Terms of Service - Australia

Last updated: 15 August 2024

Thank you for visiting OKX.com. By accessing or using the website or our services (including the platform) you agree to be bound by these terms.

The Services set out in these terms are available to Australian users only.

ABOUT THESE TERMS AND OUR SERVICES

The OKX information technology platform (OKX Platform) is provided via okx.com, and associated application program interface (API) or mobile applications, which facilitates the provision of services provided by the Service Providers, each as described in the table below.

These terms contain the following parts, which set out the terms and conditions on which the relevant OKX entity provides its services to you. Where a service is available on okx.com and is not covered by the parts below, that service is provided by:

• Aux Cayes FinTech Co. Ltd. in accordance with our global Terms of Service https://www.okx.com/help/terms-of-service; or

• OKX Technology Services Pte. Ltd. in accordance with our OKX Web3 Ecosystem Terms of Service https://www.okx.com/help/okx-web3-ecosystem-terms-of-service.

To the extent of conflict between these terms and any other terms on okx.com, these terms apply.

The facilitation of the Services and the OKX Platform together comprise the Services. The Service Provider for a Service is the person referred to in the table above.

YOU SHOULD READ THESE TERMS CAREFULLY

Please read these terms carefully before you start to use our Services. These terms give you information about how we will provide our Services to you, how these terms may be changed or ended, what to do if there is a problem and other important information.

Not every service offered by OKX is contained in these terms. You can find a copy of the terms governing other services (including the terms that govern Web3 services) here: https://www.okx.com/help/terms-of-service.

CONTRACT BETWEEN US AND YOU

These terms constitute an agreement between us, and the person who accesses or uses the Services. By accessing or using the Services, you agree to be bound by these terms. If you do not agree to these terms, or any revisions to the Services or these terms, you should not access or use the relevant Services. It is your responsibility to check these terms from time to time to ensure that you agree with them, and your continued use of the Services after any change to these terms will be deemed to be your acceptance of the change.

CHANGES TO THESE TERMS

We may make changes to these terms from time to time (including any part of the OKX Platform or Services, or the policies and terms that apply to the OKX Platform or Services) and will take steps to bring any such change to your attention (such as by sending you an email notifying you of the change).

If we make a change to these terms between the time you make an Order through the OKX Platform and the time that Order is accepted or processed, the Order and any Service provided will be subject to these terms as they were before we made that change.

If you do not agree to any change to these terms (including any Fees, policies or terms that apply to the OKX Platform or Services), you should immediately stop using the OKX Platform or the relevant Service. You may also close your Account.

HOW TO INTERPRET THESE TERMS

Some words in these terms have special meanings (which are set out in Part D (How to interpret these terms). That part also includes rules about how to interpret these terms.

Where OKX, we, us, our is used in these terms, it means OKX Australia or OKX Australia Financial, as the case may be for the relevant Service.

INCONSISTENCY OF TERMS

To the extent of any inconsistency between a provision of Part A (General terms) and any other Part of these terms, Part A takes precedence and does not alter in any way the terms or conditions of any other Part of these terms (except where the other terms expressly state that they apply).

QUESTIONS ABOUT HOW TO USE THE OKX PLATFORM?

If you have any questions about how to use the OKX Platform, please go to Support Centre.

FIND OUT MORE ABOUT OUR OTHER SERVICES

Members of the OKX group provide other products and services (ie product and services which are not the Services). Go to our website to get a copy of the terms governing other services (including the terms that govern provision of the OKX Platform and Web3 services).

The other products and services may not be available to you. They are not regulated under the Australian financial services licensing regime and are not subject to regulation by ASIC.

HOW WE HANDLE YOUR PERSONAL INFORMATION & HOW TO OPT OUT OF MARKETING

Refer to our Privacy Notice for information about how we handle your personal information.

You can opt out from these marketing communications at any time by following the unsubscribe link within any marketing communications sent to you or by contacting our Customer Service at https://www.okx.com/help.

Part A General terms

1. Eligibility for using our Services

In order to use the OKX Platform and the Services, you must establish an Account and satisfy our eligibility criteria (as we may advise to you from time to time).

2. Your Account

Registration

2.1 In order to use the OKX Platform, including our Services and Products, you must have a user account established via the OKX Platform (OKX Profile).

2.2 You may not have more than one OKX Profile without our express agreement, except where you wish to act in different capacities (for example, in your personal capacity and in your capacity as trustee, in which case, you may have an OKX Profile for each capacity).

2.3 You agree to provide accurate, current and complete information during the OKX Profile registration process and to update such information by your accessing of your OKX Profile to keep your OKX Profile accurate, current and complete.

