Margin Service Terms of Use

Last updated: 22 December 2024

Risk Disclosure

Margin Trading is highly risky and it is therefore important that you fully understand the risks involved in Margin Trading.  These risks include, but are not limited to, the following: 

(a) Margin Trading is high risk compared to engaging in Transactions that are not subject to any leverage or borrowing.  Because Margin Trading is done on a “leveraged” or “margined” basis against smaller collateral for a larger trade with higher returns, a relatively small price change in the underlying Digital Assets will have a larger impact on the value of products you trade, which can work for or against you depending on your positions.  You may incur substantial losses if market conditions move against your position, and you may not get back what you invested.  Depending on the extent of the losses, you may need to increase margin or reduce positions, otherwise your positions (and the Margin associated with those positions) may have to be liquidated and you will be subject to bearing the losses caused as a result.  It is critical that you always actively monitor and comply with these margin maintenance requirements.

(b) You can lose more assets than you deposit in your Margin Account(s).  The risk of loss may be significant, and you may sustain losses in excess of the Margin you deposit with Binance.  You may be called upon on short notice to make additional Eligible Margin deposits or Interest payments and if such Eligible Margin deposits or Interest payments are not made within the specified timeframe, your Margin or positions may be liquidated without prior notice to you.

(c) You have no right to choose which assets in your Margin Account(s) are liquidated or sold to meet a Margin Call.  Binance has sole and absolute discretion to determine which positions to liquidate in order to protect Binance’s interests, and Binance is not required to act in your best interests. 

(d) Binance may increase or decrease its Margin Requirements at any time and has no obligation to provide you with prior notice.  You are required to deposit and maintain Eligible Margin at the required level in order to engage in the Margin Services.  In the event the level of Eligible Margin is inadequate in relation to the market value of the borrowed assets, you may be called upon at short notice to deposit additional Eligible Margin into your Margin Account(s) (i.e., a Margin Call).

(e) You are not entitled to any extension of time to meet a Margin Call.  If you receive a Margin Call from Binance, you are required to deposit additional Eligible Margin to the corresponding Margin Account within the specified timeframe.

(f) Binance may exercise its right to sell or appropriate Margin without contacting you.  If the value of the Eligible Margin falls below the Margin Requirements that apply to you, or if Binance revises these requirements to be higher at any time, Binance may exercise its right to sell Margin in the Margin Account to recover the deficiency, as determined by Binance in its sole and absolute discretion.  You have authorised Binance to appropriate or sell assets in your Margin Account without notice to you.  In the event that the liquidation is insufficient to cover such a shortfall, you will remain legally responsible for any such shortfall.  All of your Margin may be liquidated in the event of an adverse price movement. 

Access to and the use of the Margin Services may involve additional risks, including (without limitation):

(a) Legislative and regulatory changes or actions at the local, national or international level may adversely affect the utilisation, transfer, exchange and value of Digital Assets.

(b) The Margin Services may become unavailable due to changes in Applicable Law, and you may suffer losses or be liable due to the termination or suspension of the Margin Services, or any Margin Account(s).

(c) The Margin Services are supported by computer-based component systems for order-routing, execution, matching or settling of trades.  Accordingly, there is exposure to risks associated with the system, including the failure of technology, hardware and software.  Any system failure may cause improper execution of your orders or fail execution entirely.  Further, the Internet may not be a reliable medium of transmission which may delay the provision of Margin Services.

Further, access to, and use of, the Margin Services may involve additional risks not described herein, including, but not limited to those described in the Risk Warning (together with the risks identified herein, the “Margin Service Risks”).

Margin Trading amplifies the effect of market movements and may therefore result in you incurring increased losses.  Margin Trading may not be suitable for you, depending on your financial circumstances.  

You hereby confirm your understanding and agree that you are solely responsible for your investment decisions, Binance does not provide investment advice, and Binance is not liable for any trading losses that might arise from or in connection with your use of the Margin Services. 

By accepting these Margin Service Terms and accessing or using the Margin Services, you acknowledge, accept, agree and assume all risk (including, without limitation, the Margin Service Risks).  You hereby represent and warrant that you will not engage in Transactions where your potential exposure to losses is beyond your financial means, and that if your financial circumstances adversely change during the term of a Transaction, you will take all appropriate and necessary actions to mitigate your exposure in respect of any outstanding Transactions, as appropriate.  You further agree that you will in no manner hold Binance responsible for costs or losses incurred by you under or in connection with these Margin Services. 

1. Definitions & Interpretation

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

“Additional Assets” has the meaning given to this term in clause ‎10.1.

“Airdrop” has the meaning given to this term in clause ‎10.1.

“Airdropped Assets” has the meaning given to this term in clause ‎10.1.

“Available Margin” is the parameter used to determine the maximum additional borrowing amount in respect of a Cross Margin Pro Account and is the result of the following formula calculation:  Max (∑Net Collateral - ∑Initial Margin, 0), and is more particularly described HERE.

“Binance” has the meaning given to it in Clause 2.2.

“Collateral Ratio” means, in respect of Eligible Margin, the percentage of the Price Index at which such Eligible Margin is recognised for the purposes of determining the Collateral Value, as determined by Binance in its sole and absolute discretion.

“Cross Margin Account” means the account or sub-account maintained by Binance for the purpose of holding Eligible Margin as collateral for your Margin Loans in Cross Margin Mode.

“Cross Margin Mode” means, in respect of a Margin Loan, that you have elected that all Margin in a Cross Margin Account shall be used to collateralise that Margin Loan. For more information on Cross Margin Mode and the differences between Isolated Margin Mode and Cross Margin Mode, please refer to the FAQ page, available HERE. 

“Cross Margin Outstanding Interest” means the sum of all amounts of Interest calculated in respect of all Margin Loans in Cross Margin Mode minus any payments made on account of Interest in respect of those Margin Loans.

“Cross Margin Total Liabilities” means the total principal amount outstanding plus Cross Margin Outstanding Interest in respect of all Margin Loans in Cross Margin Mode.

“Cross Margin Pro Account” means the account or sub-account maintained by Binance for the purpose of holding Eligible Margin as collateral for your Margin Loans in Cross Margin Pro Mode. 

“Cross Margin Pro Mode” means, in respect of a Margin Loan, that you have elected that all Margin in a Cross Margin Pro Account shall be used to collateralise that Margin Loan. For more information on Cross Margin Pro Mode, please refer to the FAQ page, available HERE. 

“Cross Margin Pro Outstanding Interest” means the sum of all amounts of Interest calculated in respect of all Margin Loans in Cross Margin Pro Mode minus any payments made on account of Interest in respect of those Margin Loans. 

“Cross Margin Pro Total Liabilities” means the total principal amount outstanding plus Cross Margin Pro Outstanding Interest in respect of all Margin Loans in Cross Margin Pro Mode.

“Collateral Value” means, in respect of a Cross Margin Account or Cross Margin Pro Account (as the case may be), the total value of Eligible Margin held in that Cross Margin Account or Cross Margin Pro Account (as the case may be), calculated by multiplying the quantity of each relevant Digital Asset by the relevant Price Index and applying the relevant Collateral Ratio, if any.

“Collateral Value Ratio” means in respect of a Cross Margin Account, the result of the following formula calculation: 

Collateral Value Ratio = Collateral Value / Cross Margin Total Liabilities.

“Default” has the meaning given to that term in clause ‎11.1.

“Eligible Margin” means such Digital Assets or denomination of fiat currency, in each case as Binance, in its sole and absolute discretion, may from time to time accept as collateral in respect of Margin Loans, as specified on the Margin Data Page or in such other manner as Binance may determine. 

“Fork” means any planned, unplanned, sudden, scheduled, expected, unexpected, publicised, not well-known, consensual, and/or controversial changes to the underlying operating rules of certain Digital Assets that may occur from time to time, in such a way as to result in the creation of one or more related versions of an existing Digital Asset.

“Forked Digital Asset” means a Digital Asset that results from a Fork.

“Group” has the meaning given to that term in clause ‎6.6.

“Initial Risk Ratio” means the number shown under that heading for the relevant Isolated Margin Tier on the Isolated Margin Tier Data Page.

