*English version is a referential translation of the original Japanese version of the Binance Japan Simple Earn Terms. In the case of discrepancy between the English version and the original Japanese version of the Binance Japan Simple Earn Terms, the original Japanese version shall prevail.
Last Updated: October 14th 2024
A. Acceptance of these Simple Earn Terms
By Subscribing to Simple Earn Services (as defined below), you acknowledge and agree that you will be bound by and will comply with these simple earn service terms (as updated and amended from time to time, “Simple Earn Terms”). By accessing and/or using the Simple Earn Services, you agree that you have read and understood these Simple Earn Terms, together with any additional documents or terms referred to in these Simple Earn Terms. If you do not understand and accept these Simple Earn Terms in their entirety, you should not use the Simple Earn Services.
B. Scope of these Simple Earn Terms and Changes
These Simple Earn Terms specifically govern your access to and use of “Simple Earn” service (meaning the service in which you loan your Simple Earn Assets to Binance Japan, Inc. ("Company" or "Binance Japan") and earn Simple Earn Rewards as a loan fee for such loan; hereinafter the same applies) and related services provided by Binance Japan in accordance with these Simple Earn Terms (collectively, "Simple Earn Services"). Simple Earn Services comprise of the following:
a. Locked Simple Earn
These Simple Earn Terms are supplemental to and shall be read together with the Binance Japan 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 Simple Earn Terms. These Simple Earn Terms constitute Product Terms. References in the Terms of Use to the Binance Japan Services shall include references to the Simple Earn Services contemplated hereunder. In the event of any conflict or inconsistency between these Simple Earn Terms and the Terms of Use, these Simple Earn Terms shall prevail with respect to the services contemplated hereunder, unless expressly stated otherwise.
Binance Japan may make changes to these Simple Earn Terms (or any terms or information incorporated by reference) in accordance with the Terms of Use.
C. Disclosure and Consent
By Subscribing to a Simple Earn Offer you can earn Simple Earn Rewards as a loan fee for loaning your Simple Earn Assets to Binance Japan. Simple Earn Rewards are not guaranteed or fixed, and the rates and timing of grant of Simple Earn Rewards may vary.
Simple Earn Assets used to Subscribe for a Simple Earn Offer will not be segregated from other crypto- assets. Simple Earn Assets may be commingled in hot wallets and cold wallets with crypto- assets belonging to Binance Group Entities and clients of Binance Group Entities globally. For provisions regarding redemption, please see Section F “Redemption of Locked Simple Earn” below.
Simple Earn Assets may, at Binance Japan’s sole discretion and without prior notice, be loaned to Binance Group Entities. In addition, Simple Earn Assets that are Subscribed to Locked Simple Earn may also be used by Binance Group of Entities in on-chain staking activities in a tightly controlled manner.
Your Simple Earn Assets can be redeemed in accordance with the terms of the Simple Earn Offer that you have Subscribed to and Binance Japan will return your redeemed Simple Earn Assets in full, in the same quantity and type of crypto-assets with which you Subscribed. However, Binance Japan may manage Simple Earn Assets borrowed from you (1) in the form of loans to Binance Group Entities other than Binance Japan or (2) by staking the assets by itself. In the case of (1), iIf the Binance Group Entity to which such loan is made becomes bankrupt, etc., Binance Japan may not be able to receive the return of the crypto-assets equivalent to such Simple Earn Assets from such Binance Group Entity, which could result in the bankruptcy, etc. of Binance Japan and adversely affect the ability of Binance Japan to return all of your Simple Earn Assets. In the case of (2), Binance Japan may not be able to receive the return of the crypto-assets equivalent to the Simple Earn Assets due to thrashing, etc. which could result in the bankruptcy, etc. of Binance Japan and adversely affect the ability of Binance Japan to return all of your Simple Earn Assets.
Please refer to the risk factor statement for a summary overview of some (but not all) of the risks that may result from subscribing crypto-assets to a Simple Earn Offer, including risks that may arise from the use of your Simple Earn Assets by Binance Group Entities for operating purposes.
Although Binance Japan takes all reasonable precautions to minimise the risks described in the risk factor statement and to safeguard the return of Simple Earn Assets to users in accordance with these Simple Earn Terms, in extreme and exceptional circumstances Binance Japan may not have sufficient assets readily available to return Simple Earn Assets to users in a timely manner. This could result in you losing some or all of your Simple Earn Assets. These exceptional circumstances could arise, for example, in the case of bankruptcy, etc. of Binance Group Entities, or following a catastrophic hack or technical failure, systemic risk or other black swan events that affect the crypto-asset market as a whole.