2.4 Once you successfully register for an OKX Profile, you will become a user and will get a username and password.

Protecting your OKX Profile and your Account(s)

2.5 You must safeguard any keys, certificates, passwords, access codes, user identification numbers, API key, and any other credentials and login information provided or generated in respect of your Account(s) or your use of the OKX Platform (each, a Password). If you lose a Password you may not be able to access your Account. To avoid potential security risks, you should not set the login password, administration password and any other Passwords as the same.

2.6 You must notify us immediately of any unauthorised use of a Password or your Account, or if you become aware any security breach.

2.7 We will not be responsible for any liability, Loss or damage of any kind arising out of the unauthorised use of any your Passwords unless such Loss or damage is caused by our gross negligence, fraud or wilful conduct or our direct failure where it is within our reasonable control.

2.8 You understand and agree that if you authorise a third party to use any of your Passwords:

(a) the third party will know your Account information (including information in relation to your Assets, transactions, operating authority for trading and Account information), your Account will be exposed to certain risks, and you may suffer Loss or damage; and

(b) you will be solely responsible for action taken by third party, or any Loss or damage caused by you authorising any third party to use your Password.

Password recovery

2.9 If you lose your Password, you can reset it through the OKX Platform.

Closing your Account

2.10 You may ask us to close your Account at any time. We may (acting reasonably) reject your request to close your Account, including where we are subject to Applicable Laws and Regulations or requirement of a Competent Authority, which restricts our ability to provide the Assets to you or requires us to transfer the Assets to another person.

2.11 Closing your Account will not affect any rights and obligations incurred prior to the date of Account closure.

2.12 Before we close your Account, you may be required to cancel or complete all open Orders.

2.13 When your Account is closed and your Account shows a credit balance, we will (subject to deducting any amounts you owe to us in accordance with these terms) return your Assets to you by:

(a) returning any Fiat Currency to any bank account linked to your Account; and

(b) transferring any Digital Assets to the Digital Asset address which you provide to us.

2.14 You are responsible for any fees, costs, expenses, charges we reasonably incur, or obligations, associated with the closing of your Account and returning Assets to you (for example, these may include transaction fees associated with transferring your Digital Assets to the Digital Asset address you provide, unstaking fees or other overhead costs that we reasonably incur). In the event that those amounts exceed the value of the Assets in your Account, you will be responsible for reimbursing us the difference.

3. Your Assets

3.1 By accepting these terms, you confirm that you understand and agree that:

(a) your Assets will be held in the manner we reasonably consider appropriate;

(b) Assets of users are not protected by deposit protection or a deposit insurance scheme; and

(c) in the case of an irreconcilable shortfall, you may not receive some or all of the Assets you hold with us.

3.2 You represent and warrant that:

(a) you are the ultimate, and effective legal and beneficial, owner of any Assets transferred to your Account;

(b) you will not act as nominee or trustee for any other person in respect of any Assets held in your Account; and

(c) you will not transfer, assign, pledge, charge or otherwise create any security interest or encumbrance whatsoever over any Assets held in your Account.

3.3 We will not ask any user to provide any Password or private keys, and will not ask any user to transmit any Assets (as the case may be). Accordingly, we will not be liable for any Loss or damage incurred as a result of your failure to safeguard any Password or private key, or the transmission of any Assets made at the request of another user.

3.4 You acknowledge that we may delist any Digital Asset from the OKX Platform.

3.5 Any Digital Asset you purchase through the OKX Platform will be credited to your Account, and our obligation in this regard will be deemed complete when the Digital Asset you purchased is reflected in your Account. You are solely responsible for the management of those Digital Assets once credited and we are not responsible for any Losses that may occur after that point.

3.6 If you transfer any Assets to a wrong account and such account is controlled by us, we may reject the transaction and return to you the relevant amount of Assets, less any applicable Fees.

Withdrawing Assets from your Account

3.7 If you initiate a bank or payment service provider recall, you agree that we may convert some or all of your Digital Assets to Fiat Currency, at the market price, to meet all or part of this recall.

3.8 If your Account shows a credit balance, you may ask us to return any available Assets to you. However, we may (acting reasonably) elect to withhold (or if applicable, deduct) your request to withdraw (in whole or in part) Assets where:

(a) you have any actual or contingent liability towards us under these terms; and

(b) we reasonably determine that there is an unresolved dispute between you and us in connection with these terms.

4. Your obligations

4.1 You must ensure that you provide correct and complete information and documentation when using the Services and in response to any request that we make. To the extent permitted by law, we do not accept liability for any Loss or damage caused by your failure comply with this clause.

4.2 You must provide any information and documentation that we reasonably request and within the timeframe as we may reasonably require from time to time.

4.3 You must not use the OKX Platform or Services in any way that:

(a) causes, or may cause, damage to the OKX Platform or Services;

(b) impairs the availability or accessibility of the OKX Platform; or

(c) infringes the rights and interests of any third party.

