Binance Web3 Wallet Terms of Use
Last updated: February 2024
INTRODUCTION
These Binance Web3 Wallet Terms of Use (the “Binance Web3 Wallet Terms”) govern your access and use of the Binance Web3 Wallet Services (as defined below) offered through Binance’s website (“Website”) and/or mobile application (the “Application”). The Binance Web3 Wallet services, including the Application, Website, software, programs, features, the services described below, including creating a Binance Web3 Wallet account and accessing Digital Currencies (collectively, the “Binance Web3 Wallet Services” or “Binance Web3 Wallet”) are governed by the Binance Web3 Wallet Terms.
The Binance Web3 Wallet Services are part of the “Binance Services” as defined in the Binance Terms of Use (the “Binance Terms”) set forth HERE. The Binance Terms are incorporated by reference in the Binance Web3 Wallet Terms, and also govern your access and use of the Binance Web3 Wallet Services. Unless otherwise defined in the Binance Web3 Wallet Terms, defined terms used in the Binance Web3 Wallet Terms have the same meaning given to those terms in the Binance Terms. In the event of a conflict between the terms of the Binance Web3 Wallet Terms and the Binance Terms, the Binance Web3 Wallet Terms will supersede and control.
PLEASE READ THE Binance Web3 WALLET TERMS CAREFULLY BEFORE ACCESSING OR USING THE Binance Web3 WALLET SERVICES. IF YOU DO NOT AGREE TO THE Binance Web3 WALLET TERMS, PLEASE DO NOT ACCESS OR USE THE Binance Web3 WALLET SERVICES. BY ACCESSING AND/OR USING THE Binance Web3 WALLET SERVICES, YOU AGREE THAT YOU HAVE READ, UNDERSTOOD, AND ACCEPTED THE PROVISIONS OF THE Binance Web3 WALLET TERMS, WHICH INCLUDE THE BINANCE TERMS’ PROVISIONS RELATING TO LIABILITY AND RESOLVING DISPUTES: FORUM, ARBITRATION, CLASS ACTION WAIVER.
BINANCE WEB3 WALLET SERVICES
Receive and store units of account in relation to Digital Currencies and NFTs;
Transfer Digital Currencies from your Binance spot wallet to your Binance Web3 Wallet and vice versa;
Send or receive Digital Currencies and NFTs from your Binance Web3 Wallet to other users;
Connect to supported and compatible blockchain applications;
Exchange a Digital Currency in your Binance Web3 Wallet for another Digital Currency (“Swap function”);
Access certain yield-generating products on third-party protocols (“Earn Function”);
Access the Binance Inscription Marketplace, the use of which is subject to the provisions detailed in Annex 1; and
Access certain native decentralized applications and/or features within the Binance ecosystem or offered by other Binance Services.
REGISTRATION; LOGIN DETAILS; TERMINATION OF ACCOUNT
To use the Binance Web3 Wallet Services, you must first have an existing Binance Account.
After passing multi-factor authentication, you can create a Binance Web3 Wallet directly. When setting up your Binance Web3 Wallet, the address of Binance Web3 wallet will be bound to your Binance Account which means you can not change the address of Binance Web3 wallet after its creation.
The Binance Web3 Wallet is using MPC technology and therefore there is no private key or seed phrase required.
When you perform the Binance Web3 Wallet account opening process, you represent and warrant to Binance that:
1) You are at least 18 years of age, legally capable of entering into the Binance Web3 Wallet Terms, and reside in a jurisdiction where the Binance Web3 Wallet Services are offered;
2) You will upon Binance’s request provide Binance with accurate, true and complete information about yourself;
3) You are not using the Binance Web3 Wallet Services as an agent, proxy or otherwise on behalf of another user;
4) Your use of the Binance Web3 Wallet Services is and will be in full compliance with the Binance Web3 Wallet Terms and all relevant laws and regulations, and such access, use and activities are not prohibited by any applicable laws, and are not for any illegal or immoral purposes; and
5)You have not been suspended, banned or removed from any other platforms similar to Binance’s platform for any reason.
As your Binance Web3 Wallet is bound to your Binance Account, you will not be able to close your Binance Web3 Wallet account unless you close your Binance account in which case the Binance Web3 Wallet account will no longer be accessible to you.