“Insurance Fund” means a balance of Digital Assets maintained by Binance for the purpose of supporting the operation of the Platform’s liquidation engine in respect of the Margin Services.

“Interest” has the meaning given to this term in clause ‎9.2.

“Interest Period” has the meaning given to that term in clause 9.1.

“Interest Rate” has the meaning given to this term in clause ‎9.2.

“Isolated Margin Account” means, in respect of each relevant trading pair, the account or sub-account maintained by Binance for the purpose of holding Margin as collateral for your Margin Loans in Isolated Margin Mode in respect of that trading pair.

“Isolated Margin Mode” means, in respect of a Margin Loan for a particular trading pair, that you have elected that such Margin Loan shall be collateralised separately from Margin Loans in respect of any other trading pairs.  For more information on Isolated Margin Mode and the differences between Isolated Margin Mode and Cross Margin Mode, please refer to the FAQ page, available HERE. 

“Isolated Margin Outstanding Interest” means, in respect of a Margin Loan in Isolated Margin Mode, the sum of all amounts of Interest calculated in respect of that Margin Loan minus any payments made on account of Interest in respect of that Margin Loan. 

“Isolated Margin Tier” means the tier applicable to a Margin Loan in Isolated Margin Mode for a particular Digital Asset pair and the relevant borrowing amount, as shown on the Isolated Margin Tier Data Page.

“Isolated Margin Tier Data Page” means the website containing information in respect of Margin Loans in Isolated Margin Mode available at https://www.binance.com/en/margin-data, or such other address as Binance may specify from time to time.

“Isolated Margin Total Liabilities” means, in respect of a Margin Loan in Isolated Margin Mode, the principal amount outstanding plus the Isolated Margin Outstanding Interest in respect of that Margin Loan.

“Limit” has the meaning given to that term in clause ‎6.4.

“Liquidated Assets” means any Margin and/or Other Assets that have, or may, become the subject of Liquidation.

“Liquidation” has the meaning given to that term in clause ‎11.2.2.

“Liquidation Fee” has the meaning given to that term in clause ‎7.9.

“Liquidation Fee Rate” has the meaning given to that term in clause ‎7.9.

“Liquidation Risk Ratio” means the number shown under that heading for the relevant Isolated Margin Tier on the Isolated Margin Tier Data Page.

“Liquidation Service Provider” has the meaning given to that term in clause ‎7.8.

“Manifest Error” means 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.

“Margin” means, with respect to each Margin Account, all fiat currency, Digital Assets and other assets held in that Margin Account.

“Margin Account” means the relevant Cross Margin Account, Cross Margin Pro Account or Isolated Margin Account, as applicable. 

“Margin Balance” means, in respect of a Margin Account, the total value of Eligible Margin held in that Margin Account, calculated by 

(i) in the case of Eligible Margin that is a Digital Asset, multiplying the quantity of that Digital Asset by the relevant Price Index; and 

(ii) in the case of Eligible Margin in the form of fiat currency, the balance of that fiat currency denomination, 

in each case, applying any discount that Binance may determine for that item of Eligible Margin from time to time, if any.

“Margin Call” means a notification from Binance to you to deposit additional Eligible Margin in the relevant Margin Account to avoid Liquidation and termination of the Margin Loan.

“Margin Call Level” means, in respect of a Margin Account, a level determined by Binance by reference to your selected level of leverage, any margin call triggers you may have elected and its internal policies. 

“Margin Call Ratio” means the number shown under that heading for the relevant Isolated Margin Tier on the Isolated Margin Tier Data Page.

“Margin Concentration Event” has the meaning given to this term in clause ‎6.7. 

“Margin Data Page” means the website containing information in respect of the Margin Services available at https://www.binance.com/en/margin-fee, or such other address as Binance may specify from time to time.

“Margin Level” means

(A) in respect of a Cross Margin Account, the result of the following formula calculation: 

Margin Level = Margin Balance / Cross Margin Total Liabilities; 

(B) in respect of a Cross Margin Pro Account, the result of the following formula calculation: 

Margin Level = (∑Net Collateral - ∑open order loss) / ∑Maintenance Margin, and is more particularly described HERE; and

(C) in respect of an Isolated Margin Account, the result of the following formula calculation: 

Margin Level = Margin Balance / Isolated Margin Total Liabilities.

“Margin Loan” has the meaning given to this term in clause ‎6.1.

“Margin Requirements” has the meaning given to this term in clause ‎5.9.

“Margin Services” means the provision of Margin Loans, Margin Trading and any ancillary services. 

“Margin Service Risks” has the meaning given to this term in the risk disclosure to these Margin Service Terms.

“Margin Service Terms” has the meaning given to this term in clause ‎3.1.

“Margin Trade and Margin Trading” have the meanings given to these terms in clause ‎6.1.

“Market Concentration Event” has the meaning given to this term in clause ‎6.6.

“Other Assets” means any Digital Assets or other property (including fiat currency) credited to any of your Binance Accounts (including, but not limited to, your “Spot” and “Earn” accounts), other than Margin.

“Platform” means the digital platform that Binance or its affiliates may make accessible to you via websites, a mobile app, an API connection or by such other means as Binance or its affiliates may prescribe from time to time for the use of Binance Services.

“Price Index” means, in respect of a Digital Asset, the current market price denominated in another Digital Asset, as calculated by Binance, in its sole and absolute discretion, using volume-weighted data from Binance and other major digital asset exchanges.

“Secured Obligations” has the meaning given to this term in clause ‎5.11.

“Statements” has the meaning given to this term in clause ‎12.1.

“Terms” has the meaning given to this term in clause ‎3.2.

“Transaction” means selling, purchasing, or entering into other transactions, or agreeing to sell, purchase or enter into other transactions, in Digital Asset(s), their derivatives, other asset(s), fiat currencies or other product(s) as Binance may from time to time permit to be carried out on the Platform, and depositing or withdrawing Digital Assets or fiat currency into or out of your Binance Account.

“User-specified Margin Call Ratio” means the number set by the user, where a user has chosen to specify a different number for the Margin Call Ratio than the one displayed on the Margin Data Page. 

“Valuation Period” means the period from (and including) the initial date a Liquidation occurs in respect of a Default to (and including) the later of (i) the date falling seven calendar days after such date, and (ii) such later date as may be determined by Binance in its sole and absolute discretion, taking into account such information Binance considers relevant, which may include (but is not limited to) any available market quotes, relevant market data or conditions, any costs, losses, funding, concentration of holdings and liquidity, provided that Binance may, acting in good faith, apply a shorter Valuation Period.

2. Acceptance of these Terms

2.1. By using the Margin Services (as defined below) you acknowledge that you have received, read, understood and accepted all of the terms and conditions in these Margin Service Terms, and you acknowledge and agree that you will be bound by and will comply with these Margin Service Terms.  If you do not understand and accept these Margin Service Terms in their entirety, you should not use the Margin Services.

2.2. These Margin Service Terms (as defined below) are a legally binding agreement between you and NEST Services Limited (“Binance”), an entity incorporated and registered under the laws of the Republic of Seychelles with registration number 238045 and address at House of Francis, Room 303, Ile Du Port, Mahe, Seychelles.

2.3. Nothing expressed or referred to in these Margin Service Terms will be construed to give any person other than the parties to these Margin Service Terms any legal or equitable right, remedy, or claim under or with respect to these Margin Service Terms or any clause or sub-clause of these Margin Service Terms.  These Margin Service Terms and all of its clauses and sub-clauses are for the sole and exclusive benefit of the parties to these Margin Service Terms and their successors and permitted assigns.

2.4. Without prejudice to clauses ‎2.2 and ‎2.3 above, you acknowledge that, notwithstanding that certain Margin Services may from time to time be carried out or provided on behalf of Binance by a third-party service provider or an affiliate of Binance. Such third-party service provider or affiliate is not a party to these Margin Service Terms and shall not be construed or otherwise deemed to be such.

3. Scope of these Terms and changes

3.1. These terms specifically govern your access to and use of the margin trading features made available by Binance through the Margin Services (these “Margin Service Terms”). 

