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DeFi Staking Terms and Conditions

DeFi Staking Terms and Conditions

2022-09-22 06:30
A. DeFi Staking
1. By participating in DeFi Staking with Binance, you acknowledge that you have read, understood, and accepted all of the terms and conditions in these DeFi Staking Terms, and you acknowledge and agree that you will be bound by and will comply with these DeFi Staking Terms. If you do not understand and accept these DeFi Staking Terms in their entirety, you should not participate.
B. Relationship with Binance
2. You understand and agree that by electing to participate in DeFi Staking (i) Binance has the authority to put your Staked Assets into smart contracts owned by Applicable Networks, and (ii) once this is done, your Staked Assets will no longer be held with Binance, and Binance may have little or no control over them. Consequently, Binance may have no legal or regulatory obligation to you for Staked Assets.
3. Binance DeFi Staking is a Service that, among other things, provides you with:
a. a means by which you are able to participate in DeFi Projects; and
b. an income stream, where you will receive DeFi Rewards at a frequency agreed with Binance, rather than determined by the DeFi Project.
4. In consideration for providing you with Services in these DeFi Staking Terms, Binance may charge Fees and a margin.
C. How to participate in DeFi Staking
5. When you Subscribe to a DeFi Staking Offer, you will be prompted to agree with some or all of the following terms on the Platform:
a. the Staking Duration;
b. the Applicable Network;
c. the Staked Assets;
d. the DeFi Reward;
e. the Reward Calculation Frequency;
f. whether you can Early Redeem; and
g. the Reward Currency.
6. Binance may specify:
a. minimum amounts of Staked Assets that are required to Subscribe to a DeFi Staking Offer; and/or
b. any Subscription Limits.
D. Dealing with Staked Assets
7. When you Subscribe, you instruct Binance or a Binance Operator to transfer your Staked Assets to a DeFi Project.
8. Staked Assets will be returned to your Spot Account two days after the Settlement Date, unless you have elected to Auto-Stake. The time between the Settlement Date and when your Staked Assets are returned to your Spot Account do not form part of the Staking Duration. You do not earn DeFi Rewards during this time.
E. DeFi Rewards
9. DeFi Rewards:
a. subject to clause 17, start accruing from the day after you Subscribe. DeFi Rewards will accrue from day to day and will be calculated on the basis of the number of days elapsed and a 365-day year. You do not earn any DeFi Rewards for the first day that you Subscribe;
b. will be distributed to your Spot Account the day after each Reward Calculation Day, between 00:00 UTC to 08:00 UTC. This means that if the Reward Frequency Calculation is conducted daily, DeFi Rewards will not be distributed to your Spot Account until the third day after you Subscribe;
c. is applied each day to Staked Assets only, and not to any DeFi Rewards;
d. is distributed in a Reward Currency specified on the Website at the time of Subscription;
e. are calculated by reference to the DeFi Rate;
f. may be subject to Fees and a margin; and
g. are rounded down to 8 decimal places.
10. The DeFi Rate is published on the Website, and may change from time to time.
11. Binance does not guarantee that you will receive Staking Rewards at the DeFi Rate 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 DeFi Rate, which may change, and (iii) may be more or less than the On-Chain Rewards.
F. Auto-Stake
12. You may elect to automatically Subscribe to a new DeFi Staking Offer at the Settlement Date using the Staked Assets and DeFi Rewards from the preceding DeFi Staking Offer (Auto-Stake).
13. The new DeFi Staking Offer will have the same Staking Duration, Applicable Network, Reward Calculation Frequency, and Reward Currency as the preceding DeFi Staking Offer.
14. DeFi Rewards begin to accrue from the day that you Auto-Stake.
15. You can amend your Auto-Stake Instructions at any time up before 23:50 UTC on the day before the Settlement Date of the preceding Settlement Offer.
16. Binance reserves the right not to act on your Instructions to Auto-Stake. It may refuse to act on these Instructions for any reason, including but not limited to, that the Subscription Limit for a DeFi Staking Offer has been reached.
G. Early Redemption
17. Binance may, in its sole discretion, permit you to Early Redeem. Your right to Early Redeem may be withdrawn at any time.
18. If you Early Redeem your Staked Assets before the Settlement Date, you:
a. are not entitled to any Staking Reward; and
b. authorize Binance to deduct all DeFi Rewards arising from your Subscription, from your Staked Assets.
19. Should you Early Redeem, it may take up to 72 hours before Staked Assets will be returned to your Spot Account.
H. Risks & Liability
20. In addition to the risks identified in the Risk Warning, you must also consider carefully all the risks arising out of participating in a DeFi Staking, including but not limited to:
a. the risk that the Digital Assets you used to Subscribed may be lost because, among other things:
i. you are putting your Digital Assets directly into smart contracts owned by Applicable Networks and not by Binance;
ii. Staked Assets are outside of Binance’s control and Binance cannot guarantee the return of Staked Assets; and
iii. events may occur at the protocol level (including, but not limited to, hacks, exploits, or poor economic models), which is outside of Binance’s control;
b. the inherent risks of each DeFi Project, including, but not limited to, the rules of the smart contract, the protocol, and the use of your Digital Assets; and
c. whether the Applicable Network suspends, discontinues, and terminates its business, closes down, suspends, or stops trading.
21. In no event will Binance or any Binance Operator is responsible or liable to you or any other person or entity for any direct or indirect losses (including loss of profits, business or opportunities), damages, or costs arising out of or in connection with any risk identified above. This limitation of liability is in addition to the limitation of liability contained in the Binance Terms of Use.
I. Placing a stop or suspension on, or canceling your access
22. Binance may stop, suspend or cancel your access to the Platform, impose limits to your Binance accounts, suspend or cancel your ability to participate in DeFi 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.
J. Account information and transaction records
23. 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.
24. 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.
25. We may be required under Applicable Law to share information about accounts and use of the Platform with third parties. You acknowledge and agree that we are entitled to disclose such information.
K. Technology disclaimers
26. Binance may, from time to time, suspend access to your Binance accounts 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.
27. 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.
28. 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.
L. General Terms
29. All terms and references used in these terms and which are defined and construed in the Binance Terms of Use (the Terms of Use), but are not defined or construed in these Terms, shall have the same meaning and construction in the Terms of Use.
30. These terms are to be read together with the Terms of Use. In the event of any conflict or inconsistency between these terms and the Terms of Use, the order of precedence in which the documents are to be read is first these terms, and then the Terms of Use.
31. 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.
32. 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.
33. You may give us notices only as Binance directs, which may change from time to time.
34. Any notices, consent, or other communication given under these terms must be in writing, in English, and signed or otherwise authorized by the party giving it.
35. For more information on Binance, you may refer to the company and license information found on Binance websites. If you have questions regarding these terms, please feel free to contact Binance for clarification via our Customer Support team.
M. Definitions
Applicable Law 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 terms.
Applicable Networks means third-party networks selected by Binance from time to time.
Auto-Stake has the meaning given to it in clause 12.
Early Redeem means when you instruct Binance to transfer Staked Asset to your Spot Wallet before the Settlement Date.
DeFi Project means a smart contract owned by an Applicable Network.
DeFi Rate means the APR rate at which DeFi Rewards are calculated and published on the Binance Service identified as “DeFi Staking” on the Platform.
DeFi Rewards means the Digital Assets that are provided to you as consideration for Subscribing to a DeFi Staking Offer, in accordance with these DeFi Staking Terms.
Defi Staking means the Binance Service identified as “DeFi Staking” on the Platform, allowing you to participate in DeFi Staking in accordance with these Terms.
DeFi Staking Offer means an offer by Binance to stake Digital Assets on an Applicable Network using the Platform, in accordance with these DeFi Staking Terms.
DeFi Staking Terms means these terms & conditions.
On-Chain Rewards means rewards or benefits of any kind, including but not limited to Digital Assets, provided by Applicable Networks, that result in a reward.
Platform means the digital platform that we or any of the Binance Operators may make accessible to you via a website, mobile app, a Binance API, or by such other means as Binance Operators may prescribe from time to time for the use of Binance services.
Reward Calculation Day means 00:00 UTC on the day which Binance calculates the amount of DeFi Rewards it will distribute to your Spot Account, in accordance with the DeFi Staking Offer and the Reward Calculation Frequency.
Reward Calculation Frequency means the frequency in which Binance calculates DeFi Rewards (e.g. daily).
Reward Currency means the digital currency (e.g. BNB) that DeFi Rewards will be provided to you.
Settlement Date means the 00:00 UTC on the final day of the Staking Duration.
Spot Account means the Binance Account that you use for spot transactions.
Staked Assets means the Digital Assets used by you to Subscribe.
Staking Duration means the agreed period that Staked Assets must be delegated to Binance in order for you to be entitled to DeFi Rewards. The agreed period can be by reference to a time or an event.
Subscribe means subscribing to a DeFi Staking Offer.
Subscription Limit means the maximum amount of Staked 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 to a DeFi Staking Offer.
Disclaimer:
This document may have been translated and published in different languages. In the event of any inconsistency, misstatements, omissions, or errors appearing in any translated version, the English version shall prevail.