No Binance Group Entity makes any representation or warranty that Simple Earn is appropriate (a) for any user or in any location, or (b) that the transactions and services described in these Simple Earn Terms are (or will continue to be) available or appropriate for any user or in any location. You are strongly encouraged to carefully review these Simple Earn Terms and seek independent professional advice as to whether Simple Earn Services are appropriate for you having regard to your personal circumstances and objectives, financial position and risk tolerance.
By accepting these Simple Earn Terms, you hereby unconditionally and irrevocably; (a) confirm that you understand, accept and assume full responsibility for participating in Simple Earn together with any and all associated risks with your subscription to a Simple Earn Offer, 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 Simple Earn Assets as described in these Simple Earn Terms and any associated risks, and (c) have carefully assessed whether, and determined that, Simple Earn Services are appropriate for you.
D. How to participate in Simple Earn
When you provide crypto-assets to Binance Japan for the purposes of Simple Earn, you will be prompted to agree to and confirm some or all of the following terms on the Platform:
the type of crypto-asset that you will use to Subscribe;
the quantity of the designated crypto-asset that you will use to Subscribe;
the Simple Earn Rewards Rate applicable at the time of Subscription, which is subject to subsequent change in accordance with these Simple Earn Terms; and
the Locked Simple Earn Term and the Locked Distribution Frequency.
You will not be able to Subscribe to Locked Simple Earn between 23:50 UTC and 00:10 UTC each day. Upon your Subscription to a Simple Earn Offer your Simple Earn Assets will be treated as received by Binance Japan, provided that Binance Japan reserves the right, at any time and from time to time in its sole discretion and without prior notice, to:
exclude certain crypto-assets from the subject of Simple Earn Services;
specify a minimum or maximum quantity of Simple Earn Assets that are required to Subscribe to a Simple Earn Offer;
specify, introduce, alter or revoke Subscription Limits that may apply from time to time;
mandatorily redeem or otherwise return all or some Simple Earn Assets of any user, after rejecting the user’s subscription to a Simple Earn Offer.
E. Locked Simple Earn
Crypto-assets that are Subscribed to Locked Simple Earn cannot be redeemed until the end of the Locked Simple Earn Term for the relevant Locked Simple Earn. Simple Earn Rewards for Locked Simple Earn:
start accruing at the Simple Earn Rewards Rate from the day after you Subscribe for the relevant Locked Simple Earn Offer. Simple Earn Rewards will accrue on a daily basis and will be calculated pro rata based on a 365-day calendar year. No Simple Earn Rewards will accrue or be paid in respect of the day on which you Subscribe for the relevant Locked Simple Earn Offer;
are distributed in the crypto-assets with which you Subscribed for the Simple Earn Offer, unless the relevant Simple Earn Offer expressly states otherwise;
are calculated daily based on the Simple Earn Assets in your Simple Earn Account as at 00:00 UTC, excluding all Simple Earn Rewards. In other words, Simple Earn Rewards in respect of Locked Simple Earn are not compounding;
will be calculated by reference to the Simple Earn Rewards Rate applicable at 00:00 UTC on the day that the Simple Earn Rewards accrue;
will be distributed to your Spot Account, at the pre-determined Locked Distribution Frequency for the relevant Locked Simple Earn Offer;
are rounded down to a number of decimal places as determined by Binance Japan in its sole discretion which may vary for different crypto-assets.
The Simple Earn Rewards Rate for Locked Simple Earn may vary from time to time as determined by Binance Japan in its sole discretion. Any variation to the Simple Earn Rewards Rate will apply from the time and date specified by Binance Japan, in the absence of which a variation will take effect at 00:00 UTC on the day on which Binance Japan announces the variation to the Simple Earn Rewards Rate.
For certain crypto-assets, Binance Japan may from time to time offer Locked Simple Earn at a fixed Simple Earn Rewards rate (“Fixed Rate Offer”). If you Subscribe for a Fixed Rate Offer, the Simple Earn Rewards Rate will remain the same for the entire duration of the Locked Simple Earn Term. For the avoidance of doubt, any fixed rates provided by Binance Japan for the same crypto-assets under a Fixed Rate Offer will only be applicable to your new Fixed Rate subscriptions and will not affect existing ones.. You will be able to see if the Locked Simple Earn Offer has a variable rate or a Fixed Rate on the Product Rules page (available when you Subscribe).
F. Redemption from Locked Simple Earn
Binance Japan will automatically return Simple Earn Assets to your Spot Account no later than 72 hours after the end of the Locked Simple Earn Term, unless you have elected to participate in Locked Auto-Subscribe (as defined below). You are not required to request the Redemption of your Simple Earn Assets at the end of the Locked Simple Earn Term.
