terms has the meaning set forth in Section I.
NFT Staking Terms means these terms and conditions.
On-Chain Rewards means rewards or benefits of any kind, including but not limited to Virtual Assets, provided by Applicable Networks for Binance commitments, staking, validating, or any engaging in any other conduct designated by the Applicable Network, that results in rewards.
Redeem means when you end your participation in a Staking Offer and instruct Binance to return your Staked Assets to your Binance account, and Redemption shall be interpreted accordingly.
Reward Calculation Day means 0:00 UTC the day which Binance calculates the amount of Daily Rewards it will distribute to your Binance account.
Staked Assets means the Virtual Assets used by you to Subscribe.
Staking Offer means an offer by Binance to provide you with Daily Rewards in exchange for you providing your Committed Assets to Binance, in accordance with these NFT Staking Terms.
Staking Duration means the agreed period that Committed Assets must be delegated to Binance in order for you to be entitled to Daily Rewards. The agreed period can be a Variable Duration or a Fixed Duration.
Subscribe has the meaning given to it in Section A.
Subscription Limit means the maximum amount of Committed Assets, users, or the quantity of any other matter that Binance may determine in its sole discretion from time to time, that may be used to Subscribe.
Variable Duration means the variable duration of time to lock your Committed Assets, as opposed to a Fixed Duration.
Variable Reward Rate has the meaning given to it in Section D.