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Get Started with Binance Simple Earn Locked Products

2022-09-22 06:30
Binance Simple Earn Locked Products provide higher rewards in exchange for your assets being committed for fixed terms with predetermined redemption dates. You can still choose to redeem your full balance at any time before the redemption date, but you will forgo any rewards you have received or accrued up to that point.

Subscription and Redemption

Subscriptions and redemptions for Simple Earn products are open daily between 00:10 to 23:50 (UTC+0). Subscriptions are immediate, your assets will be transferred from your Spot Wallet into the product of your choice upon confirmation.
Locked Products will be automatically redeemed in full on the redemption date, and your assets will be returned to your Spot Wallet along with the rewards accrued for the last day. Please note that it may take up to 72 hours for your assets to be credited to your Spot Wallet after your locked position expires. In case of early redemption, you will receive the full balance of your locked assets, minus any rewards you have received during the term, into your Spot Wallet within the next 72 hours.
In the event of extreme market volatility, network delays, or when there is an unusually large number of redemption requests, your redemptions might be delayed.

Rebates on Early Redemption

Typically, when you redeem your Locked Products before expiry, any distributed rewards will be deducted from your redemption proceeds. Binance may, at its absolute discretion, implement a 5% rebate on the distributed rewards for early redemptions.
The 5% rebate (which would otherwise be fully forfeited) will be used to create a 90-day locked position, provided it meets the required minimum staking requirement:
  • You will receive rewards on a daily basis and can redeem the principal amount (i.e., 5% of the distributed rewards from the original subscription) from the newly created 90-day locked position once it expires.
  • Early redemption and Auto-Subscribe features will not be available for this locked position.

What is Auto-Subscribe and how does it work?

The Auto-Subscribe function helps you automatically renew your existing Locked Product position into a new locked term of the same duration upon expiry. Renewals will only consist of the original amount of your initial subscription, while rewards will continue to be sent to your Spot Wallet.
You can enable Auto-Subscribe for Locked Products on the subscription pop-up or from your Earn Wallet. Simply toggle on the [Auto-Subscribe] button next to the product to enable the function.
  • Rewards for the new term will start accruing on the renewal day, and distributed to your Spot Wallet from the following day onwards.
  • You can disable Auto-Subscribe in your Earn Wallet to stop any subsequent subscriptions any time before the end of the locked period.

How to subscribe to Simple Earn Locked Products?

1. Log in to your Binance account and go to [Earn] - [Simple Earn].
2. Find the token you’d like to subscribe with using the search box or by clicking [Expand all Simple Earn Products].
Select a locked term next to the coin and click [Subscribe].
3. You will see a subscription pop-up. Select the locked term and enter the subscription amount. You can also enable the [Auto-Subscribe] function here. Check the subscription summary on the right and click [Confirm].
  • Duration (Days): Choose between various locked terms (subscription days)
  • Subscription Amount: The amount of tokens you want to subscribe with
  • Amount limits
    • Minimum: The minimum amount of tokens you need to subscribe
    • Available quota: The maximum amount of tokens you can subscribe to this product, takes into account your existing subscriptions
  • Subscription Date: The date and time of subscription
  • Value Date: The date and time your assets start to accrue rewards
  • Interest End Date: The date and time the locked term ends
  • Redemption Date: The date and time your assets return to your Spot Wallet
  • Est. APR: The estimated APR, subject to change
  • Est. Interest: The estimated daily rewards, subject to change
4. A confirmation message will appear with the details of your subscription. Your assets are now transferred from your Spot Wallet into the Simple Earn Locked Product you have selected. You can click [View Holding] to manage your subscriptions in the Earn Wallet.

How to redeem your Locked Products?

1. Log in to your Binance account and go to [Earn] - [Simple Earn]. Click [Wallet] to access your Earn Wallet. Here, you can manage your subscriptions, redemptions, and enable/disable the Auto-Subscribe function.
2. Click [Redeem] next to the asset you wish to redeem.
3. You will see a redemption pop-up showing the early redemption amount you will receive and the expected redemption date and time. Click [Redeem earlier] to continue.
4. A confirmation message will appear with the details of your redemption. You will see an estimated time for your assets to be returned to your Spot Wallet.

How to view my Locked Product transaction history?

Log in to your Binance account and go to [Earn] - [Simple Earn]. Click [History].
Go to the [Locked] tab. You can filter your transaction history by token type, transaction type (such as subscription, redemption, and rewards), and dates. Click [Search].
For more information about Simple Earn, please refer to: