Binance SOL Staking Terms

Last Updated: 11 September 2024

A. Acceptance of these Terms

  1. By Subscribing to the SOL Staking Services, you acknowledge and agree that you will be bound by and will comply with these SOL staking service terms (“SOL Staking Terms”), as updated and amended from time to time. By accessing and/or using the SOL Staking Services, you agree that you have read and understood these SOL Staking Terms, together with any additional documents or terms referred to in these SOL Staking Terms. If you do not understand and accept these SOL Staking Terms in their entirety, you should not use the SOL Staking Services.

B. Scope of these Terms and Changes

  1. These terms specifically govern your access to and use of the SOL staking service and any ancillary services made available by Binance (“SOL Staking Services”) in accordance with these SOL Staking Terms. 

  2. These SOL Staking Terms are supplemental to and shall be read together with the Binance Terms of Use available here (“Terms of Use”) and the provisions set out in the Terms of Use shall continue to apply. All terms and clauses contained in the Terms of Use (except to the extent expressly modified herein) are incorporated by reference and have the same force and effect as if set out in their entirety in these SOL Staking Terms. In the event of any conflict or inconsistency between these SOL Staking Terms and the Terms of Use, these SOL Staking Terms shall prevail with respect to the services contemplated hereunder, unless expressly stated otherwise. These SOL Staking Terms constitute Product Terms. References in the Terms of Use to the Binance Services shall include references to the SOL Staking Services contemplated hereunder.

  3. Binance may make changes to these SOL Staking Terms (or any terms or information incorporated by reference) at any time in accordance with the Terms of Use.

C. Disclosure and Consent

  1. By Subscribing to a Staking Offer you can earn Staking Rewards in exchange for providing Binance with your Staked Assets. Staking Rewards are not guaranteed or fixed, the Staking Rewards may vary from time to time.

  2. Your Staked Assets will not be segregated from the Digital Assets of others.  Your Staked  Assets may be commingled in hot wallets and cold wallets with Digital Assets belonging to Binance Group Entities and clients of Binance Affiliates globally. You will not have a right to recover any specific Digital Assets but please see Section G below on conversion of BNSOL and the redemption of SOL.  

  3. Staked Assets may be used by Binance Group Entities in on-chain staking activities in a tightly controlled manner to generate On Chain Rewards.  Binance Group Entities may, in their sole and absolute discretion:

    a. stake your Staked Assets in whole or in part;

    b. act as a validator on an Applicable Network; and

    c. delegate to other Binance Group Entities any voting rights that may be attached to your Staked Assets. 

  1. Please refer to the risk factor statement for a summary overview of some (but not all) of the risks that may result from Subscribing to a Staking Offer, including the risks that may arise from the use of your Staked Assets.

  2. No Binance Group Entity makes any representation or warranty that SOL Staking is appropriate (a) for any user or in any location, or (b) that the transactions and services described in these SOL Staking Terms are (or will continue to be) available or appropriate for any user or in any location.  Binance does not guarantee uninterrupted or error-free operation of the SOL Staking Services or that it can correct all defects or prevent disruptions or authorised access.  You are strongly encouraged to carefully review these SOL Staking Terms and seek independent professional advice as to whether SOL Staking Services are appropriate for you having regard to your personal circumstances and objectives, financial position and risk tolerance. 

  3. By accepting these SOL Staking Terms, you hereby unconditionally and irrevocably (a) confirm that you understand and accept any and all associated risks with your subscription to the SOL Staking Service including without limitation the risks described in the risk factor statement, (b) explicitly consent to, and grant Binance Group Entities all necessary rights for, Binance Group Entities using your Staked Assets as described in these SOL Staking Terms and any associated risks, and (c) have carefully assessed whether, and determined that, SOL Staking Services are appropriate for you.

D. How to Participate in SOL Staking

  1. By Subscribing to the SOL Staking Service, you can earn Staking Rewards in exchange for providing Binance with your Staked Assets. The only type of Digital Asset that you can use to subscribe to the SOL Staking Service is SOL. Upon your Subscription to the SOL Staking Service with your SOL you will automatically receive BNSOL in your Spot Account. 

  2. When you Subscribe to the SOL Staking Service, you will be prompted to:

    a. confirm the amount of SOL that you will Subscribe to the Staking Offer; and

    b. confirm your agreement to these SOL Staking Terms.

  3. Digital Assets that you Subscribe to a Staking Offer will be treated as received when you subscribe to the SOL Staking Service, provided that Binance reserves the right, at any time and from time to time in its sole discretion and without prior notice, to:

    a. reject or remove Staked Assets from the SOL Staking Service;

    b. specify a minimum or maximum amount of SOL required to Subscribe to a Staking Offer;

    c. specify, introduct, alter or revoke Subscription Limits that may apply from time to time;

    d. mandatorily redeem or otherwise return all or some Staked Assets of one or more users.

E. Calculation and Distribution of Staking Rewards

  1. BNSOL represents your Staked Assets inclusive of your Staking Rewards, which is provided to you in the form of the BNSOL Conversion Rate during the SOL redemption process (see Section G). 

  2. The Staking Rewards will be updated at each Solana Network Epoch and will be calculated based on the amount of Staked Assets and the Validator APR, with the Staking Fee automatically deducted (“Staking Rewards”). Please note that Staking Rewards will only start accruing, and be calculated from the next applicable Solana Network Epoch after you Subscribe for the relevant Staking Offer. 

  3. No Staking Rewards will be distributed to your Spot Account directly in respect of BNSOL. Instead, the Staking Rewards are represented by, and will increase the value of, your BNSOL per the BNSOL Conversion Rate. You will be able to check the records of your earned Staking Rewards, denominated in SOL, on the BNSOL Reward History of Binance SOL Staking page. For more information on the redemption process whereby you may redeem your Staked Assets and Staking Rewards, please see Section G. 

  4. Staking Rewards, and any calculations in relation to the Staking Rewards, are rounded down to 8 decimal places. Binance retains all On-Chain Rewards. 

F. The Staking Fee

  1. The Staking Fee is published on the Platform and may change from time to time as determined by Binance in its sole discretion. Binance may change the Staking Fee from time to time at its discretion. 

  2. Changes to the Staking Fee will be published on the Platform from time to time. YOU MUST REFER TO THE BINANCE WEBSITE REGULARLY. NO BINANCE GROUP ENTITY WILL HAVE ANY LIABILITY WHATSOEVER FOR ANY LOSSES ARISING FROM, OR CONNECTED WITH, CHANGES TO THE STAKING FEE, WHETHER OR NOT YOU WERE AWARE OF THOSE CHANGES.

G. Conversion between BNSOL and SOL and redemption of SOL

  1. If you hold BNSOL and wish to redeem your Staked Assets and Staking Rewards, you will need to convert your BNSOL to SOL.  You may redeem your Staked Assets and accrued Staking Rewards by converting your BNSOL to SOL at any time, subject to availability of the Redemption Pool and your personal Daily Redemption Quota. 

  2. Subject to the limitations described above, conversions of BNSOL to SOL can be effected at the prevailing BNSOL Conversion Rate at any time.  The BNSOL Conversion Rate is designed to allow you to have the benefits of Staking Rewards and also with the flexibility of withdrawing your BNSOL off the Platform. The amount of SOL that you will receive following a conversion is determined by the BNSOL Conversion Rate, which is published on the Platform. For the avoidance of doubt, the BNSOL Conversion Rate will be updated every Solana Network Epoch, so please take this into account when effecting your redemptions. When converting between BNSOL and SOL, the value of the converted asset will be rounded down to 8 decimal places.

  3. Conversion of SOL to BNSOL is instantaneous and BNSOL will be deposited into your Spot Account immediately.  Conversion of BNSOL to SOL is subject to processing.  SOL is  generally expected to be deposited into your Spot Account approximately 4 calendar days after successfully submitting a request to redeem BNSOL, however the exact processing time required will vary. In some circumstances the conversion and therefore delivery of SOL to your Spot Account may be subject to additional delay, including but not limited to events of extreme market volatility, network delays and outages, validator or protocol failure, a significant number of simultaneous instructions to convert BNSOL to SOL from other Binance users, or other unanticipated events. Your Staking Rewards will be based on the prevailing BNSOL Conversion Rate, at the point at which you request a redemption of SOL. During the processing time for the conversion of BNSOL to SOL you will not earn any Staking Rewards.  