Binance Japan may, in its sole discretion from time to time, permit you to Early Redeem all (but not part only) of your Simple Earn Assets prior to the end of the relevant Locked Simple Earn Term. Your right to Early Redeem may be suspended or withdrawn at any time in Binance Japan’s sole discretion, without prior notice to you. If you Early Redeem your Simple Earn Assets before the Expiration Date, you (a) acknowledge and agree that you will forfeit all Simple Earn Rewards that have accrued and been distributed to you in respect of the Simple Earn Assets that are Early Redeemed and (b) hereby authorise Binance Japan to deduct, from the Simple Earn Assets that are to be returned to your Spot Account in connection with the Early Redemption, an quantity equal to any and all such Simple Earn Rewards that have been distributed to your Spot Account in respect of the Simple Earn Assets that have been Early Redeemed.
Simple Earn Assets that are Early Redeemed are generally expected to be returned to your Spot Account no later than 72 hours after the Redemption request. However, the return of Early Redeemed Simple Earn Assets may be delayed in exceptional circumstances, which may include without limitation events of extreme market volatility, network outages and delays, validator or protocol failure, a significant number of simultaneous instructions to Redeem from other Binance Japan users, or other unanticipated events. Please refer to the risk factor statement for more information about some (but not all) of the risks that may be associated with participating in Simple Earn.
Binance Japan may at its discretion from time to time specify a maximum quantity of Simple Earn Assets that are available for Early Redemption from Locked Simple Earn each day. Binance Japan may also at its discretion vary the maximum quantity from time to time without prior notice to you.
G. Locked Simple Earn Auto-Subscribe
When you Subscribe to Locked Simple Earn, Binance Japan may permit you to automatically Subscribe your Locked Simple Earn Assets on each Expiration Date to a new Locked Simple Earn Offer (“Locked Auto-Subscribe”) without requiring any further action from you. If a new Locked Simple Earn is commenced by Locked Auto-Subscribe, Simple Earn Rewards earned in a Locked Simple Earn that ended immediately prior to such Locked Simple Earn do not constitute Simple Earn Assets pertaining to the newly commenced Locked Simple Earn.
If you elect to Locked Auto-Subscribe:
your Simple Earn Assets as at the Expiration Date of a Locked Simple Earn Term will automatically be Subscribed to a new Locked Simple Earn Term, commencing on the calendar day immediately following the Expiration Date, without any further action on your part;
your Simple Earn Assets will begin to accrue Simple Earn Rewards from and including the first day of the new Locked Simple Earn Term;
the duration of the new Locked Simple Earn Term will be the same as the preceding Locked Simple Earn Term;
the Simple Earn Rewards Rate for the new Locked Simple Earn Term may be different from the Simple Earn Rewards Rate that applied in the preceding Locked Simple Earn Term.
You can amend your Locked Auto-Subscribe instructions at any time on or before 23:59 UTC on the day immediately before the Expiration Date of a Locked Simple Earn Term.
Binance Japan reserves the right to decline to act or to cease acting on your instructions to Locked Auto-Subscribe for any reason or no reason at all at any time in its sole discretion and without prior notice, including without limitation if the Subscription Limit for a particular Locked Simple Earn Offer has been reached.
H. Changes to Simple Earn Rewards Rate
The Simple Earn Rewards Rate for Locked Simple Earn Offers may fluctuate from time to time, including during a Locked Simple Earn Term. Binance Japan does not in any way represent or guarantee that the Simple Earn Rewards Rate applicable at the time you Subscribe for a Simple Earn Offer or anytime thereafter will remain constant, whether during the Locked Simple Earn Term or otherwise. The applicable Simple Earn Rewards Rate may fluctuate up or down from time to time. You hereby acknowledge and agree that any representation, whether express or implied, regarding the possible rewards associated with a Simple Earn Offer, applicable or otherwise shown at (or after) the time of Subscribing or Locked Auto-Subscribing to a Simple Earn Offer (i) is an estimate based on observations of available on-chain reward rates, general market rates, as well as special rates during promotion periods and is subject to significant risks and uncertainties , (ii) is not guaranteed in any way by any Binance Group Entity or indicative of future performance or rewards, (iii) is calculated based on the Simple Earn Rewards Rate, which may change from time to time in Binance Japan’s sole discretion and (iv) is not in any way a form of advice, solicitation or offering for Simple Earn and should not be interpreted as such.
Changes to the Simple Earn Rewards Rate will be published on the Platform from time to time. YOU MUST REFER TO THE BINANCE JAPAN WEBSITE REGULARLY. BINANCE JAPAN WILL NOT HAVE ANY LIABILITY WHATSOEVER FOR ANY LOSSES ARISING FROM, OR CONNECTED WITH, CHANGES TO THE SIMPLE EARN REWARDS RATE EXCEPT IN CASES OF WILLFUL MISCONDUCT OR NEGLIGENCE ON THE PART OF BINANCE JAPAN, WHETHER OR NOT YOU WERE AWARE OF THOSE CHANGES.
