1. Introduction
1.1. By participating in Futures NEXT (“NEXT”) you acknowledge that you have read, understood and accepted all of the terms and conditions in these NEXT terms (the “NEXT Terms''), Binance Terms of Use (the “Terms of Use”) and Binance Futures Services Agreement (the “Futures Services Agreement”) (collectively, the Terms), and you acknowledge and agree that you will be bound by and will comply with the Terms. If you do not understand and accept the Terms in its entirety, you should not use or participate in NEXT.
1.2. Any terms and references used in these NEXT Terms which are not defined herein, shall have the same meaning and construction in the Terms of Use or the Futures Services Agreement.
1.3. Binance reserves the right in its sole discretion to amend or cancel these NEXT Terms at any time and for any reason without prior notice.
2. Definitions
2.1. “Lock-in Period” means the period that you will not be able to withdraw the Pick (as defined below), convert the Pick to USDT or reallocate the Pick to another token, as specified on the product page from time to time.
2.2. “Multiplier” means a factor that increases the "pick amount" which leads to a higher bonus voucher amount. If you allocate 100 picks to a token, the multiplier value is 1.2, such token will end up listed on USDⓈ-M and you will receive a bonus voucher equal to 120 USDT (100 * 1.2).
2.3. “NEXT Pool” means a pool of tokens that you can select from and place your Picks to.
2.4. “Nomination” means the new tokens that are suggested to be added to the NEXT Pool.
2.5. “Nomination Seed” means nomination capital of 2,000 USDT.
2.6. “Picks” means place selection out of a pool of tokens you predict that shall be listed.
2.7. “Prediction” means selecting the tokens that you predicted will be listed.
2.8. “Standard Pick Cap” means 100 picks.
2.9. “Token” means digital units of value that are built on an existing or a third-party blockchain network.
2.10 “Existing Futures Users” means traders who have already traded on Binance Futures platform before the first time participation of Futures NEXT product.
2.11 “New Futures Users” means traders who have NOT traded on Binance Futures platform before the first time participation of Futures NEXT product.
3. Eligibility
NEXT is available exclusively to Binance users who are eligible for futures services via their main account. The use and participation of NEXT is subject to eligibility criteria set out in the Futures Services Agreement. Sub-accounts are restricted from participating in NEXT.
4. Token Prediction & Nomination in the NEXT Pool
4.1. NEXT allows you to engage in predicting the potential Token listings of USDⓈ-M Futures. It features a collection of Tokens, chosen based on Binance's internal listing criteria, that you can make Prediction and Nomination. You may participate by placing Picks in the NEXT Pool.
4.2. The allocation of Picks for each Token and the total number of Tokens available for simultaneous selection are both subject to limitations set by Binance.
4.3. You can nominate Tokens for the NEXT Pool using the "search and nominate" function by allocating for a Nomination Seed of 2,000 USDT.
4.4. When you successfully nominate a Token to the NEXT Pool, the Nomination Seed of 2,000 USDT converts to 2000 Picks. Picks are tied exclusively to the nominated Token, and subject to a Lock-in Period, after which you can choose to withdraw the Picks back to USDT.
4.5. Since the Nomination Seed amount exceeds the maximum pick value per users, picks generated from Nomination Seed allow you to own pick amount exceeding the standard pick cap per user.
4.6. You are able to withdraw nomination-generated Picks after the corresponding Lock-In Period. Once you have withdrawn Picks allocated to their nominated Tokens, you will not be able to reallocate Picks to that Token, unless your allocated Pick amount is below the Standard Pick Cap.
Should you purchase Standard Pick Cap, and successfully nominate a Token:
- You may not allocate more Picks to the Token nominated
- Picks you withdraw from the nominated Token after Lock-in period cannot be reallocated to other Tokens or reallocated back to the nominated Token, unless your total Picks allocated Picks are below Standard Pick Cap.
4.7. If your Token nomination is unsuccessful, the Nomination Seed shall be refunded in full to the Users Futures Account as USDT.
4.8. You can nominate 3 maximum pending approval Tokens at once.
4.9. The list of Tokens available for nomination is at Binance sole discretion and based on different market criteria.
4.10. You acknowledge and agree that any Nominations and Picks they make on NEXT are made after conducting comprehensive market research of the potential Token listings. Nominations and Picks are not intended to be a random bet but rather showcase a user's market acumen and knowledge. You hereby confirm that you have thoroughly read the product information and rules and will solely bear the responsibility for the consequences of any transactions entered into.
4.11. Binance operates on predetermined listing criteria and maintains absolute discretion in deciding Token listings. For the avoidance of doubt, Binance has full discretion on all Token listings and the repeated nomination of a Token does not increase the likelihood of it becoming listed. Binance reserves the right to approve or reject nomination at its sole discretion.The success of nomination does not guarantee listing, it merely expands the universe of Tokens within the pool for predictions. Binance does not offer financial advice, is not influenced by users’ Picks and/or Nominations, and is not liable for any outcome relating to them.
5. Use of Picks
5.1. You may acquire Picks with USDT on a 1:1 basis for the purpose of predicting which NEXT Pool Tokens will be listed. The Picks may be converted back to USDT after the Lock-in Period, on a 1:1 basis and transferred to the user's Futures Account.
5.2. Picks will be subject to a Lock-in Period, as specified on the product page from time to time.
5.3. You are solely responsible for all Picks.
6. Prize Structure & Token Vouchers
6.1. Successful Picks are rewarded with vouchers delivered following the listing of the selected Tokens.
6.2. Picks allocated to Tokens that have not been listed on USDⓈ-M Futures can be withdrawn and converted back to USDT on Users’ Futures Account after the Lock-in Period.
6.3. Successful Picks will be rewarded with:
6.3.1. Token Reward: The value of the Successful Picks will be awarded as a Token Voucher.
6.3.2. Additional Reward: The value of Additional Reward is calculated using the value of the pick multiplied by the adjusted Multiplier (Multiplier - 1). New Futures Users will receive this Additional Reward in the form of Futures Bonus Vouchers, and Existing Futures Users will receive it as Futures Trading Fee Rebate Vouchers.
6.3. For instance, the total reward for a Successful Picks of 100 Picks, given a multiplier of 1.2, will be 100 USDT in token vouchers and 20 USDT as Futures Bonus Vouchers or Futures Trading Fee Rebate Vouchers.
6.4. You may redeem and use the Voucher in accordance with and subject to the terms set out herein.
6.5. The Voucher may be redeemed by following the procedures set out in How to Redeem Futures Bonus Voucher and How to Redeem Trading Fee Rebate Voucher.
6.6. The Token Voucher must be redeemed by the expiry date stated on the Token Voucher (the “Expiry Date”), failing which the Token Voucher will expire and be invalid. There will strictly be no extension of the Expiry Date. The user bears full responsibility for redeeming a Token Voucher prior to its Expiry Date, and Binance shall have no obligation to remind or notify the user of such Expiry Date.
6.7. You acknowledge and agree that the Token Voucher is strictly non-refundable and non-exchangeable, and any unused balance cannot be refunded or exchanged for any other type of tokens, cash, vouchers, benefits or payments.
7. Indemnity
7.1. You shall further indemnify, keep indemnified and hold harmless Binance for any and all expenses, costs and legal fees (on a full indemnity basis) incurred, including but not limited to expenses, costs and legal fees incurred for producing records, and information, or payment made (whether such payment is or was or is to be made in settlement of any proceedings or in connection with any ruling, judgment, order or award) by any of them in connection with any investigations or proceedings (whether legal, regulatory, arbitration or other proceedings) brought against it in connection with (i) the performance or non-performance of your responsibilities or obligations under these NEXT Terms, (ii) your breach or violation of these NEXT Terms, (iii) your violation of any rights (including, but not limited to, intellectual property rights) of any other person or entity or (iv) any act or omission of yours that is negligent, unlawful, or constitutes willful misconduct. You shall provide any and all reasonable assistance to Binance in connection with such investigations or proceedings. Binance reserves the right to exercise sole control over the defense, at your expense, of any claim subject to indemnification under this clause. This indemnity is in addition to, and not in lieu of, any other indemnities set forth in agreements between you and Binance.