If there is no activity through your Binance Web3 Wallet account for the requisite period as defined by applicable law, Binance may close such dormant account and terminate your access to the Binance Web3 Wallet Services upon written notice. If Binance receives documentation it deems sufficient to confirm your death or incapacitation, Binance will freeze your Binance Web3 Wallet account, in accordance with applicable laws. While your Binance Web3 Wallet account is frozen, no transactions may be completed. If Binance has reason to believe you may have died or become incapacitated, but it does not have legal proof of your death or incapacitation in a form satisfactory to Binance, you authorize Binance to make inquiries, whether directly or through third parties, that Binance considers necessary to ascertain whether you have indeed died or have become incapacitated. Following Binance’s confirmation of your death or incapacitation, Binance requires documentation it deems sufficient to confirm another person is a beneficiary or fiduciary of your Binance Web3 Wallet account. This includes, for example, a power of attorney, court order, last will and testament, or similar documentation. In the event Binance determines, in its sole and absolute discretion, that there is uncertainty regarding the validity of the beneficiary or fiduciary designation, Binance reserves the right to require an order resolving such issue from a court of competent jurisdiction before taking any action.
NETWORK FEES
Transactions performed using the Binance Web3 Wallet Services may be subject to a transaction fee (including without limitation gas fees charged by a blockchain) (the “Network Fee”). Binance does not determine or control the Network Fee, and such Network Fee may be subject to change at any time without prior notice to you. You authorize Binance to deduct from your account any applicable fees that you owe under the Binance Web3 Wallet Terms and the Binance Terms (including without limitation the Network Fee).
You must ensure that you have an adequate balance in your Binance Web3 Wallet account to complete transactions before initiating a transaction. Binance shall not be liable for any failed transactions due to insufficient funds in your Binance Web3 Wallet account or Network Fees associated with your transaction using the Binance Web3 Wallet Services.
TRANSFERS AND RISKS
To send Digital Currencies or NFTs to other users, you are required to input the user’s wallet or blockchain address (whether a Binance wallet or an external permissible digital wallet) and specify the amount of Digital Currency (the “Transfer Amount”) that you would like to transfer (the “Payment Instruction”). You are solely responsible for verifying all Transfer Amounts and all Payment Instructions before submitting them to Binance.
The decision to make any transaction using the Binance Web3 Wallet Services (in particular accessing third-party applications on the blockchain) is your sole decision and not the decision or responsibility of Binance. Always do your own research - you are solely responsible for your investment decisions and your access to any third-party applications on the blockchain are at your own risk. BEWARE OF FRAUDULENT OR DECEPTIVE CONDUCT BY THIRD-PARTY APPLICATIONS AND NOTE THAT DIGITAL CURRENCIES ERRONEOUSLY TRANSMITTED USING THE Binance Web3 WALLET SERVICES MAY BE LOST FOREVER. Binance reserves the right at its sole and absolute discretion (acting reasonably) to subject any transactions to holds, limitations or reversals.
Third-party applications and Swap/Earn Function. If you access or use third-party applications, including, without limitation, functionality embedded within the Binance Web3 Wallet Services such as the Swap Function or Earn Function, you acknowledge and agree that: (i) Binance is not responsible for your access or use of third-party applications (e.g., dApps or DEXs) and shall have no liability whatsoever in connection with your use of such third-party applications, including, without limitation, any transactions you dispute; (ii) the limits of amounts that you may exchange or yield you may generate via third-party applications per day shall be subject to any requirements of the third-party developed smart contracts; (iii) blockchain operations are irrevocable meaning when you conduct any transactions via third-party applications, you shall be solely responsible for the consequences of any issues associated with such transactions, including, without limitation, your transfer to an incorrect address or problems associated with the node servers selected by you; (iv) when you use third-party applications, third-party developed smart contracts may charge you handling fees and/or service fees and any information displayed on Binance relating to such fees are for your reference only as Binance cannot and does not guarantee its accuracy, applicability, reliability, integrity or appropriateness, nor shall Binance be liable for any loss or damage that may be caused directly or indirectly by your use of these contents; (v) when using the Swap Function, you will be provided with an estimate of the number of Digital Currencies you will recieve for (along with a slippage percentage that determines the minimum amount of Digital Currencies you will recieve in connection with the requested exchange) however the final number of Digital Currencies will differ depending on the exchange rate at the time you confirm to proceed with the exchange and the third-party application processes your transaction; and (vi) Binance does not currently charge any service fees or handling fees for the use of third-party applications, however, Binance may, in its discretion, charge such fees at any time in the future. Any updated fees will apply to any transaction that occurs following the effective date of the updated fees.
Transaction History. You can view your transaction history by logging into your Binance Web3 Wallet account.
SELF-CUSTODY OF DIGITAL CURRENCIES
You acknowledge and agree that:
You (and not Binance) have full ownership of the Digital Currencies associated with your Binance Web3 Wallet account;
Every transaction or activity of your Binance Web3 Wallet needs to be initiated and signed by you.