I. Reporting and Valuation
You can access reports on your Simple Earn Assets and Simple Earn Rewards on the Platform at any time. You will be able to see and download reports showing the type, quantity and value of your Simple Earn Assets, as well as any subscriptions, Redemptions and distributions of Simple Earn Rewards. The valuation of your Simple Earn Assets displayed on the Platform is based on the current spot price on the Platform.
J. Disputes, Governing Law, Jurisdiction and Arbitration
For the avoidance of doubt, the clauses relating to Complaints, Notice, Liability, Governing law and Jurisdiction of the Terms of Use shall apply to any disputes or claims relating to, arising out of or in connection with these Simple Earn Terms, including your assent to these Simple Earn Terms.
K. Notes
When using Simple Earn Services, you must read, understand and agree to the following matters relating to the Simple Earn Services:
a. Simple Earn is not a deposit or deposit-like product and Simple Earn Assets are not covered by deposit insurance.
b. You may incur losses due to a decline in the price of crypto-assets during the term of the Simple Earn.
c. The management of the Simple Earn Assets, which are crypto-assets during the period of the crypto-asset loan agreement in Simple Earn Services, does not fall under the activities stipulated in Article 2, Paragraph 15, Item 4 of the Payment Services Act (in this Article, "Act"), and such assets are not subject to the separate management stipulated in Article 63-11, Paragraph 2 of the Act.
d. The Simple Earn Assets, which are crypto-assets during the period of the crypto-asset loan agreement in Simple Earn Services, are not subject to preferential repayment as stipulated in Article 63-19-2, Paragraph 1 of the Act.
e. There is a risk that Simple Earn Assets will not be Redeemed to users in the event of a bankruptcy of the Company. In particular, the Company may manage Simple Earn Assets borrowed from you (1) in the form of loans to Binance Group Entities other than the Company or (2) by staking the assets by itself., In the case of (1), if the Binance Group entity to which such loans are made becomes bankrupt, etc., the Company may not be able to receive the return of the crypto-assets equivalent to such Simple Earn Assets, which could result in the bankruptcy, etc. of the Company and there is a risk that Simple Earn Assets will not be Redeemed to you. In the case of (2), Binance Japan may not be able to receive the return of the crypto-assets equivalent to the Simple Earn Assets due to thrashing, etc. which could result in the bankruptcy, etc. of Binance Japan and adversely affect the ability of Binance Japan to return all of your Simple Earn Assets.
L. Definitions
Unless otherwise defined, capitalised words used in these Simple Earn 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 Simple Earn Terms, except that references to clauses are to clauses in these Simple Earn Terms, unless otherwise stated.
Binance Group Entities means Binance Japan and each Binance Japan Affiliate, individually or collectively.
Early Redeem means the redemption of your Simple Earn Assets from a Locked Simple Earn Offer before the Expiration Date.
Fixed Rate Offer has the meaning defined in clause 17.
Locked Auto-Subscribe has the meaning defined in clause 22.
Locked Distribution Frequency means the time or frequency at which Simple Earn Rewards in respect of a Locked Simple Earn Offer will be distributed to your Spot Account.
Locked Simple Earn or Locked Simple Earn Offer means a Simple Earn Offer with the features described in section E.
Locked Simple Earn Term means the pre-determined period for which your Simple Earn Assets must be Subscribed to and maintained in a Locked Simple Earn Offer and not Redeemed, in order for you to be entitled to Simple Earn Rewards in respect of the Locked Simple Earn Offer.
Expiration Date means the last day of a Locked Simple Earn Term.
Simple Earn Account means a Binance Japan Account that records Simple Earn Assets loaned by you.
Simple Earn Services has the meaning defined in clause 2.
Simple Earn Assets means the crypto-assets used by you to Subscribe for a Simple Earn Offer.
Simple Earn Rewards means the crypto-assets that will be earned by and distributed to you, as consideration for providing your Simple Earn Assets to Binance Japan.
Simple Earn Rewards Rate means the annual percentage rate at which Simple Earn Rewards are earned by you.
Simple Earn Offer means an offer by Binance Japan to pay you Simple Earn Rewards in return for you providing Binance Japan with Simple Earn Assets, in accordance with the Simple Earn Terms.
Spot Account means the Binance Account in your name opened by you in accordance with the Terms of Use that you use for spot transactions.
Subscribe means accepting and subscribing Digital Assets to a Simple Earn Offer.
Subscription Limits means the maximum quantity of Simple Earn Assets that may be used to Subscribe to a Simple Earn Offer, as determined by Binance Japan at its sole discretion, from time to time.