4.4 You must not use the OKX Platform or Services as a place, platform or medium for engaging in commercial activities without our prior agreement (for example, if you onboard with us as an institutional user in the business of cryptocurrency trading).

4.5 You must comply with all Applicable Laws and Regulations when you use the OKX Platform or the Services, including any applicable tax laws and any Applicable Laws and Regulations of international jurisdictions beyond your country of residence and/or citizenship. You acknowledge and agree that we do not provide any advice about the Applicable Laws and Regulations that apply to your use of the OKX Platform or the Services (including any legal or tax advice) and we are not responsible for determining whether taxes apply to any transactions you enter into, or for collecting, reporting, withholding or remitting any taxes arising from any transactions. You should seek professional advice (legal and/or tax) to determine your obligations and your tax status under all Applicable Laws and Regulations.

5. Trading on the OKX Platform

5.1 An Order will:

(a) only be valid and open for processing by us if it is made in accordance with these terms; and

(b) remain valid and open for processing until it is withdrawn or executed.

5.2 You are responsible for the information you provide to us regarding each Order that you make. We will not:

(a) enquire into the reasonableness of any Order that you make; or

(b) be liable for incorrect entries made by you on the OKX Platform, including data input errors with respect to the Digital Asset, amount or any other parameter of an Order.

5.3 Any Order that is a Derivative Trade will be undertaken by OKX Australia Financial as counterparty. We do not offer Matching Service in respect to Derivative Trades.

5.4 In respect to Matching Service, you may not nominate any users to which your Order is matched (except where a particular Service permits you to do so).

5.5 We are under no obligation to accept or process an Order unless sufficient Fiat Currency or Digital Assets are available in your Account for:

(a) the settlement of the Order; and

(b) the payment of any related Fees, charges and expenses.

5.6 When you place an Order, the quantity of the relevant Digital Asset (including any applicable Fees) is placed on hold in your Account until the Order Fills, expires or is cancelled. Any unfilled portion of an Order will remain on hold until it Fills, expires or is cancelled.

5.7 You may withdraw or cancel an Order after it is submitted, as long as the Order has not been Filled or executed pending confirmation by the relevant Digital Asset network. Digital Assts which are the subject of a pending Trade will not be reflected in your Account and will not be available for you until it is reflected in your Account. You understand and agree that, except in the circumstances described clause 5.11, Trades are irreversible once Orders are executed.

5.8 We will send you a confirmation of each Order, withdrawal or cancellation of an Order, or an Order being Filled (partially or completely). You can also view your trading history in your OKX Platform user account.

5.9 You acknowledge and agree that:

(a) by entering into a Trade on the OKX Platform, you are instructing us to process the Trade at the price quoted on the OKX Platform as accepted by you when you placed the relevant Order;

(b) in respect of a Trade entered into as part of a Matching Service:

(i) the price of a Trade is the price agreed between you and the other user, and (except as set out in these terms) we are not party to the Trade or responsible for setting or negotiating the price of the Trade);
(ii) we do not guarantee the completion of any attempted sale or purchase of Digital Assets; and
(iii) we have no liability in respect of any sale or purchase;

(c) we carry out Trades based on price‑time priority and that:

(i) you are subject to the same price‑time priority as any other user of the OKX Platform;
(ii) an Order submitted through the API is subject to the same price‑time priority as an Order received through the OKX Platform;

(d) a Trade is settled by debiting and crediting (as the case may be) each user's Account;

(e) there may be a delay in executing a Trade on the OKX Platform as a result of OKX's secure trading protocols which require Digital Asset private keys to be stored securely using a combination of online and offline storage for added security; and

(f) we provide an API which enables a user to stream live prices into their own user interface as well as perform the same Trade or to place the same Order that is available to a user on the OKX Platform. In order to maintain a fair and orderly OKX Platform, we may restrict the number of Orders placed through the API and monitor messages in order to:
(i) protect the OKX Platform against denial of service attacks;
(ii) prevent the abuse of an order book; and
(iii) improve the overall trading experience on the OKX Platform.

5.10 We may place limits on Orders and Trades.

5.11 We may, acting reasonably:

(a) process, cancel, correct or reverse any Digital Asset transaction or transfer made as part of the Services; or

(b) take any other action to eliminate any adverse effects to the overall wellbeing of the market, including closing your Account(s), limit trading, halt trading, rollback transactions and return the relevant Digital Assets to any complainant,

in the following circumstances, even where Fiat Currency has debited from your Account:

(c) the occurrence of abnormal transactions, market interruption and other abnormal conditions caused by Events Outside Our Control;

(d) in accordance with our legal obligations, including in response to a subpoena, court order or requirement imposed by a Competent Authority;

(e) we suspect the transaction may be erroneous;

(f) we suspect the transaction may involve, or be related to, any Prohibited Activities;

(g) we suspect that the transaction may involve, or be related to, a contravention of Applicable Laws and Regulations.