3.2. These Margin Service Terms are supplemental to the Binance Terms of Use (as updated and amended from time to time, the “Terms”) and the provisions set out in the Terms shall continue to apply.  These Margin Service Terms constitute “Product Terms”.  References in the Terms to the “Binance Services” shall include references to the Margin Services contemplated hereunder.  In the event of any conflict or inconsistency between these Margin Service Terms and the Terms, these Margin Service Terms shall prevail with respect to the services contemplated hereunder, unless expressly stated otherwise.

3.3. The Margin Data Page and the Isolated Margin Tier Data Page (each, updated and amended from time to time) shall be incorporated into and form part of these Margin Service Terms.  In the event of any conflict or inconsistency between these Margin Service Terms and the Margin Data Page or the Isolated Margin Tier Data Page, these Margin Service Terms shall prevail.

3.4. Binance may make changes to these Margin Service Terms (or any terms or information incorporated by reference) at any time by updating these Margin Service Terms on our website and your continued use of the Margin Services constitutes your acceptance of the amended Margin Service Terms. You irrevocably consent to be bound by any such changes.  You further acknowledge and agree that any updates, changes or amendments to these Margin Service Terms shall apply to all existing and future Transactions between us.

4. Eligibility

4.1. To access and use the Margin Services, you must satisfy the eligibility criteria set forth in the Terms (as well as any applicable supplemental requirements described on the Binance Trading Platform from time to time, or any specific requirements that Binance may have applied to you (such as additional onboarding requirements, for example)) at all times. 

4.2. We may change our eligibility criteria relating to the use of Margin Services at any time, including, without limitation, by introducing additional requirements.

4.3. If you no longer meet our eligibility criteria for Margin Services at any time after you have accessed or used the Margin Services (including, without limitation, as a result of a change to your circumstances or to our eligibility criteria), we may, at our sole and absolute discretion, suspend or terminate your ability to access and use the Margin Services, with or without prior notice.  You understand and accept all risks and potential costs and losses that may result from or in connection with such a suspension or termination, and that Binance disclaims, to the extent permitted by Applicable Law, any responsibility or liability for such costs or losses (including, without limitation, the loss of any goodwill with any third party).

4.4. You hereby undertake to Binance that you will notify us promptly of any change in your circumstances which may affect your ability to meet the eligibility criteria.  Without prejudice to any rights of Binance, you hereby confirm your understanding that you may be liable to Binance for any costs or losses that may be incurred in connection with any failure by you to comply with this undertaking.

5. Margin Services 

5.1. You hereby represent and warrant to us on an ongoing basis that: (a) you are authorised and permitted to use the Margin Services; (b) these Margin Service Terms constitute legal, valid and binding obligations enforceable against you in accordance with their terms; and (c) your access and use of the Margin Services and Binance’s provision of such services to you is not unlawful under the laws of any jurisdiction to which you are subject.  You agree to advise us immediately should there be any change in law or other circumstances that could make this representation and warranty untrue or in any way in doubt.  You hereby agree to indemnify Binance on demand against each loss, liability and cost incurred as a result of any claim or demand (including legal fees and any fines, fees or penalties imposed by any regulatory authority) arising out of or related to your breach of this representation and warranty or your obligation to advise us of changes in law or circumstances pursuant to this clause ‎5.1 or of any failure to notify Binance of a change in circumstances pursuant to clause ‎4.4.  To the extent permitted by Applicable Law, the indemnity in this clause ‎5.1 constitutes a separate and independent obligation from the other obligations in these Margin Service Terms, will be enforceable as separate and independent causes of action, will apply notwithstanding any indulgence granted by the party to which any payment is owed and will not be affected by judgment being obtained or claim or proof being made for any other sums payable in respect of these Margin Service Terms.

5.2. When you borrow a Digital Asset to engage in Margin Trading, you are entering into a Margin Loan as the borrower where Binance is the lender.  You agree and acknowledge that Binance has the right under these Margin Service Terms to enforce the terms of the Margin Loan against you.

5.3. We may suspend or discontinue the availability of the Margin Services in relation to any Digital Asset and/or in relation to users located in any jurisdiction, in whole or in part, at any time and for any reason and in such circumstances we may, without liability to you, reduce, cancel, close out or vary any Margin Loan or Margin Trade, or impose additional restrictions on accounts (including, without limitation, requirements to reduce exposure).  If we do so, we shall endeavor to provide notice to you except in circumstances where we determine (in our sole and absolute discretion) that we are required to discontinue the availability of the Margin Services in relation to a particular Digital Asset to comply with our understanding of Applicable Law in any jurisdiction, or to comply with an order or request from any competent regulatory, governmental or law enforcement authority, or as required by our internal policies, in which case such suspension or discontinuance may take effect immediately, with or without notice. 

5.3A The Margin Services may be restricted in certain jurisdictions or regions or to certain users, in accordance with applicable legal and regulatory requirements. These Margin Service Terms are intended only for those users who are permitted to access and receive the products and services referred to and are not intended for users to whom restrictions apply.  This includes (but is not limited to), users that reside in Australia; these Margin Service Terms and the related Margin Services are not applicable to you and you should refer to the Australian Margin Service Terms of Use here.  You are responsible for informing yourself about and observing any restrictions and/or requirements imposed with respect to the access to and use of the Margin Services in each country or region from which they are accessed by you or on your behalf.

5.4. You shall be responsible, and you assume and shall bear all risk of loss, for all conduct relating to the Margin Services and Binance does not take any responsibility for any loss or damage incurred as a result of your access to and use of the Margin Services (including, without limitation, any loss or damage resulting from, or otherwise in connection with, the conduct of any other user of the Binance Services). 

5.5. In order to use the Margin Services, you shall deposit and maintain in each Margin Account and/or otherwise provide Binance with Eligible Margin in such form and amounts, at such times and in respect of such Margin Account as Binance may from time to time in its sole and absolute discretion require (irrespective of whether such requirement is identical to or reflects or is greater than any applicable margin requirements of any governmental body or self-regulatory organisation in any jurisdiction (including, without limitation, any exchange) which is required to be maintained by Binance and/or you). 

5.6. A list of Eligible Margin will be prescribed by Binance and made available to you.  Digital Assets or fiat currencies may be valued as Eligible Margin on a discounted basis, as determined by Binance in its sole and absolute discretion, and made available to you.  Binance may at any time (in its sole and absolute discretion) add or remove Digital Assets or fiat currencies from the list of Eligible Margin and/or reduce or increase the discount and/or Collateral Ratio applied to one or more Digital Assets or fiat currencies, if any.  Binance may (but shall not be obliged to) notify you of any changes to the list of Eligible Margin, discounts or Collateral Ratios applied in the valuation thereof prior to those changes taking effect.  In addition, Binance may, in times of extreme market movements, with or without prior notice, restrict the transfer of any additional amounts of certain types of Eligible Margin to a Cross Margin Account and/or a Cross Margin Pro Account.

5.7. The value of any Margin shall be determined by Binance in its sole and absolute discretion. 

5.8. In respect of Isolated Margin Accounts, you acknowledge and agree that separate Eligible Margin shall be provided by you in respect of each Isolated Margin Account and that the Margin in respect of each Isolated Margin Account shall be treated as separate from each other for the purposes of these Margin Service Terms.

5.9. Binance may establish margin requirements in respect of the Margin Services, including by setting the Margin Levels that are required to be maintained by you and/or the amount of Margin required to be maintained in your Margin Account (the “Margin Requirements”).  Binance may, in its sole and absolute discretion, with or without notice to you, vary the Margin Requirements for any Margin Account at any time and by any amount, and may also stipulate that such Margin Requirements shall apply to existing positions as well as new positions.  You acknowledge that Binance may determine, based on its own assessment of market conditions, to effect an immediate change in Margin Requirements and/or require additional Eligible Margin to be deposited immediately or within a specified period of time, which may be less than 24 hours on any day, and you waive any right to object on the grounds that such requirement is unreasonable.  No previous statements regarding Margin Requirements shall set a precedent or bind Binance in any way.

5.10. If Binance determines that additional Eligible Margin is required, you shall deposit with Binance such additional Eligible Margin immediately upon demand, provided that, notwithstanding any such demand for additional Eligible Margin, Binance may at any time exercise its rights under clause ‎11 (Default, Termination and Liquidation).  In making such determination in respect of the Margin provided for any Margin Account, Binance shall not be required to take into consideration Margin held by Binance in respect of any other Margin Account.

