Binance ETH Staking Terms and Conditions
Last Updated: 27 April 2023
1. ETH Staking
1.1. By participating in ETH Staking with Binance, you acknowledge that you have read, understood, and accepted all of the terms and conditions in these ETH StakingTerms, and you acknowledge and agree that you will be bound by and will comply with these ETH Staking Terms. If you do not understand and accept these ETH Staking Terms in their entirety, you should not participate.
2. How to participate in Locked Staking
2.1. When you Subscribe, you agree to:
2.1.1. Binance or a Binance Operator staking your Staked Assets, in whole or in part;
2.1.2. Binance or the Binance Operator acting as a validator on an Applicable Network; and
2.1.3. delegating any voting rights to Binance, or Binance Operator, that are attached to your Staked Assets.
2.2. Binance may specify:
2.2.1. minimum amounts of Staked Assets that are required to Subscribe to a Staking Offer; and/or
2.2.2. any Subscription Limits.
2.3. Your consent cannot be withdrawn until the Settlement Date.
3. Calculation of Staking Rewards
3.1. Staking Rewards:
3.1.1. start accruing from the 0.00 UTC the day after you Subscribe (Reward Calculation Day). Staking 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 Staking Rewards for the first day that you Subscribe;
3.1.2. will be distributed to your Spot Account daily, the day after each Reward Calculation Day, between 04:00 UTC to 10:00 UTC;
3.1.3. will be calculated by reference to the Variable Staking Rate on the day the Staking Rewards accrue;
3.1.4. are applied each day to Staked Assets only, and not to any Staking Rewards; and
3.1.5. are distributed in BETH and/or the WBETH Conversion Rate (both convertible for ETH).
3.2. Staking Rewards, and all related calculations, are rounded down to 8 decimal places.
3.3. Binance retains all On-Chain Rewards. This amount may be different from Staking Rewards.
4. Calculation of the Variable Staking Rate
4.1. The Variable Staking Rate is published on the Platform and may change from time to time.
4.2. Binance does not guarantee that you will receive Staking Rewards at the Variable Staking 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 Variable Staking Rate, which may change, and (iii) may be more or less than the On-Chain Rewards.
5.1. You may not Redeem your Staked Assets until the Settlement Date.
6. Conversion of BETH to ETH
6.1. Binance will provide you with the ability to convert BETH to ETH on a 1:1 basis within a reasonable time after the Settlement Date (Conversion Date).
6.2. On or after the Conversion Date, Binance may only permit a limited quantity of BETH to be converted to ETH each day.
6.3. Once you convert BETH to ETH, you will no longer earn Staking Rewards.
7. Wrapped BETH (WBETH)
7.1. Once made available by Binance, you may wrap BETH to WBETH and unwrap WBETH to BETH. This means that you will be able to convert BETH to WBETH on a 1:1 basis on the 2023-04-27 and then subsequently at the then prevailing WBETH Conversion Rate. However, please note, the aforementioned wrap and unwrap functions are temporarily paused during 23:45-00:15 (UTC) while the daily conversion rate is updated and any losses and/or delays caused to the wrapping and unwrapping is to be entirely at your risk.
7.2. The WBETH Conversion Rate is a variable conversion rate, designed to allow for you to have the benefits of staking rewards with the flexibility of taking your asset off the exchange, and:
7.2.1. the amount of WBETH and BETH you will get after wrapping and unwrapping is determined by the conversion rate which is published on the Platform and may change from time to time;
7.2.2. the WBETH Conversion Rate changes at 00:00 UTC every day and the increment is correlated to the BETH Staking Rewards; and
7.2.3. when converting between WBETH and BETH, the value will be rounded down to 8 decimal places.
8. Placing a stop or suspension on, or cancelling your access
8.1. 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 ETH Staking, or delay certain transactions where:
8.1.1. you do not provide additional information to verify your identity or source of funds as requested by Binance;
8.1.2. Binance is required to do so by court order, to comply with any Applicable Laws (including anti-money laundering or sanctions laws);
8.1.3. Binance is required to do so to comply with any direction or instruction from a government body or agency;
8.1.4. Binance reasonably determines that any information you have provided to Binance is wrong, untruthful, outdated or incomplete; or
8.1.5. you do not provide additional information that we request to our reasonable satisfaction or in a timely manner.
9. Account information and transaction records
9.1. 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.
9.2. We may rectify any error in your account history at any time, and reserve the right to void or reverse any transaction:
9.2.1. 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
9.2.2. to reflect what we reasonably consider to be the correct or fair details of the transaction.
9.3. 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.
10. Technology disclaimers
10.1. 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.
10.2. 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.
10.3. 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.
11. General Terms
11.3. 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.
11.4. 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.
11.5. You may give us notices only as Binance directs, which may change from time to time.
11.6. Any notices, consent, or other communication given under these ETH StakingTerms must be in writing, in English, and signed or otherwise authorized by the party giving it.
11.7. For more information on Binance, you may refer to the company and licence information found on Binance websites. If you have questions regarding these ETH Staking Terms, please feel free to contact Binance for clarification via our Customer Support team.
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, judgements, 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 Network means third party 'proof of stake' networks selected by Binance from time to time.
BETH means wrapped ETH, or unwrapped WBETH.
Conversion Date has the meaning given to it in clause 6.1.
ETH means Ether, the native token of the Ethereum network.
ETH 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 for Binance staking, validating, or any engaging in any other conduct designated by the Applicable Network, that results in a ‘proof of stake’ 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.
Redeem means when you instruct Binance to transfer Staked Asset to your Spot Account.
Reward Calculation Day has the meaning given to it in clause 3.1.1.
Settlement Date means the UTC 00:00 on that day that, in Binance’s reasonable opinion, the Ethereum Network Upgrade, known as the “Shanghai Upgrade”, has been activated with ETH “unstake” and “withdrawal” functions enabled on the Ethereum Network.
Spot Account means the Binance Account that you use for spot transactions.
Staked Assets means the Digital Assets used by you to Subscribe.
Staking Offer means an offer by Binance to stake your ETH on an Applicable Network in accordance with these terms.
Staking Rewards means the Digital Assets that are provided to you as consideration for Subscribing to a Staking Offer, in accordance with these Eth Staking Terms.
Subscribe means subscribing to a Staking Offer.
Subscription Limit means the maximum amount of Staked 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 Staking Offer.
Variable Staking Rate is the annual percentage rate used in the calculation of Staking Rewards.
WBETH means wrapped BETH and has the meaning set out in clause 7.1.
WBETH Conversion Rate has the meaning set out in clause 7.2.