You must pass the security and risk safeguards implemented in the Application and in certain circumstances, Binance will give you a risk warning but Binance will not under any circumstances be responsible for the transaction or activity that results of your transaction;
Binance can only help you to recover your Binance Web3 Wallet after you pass the required multi-factor authentication, however, Binance does not act as custodian of the Digital Assets held in your Binance Web3 Wallet account.
TAXES
It is your sole responsibility for paying any taxes applicable to you in relation to using the Binance Web3 Wallet Services. Binance does not and cannot advise you on the tax consequences of your use of the Binance Web3 Wallet Services. Binance makes no representations in relation to tax liabilities. Binance also assume no responsibility for your tax liability or for collecting, reporting, withholding or remitting any taxes arising from the Binance Web3 Wallet Services that you may use. In case Binance is obliged under applicable law or voluntarily decide to report to any government authorities any information that is related to your tax obligations, you undertake to provide Binance with the requested documents, data and information.
GENERAL
Suspicious activity monitoring and holds. In order to comply with anti-money laundering laws, and to protect you and other users from unlawful use of the Binance Web3 Wallet Services, Binance monitors transactions for potential fraud, suspicious activity, and sanctions evasion. As a result, in some cases transactions and accounts may be placed on hold, and the delivery of Digital Currencies or NFTs will be delayed, to permit these processes to proceed to conclusion. In addition, Binance may be required to file suspicious transaction reports, and reports of property blocked, or transactions rejected with the applicable governmental authority.
Governing law. The Binance Web3 Wallet Terms shall be governed by, and construed in accordance with, the laws of Hong Kong.
Dispute Resolution. Any claims, dispute or controversy between you and Binance in connection with or relating to the Binance Web3 Wallet Terms shall be resolved in accordance with the dispute resolution clause in the Binance Terms.
ANNEX 1: SPECIFIC PROVISIONS FOR THE BINANCE INSCRIPTION MARKETPLACE
1. Binance Inscription Marketplace.
The Binance Inscription Marketplace (“BIM”) or the (“Marketplace”) is an online intermediary service that allows you to buy and sell so-called “inscriptions” or specific digital assets and / or non-fungible-tokens (“NFTs”) stored and recorded on the Bitcoin blockchain (“Inscriptions”). For more information on Inscriptions, you may consult the following articles from Binance Academy: BRC-20 tokens; Ordinals; What are Ordinals? An overview of Bitcoin NFTs; Binance Research, investigating the rise of BRC-20.
2. Role of Binance.
You acknowledge and understand that while using the BIM and buying or selling Inscriptions, the role of Binance is limited to the technical intermediation between you and a third-party. Binance may use other third-party intermediation services to facilitate this intermediation, in particular through Application Programming Interfaces (“APIs”). While buying and selling Inscriptions, you are not buying or selling these Inscriptions with Binance but with a third-party buyer or seller.
3. BIM Services.
While using the BIM Services, you may (i) create (deploy and mint) Inscriptions, (ii) buy Inscriptions from third-parties and (iii) sell Inscriptions to third-parties (“BIM Services”).
4. Fees.
Binance may charge you fees in exchange for the Services, in which case the fees that will be charged to you before each transaction will be disclosed and agreed before concluding a transaction.
You may also incur network fees and other blockchain-related charges specific to the nature of inscriptions protocols (e.g. BRC-20).
5. Liability.
5.1. BIM Services
Users acknowledge and accept that Binance's liability is limited to its role as an intermediary in the context of the BIM Services. Binance may not be held liable for any cause beyond its control or for any breach of terms and in particular in the following cases: (i) any direct or indirect damage suffered by a User or a third party in the context of the buying or selling of Inscriptions, or in connection therewith, since as an intermediary, Binance is not a party to the transaction between Users or between Users and third-parties; (ii) any direct or indirect damage suffered by a User and caused by a third-party with whom the User has transacted with; when a User violates one or more stipulations of these specific provisions.
5.2. Illicit content
As a mere technical intermediary, Binance is under no general obligation to monitor the activities, information or content stored on the Marketplace, including Inscriptions listed by Users. Binance may remove or make inaccessible from the Site or any illicit content once Binance has been duly notified of its existence. Users who notice illicit content on Marketplace are invited to contact Binance customer support using the following link: https://www.binance.com/en/support.
The information to be provided by Users concerning such illicit content should include: (i) the date of notification; (ii) the identity of the notifying party; (iv) a description of the illicit content and their precise location; (v) the reasons why the content must be removed (with details of the rules and justification of the facts); and (vi) if applicable, a copy of any correspondence addressed to the author or publisher of the disputed information or activities requesting their interruption, withdrawal or modification, or justification of the impossibility of contacting them.
Binance is not responsible for the accuracy and reliability of Inscriptions, and more generally for any User generated Inscription or content published on the Marketplace.