5.11. You acknowledge that Margin is held and may be used by Binance to secure the performance of your obligations under these Margin Service Terms and the Terms.  All Margin shall be held by Binance, notwithstanding any provision or Instructions to the contrary, as continuing security and shall be subject to a general right of set-off in favor of Binance for any and all of your obligations, liabilities, monies or other amounts whatsoever at any time now or hereafter owing, due, incurred or payable by you to Binance under these Margin Service Terms, the Terms or otherwise, whether present or future, actual or contingent, solely or jointly or whether as principal or surety (the “Secured Obligations”), and Binance may appropriate or realise any Margin as provided for in these Margin Service Terms or the Terms.  In addition, you hereby (i) charge and agree to charge, with full title guarantee, in favor of Binance by way of first fixed charge, and (ii) assign and agree to assign, with full title guarantee, to Binance, by way of security, all your rights to, and interests in, your Margin Accounts (including any sub-accounts) and any and all Digital Assets, fiat currency or other assets standing to the credit thereof as continuing security for the payment and discharge of the Secured Obligations.  Notwithstanding any provision of the Terms (nor any other agreement between us at any time) to the contrary, you have no right to submit any Instructions to request a withdrawal of any Digital Assets, fiat currency or other assets that constitute Margin other than in accordance with clause 7 (Margin Requirements).  The security constituted by these Margin Service Terms shall be a continuing security and shall not be satisfied by any intermediate payment or satisfaction of the whole or any part of the Secured Obligations but shall secure the ultimate balance of the Secured Obligations.  The security constituted by these Margin Service Terms shall be in addition to and shall not be affected by any other security now or subsequently held by Binance for all or any of the Secured Obligations.

5.12. You shall, at your own cost and upon Binance’s request, execute and do all such deeds, acts and things (including without limitation, the performance of such further acts or the execution and delivery of any additional instruments or documents) as Binance may require for the purposes of these Margin Service Terms, including but not limited to perfecting Binance’s rights to the Margin provided by you.  You hereby, by way of security and solely for the purpose of more fully securing the performance of the Secured Obligations, irrevocably appoint Binance your attorney on your behalf and in your name or the name of Binance (as the attorney may decide) to do all acts, and execute all documents which you could yourself execute, in relation to any of the Margin or in connection with any of the matters provided for in these Margin Service Terms or the Terms, including (but without limitation):  (i) to execute any transfer, bill of sale or other assurance in respect of your Digital Assets, moneys, fiat currencies and properties; (ii) to exercise all the rights and powers of yours in respect of the Margin; (iii) to ask, require, demand, receive, compound and give a good discharge for any and all moneys and claims for moneys, Digital Assets or specific performance due and to become due under or arising out of any of the Margin; (iv) to endorse any cheques or other instruments or orders in connection with any of the Margin; and (v) to make any claims or to take any action or to institute any proceedings which Binance considers to be necessary or advisable to protect or enforce the security interest created by these Margin Service Terms.

5.13. Subject to Applicable Law, Binance may deposit in Binance’s general account or any other account, any of your Margin deposited in your Margin Accounts and may commingle such Margin with the Digital Assets, moneys, fiat currencies and properties of Binance or of some other persons.  Any Margin and other Digital Assets held by Binance on your behalf or on behalf of other users shall be segregated from Binance’s own Digital Assets, moneys, fiat currencies and property by way of separate ledger accounting entries.  Subject to Binance’s rights under these Margin Service Terms and the Terms (including, without limitation, Binance’s rights pursuant to a Liquidation and/or the occurrence of a Default), Binance will not use, sell, transfer, loan, hypothecate, rehypothecate or pledge any Margin allocated to your Margin Accounts, unless instructed by you, authorised under these Margin Service Terms or the Terms, or compelled by a court of competent jurisdiction to do so.

5.14. You acknowledge and agree that no interest shall be paid on any Margin deposited by you in your Margin Accounts and that Binance shall not have any liability for fluctuations in the fiat currency-equivalent value of Margin allocated to your Margin Accounts.  Binance shall at no time be required to deliver to you the identical property delivered or otherwise transferred to your Margin Accounts as Margin, but only property of substantially the same kind and amount, subject to adjustments for quantity and quality variations.  You acknowledge and agree that when Binance uses the Margin in your Margin Accounts for any purpose as set out in these Margin Service Terms (including, without limitation, pursuant to a Liquidation and/or Binance’s rights in respect of a Default), such Margin will no longer be your property and shall neither constitute a loan nor constructive trust in your favour.  Binance does not act as a fiduciary to you.

5.15. All Margin shall be held subject to Binance’s general rights as set out in the Terms and as afforded by Applicable Law. 

5.16. Subject to the Terms, and in its sole and absolute discretion, Binance may permit you to open sub-accounts for the purposes of the Margin Services.  Each sub-account shall be treated as a separate Margin Account for the purposes of these Margin Service Terms.  The Margin Balance shall be calculated separately in respect of each sub-account.  Any Limits shall apply to the aggregate of all sub-accounts.

6. Margin Loans and Margin Trading

6.1. Subject to these Margin Service Terms and the Terms, Binance may provide to you, and you may obtain from and return to Binance from time to time, Digital Assets (each such provision of Digital Assets, a “Margin Loan”) to enable you, through the margin trading features available on the Platform, to execute a spot Transaction using the borrowed Digital Assets (“Margin Trading”, and each such trade, a “Margin Trade”).  Fiat currency or Digital Assets acquired in a Margin Trade shall be credited to the relevant Margin Account and shall constitute Margin in that Margin Account.

6.2. Binance shall have sole and absolute discretion in deciding whether to accept or decline a request for a Margin Loan.  If granted, a Margin Loan shall only be used by you for the purpose of Transactions on the Platform.

6.3. Binance shall have the right to reduce, cancel, close out or vary, and, from time to time, review a Margin Loan and nothing in these Margin Service Terms shall be deemed to impose on Binance any obligation at law or in equity to make or continue to make available to you a Margin Loan.

6.4. You acknowledge and agree that Binance may impose limits on the amount available to borrow under a Margin Loan, the size of any Margin Trade, the amount of any Digital Asset or fiat currency (if any) that may be held in or withdrawn from a Margin Account or on any other relevant parameters in connection with the Margin Services (the “Limits”).  You further agree that Binance may, from time to time, alter the Limits with or without prior notice to you and that Binance shall, without liability to you, be entitled to reduce, cancel, close out or vary any Margin Loan or Margin Trade to bring it into compliance with any Limit. 

6.5. Limits and Margin Requirements may vary for different users, depending, without limitation, on the composition of Eligible Margin in the relevant users’ Margin Account and their VIP level.

6.6. If Binance reasonably determines that you, and/or persons Binance reasonably believes to be acting in concert with you (the “Group”), have acquired or are acquiring a long or short position in a Digital Asset, or a number of related Digital Assets, of a size relative to the total amount of such Digital Asset(s) in circulation, that (a) gives you and/or the Group substantial power to influence the price of such Digital Asset(s), or (b) could put the interests of Binance and/or the interests of other users at risk (a “Market Concentration Event”) then, without prejudice to any of our other rights under these Margin Service Terms and the Terms, we may require you to (i) repay all or part of any Margin Loan, and/or (ii) substitute other Eligible Margin for the Digital Asset(s) to which the Market Concentration Event relates, if possible, and/or (iii) reduce your long or short position in the relevant Digital Asset(s) in your Margin Account in a manner that minimises any negative impact on the market and/or the interests of other users and/or Binance.

6.7. If Binance in its sole and absolute discretion determines that Margin in any Margin Account is concentrated in Eligible Margin (a) that is subject to particular market risks and/or is not sufficiently liquid, or (b) where the lack of diversification itself poses additional risks, and Binance reasonably determines that such concentration may expose Binance and/or other users to excessive risks (each, a “Margin Concentration Event”) then, without prejudice to any of our other rights under these Margin Service Terms and the Terms, we may require you to (i) repay all or part of any Margin Loan, and/or (ii) diversify the Eligible Margin in any Margin Account, either by adding additional Eligible Margin or by substituting Eligible Margin for the Digital Asset(s) to which the concentration risks in (a) and/or (b) above are related.

6.8. In respect of any Margin Account, subject to the laws of any jurisdiction to which you are subject, you must select a permitted level of leverage to apply to each relevant Margin Account, thereby specifying the maximum initial leverage. By default, each new Margin Account is set to a permitted level of leverage under Applicable Laws, but you may elect to apply the maximum leverage permitted under the laws of any jurisdiction to which you are subject, once such Margin Account has been opened.

7. Margin Requirements

7.1. You acknowledge and agree that it is your sole responsibility to monitor the Margin Requirements for your Margin Accounts, and agree to maintain in the relevant Margin Account, at all times during the term of a Margin Loan, an amount of Eligible Margin sufficient to satisfy the Margin Requirements as specified by Binance from time to time.

7.2. If at any time your Margin Account does not contain the amount of Eligible Margin required to meet the Margin Requirements, as prescribed by Binance, you agree to transfer additional Eligible Margin to your Margin Account, whether or not a Margin Call has been made by Binance, to satisfy such Margin Requirements.

7.3. Without prejudice to any of Binance’s rights under these Margin Service Terms, the Terms or any Applicable Law, and unless otherwise agreed by Binance: 

7.3.1. in respect of a Cross Margin Account with a 3x leverage limit :

(A) if the Margin Level is greater than 1.1 and if the Collateral Margin Level is below or equal to 1.5, you may enter into Margin Trades but you may not apply for further Margin Loans; 

(B) if the Margin Level is greater than 1.1 but below or equal to 1.3, we may, but are not obliged to, issue a Margin Call;

7.3.2. in respect of a Cross Margin Account with a 5x leverage limit:

(A) if the Margin Level is greater than 1.1 and if the Collateral Margin Level is below or equal to 1.25, you may enter into Margin Trades but you may not apply for further Margin Loans; 

(B) if the Margin Level is greater than 1.1 but below or equal to 1.16, we may, but are not obliged to, issue a Margin Call;

7.3.3. in respect of a Cross Margin Pro Account:

(A) if the Margin Level is greater than or equal to 1.5, you may enter into Margin Trades but your ability to apply for further Margin Loans depends on your Available Margin; and

(B) if the Margin Level is greater than 1 but below or equal to 1.5, we may, but are not obliged to, issue a Margin Call.

7.4. Without prejudice to any of Binance’s rights under these Margin Service Terms, the Terms or any Applicable Law, and unless otherwise agreed by Binance, if the Collateral Margin Level: 

7.4.1. in respect of a Cross Margin Account is greater than 2, you may transfer Margin out of the Cross Margin Account up to a maximum amount that will reduce the Collateral Margin Level to 2; and

7.4.2. in respect of a Cross Margin Pro Account is greater than 2, you may transfer Margin out of the Cross Margin Pro Account up to a maximum amount that will reduce the Collateral Margin Level to ‎2.

7.5. Without prejudice to any of Binance’s rights under these Margin Service Terms, the Terms or any Applicable Law, and unless otherwise agreed by Binance, if the Margin Level in respect of an Isolated Margin Account is:

7.5.1. greater than 2, you may enter into Margin Trades, apply for further Margin Loans and you may transfer Margin out of the relevant Isolated Margin Account, subject to maintaining the Margin Level above 2;

7.5.2. greater than the Initial Risk Ratio but below or equal to 2, you may enter into Margin Trades and apply for further Margin Loans, but you may not transfer Eligible Margin out of the relevant Isolated Margin Account;

7.5.3. greater than the Margin Call Ratio but below or equal to the Initial Risk Ratio, you may enter into Margin Trades, but you may not apply for further Margin Loans or transfer Eligible Margin out of the relevant Isolated Margin Account;

7.5.4. greater than the Liquidation Risk Ratio but below or equal to the Margin Call Ratio or the User-specified Margin Call Ratio, as applicable, we may, but are not obliged to, issue a Margin Call.

7.6. Binance may limit or restrict transfers or withdrawals of Margin out of a Margin Account or any other of your Binance Accounts in its sole and absolute discretion, in whole or in part, to protect its interests and the interests of other users.

7.7. You acknowledge and agree that, if (i) the Margin Level in respect of a Cross Margin Account is equal to or below 1.1 or, (ii) the Margin Level in respect of a Cross Margin Pro Account is equal to or below 1 or, (iii) the Margin Level in respect of an Isolated Margin Account is equal to or below the Liquidation Risk Ratio, Binance may, and shall be fully entitled (but shall not be obliged) to conduct a Liquidation, whether or not a Margin Call has been made, and Binance is not required to provide notice to you before commencing such Liquidation. 

7.8. You give Binance the authority and discretion to sell or otherwise transfer, take over or dispose of any or all Liquidated Assets in such manner as Binance, in its sole and absolute discretion, sees fit.  You acknowledge and agree that, in connection with a Liquidation:  (i) the Liquidated Assets may be transferred to the account of a third party service provider and/or an affiliate of Binance (“Liquidation Service Provider”) and such Liquidation Service Provider may liquidate such assets; (ii) once the Liquidation of such assets is completed, such Liquidation Service Provider will transfer the resulting proceeds to Binance; and (iii) Binance will credit any proceeds (net of any fees) back to the relevant Margin Account to be applied in accordance with the terms of these Margin Service Terms.

7.9. In respect of any Liquidation, you will be liable for a liquidation fee, calculated as a percentage of the value of the Liquidated Assets (the “Liquidation Fee”). The rate at which the Liquidation Fee is charged (the “Liquidation Fee Rate”) is (i) 2% in respect of any Cross Margin Account, (ii) 3% in respect of any Cross Margin Pro Account, and (iii) 2% in respect of any Isolated Margin Account.  You acknowledge and agree that the Liquidation Fee is determined by Binance and/or its affiliates, in each case, in its sole and absolute discretion and that Binance may change the Liquidation Fee Rate and the method by which such rate is determined at any time in its sole and absolute discretion. 

7.10. You further acknowledge and agree that (i) you shall be liable for all trading fees and transaction costs relating to the Liquidation, (ii) you shall be liable for any losses resulting from the Liquidation, and (iii) Binance shall not be liable for any losses resulting from the Liquidation should Binance exercise any or all of its rights under these Margin Service Terms. 

7.11. Your obligations under these Margin Service Terms, the Terms or otherwise shall not be affected by any act, omission or circumstance which, but for this clause, might operate to release or otherwise exonerate you from your obligations under these Margin Service Terms, the Terms or otherwise or affect such obligations including (but without limitation) and whether or not known to you or Binance:  (i) any time or indulgence granted to or composition with you or any other person; (ii) the variation, extension, compromise, renewal or release of, or refusal or neglect to perfect or enforce, any terms of these Margin Service Terms, the Terms or otherwise or any rights or remedies against, or security granted by, you or any other person; (iii) any irregularity, invalidity or unenforceability of any of your obligations under these Margin Service Terms, the Terms or otherwise or any present or future law or order of any government or authority (whether of right or in fact) purporting to reduce or otherwise affect any of such obligations to the intent that your obligations under these Margin Service Terms, the Terms or otherwise shall remain in full force and these Margin Service Terms, the Terms or otherwise shall be construed accordingly as if there were no such irregularity, unenforceability, invalidity, law or order; and (iv) any legal limitation, disability, incapacity or other circumstances relating to you, any guarantor or any other person or any amendment to or variation of the terms of these Margin Service Terms, the Terms or otherwise or any other document or security.

7.12. All open positions in your Margin Accounts shall be marked-to-market every minute, or at such other intervals as Binance may determine from time to time in its sole and absolute discretion. 

7.13. You acknowledge and agree that Binance may (but shall not be obliged to) make Margin Calls on you in respect of any of your Margin Accounts orally or in writing or in such other manner as Binance may in its sole and absolute discretion deem appropriate.  Without prejudice to the generality of the foregoing, you acknowledge and agree that Binance may contact you via telephone at any time on any of the telephone numbers provided by you to Binance for the purposes of any Margin Calls.

7.14. Any Margin Call made by Binance must be met by you by crediting additional Eligible Margin to the relevant Margin Account.

