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Binance Simple Earn Terms & Conditions

2022-09-22 06:26
A. Simple Earn
1. By participating in Simple Earn with Binance, you acknowledge that you have read, understood, and accepted all of the terms and conditions in these Simple Earn Terms, and you acknowledge and agree that you will be bound by and will comply with these Simple Earn Terms. If you do not understand and accept these Simple Earn Terms in their entirety, you should not participate.
2. By Subscribing to a Simple Earn Offer you can, in exchange for providing Binance with your Simple Earn Assets, earn Simple Earn Interest.
B. How to participate in Simple Earn
3. When you provide Digital Assets to Binance for the purposes of Simple Earn, you will be prompted to agree with some or all of the following terms on the Platform:
a. the Simple Earn Interest Rate;
b. the amount of Simple Earn Assets you will use to Subscribe;
c. the digital currency that you will use to Subscribe;
d. whether the Simple Earn Offer is Flexible Simple Earn or Locked Simple Earn; and
e. if you subscribe to Locked Simple Earn, the Locked Simple Earn Term, and the Locked Distribution Frequency.
4. Binance may specify a minimum amount of Simple Earn Assets that are required to Subscribe to a Simple Earn Offer, and/or any Subscription Limits that apply.
5. You will not be able to Subscribe between 23:50 UTC and 00:10 UTC each day.
C. Flexible Simple Earn
6. For Flexible Simple Earn:
a. Simple Earn Interest:
i. starts accruing at the Simple Earn Interest Rate from the day after you Subscribe. Simple Earn Interest will accrue from day to day and will be calculated on the basis of the number of days elapsed in a 365-day year. You do not earn any Simple Earn Interest for the first day that you Subscribe;
ii. will be distributed to your Spot Account the day after it is accrued, between 00:00 UTC to 08:00 UTC. This means that Simple Earn Interest will not be distributed to your Spot Account until the third day after you Subscribe; and
iii. is applied each day to Simple Earn Assets only, and not to Simple Earn Interest;
iv. will be calculated with reference to the Simple Earn Interest Rate on the day the Simple Earn Interest accrues;
v. is provided in the same digital currency as your Simple Earn Assets, unless otherwise stated; and
vi. is rounded down to 8 decimal places.
b. the Simple Earn Interest Rate:
i. may vary from time to time; and
ii. if it is changed, the new Simple Earn Interest Rate will apply from the time and date specified by Binance. If no time is specified, it will be 00:00 UTC on the day that Binance announces the change will take effect, on the Website.
c. Redemption:
i. can be by Fast Redemption or Standard Redemption;
ii. if you elect to Redeem using Fast Redemption:
  1. Simple Earn Interest will not be accrued or distributed to your Spot Account for the day that you elect to Redeem; and
  2. your Simple Earn Assets will be returned to your Spot Account immediately; and
iii. if you elect to Redeem using Standard Redemption:
  1. Simple Earn Interest will be accrued and distributed to your Spot Account for the day that you elect to Redeem; and
  2. your Simple Earn Assets will be returned to your Spot Account within 24 hours of your request; and
iv. 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
v. you will not be able to Redeem your Simple Earn Assets between 23:50 UTC and 00:10 UTC each day.
Flexible Simple Earn: Example
You Subscribe to a Simple Earn Offer for ABC Digital Assets. The Simple Earn Interest Rate is 10%. You Subscribe using 10,000 ABC Digital Assets to Flexible Simple Earn.
You Subscribe on a Monday at 12:00 UTC. You do not earn Simple Earn Interest for the first day (Monday). Simple Earn Interest begins to accrue on Tuesday, and is paid to your Spot Account on Wednesday.
The amount paid to your Spot Account on Wednesday is as follows:
10,000 × 10% × 1 ÷ 365 = 2.73972602 ABC
7. This example is intended to illustrate how Simple Earn Interest is calculated. It is not intended to give any representation about the performance of particular Digital Assets. Nor is it intended to give any representation about the volatility of particular Digital Assets or the Digital Asset markets in general. The Digital Assets used in this example are completely fictional.
D. Flexible Auto-Subscribe
8. You may instruct Binance to automatically transfer one or more Eligible Simple Earn Currencies from your Spot Account to your Simple Earn Accounts (Flexible Auto-Subscribe).
9. If you elect to Flexible Auto-Subscribe, Binance will transfer all Digital Assets in your Spot Account, denominated in the Eligible Simple Earn Currency, to your Simple Earn Account at 02:00 UTC, and 20:00 UTC each day.
10. These Digital Assets will be used to Subscribe to Simple Earn Offers made available to you by Binance, and will form part of your Simple Earn Assets. Simple Earn Interest will be calculated and distributed to your Spot Account in accordance with these Simple Earn Terms.
11. Binance reserves the right not to act on your instructions to Flexible Auto-Subscribe. It may refuse to act on these instructions for any reason, including but not limited to, that the Subscription Limit for a Simple Earn Offer has been reached.
Auto-Subscribe: Example
You turn on Auto-Subscribe at 21:00 UTC on Wednesday for BCD. BCD is an Eligible Digital Currency. You hold 10,000 BCD.
Digital Assets are transferred from your Spot Account to your Simple Earn Account at 02:00 UTC and 20:00 UTC each day. As you elected to Flexible Auto-Subscribe at 21:00 UTC, BCD Digital Assets in your Spot Account will not be automatically transferred until 02:00 UTC on Thursday.
You do not earn Simple Earn Interest for the first day (Thursday). Simple Earn Interest begins to accrue on Friday, and is paid to your Spot Account on Saturday.
12. This example is intended to illustrate how Flexible Auto-Subscribe works. It is not intended to give any representation about the performance of particular Digital Assets. Nor are they intended to give any representation about the volatility of particular Digital Assets or the Digital Asset markets in general. The Digital Assets used in this example are completely fictional.
E. Locked Simple Earn
13. For Locked Simple Earn:
a. Simple Earn Interest:
i. starts accruing at the Simple Earn Interest Rate from the day after you Subscribe. Simple Earn Interest 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 Simple Earn Interest for the first day you Subscribe;
ii. is provided in the same digital currency as your Simple Earn Assets, unless otherwise stated;
iii. will be calculated by reference to the Simple Earn Interest Rate on the day the Simple Earn Interest accrues;
iv. will be distributed to your Spot Account, at the agreed Locked Distribution Frequency; and
v. is rounded down to 8 decimal places.
b. the Simple Earn Interest Rate:
i. may vary from time to time; and
ii. if it is changed, it will apply from the time and date specified by Binance. If no time is specified, it will be 00:00 UTC on the day that Binance announces the change will take effect, on the Binance website.
c. Redemption:
i. Binance may, in its sole discretion, permit you to Early Redeem. Your right to Early Redeem may be withdrawn at any time.
ii. If you Early Redeem your Simple Earn Assets before the Settlement Date, you:
  1. are not entitled to any Simple Earn Interest; and
  2. authorize Binance to deduct any Simple Earn Interest arising from your Subscription that has been distributed to your Spot Account from the Simple Earn Assets you used to Subscribe.
iii. Binance may, in its sole discretion, Subscribe to a Simple Earn Offer with 5% of the Simple Earn Interest that would have been earned had you not Early Redeemed, on your behalf, on the following terms:
  1. the Locked Simple Earn Term is ninety (90) days;
  2. Simple Earn Assets cannot be Early Redeemed; and
  3. Simple Earn Interest will be in the same digital currency that would have been earned had you not Early Redeemed.
iv. Should you Early Redeem, it may take up to 72 hours before Simple Earn Assets will be returned to your Spot Account.
F. Locked Simple Earn Auto-Subscribe
14. When you Subscribe to Locked Simple Earn, Binance may permit you to automatically Subscribe to a new Locked Simple Earn Offer at the Settlement Date, using the Simple Earn Assets from the preceding Locked Simple Earn Offer (Locked Auto-Subscribe). Simple Earn Interest generated from the previous Simple Earn Offer will not be used when you Locked Auto-Subscribe.
15. The new Locked Simple Earn Offer will have the same Locked Simple Earn Term as the preceding Simple Earn Offer. The Simple Earn Interest Rate may change.
16. Simple Earn Interest begins to accrue from the day that you Locked Auto-Subscribe.
17. You can amend your Locked Auto-Subscribe Instructions at any time up until 00:00 UTC on the Settlement Date of the preceding Settlement Offer.
