Fellow Binancians,
Binance Simple Earn is introducing the Auto-Subscribe feature, which allows users to automatically add their digital assets/digital currencies to Simple Earn Locked Products again at the end of the lock-in period. Users may enable the Auto-Subscribe feature before the Interest End Date by clicking Wallets > Earn > Simple Earn > Locked > Auto-Subscribe.
Notes
- The new Locked Product position created by the Auto-Subscribe feature will include the initial subscription amount only. Distributed rewards will not be automatically added to the Locked Product position.
- A new Locked Product position will be created via Auto-Subscribe when the initial lock-in period ends. Users may disable Auto-Subscribe any time before the Interest End Date.
- The Auto-Subscribe feature will not create new Locked Product positions for users if the total value of subscriptions to the Locked Product has already reached the maximum subscription limit.
Rebate on Early Redemption
Binance Simple Earn is introducing a 5% rebate on early redemption. Binance Simple Earn will use 5% of all distributed rewards (which would otherwise be fully forfeited due to early redemption) to create a 90-day Locked Product position. Users will receive rewards on a daily basis and can redeem the principal amount (i.e., 5% of distributed rewards from the original Locked Product position) from the newly created 90-day Locked Product position once the lock-in period expires.
In normal circumstances, when users decide to redeem their Locked Product positions before the end of the lock-in period, any distributed rewards will be deducted from the staked digital assets. Binance Simple Earn introduces a 5% rebate for early redemption to show our appreciation for the community.
Please Note:
- Binance Simple Earn will create a 90-day Locked Product position with 5% of the distributed rewards for users who redeem early if 5% of the distributed rewards meet the required minimum subscription requirement.
- This allows eligible users to receive daily rewards for 90 days for the position created, as well as the principal amount (5% of distributed rewards from the original Locked Product subscription).
- The remaining 95% of distributed rewards from the original Locked Product subscription will still be deducted from staked digital assets.
- Early redemption and the Auto-Subscribe feature will not be available for the Locked Product position created by this feature.
- Users can view their Locked Product assets by going to Wallets > Earn > Simple Earn > Locked.
- Locked Products FAQ.
Thanks for your support!
Binance Team
2022-06-28
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Note: This announcement was last updated on 2022-11-03 to update Binance Staking to Binance Simple Earn, Locked Staking to Locked Products, and Auto-Staking to Auto-Subscribe.
Binance reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.
Risk Warning: Digital asset prices can be volatile. The value of your investment can go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. Locked Staking will return the staked digital assets to users’ spot wallets after the agreed period ends or upon early redemption. You have no right to a reward until it is received by Binance and Binance does not guarantee that you will receive any specific staking reward, or any staking return over time. Not financial advice. For more information, see our Terms of Use and Risk Warning.