7.15. Binance may permit you to specify on the Platform the Margin Level or User-specified Margin Call Ratio, as the case may be, at which a Margin Call may be issued.  You acknowledge and agree that specifying any such levels on the Platform does not oblige Binance to issue a Margin Call at the specified, or any other, leverage level.

7.16. We may make available to you a feature on the Platform to enable an “auto top-up” function, which automatically transfers Eligible Margin from your spot account to the relevant Margin Account when the Margin Level in respect of that Margin Account falls below the Margin Call Level, Margin Call Ratio or User-specified Margin Call Ratio, as applicable. You acknowledge and agree that activating this feature on the Platform does not oblige Binance to issue a Margin Call and that there is no guarantee that a transfer of Eligible Margin will be made in time or be sufficient to avoid Liquidation.

7.17. You acknowledge and agree that if the proceeds of Liquidation are insufficient to repay your Cross Margin Total Liabilities, Cross Margin Pro Total Liabilities and/or Isolated Margin Liabilities, you shall be liable for any shortfall and such amount shall be immediately due and payable from you to Binance. 

7.18. You acknowledge and agree that, as Digital Asset markets are open 24 hours a day, 7 days a week, Margin Calls and Liquidations may occur at any time, including outside of normal business hours.  You further agree and acknowledge, and confirm you fully understand and appreciate, that the prices of Digital Assets are volatile and thus may decline speedily in value. 

7.19. Without prejudice to clause ‎7.17 above, if the proceeds of Liquidation are insufficient to repay your Cross Margin Total Liabilities, Cross Margin Pro Total Liabilities and/or Isolated Margin Liabilities, Binance may, in its sole and absolute discretion, decide to cover the shortfall due by you, in whole or in part, with funds from the Insurance Fund, in which case you shall be relieved of any further liability in respect of such portion of the shortfall that Binance has agreed to cover from the Insurance Fund.  You have no entitlement to receive the benefit of the Insurance Fund and Binance is not obliged to provide any reason for its decision whether to make such benefit available to you or not. Binance shall under no circumstances be liable for any decision whether to make the Insurance Fund available in a particular case or not. 

7.20. You waive any right which you may have of first requiring Binance to proceed against or claim payment from any other person or enforce any guarantee or security before enforcing these Margin Service Terms.

7.21. Where any discharge (whether in respect of the security constituted by these Margin Service Terms, any other security or otherwise) is made in whole or in part or any arrangement is made on the faith of any payment, security or other disposition which is avoided or any amount paid pursuant to any such discharge or arrangement must be repaid on bankruptcy, liquidation or otherwise without limitation, the security constituted by these Margin Service Terms and your liability under these Margin Service Terms shall continue as if there had been no such discharge or arrangement.

7.22. Without prejudice to clause 7.1 above, you acknowledge and agree that it is your sole responsibility to monitor the Margin Requirements for your Cross Margin Pro Accounts, and agree to maintain in the relevant Cross Margin Pro Account, at all times (including, without limitation, during periods of market volatility) during the term of a Margin Loan (regardless of whether you have received any reminders from Binance with respect to the satisfaction of Margin Requirements and/or whether any Margin Call has been made), an amount of Eligible Margin sufficient to satisfy the Margin Requirements as specified by Binance from time to time. Any failure by you to satisfy a Margin Call or satisfy the Margin Requirements in any of your Cross Margin Pro Accounts may lead to your positions being subject to immediate Liquidation and/or Binance exercising its rights as set out in clause 11 below. Binance shall have no obligation to you or any third party to issue any reminders with respect to the satisfaction of Margin Requirements of any Cross Margin Pro Account, to issue any Margin Call in respect of any Cross Margin Pro Account and to monitor the Margin Balance of any Cross Margin Pro Account. Binance shall have no liability to you or any third party in connection with any failure of Binance to perform any of the aforementioned acts.

8. Repayment of Margin Loans

8.1. You shall repay any Margin Loans plus Interest on demand by Binance.  To the extent not prohibited under Applicable Law, Binance may, in its sole and absolute discretion, apply any fiat currency balance, or the proceeds from the sale of any Digital Assets or other assets in your Margin Account, first to the payment of any Interest then due, then to any outstanding fees, charges or other expenses then due to Binance, and then to the payment of any principal amount outstanding on the Margin Loans.

9. Interest, Fees and Charges

9.1. Simple interest shall accrue in respect of any Margin Loan on a one-hourly basis (such one-hourly period being an “Interest Period”).  In relation to any Margin Loan entered into at any time, each Interest Period shall be for a period of one hour, and such Interest Period shall commence at the top of the relevant hour (e.g. 13:00, 14:00 etc.) and end at the end of such hour.  For the avoidance of doubt, (i) the Interest Period of a Margin Loan entered into at a time which is not at the top of an hour shall be deemed to commence at the top of that hour and end at the end of that hour (e.g. for a Margin Loan entered into at 14:55:00, the Interest Period shall commence on 14:00:00 and end on 14:59:59) and (ii) each subsequent Interest Period during the time such Margin Loan is subsisting shall commence at the top of each subsequent hour. 

9.2. The rate of interest of each Margin Loan during an Interest Period is specified on the Margin Data Page from time to time (the “Interest Rate”).  The amount of Interest which accrues in respect of a Margin Loan during an Interest Period shall be calculated as follows:
  “Interest” = the principal amount then outstanding under the Margin Loan * Interest Rate.

9.3. Notwithstanding the formula calculation above and without prejudice to clause ‎9.1, Interest will be calculated for the first time immediately when the Margin Loan is advanced, such that a minimum of 1 hour’s interest shall be charged for each Margin Loan, even if such Margin Loan is not outstanding for a full hour.  Subsequently, Interest will be calculated at the top of each hour. 

9.4. You shall promptly pay all of Binance’s fees, interest and/or other charges at such rates and in such manner as Binance may impose and stipulate from time to time with respect to the execution and/or performance of any Transaction or otherwise for the maintenance of any Margin Account or the provision of any service or Margin Loan to you or in connection with any Margin Account. Binance reserves the right from time to time in its sole and absolute discretion to vary the rates of fees, interest and charges or impose other fees and charges.  Fees, interest and other charges may be quoted on Binance’s website or mobile application or individually notified via other modes of communication as Binance in its sole and absolute discretion may deem fit.  It is your responsibility to ensure that you are aware of current applicable fees, interest rates, and charges. 

9.5. You shall make payment to Binance promptly of any outstanding sum in respect of any Transaction or the Margin Services upon demand by Binance, and, in any event, within any timeframe that may be specified by Binance.

9.6. All fees, charges, Interest or sums payable from you to Binance may be settled by Binance at its sole and absolute discretion on the day they fall due by debiting your Margin Account or any other Binance Account with the relevant amount payable by you. In the event that there is insufficient Digital Assets, fiat currency or other assets in your Margin Account or your other Binance Accounts, you acknowledge and agree that any amount payable from you under this clause is a debt immediately due and owing by you to Binance.

9.7. If at any time and for any reason whatsoever, the Interest Rate set under these Margin Service Terms exceed the maximum rate of interest permitted to be charged by Binance to you under Applicable Law, you and Binance agree that such Interest Rates will be reduced automatically to the maximum rate of interest permitted to be charged under Applicable Law. 

9.8. Binance shall be entitled at its sole and absolute discretion to charge interest on any sum or payment due to Binance from you (including any Margin Loans) at such rate and calculated and/or compounded in such manner as Binance may impose and determine from time to time and to debit any Binance Account (including, without limitation, any Margin Account) in respect of the interest due. 

9.9. All payments to Binance shall be in such Digital Assets or fiat currency as solely determined by Binance and free of deduction or withholdings (if applicable).  If you are required to effect such deductions or withholdings, then the amount due to Binance shall be increased by such amount as shall result in Binance receiving an amount equal to the amount Binance should have received in the absence of such deduction or withholding. 

9.10. Any applicable taxes, duties, disbursements, costs and/or other expenses incurred by Binance in connection with you or your Margin Account shall be promptly reimbursed by you, and in any event within any timeframe specified by Binance.