To the extent permitted by law, we do not accept liability for any Loss or damage caused by us taking action under this clause (other than to the extent that the Loss or damage is due to our gross negligence, fraud or wilful misconduct).

6. Who you enter into transactions with when using our Services

6.1 In respect to the Spot Services only, we may facilitate transactions that match users with other users, or that match users with OKX (Matching Service). When you enter into a transaction through a Matching Service, you enter into a transaction with the user with whom you are matched. A user may be our Related Party (and you understand and agree that they may use the OKXPlatform and other Services, and that we and our Related Parties have no duty to act solely on your behalf, and undertake no responsibility to do so). The trading activity of a user may include the user engaging into transactions with multiple counterparties (including other users) where interests may differ. No Derivative Trades may use the Matching Service.

6.2 In some cases, our Related Parties may trade on the OKX Platform or use other Services on a proprietary basis, as principal or on behalf of others in respect of Digital Assets or derivatives (such trading activity may include buying or selling Digital Assets or derivatives, placing Orders to buy or sell Digital Assets or derivatives, acting as a market maker for Digital Assets or derivatives or trading as principal for Digital Assets or derivatives). Orders submitted and trades executed by our Related Parties are not distinguished from other trades on the OKX Platform. Our Related Parties therefore may act as a counterparty to any trade executed by you or other users. The trading activity of our Related Parties may include a Related Party engage in transactions with multiple counterparties (including other users) where interests may differ. We and our Related Parties have no duty to act solely on your behalf, and undertake no responsibility to do so.

6.3 You understand and agree that our Related Parties may use the OKX Platform and other Services. You agree not to object to, or otherwise bring a claim against us and our Related Parties related to, any transaction conducted by us or our Related Parties.

6.4 You may place Derivative Trades with us and subject to these terms OKX Australia Financial will execute your Derivative Trades with you as principal in accordance with the instructions.

6.5 We may choose to hedge or not to hedge any or some of all the positions that result from Derivative Trades we enter into with you.

7. Prohibited activities

7.1 Any use of our Services in connection with any of the following categories of activities or businesses is prohibited (Prohibited Activities) and we reserve the right at all times to monitor your transactions or accounts that are related to any of the following Prohibited Activities:

(a) unlicensed money service businesses, including but not limited to unlicensed payment services providers, the unlicensed sale of money orders or cashier’s cheques or any unlicensed money transmitter activities;

(b) banks or financial institutions that do not maintain a physical presence in any country (ie. a “shell bank''), or a bank or financial institution has customers that are shell banks;

(c) banks or financial institutions that do not comply with, or would cause OKX to not be in compliance with any, Applicable Laws and Regulations that apply to OKX or the services or activities carried on by the bank or financial institution or OKX;

(d) adult content and services, including any types of pornography or other obscene materials (including literature, imagery and other media), sites offering any sexually‑related services such as prostitution, escorts, pay-per view and adult live chat features;

(e) deceptive marketing and false advertising services;

(f) religious and/or spiritual organisations;

(g) unlicensed sale of weapons of any kind, including but not limited to firearms, ammunition, knives, explosives, or related accessories;

(h) certain regulated products and services, including but not limited to marijuana dispensaries and related businesses; sale of tobacco, e-cigarettes and e-liquid; online prescription or pharmaceutical services; age restricted goods or services; and toxic, flammable and radioactive materials;

(i) pseudo-pharmaceuticals – companies manufacturing and or selling untested or unapproved pharmaceuticals;

(j) drugs and drug paraphernalia, including but not limited to, sale of narcotics, controlled substances, and any equipment designed for making or using drugs, such as bongs, vaporizers and hookahs;

(k) gambling activities, including but not limited to sports betting, casino games, horse racing, dog racing, lotteries, games of chance, sweepstakes, games of skill that may be classified as gambling (i.e. poker), or other activities that facilitate any of the foregoing;

(l) any Financial Crimes or any other unlawful activity;

(m) any sort of Ponzi scheme, pyramid scheme, or multi-level marketing program;

(n) goods or services that infringe or violate any copyright, trademark, or proprietary rights under the laws of any jurisdiction;

(o) layaway systems, or annuities;

(p) counterfeit or unauthorised goods, including but not limited to the sale or resale of fake or “novelty” identification documents, and the sale of goods or services that are illegally imported or exported or which are stolen;

(q) wash trading, front-running, insider trading, market manipulation or other forms of market-based fraud or deceit;

(r) purchasing goods of any type from hidden service markets (also known as “darknet” markets), or any other service or website that acts as a marketplace for illegal goods (even though such marketplace might also sell legal goods);

(s) any other matters, goods, or services that from time to time we deem to be unacceptable or of high risk, and which, for example, may be restricted by our and your bank or payment partners;

(t) any other unlawful activities which would, in our reasonable view, violate, or assist in violation of, any law, statute, ordinance, or regulation, sanctions programs administered in the countries where we conduct business, or which would involve proceeds of any unlawful activities;

(u) entities with bearer share ownership;

(v) defence industry, firearms and munitions manufacturers;

(w) nuclear energy;

(x) restricted financial services, including but not limited to credit repair, debt settlement, refinance, bail bonds, collections agencies; or

(y) transactions or business involving ivory and/or protected species.

7.2 In the event that we learn or reasonably suspect that your Account is or may be associated with any of the Prohibited Activities, we will consider it to be a violation of these terms and we may suspend or terminate your Account, and/or block transactions or freeze your Assets immediately without notice, and we reserve the right to report any such suspected or actual Prohibited Activities to relevant law enforcement authorities. In the event that we determine, with reasonable evidence, that your Account is associated with Financial Crimes or unlawful activity as set out in clause 7.1(l), we may take the additional step of converting the Digital Assets in your account to Fiat Currency at the market price, and sending this Fiat Currency back to your bank, payment service provider, law enforcement or the appropriate authority.

8. Acknowledgements, representations and warranties

8.1 If you are a natural person, you represent and warrant that you are at least 18 years old.

8.2 You acknowledge and agree that you:

(a) are solely responsible for all results of your actions and inactions from your use of the OKX Platform, including:
(i) 'fat finger' input or instruction errors, including price, quantity or timing (market versus limit Order specification) errors;
(ii) mistiming or mis‑submission of an Order or Trade instructions;
(iii) forgetting or disclosing your Password;
(iv) computer or network issues, including any cyber crime risks related to your computer, device or network (or the network you are utilising);
(v) transfer in, or withdrawal of, Assets to and from the wrong account;
(vi) executing instructions provided by you to a third party, or by a third party to you; or
(vii) a third party accessing and using your Account for any reason, or you transferring assets to a third party Account for any reason;

(b) will not allow any other person to use your Account, except where we permit you to do so;

(c) you will not use another person's OKX account, except where we permit you to do so; and

(d) will not disguise or interfere in any way with the IP address of the computer or device you are using to access the OKX Platform or otherwise take steps to prevent us from correctly identifying the IP address of the computer or device you are using while accessing the OKX Platform.

8.3 If you are using the Services on behalf of a person who is not a natural person (such as a company, body corporate, fund or trust) (legal entity), you represent and warrant that:

(a) the legal entity is duly organised and validly existing under the applicable laws of the jurisdiction of its organisation;

(b) you are duly authorised by such legal entity to act on its behalf, including to accept these terms on the legal entity's behalf;

(c) the legal entity agrees to be responsible to us if you do not comply with these terms; and

(d) you have not previously been suspended or removed from the OKX Platform or Services.

8.4 You represent and warrant that:

(a) you are not, and you will not transact with anyone who is, a Proscribed Person; and

(b) your actions or in‑actions from your use of the OKX Platform (including the Services and Products) are made in a legal and proper manner, and your sources of Digital Assets and Fiat Currency are not from unlawful activities.

8.5 You agree to provide, as soon as reasonably practicable when requested by us, written certification of your compliance with clause 8.4.

9. Refusal of service, restrictions and limits

9.1 We may place restrictions on, suspend or terminate the provision of the Services to you (including by imposing trading limits, suspending access to the OKX Platform, holding the processing of an Order or Trade or refusing to process an Order or Trade), or take any other action we reasonably consider necessary and appropriate (including to recover reasonable costs from you). Some of the reasons why we may take this action includes where we reasonably believe that:

(a) The information you have provided to us is false, incorrect or incomplete.

(b) You have used a Service in connection with a Prohibited Activity, or in a manner which we reasonably consider to be harmful to the overall well-being of the market.

(c) You have materially breached these terms, including your obligation to pay Fees.

(d) You may have, or are likely to have, contravened any Applicable Laws and Regulations.

(e) You pose an unacceptable level of risk, including:
(i) the risk that continuing to provide Services to you will cause us to contravene Applicable Laws and Regulations or a requirement of a Competent Authority; and
(ii) the risk that you have contravened, or are likely to contravene, Applicable Laws and Regulations.

(f) You breached clause 2, or the representations and warranties you make in clause 8 are false or incorrect.

(g) You have permitted an unauthorised third party to use your Account.

(h) Your Account has a balance that needs to be reconciled for any reason.

(i) The security of your Account has been compromised (for example, an unauthorised person is attempting to gain, or has gained, access to your Account).

(j) You are using your Account credentials, Passwords or other Account information in an unauthorised or inappropriate manner.

(k) It is necessary or required in order for us to comply with Applicable Laws and Regulations or a requirement of a Competent Authority.

(l) We are unable to contact you and there has been no activity on your Account for at least 12 months.

(m) An Event of Default occurs.

(n) It is necessary to ensure the security or proper functioning of the OKX Platform. For these purposes, the proper functioning of the OKX Platform will be in jeopardy where:
(i) when a computer or telecommunications network ceases to operate or function as a result of an accident;
(ii) an Event Outside Our Control occurs which affects the provision of the Services;
(iii) when OKX's assets, your Assets, any other user's Assets or the OKX Platform are the subject of an attempted or actual malicious attack which may, among other things, result in or is likely to result in the theft or loss of such assets;
(iv) when an event affects the proper functioning of critical systems relied upon by the OKX Platform, including the pricing system or any other system necessary for the provision of the Services;
(v) when we reasonably determine it necessary to comply with, or to conduct investigations in light of, our obligations under Applicable Laws and Regulations;
(vi) when we decide to cease handling a Digital Asset based on the result of a Hard Fork that causes a chain split or changes to a Digital Asset, or a Competent authority determining that trading in the Digital Asset is unacceptable or would contravene any Applicable Laws and Regulations;
(vii) when we deem that the provision of the Services cannot continue due to changes in Applicable Laws or Regulations, any requirement imposed by a Competent Authority, any change in relevant regulatory guidance, or change in OKX policy; or
(viii) when, for any other reason, we determine that the suspension is necessary to protect our legitimate business interests.

(o) Your use of our API is not for a legitimate purpose or is related to a Prohibited Activity, or you repeatedly violate any Order limit which applies to your use of our API.

When we place restrictions on, suspend or terminate the provision of the Services to you, we will act fairly and reasonably towards you.

9.2 If we suspend or terminate the provision of Services to you in accordance with clause 9.1, we will continue to hold your Assets (subject to any Applicable Laws and Regulations or requirement of a Competent Authority, which restricts our ability to provide the Assets to you or requires us to transfer the Assets to another person).

10. Risk statement

Introduction

10.1 This clause is not exhaustive. It is not intended to disclose or discuss in detail all of the risks associated with trading or holding Digital Assets or the use of the Services. You should ensure that your decisions are made on a well-informed basis and you should undertake your own assessment as to the suitability of trading in Digital Assets in the light of your experience, objectives, financial resources, and your specific needs and requirements.

10.2 The market for Digital Assets is new and rapidly developing, and the risks of trading Digital Assets are not fully understood. As such, we may update this risk statement periodically to list additional risks in transacting in Digital Assets, but accept no liability whatsoever in the event that any risk is not addressed in this risk statement.

Risk warning

10.3 (Your acknowledgement and agreement as to risks) Your use of the Services, and acquisition of any Products, means that you confirm and agree that:

(a) You understand the risks associated with Digital Assets and their related transactions;

(b) You accept and assume all risks and Losses associated with the Services, Products and transactions involving Digital Assets. If required, you should seek advice from an independent financial advisor on the risks involved using the Services, acquiring any Products or transactions involving Digital Assets.

10.4 (Nature of Digital Assets)

(a) There is no assurance that a person who accepts Digital Assets as a form of payment, or a store of value, will continue to do so in future.

(b) Digital Assets are generally considered a high-risk asset class.

(c) The nature of Digital Assets may be very complex, and their terms, features, and/or risks may not be readily or fully understood due to the complex structure, novelty and reliance on technological features.

10.5 (Value of Digital Assets and the risk of loss)

(a) The value of digital assets is highly unpredictable, with significant price fluctuations within short period of time, and may be zero. You can lose all, or a substantial portion, of the value of Digital Assets in a short period of time. You should only invest capital you can afford to lose.

(b) There is a risk of significant economic loss when buying, selling, holding, or investing in digital assets and engaging in their related transactions.

(c) The value of Digital Assets is not guaranteed or backed by any government, and may not be backed by any intrinsic asset value or assets supporting their price.

(d) The use of instructions in relation to Orders may not necessarily limit losses to the expressed amount and market conditions may make it impossible to Fill an Order or to obtain the limit price.

(e) Trading in Digital Assets is not appropriate for a person with limited resources, limited investment experience, or a low risk appetite to investment or trading losses.

10.6 (Past performance) The value of Digital Assets can go up or down. Any data on the past performance of a Digital Asset does not guarantee, and is not a reliable indicator of, future performance.

10.7 (Suitability) In respect of the Matching Services, we provide an execution‑only service. We do not provide any advice or make any representations on the suitability of any Service or Trade entered into as part of the Matching Services.

10.8 (Availability of Digital Assets)

(a) When using our Matching Services, your counterparty is another user. This means that the ability to trade in specified Digital Assets will depend on whether another user is willing to do so and there can be counterparty risk to consider when entering into Trades as part of our Matching Services.

(b) The value of a Digital Asset may be derived from the continued willingness of users to trade in the Digital Asset, which may result in the potential for permanent and total loss of value of a particular Digital Asset should the market for it disappear. Thinly traded or illiquid markets have an increased potential risk of loss as a result of the enhanced volatility, and you may not be able to establish or liquidate positions in a Digital Asset when desired, at favourable prices or at all.

(c) A Digital Asset may change or otherwise cease to operate as expected due to changes made to or using its underlying technology, including by way of cyber-attack, Fork or Hard Fork. Such changes are outside our control and may dilute the value of a user's Digital Asset position and/or distribute the value of a user's Digital Asset position to another Digital Asset, and may impact our ability to provide Services for the new Digital Asset.

10.9 (Availability of Services risk) We do not guarantee that the Services will be available at any particular time, or that the Services will not be subject to unplanned service outages, network congestion or any other Event Outside Our Control. It may not be possible for you to buy, sell, store, transfer, send or receive Digital Assets when you wish to.

10.10 (Liquidity risk), When there is insufficient liquidity in the market it may be difficult or nearly impossible to liquidate a position or you may only be able to liquidate a position at a loss. This may be caused by many reasons, including the absence of buyers, limited buy/sell activity, or underdeveloped secondary markets.

10.11 (Currency and conversion risk)

(a) Trades may be executed in a currency different to the currency that you deposit in your Account. You should be aware that the value of any currency may fluctuate and such fluctuation may lead to loss. This means that there is a risk that the movement in an exchange rate may have an adverse effect on any gain or loss achieved from any Trade.

(b) If you convert Digital Assets following the execution of an Order or where an Order is denominated in a particular Digital Asset other than your primary reference Asset, there is a risk that, if the markets move against your position, the net proceeds may be significantly less than the initial amount in your primary reference Asset, and any income or gains may be entirely negated.

10.12 (Custody risk: Digital Assets and Fiat Currency)

(a) The Digital Assets we hold are not deposits, and are not held as any other regulated product or service under any Applicable Laws and Regulations. Digital Assets may not be protected by any deposit protection scheme.

(b) In the event of the insolvency or any other analogous proceedings of a third party holding your Assets, we may only have an unsecured claim against the third party on your behalf and you may be exposed to the risk that the Assets or any other property received by OKX from the third party is insufficient to satisfy your claim and the claims of all other relevant users.

(c) We may hold your Assets with third parties within the OKX group. Your Assets may be pooled with those belonging to other users. In such circumstances, your individual entitlements may not be separately identifiable by separate certificates, other physical documents of title or equivalent electronic records and, in the event of an irreconcilable shortfall after our insolvency, any users whose Assets have been pooled may share in that shortfall in proportion to their original assets in the pool. Any entitlements or other benefits arising in respect of pooled assets will be allocated pro rata to each user whose assets are so pooled.

10.13 (Financial Crime and cyber crime risks)

(a) The nature of Digital Assets means that they may be exposed to an increased risk of Financial Crime or cyber-attack, including to malware, hacking, phishing, double spending, smurfing, spoofing, sybil attacks, social engineering, majority-mining, consensus-based, or other mining attacks, misinformation campaigns, distributed denial of services, and Forks.

(b) The transfer of Digital Assets into a digital (hot) wallet exposes the Digital Asset to the risk of loss from, amongst other things, security breaches from cyber-attacks that hack and steal Digital Assets (including those described in clause 10.13(a)). There is limited, or in some cases no, mechanism for the recovery of lost or stolen Digital Assets.

(c) There is a genuine risk that unauthorised third parties may gain access to your Account and make transaction without your knowledge or authorisation, whether by obtaining control over your Account or the computer or device you use to access the OKX Platform, Services or your Account.

10.14 (Technology risk)

(a) Understanding Digital Assets requires advanced technical knowledge. Digital Assets are often described in exceedingly technical language that requires a comprehensive understanding of applied cryptography and computer science in order to appreciate inherent risks. The listing of a Digital Asset on the OKX Platform does not indicate our approval or disapproval of the underlying technology regarding that Digital Asset and should not be used as a substitute for each user's understanding of the risks associated to that Digital Asset.

(b) The software protocols that underlie Digital Assets are typically open source projects, which means that:
(i) the development and control of such Digital Assets is outside of our control; and
(ii) such software protocols are subject to sudden and dramatic changes that might have a significant impact on the availability, usability or value of a specific Digital Asset.