8. Exclusion
8.1. You hereby agree that, to the extent permitted by Applicable Laws, Binance shall not be liable to you for any indirect, incidental, consequential, special, punitive or exemplary loss or damage, including but not limited to loss of profits, loss of business, loss of goodwill or reputation, and loss of data, arising out of or in connection with this NEXT Terms, regardless of the cause of action or the theory of liability, even if notified of the likelihood of such damages.
8.2. Notwithstanding anything to the contrary this NEXT Terms, to the maximum extent permitted by applicable law, our liability to you for any claim arising out of or in connection with this agreement, whether in contract, tort or otherwise, shall be limited to the total Nomination Seed value and Picks value of your account at the time the circumstance causing the loss occurred. This limitation applies regardless of whether the potential liabilities are direct, indirect, consequential or special damages.This limitation does not apply to the loss of funds due to tech failure that is a direct result of our gross negligence, fraud, or intentional misconduct.
9. General Disclaimer
9.1. To the fullest extent permitted by Applicable Laws, the Tokens are listed on an “as is” and “as available” basis without any warranties or representations of any kind, and we expressly disclaim all warranties and representations relating to the Tokens (whether express or implied), including but not limited to, any implied warranties of merchantability, availability, fitness for a particular purpose, title and non-infringement, whether arising by law or otherwise; Binance does not represent or warrant that the Tokens are current, error-free or defect-free, meet your requirements or that any defects will be corrected; and Binance does not represent or warrant that the Tokens are free of viruses and/or errors.
9.2. Binance does not provide any form of investment advice or specific product recommendations.
9.3. You are solely responsible for all investment decisions made and Binance bears no liability for any potential losses incurred by you. You should only invest in or purchase products where you are fully aware of the potential risks. Prior to any investment, it is crucial that you conduct extensive due-diligence and thoroughly assess your individual financial situation, investment objectives and risk tolerance. Please consider seeking advice from an independent financial advisor where you deem necessary.
9.4. Past performance does not serve as a reliable indicator of future performance. Previous results or performance of a Token project issuer may not correlate to future performance.
9.5. Binance does not represent, warrant or guarantee any performance or results. All content presented on the Platform is for educational purposes only and should not be construed as financial advice. For more comprehensive information, kindly refer to our Terms of Use and Risk Warning.
10. Technology disclaimers
10.1. Binance may, from time to time, suspend access to NEXT for both scheduled and emergency maintenance. Binance endeavors to process transactions on the Platform in a timely manner, however, Binance makes no representations or guarantees pertaining to the completion time of processing, which resides beyond our control.
10.2. We do not represent, warrant, or guarantee that the “Leaderboard” displayed on the Platform, including any data in relation to top predictors or referrers, is accurate, complete, or up-to-date at all times. This data, due to technical constraints or other factors such as the volume of predictions, may not be updated in real-time and thus may not always reflect the most current prediction standings. You should not base their expectations or actions solely on the Leaderboard data.
11. Applicable Laws
Your relationship with Binance, the operation of your Futures Account, the provision of the Futures Trading Services and the implementation of any transaction shall be subject at all times to the Applicable Laws. Binance may take or refrain from taking any action whatsoever, and you shall comply with, and shall do all things required by Binance in order to procure or ensure compliance with, Applicable Laws. You agree that Binance shall not be liable to you as a result of any action taken by Binance to comply with Applicable Laws.
12. Governing Law
The NEXT Terms shall be governed and construed by in accordance with the laws of Hong Kong.