9.11. You will on demand indemnify and hold harmless Binance for and against all reasonable out-of-pocket expense, including legal fees, execution fees, and stamp, registration, documentation or similar tax, incurred by Binance by reason of the enforcement and protection of its rights under these Margin Service Terms, the Terms or otherwise, including, but not limited to, costs of collection and costs incurred by or on behalf of Binance in connection with the liquidation, appropriation and/or application of any Margin.

9.12. If for any reason Binance cannot effect payment or repayment to you in a Digital Asset or fiat currency in which payment or repayment is due, Binance may effect payment or repayment in the equivalent in any other Digital Asset or fiat currency selected by Binance based on a rate of exchange solely determined by Binance in respect thereof at the relevant time. 

9.13. All interest, fees and other charges of Binance are exclusive of any goods and services tax or any other applicable sales tax which shall be borne and separately charged to you. 

10. Airdrops and Forks

10.1. If, while the relevant Margin Loan is outstanding, any Digital Assets that have been credited to a Margin Account as the proceeds of a Margin Loan, including any Digital Assets that were borrowed and then sold short in a Margin Trade, (i) entitle the holder of such Digital Assets to receive a certain quantity of the same or another Digital Asset (an “Airdrop”), and/or (ii) are subject to a Fork, then, in respect of the Digital Assets distributed as part of such Airdrop (the “Airdropped Assets”) and/or the Forked Digital Assets (together with the Airdropped Assets, the “Additional Assets”), (A) you shall have no right to the Additional Assets and Binance shall not be obliged to account to you for such Additional Assets, and (B) if (1) you have sold short the relevant Digital Assets in a Margin Trade, (2) your Binance Account has been erroneously credited with the Additional Assets, or (3) you receive the Additional Assets outside your Binance Account, for example because the Digital Assets subject to the Airdrop or Fork have been transferred out of your Binance Account, you shall account to Binance for the Additional Assets and they shall be a debt owed by you to Binance and such debt shall form part of the relevant Margin Loan.  Binance may, at its sole and absolute discretion, (i) at any time demand separate payment of such amount or debit your Binance Account (including your spot account or any Margin Account) to satisfy such debt, and (ii) demand or accept payment of an amount denominated in another Digital Asset, equivalent to the value of the Additional Assets due from you to Binance, converted at such rate as Binance may determine in its sole and absolute discretion.

10.2. Binance shall be under no obligation to pay any compensation to you in any form in respect of the Additional Assets.  At no time shall any Additional Assets be included in the calculation of the Margin Balance.

11. Default, Termination and Liquidation

11.1. The following events shall each constitute a “Default”:

11.1.1. your Eligible Margin in the Margin Account falls below the Margin Requirements as prescribed by Binance;

11.1.2. any representation, warranty, agreement or undertaking made by you to Binance (whether under or in connection with these Margin Service Terms (including, without limitation, clause ‎5 (Margin Services)), the Terms, any Product Terms or otherwise) or any other material statement made by you in or in connection with the same being untrue, inaccurate, incomplete or misleading in any respect at the time when made by you or thereafter at any time becomes untrue, inaccurate, incomplete or misleading in any respect and you fail to inform Binance of the true position as soon as reasonably practicable;

11.1.3. you have failed to comply with or perform any of your obligations hereunder or in respect of any Margin Account or Margin Trade or under these Margin Service Terms, the Terms or any Product Terms (including without limitation your failure to make, when due, any payment or delivery required to be made by you under these Margin Service Terms or the Terms or in respect of any Margin Account or Transaction);

11.1.4. you have breached or are being investigated by relevant authorities for breaching any Applicable Law;

11.1.5. you fail to promptly provide Binance with any documentation requested for the purposes of any:  (i) “know your customer” checks, including, without limitation, documentation required for the purposes of verifying your identity, place of address, legal authority/capacity and client classification status, and/or (ii) credit checks, anti money laundering requirements or any other internal assessments conducted by Binance and/or Binance determines that you have failed to successfully pass or otherwise satisfy any “know your customer” checks, credit checks, anti-money laundering requirements or any other internal assessments conducted by Binance;

11.1.6. (in the event that you are a natural person), you shall become deceased, bankrupt, of unsound mind or insane, or you have commenced an action (or have any action commenced against you) to place you into bankruptcy or personal insolvency or you are otherwise unable to pay your debts as and when they fall due;

11.1.7. (in the event that you are acting on behalf of a partnership) any of the partners thereof has become deceased, bankrupt or insane, or such partners have commenced an action (or have any action commenced against them) to place any of the partners into bankruptcy or personal insolvency or are otherwise unable to pay their debts as and when they fall due, or if an action is commenced to dissolve and/or alter the partners or the constitutions of the partnership;

11.1.8. (in the event that you are acting on behalf of a corporation) the corporation is unable to pay its debts as and when they are due, or an action is commenced to place the corporation in insolvency, judicial management, receivership, administrative management, or any similar or analogous proceedings;

11.1.9. any investigation, claim, action or proceeding of any nature is commenced against you (including without limitation investigation into suspected market abuse, manipulation or other criminal conduct), or steps are taken by any person to enforce any security interest against you;

11.1.10. you convene a meeting of your creditors or propose or make any compromise or arrangement with, or any assignment for the benefit of, your creditors;

11.1.11. Binance has reasonable concerns in relation to your creditworthiness, financial status or the verification of your identity (including, without limitation, any verification of your place of residence or place(s) from which you are accessing the Margin Servies);

11.1.12. Binance determines in its sole and absolute discretion that you have acted in an abusive manner to any representative of Binance or other users;

11.1.13. Binance is not able to contact you within 24 hours of attempting to establish any contact using reasonable means and contact points known to Binance, unless alternative arrangements have been made between you and Binance with reference to a specific absence by you;

11.1.14. Binance determines, in good faith, that it should take any action in order to preserve its rights or interests under any Binance Account or Margin Account or under its relationship with you;

11.1.15. a Market Concentration Event and/or a Margin Concentration Event occurs;

11.1.16. Binance reasonably believes that any of the circumstances set out under clauses ‎11.1.1 to ‎11.1.15 above are likely to happen and Binance also reasonably believes that any action described in clause ‎11.2 below is necessary, desirable or expedient to protect its own interests or the interests of Binance’s other clients; or

11.1.17. a credible allegation of fraud, misconduct, embezzlement, money laundering, insider trading, market manipulation, market abuse or other material illegality, breach of regulation or impropriety is made against you (whether by Binance or a third party) or Binance otherwise believes that you have used the Margin Services with improper intent, which Binance determines, acting in good faith and in a commercially reasonable manner, could reasonably result in reputational harm to Binance, compromise the integrity of the markets maintained by Binance and/or result in losses being sustained by other clients of Binance. 

11.2. Without prejudice to any other right of Binance hereunder, under the Terms, any Applicable Law or otherwise, if a Default occurs, Binance may (but is not obliged to) immediately or any time thereafter, while such Default is continuing, without prior notice, do any one or more of the following:

11.2.1. suspend (indefinitely or otherwise), place restrictions on, cancel or terminate any Binance Account, Margin Account, or Binance’s relationship with you or prohibit you from using some or all Binance Services (including withdrawals from your Binance Accounts and/or entering into new Transactions) or opening any Binance Account and/or Margin Account and accelerate any and all of your liabilities to Binance (including any and all of your Margin Loans, fees, interests, and charges owed by you to Binance) so that they shall become immediately due and payable;

11.2.2. at such times and in such manner as Binance and/or (as the case may be) any Liquidation Service Provider may determine in good faith (based on factors including, but not limited to, market conditions, liquidity and portfolio health), sell, dispose of or otherwise transfer, appropriate, apply or take over any or all Margin and/or any or all Other Assets at values which Binance and/or (as the case may be) any Liquidation Service Provider, in its sole and absolute discretion, deems appropriate in the circumstances (or at values determined over the Valuation Period, as the case may be) (any such act being a “Liquidation”) and apply the proceeds (net of any fees incurred by Binance and/or (as the case may be) any Liquidation Service Provider in such Liquidation) to the discharge of your obligations. You acknowledge that none of Binance and any Liquidation Service Provider shall be obliged to act in a commercially reasonable manner in exercising any of its rights under this clause ‎11.2.2;

11.2.3. set-off any amounts owed by Binance or any of its affiliates to you against any amounts payable by you to Binance or any of its affiliates (whether or not arising under these Margin Service Terms, the Terms, Applicable Law or otherwise, matured or contingent and irrespective of the Digital Asset or fiat currency, place of payment or place of booking of the obligation). If the amounts are in different Digital Assets and/or fiat currencies, Binance or any of its affiliates (including without limitation any service provider to or affiliate of Binance) may convert either amount into the Digital Asset and/or fiat currency in which the other is denominated at the rate of exchange at which Binance or any of its affiliates would be able, in good faith and using commercially reasonable procedures, to purchase the relevant amount of such Digital Asset and/or fiat currency.  If any obligation is unascertained, Binance may in good faith estimate that obligation and set-off in respect of the estimate.  Nothing in this clause ‎11.2.3 will be effective to create a charge or other security interest.  This clause ‎11.2.3 will be without prejudice and in addition to any right of set-off, offset, combination of accounts, lien, right of retention or withholding or similar right or requirement to which Binance is at any time other entitled or subject (whether by operation of law, contract or otherwise);

11.2.4. demand any shortfall after the application of clauses ‎11.2.2 and ‎11.2.3 above from you;

11.2.5. do or omit to do anything which Binance reasonably believes to be necessary, desirable or expedient to protect Binance and/ or its other users; and/or;

11.2.6. exercise such other authority and powers that may have been conferred upon Binance by these Margin Service Terms and/or the Terms and/or under Applicable Law.

11.3. Binance may, acting in good faith, elect to value (whether by itself or through a Liquidation Service Provider) the Liquidated Assets over the course of a Valuation Period. At the end of the Valuation Period, Binance will inform you of the final valuation of the Liquidated Assets and whether their value is sufficient to discharge your obligations under the relevant Margin Loans, whether any amounts remain due from you to Binance, or whether there is a surplus to be returned to you.  Without prejudice to the generality of clause ‎11.2.1 above, Binance may, for the duration of any Valuation Period, prohibit you from using some or all Binance Services (including, without limitation, withdrawals from your Binance Accounts and/or entering into new Transactions) or opening any new Binance Account and/or Margin Account.

11.4. You understand and agree that, in the event Margin and/or any Other Assets are liquidated by Binance and/or (as the case may be) a Liquidation Service Provider, you shall have no right or opportunity to determine the Digital Assets, fiat currency or other assets to be liquidated or the order, manner or price of such Liquidation.  None of Binance and such Liquidation Service Provider shall be liable for any loss sustained by you in connection with such Liquidation (or if Binance or (as the case may be) such Liquidation Service Provider delays effecting, or does not effect, such Liquidation).

11.5. Without prejudice to clause ‎11.2, in the event that Binance determines that you are in Default under clause ‎11.1.15 of these Margin Service Terms, Binance reserves the right (without liability to you or any third party) to unwind or reverse any Transactions, freeze any or all amounts allocated to your Binance Account, and/or deduct any amounts allocated to your Binance Account that relate to or arise out of any Transactions entered into by you in connection with any of the circumstances referred to in clause ‎11.1.15.

11.6. Without prejudice to clause ‎11.2.4 above, you will be responsible for the reasonable costs and expenses of collection of any unpaid deficiency in your Margin Account including, (but not limited to, legal counsel’s fees incurred and payable or paid by you) remaining unsatisfied after the exercise of rights and remedies by Binance under clauses ‎11.2.2 and ‎11.2.3.

11.7. Upon the occurrence of any Default or Liquidation, whether or not demand has been made, you authorize Binance to debit any of your accounts (including any Margin Account or fiat currency account) for any and all such amounts to discharge all or part of your obligations owed to Binance.

12. Fiat Currency 

12.1. To the extent that you provide Margin in the form of fiat currency we may separate client fiat currency from our own fiat currency by putting it into a separate bank account with a reputable bank, and we may hold your fiat currency, and other clients' fiat currency, together in the same fiat currency account.  We are not responsible for the insolvency, acts or omissions of any bank where your fiat currency is held, although we will take reasonable care when choosing which bank to open an account with.

12.2. You agree that any fiat currency balance reflected in your Margin Account(s) shall constitute fiat currency amounts standing to the credit of such Margin Account(s) and shall be subject to the security constituted by these Margin Service Terms (pursuant to clause 5.11 (Margin Services) above) notwithstanding that such fiat currency may be held in a money account with a bank.

13. Statements

13.1. You shall verify all statements and confirmations in respect of the Margin Services made available to you on the Platform (“Statements”).  If no objection is raised within 7 days of the date such information is made available to you, such Statements shall be deemed conclusive and binding as against you, and you shall not be entitled to object thereto.  However, Binance may at any time rectify any error in any Statement which has been proved to its satisfaction, and may demand immediate repayment from you of any Digital Assets or fiat currency (if any) erroneously paid over to you as a result of such error.  Any and all objections by you shall not be valid unless accompanied by supporting evidence for such objections. 

13.2. Where Liquidated Assets are to be valued over the course of a Valuation Period, any system-generated Statement in respect of the value of the Liquidated Assets at the start of such Liquidation Period, if any, shall be of no effect and shall not prejudice the final value of the Liquidated Assets as determined over, and confirmed at the end of, the Liquidation Period in accordance with clause ‎11.3.  You agree that you may not rely on any such Statement issued at the start of a Liquidation Period and that Binance shall have no liability to you whatsoever in respect of any such Statement.

13.3. Subject to the provisions of this clause, a Statement which does not accurately reflect the relevant Transaction entered into via the Platform:

13.3.1. does not affect the validity of the Transaction which the Statement evidences; and

13.3.2. where there is Manifest Error, does not entitle you to enforce whatever is inaccurately recorded in the Statement. 

14. General Exclusion

14.1. In addition and without prejudice to any other right or remedy which Binance may have (under these Margin Service Terms, the Terms, any Applicable Law or otherwise), Binance shall not be liable to you in any respect for any loss or demand of whatsoever nature suffered by you, including, without limitation, any loss resulting from default, insolvency or analogous proceedings of, or action or inaction by any intermediary (including wrongful or unlawful action or inaction), (in the absence of fraud or bad faith of Binance) any Manifest Error howsoever arising or howsoever otherwise suffered and/or incurred by you under or in connection with these Margin Service Terms, whether such loss or demand is direct or indirect, special or consequential (including, but not limited to) loss of profit or loss of opportunity, in each case, notwithstanding that Binance may be advised of the possibility of the same arising or that the same was reasonably foreseeable.  Binance shall only be liable to you if Binance is determined by a court of competent jurisdiction to have been fraudulent or to have acted in wilful default. 

14.2. Without prejudice to the generality of the foregoing, Binance shall not in any event be liable to you for any indirect or consequential loss, or for any loss of anticipated profits or any punitive damages.

15. Disputes, Governing Law, Jurisdiction and Arbitration

15.1. Clauses 31 (Notice of Claim and Dispute Resolution Period), 32 (Agreement to Arbitrate), 33 (Confidentiality), 34 (Governing law) and 35 (Class action waiver) of the Terms shall apply to any disputes or claims relating to, arising out of or in connection with these Margin Service Terms, including your assent to these Margin Service Terms.

16. Miscellaneous

16.1. Notwithstanding suspension or termination of your access to and use of the Margin Services, these Margin Service Terms shall continue to apply to you to the extent that there are any obligations or liabilities which remain to be performed or discharged by you under these Margin Service Terms. 

16.2. In connection with a transfer of all or substantially all the assets of Binance to an affiliate (which affiliate may be located in different jurisdiction), Binance may, upon notification to you (by way of announcement on its website recording the same or otherwise), transfer to such affiliate all of its rights, powers, liabilities and obligations under or pursuant to these Margin Service Terms and the Terms of Binance (including, without limitation, all Binance Services and Product Terms). Upon or following such notification, such affiliate shall acquire the same rights and liabilities as it would have acquired and assumed had it been an original party to these Margin Service Terms and the Terms in substitution for Binance and (i) Binance shall be released from further obligation to you (and where you are acting as agent on behalf of an underlying client, the underlying client), and (ii) you (and where you are acting as agent on behalf of an underlying client, the underlying client) shall be released from further obligations to Binance.