Update: Users who encounter any issues with accessing their Simple Earn Flexible Product subscriptions after the system upgrade should proceed to upgrade their Binance App, or clear their cache via Account > Settings > Clear Cache.
This is a general announcement. Products and services referred to here may not be available in your region.
Fellow Binancians,
Binance Simple Earn is pleased to announce a revamp of the APR and rewards distribution policies for Flexible Products. Starting from 2023-02-23, Simple Earn Flexible Products will distribute rewards based on Real-Time APR, and offer Bonus Tiered APR rewards for selected cryptocurrencies.
The new APR and rewards distribution policies will be implemented after a system upgrade on Simple Earn Flexible Products, which will take place from 2023-02-22 02:00 (UTC) to 2023-02-23 02:00 (UTC). The accrual of standard APR rewards for existing Flexible Product subscriptions will be paused after 2023-02-21 23:59 (UTC), and all outstanding rewards will be distributed by 2023-02-23 23:59 (UTC).
- Real-Time APR rewards will start accruing upon completion of the system upgrade.
- Bonus Tiered APR rewards will start accruing on 2023-02-22, based on the applicable APR on Flexible Product subscription amounts. These rewards will be distributed from 2023-02-23 onward, where applicable.
Please note that the following services will be suspended during the upgrade, effective from 2023-02-22 02:00 (UTC):
- Subscriptions to Simple Earn Flexible Products
- Auto-Subscribe feature for Simple Earn Flexible Products
- Cryptocurrency redemptions from Simple Earn Flexible Products (which include previous purchases via Auto-Invest)
- Rewards distribution for Simple Earn Flexible Products
Users may refer to the FAQ for Simple Earn Flexible Products for more details on how Real-Time APR and Bonus Tiered APR rewards are calculated and distributed. The new APR and rewards distribution policies for Flexible Products are also reflected in the Binance Simple Earn Terms & Conditions. Users must review and accept the revised terms prior to using any products on the Binance Simple Earn platform.
Notes:
- The duration of the system upgrade is based on our best estimates and may vary.
- Other operating features on Binance Simple Earn (i.e., Simple Earn Locked Products) will not be affected during the upgrade.
- All impacted functions will resume once the upgrade is complete. Users who encounter issues with accessing their Simple Earn Flexible Product subscriptions after the system upgrade should proceed to upgrade their Binance App, or clear their cache via Account > Settings > Clear Cache.
- All cryptocurrencies purchased via Auto-Invest plans during the system upgrade will be directly transferred to usersâ Spot Wallets instead of Simple Earn Flexible Products.
- During the system upgrade, users who have enabled the [Use Simple Earn Flexible Balance] function for Auto-Invest subscriptions previously, will continue to purchase cryptocurrencies via their Auto-Invest subscriptions using their Spot Wallet balance instead.
- Where any discrepancy arises between the translated versions and the original English version, the English version shall prevail.
Please be rest assured that all usersâ assets are secure. We apologize for any inconvenience.
Thanks for your support!
Binance Team
2023-02-20
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Note: This announcement was last updated on 2023-02-23 to clarify how users can access the latest version of Simple Earn Flexible Products after the system upgrade. It was previously updated on 2023-02-21 to clarify that users who have been using their Simple Earn Flexible Product balances to purchase cryptocurrencies via Auto-Invest subscriptions, will be using their Spot Wallet balances to purchase cryptocurrencies via Auto-Invest instead during the system upgrade.
Binance reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.
Risk Warning: Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. APR is an estimate of rewards you will earn in cryptocurrency over the selected timeframe. It does not display the actual or predicted returns/yield in any fiat currency. APR is adjusted daily and the estimated rewards may differ from the actual rewards generated. Not financial advice. For more information, see our Terms of Use and Risk Warning.