18. Binance reserves the right not to act on your Instructions to Locked Auto-Subscribe. It may refuse to act on these Instructions for any reason, including but not limited to, that the Subscription Limit for a Simple Earn Offer has been reached.
G. Changes to Simple Earn Interest Rate
19. Binance does not guarantee that you will continue to receive the Simple Earn Interest at the Simple Earn Interest Rate shown at the time you Subscribe during your Locked Simple Earn Term. Any representation concerning possible return at the time you Subscribe (i) is an estimate only and not guaranteed, and (ii) is based on the Simple Earn Interest Rate, which may change.
20. Changes to the Simple Earn Interest Rate will be published on the Binance Website from time to time. YOU MUST REFER TO THE BINANCE WEBSITE REGULARLY. BINANCE WILL NOT LIABLE FOR ANY LOSSES ARISING, OR CONNECTED WITH, CHANGES TO THE SIMPLE EARN INTEREST RATE, WHETHER OR NOT YOU WERE AWARE OF THOSE CHANGES.
H. Placing a stop or suspension on, or canceling, your Simple Earn Account and Spot Account
21. Binance may stop, suspend or cancel your access to the Platform, impose limits to any Binance accounts, or suspend or cancel your ability to participate in Simple Earn, 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.
I. Account information and transaction records
22. 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.
23. 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.
24. 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.
J. Technology disclaimers
25. Binance may, from time to time, suspend access to your Simple Earn Account, Binance Account and/or the Binance services, or the Platform 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.
26. 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.
27. 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.
K. General Terms
28. All terms and references used in these Simple Earn 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.
29. The Simple Earn Terms are to be read together with the Terms of Use. In the event of any conflict or inconsistency between the Simple Earn Terms and the Terms of Use, the order of precedence in which the documents are to be read is first the Simple Earn Terms, and then the Terms of Use.
30. 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.
31. 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.
32. You may give us notices only as Binance directs, which may change from time to time.
33. Any notices, consent, or other communication given under these Simple Earn Terms must be in writing, in English, and signed or otherwise authorized by the party giving it.
34. For more information on Binance, you may refer to the company and license information found on Binance websites. If you have questions regarding these Simple Earn Terms, please contact Binance for clarification via the Customer Support team.
L. 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.
Early Redeem means ending your participation in a Simple Earn Offer before the Settlement Date.
Eligible Simple Earn Currencies means digital currencies selected by Binance, for which Binance may permit you to Auto-Subscribe.
Fast Redemption means a Redemption described in clause 6(c)(ii).
Flexible Auto-Subscribe has the meaning given in clause 8.
Flexible Simple Earn means a Simple Earn Offer with the features described in clause 6.
Locked Auto-Subscribe has the meaning given to it in clause 14.
Locked Distribution Frequency means the time or frequency at which Simple Earn Interest will be distributed to your Spot Account.
Locked Simple Earn means a Simple Earn Offer with the features described in clause 13.
Locked Simple Earn Term means the agreed period that Simple Earn Assets must be provided to Binance, and not Redeemed, in order for you to be entitled to Simple Earn Interest.
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.
Settlement Date means the last day of the Locked Simple Earn Term.
Redeem means ending your participation in a Simple Earn Offer.
Simple Earn Account means a Binance Account that records Simple Earn Assets held to your credit.
Simple Earn Assets means the Digital Assets used by you to Subscribe.
Simple Earn Interest means the Digital Assets that are paid to you as consideration for providing your Simple Earn Assets to Binance.
Simple Earn Interest Rate means the annual percentage rate at which Simple Earn Interest is paid to you.
Simple Earn Offer means an offer by Binance to pay you Simple Earn Interest in return for you providing Binance with Simple Earn Assets, in accordance with these Simple Earn Terms.
Simple Earn Terms means these terms & conditions.
Spot Account means the Binance Account that you use for spot transactions.
Standard Redemption means a Redemption described in clause 6(c)(iii).
Subscribe means subscribing to a Simple Earn Offer.
Subscriptions Limits means the maximum amount of Simple Earn Assets, users, or the quantity of any other matter that Binance may determine at its sole discretion from time to time, that may be used to Subscribe to a Simple Earn Offer.