H. Reporting and Valuation

  1. You can access reports on your Staked Assets and Staking Rewards on the Platform at any time. You will be able to view and download reports showing the amount and value of your Staked Assets, as well as any subscriptions, withdrawals and distribution of Staking Rewards. The valuation of your Staked Assets displayed on the Platform is based on the current spot price on the relevant asset the Platform.

I. Termination

  1. We may stop providing SOL Staking Services to you at any time in our sole discretion.  Generally we will try to give you at least thirty (30) calendar days’ prior notice of such termination, but we may stop providing SOL Staking Services to you on significantly less (or even no) prior notice in certain circumstances including, for example and without limitation, if we are required to do so by Applicable Law or if your Binance Account is closed in accordance with the Terms of Use. 

  2. If we stop providing SOL Staking Services to you, we may determine in our sole discretion to convert all of your BNSOL to SOL using the prevailing applicable conversion rate at the relevant time.  Generally you will be permitted to retain any Staking Rewards, however there may be some circumstances in which  you will not be permitted to retain Staking Rewards, including for example where you have committed a serious breach of these SOL Staking Terms or the Terms of Use, or where we are required to withhold the Staking Rewards in accordance with Applicable Law.

J. Disputes, Governing Law, Jurisdiction and Arbitration

  1. For the avoidance of doubt, the following clauses relating to Complaints, Notice of claim, Agreement to arbitrate; Governing law; and Class action waiver of the Terms of Use shall apply to any disputes or claims relating to, arising out of or in connection with these SOL Staking Terms, including your agreement to these SOL Staking Terms.

K. Definitions

  1. Unless otherwise defined, capitalised words used in these SOL Staking Terms shall have the same meaning given to them in the Terms of Use. The rules of interpretation set out in the Terms of Use shall apply to these SOL Staking Terms, except that references to clauses are to clauses in these SOL Staking Terms, unless otherwise stated.

Applicable Network means third party 'proof of stake' networks selected by Binance from time to time.

BNSOL means a tokenized representation of staked SOL on the Platform and represents your staked SOL, plus the Staking Reward accrued, in a tradable and transferable form.

BNSOL Conversion Rate is a variable rate at which SOL can be converted into BNSOL and vice versa, which is updated every Solana Network Epoch. 

Binance Group Entities means Binance and each Binance Affiliate.

Daily Redemption Quota means the daily staked SOL redemption quota set for each user by Binance as described on Binance SOL Staking page, which may change from time to time without notice.

On-Chain Rewards means rewards or benefits of any kind, including but not limited to Digital Assets, provided by Applicable Networks for staking, validating, or engaging in any other conduct designated by the Applicable Network, that results in a ‘proof of stake’ reward.

Redemption Pool means the total amount of SOL that Binance has unstaked from the network and which is available each day to satisfy requests for the redemption of Staked Assets.  

Spot Account means the Binance Account that you use for spot transactions.

SOL means Solana, the native token of the Solana network. 

Solana Network Epoch means the relevant Solana Network epoch, which is every 432,000 slots or roughly every 2–3 days depending on blocktime.

SOL Staking Services has the meaning given in clause 2. 

SOL Staking Terms has the meaning given to it in clause 1. 

Staked Assets means the SOL that you Subscribe to a Staking Offer. 

Staking Fee means a 25% fee applied against the Validator APR (or as provided otherwise in the applicable product rules) deducted by Binance as consideration for providing Solana Staking Services.

Staking Offer means an offer by Binance to pay you Staking Rewards in return for you providing Binance with Staked Assets, in accordance with these SOL Staking Terms.

Staking Rewards means the Digital Assets that are provided to you or accrue to you as consideration for subscribing to a Staking Offer, and has the meaning given in clause [15].

Subscribe means accepting and subscribing to a Staking Offer.

Subscription Limit means the maximum amount of Staked Assets that may be used to Subscribe to a Staking Offer, as determined by Binance at its sole discretion, from time to time.

Validator APR means the prevailing and applicable Solana validator-node APR for the Staked Assets, as updated every Solana Network Epoch.