(c) The nature of Digital Assets means that technological difficulties experienced by us may prevent your access to, or use of, Digital Assets. We may experience sophisticated cyber-attacks, unexpected surges in activity or other operational or technical difficulties that may cause interruptions to the Services, or may result in Digital Assets being lost and/or stolen. You should understand that the Services may experience operational issues that lead to delays. By using the Services, you agree to accept the risk of transaction failure resulting from unanticipated or heightened technical difficulties, including those resulting from sophisticated attacks.

(d) Digital Assets are dependent upon new technologies, including distributed ledger technologies for the purposes of (amongst other things) anonymity, irreversibility of transactions, accidental transactions, transaction recording and settlement.

(e) Digital Asset transactions cannot be reversed. Once a user sends a Digital Asset to a wallet address outside of the OKX Platform, there is a risk that the user may lose access to the Digital Asset indefinitely. For example:
(i) A wallet address may have been entered incorrectly and the true owner of the wallet address may never be discovered, or a wallet address may belong to an entity that will not return the user's Digital Assets or which will only do so following action on the part of the user, such as verification of their identity.
(ii) A user may lose their private key for external wallet addresses. For example, the private key may be backed up on paper and subsequently lost or stolen, or the private key may be hacked or stolen.

(f) The person in possession of a private key for an external wallet address will own the Digital Assets.

(g) The use of the OKX Platform on a jailbroken device may compromise security and lead to fraudulent transactions. You may suffer losses as well as a termination of the Services.

10.15 (Legal and market risks)

(a) A user is responsible for complying with the Applicable Laws and Regulations and is solely responsible for determining which laws may apply to their transactions, including any applicable tax laws. A user is solely responsible for reporting and paying any taxes arising from its use of the Services.

(b) Due to the relatively recent development of Digital Assets, banks and other Competent Authorities have different views as to the risks associated with funds generated from the buying and selling of Digital Assets or may have a very low tolerance for risk. Accordingly, a user's bank may freeze its account or reject any incoming funds if the user's bank concludes that such funds are the result of buying or selling Digital Assets.

(c) You may suffer losses as a result of value depreciation of a Digital Asset you paid as a result of controls imposed by a Competent Authority. Repayment or payment of any amounts due to you may be delayed or even prevented by controls or other actions imposed by government or regulatory authorities over Digital Assets and/or their ecosystem that these Competent Authorities control or regulate.

(d) Digital Assets may, either because of their inherent design or through network events, not be a fixed supply. If and when additional Digital Assets are created, the particular Digital Asset’s price may decline due to inflationary effects of adding additional Digital Assets to the total available amount of assets in the market.

(e) At any point in time, one or more persons may directly or indirectly control significant portions of the total supply of any particular Digital Asset. These persons are often referred to colloquially as “whales”. Whether acting individually or collectively, these whales may have significant impact, and may be able to influence or cause significant market events that may have a detrimental effect on price, value or functionality of Digital Assets. Furthermore, these whales or other network participants and users may make decisions that are not in your best interest as an investor of Digital Assets.

10.16 (Regulatory risk)

(a) Digital Assets activities conducted in certain jurisdictions may be unregulated or subject to limited regulation.

(b) Any regulatory changes or actions by a Competent Authority may adversely affect the use, transfer, exchange and value of a Digital Asset.

(c) The domestic government of a user may make it illegal for the user to trade Digital Assets.

10.17 (Stop loss)

(a) A Stop Order is an offer to deal if our quote becomes less favourable to you. A Stop Order is generally placed to provide some risk protection, for example in the event of your Trade moving into loss, and can be used to either open or close a Trade. Each Stop Order has a specific stop level, set by you. Your Stop Order will be triggered if our bid price (in the case of an Order to sell) or our offer price (in the case of an Order to buy) moves against you to a point that is at or beyond the level specified by you. Notwithstanding the specific stop level set by you, we may be required by Applicable Laws and Regulations to close or part close a Trade prior to your Stop Order being triggered.

(b) You agree and understand that Stop Orders will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such Orders at a price close to your intended stop price or at all. In extremely volatile markets, the price of a Digital Asset may fall rapidly through your Stop Order price and you may suffer losses well in excess of the amount realised had your Stop Order been executed at the Stop Order price.

10.18 (Taxation risk) The tax characterisation of digital assets is uncertain. You must seek your own tax advice in connection with respect to any transactions you conduct with us.

10.19 (Operational risk) Operational risk comes from possible malfunctions of our systems, for example, resulting from scheduled or unscheduled downtimes, internal systems failures or hacks. You may be (temporarily) unable to trade as a result of these malfunctions or, in case of a hack or other forms of cybercrime, lose (part of) the Digital Assets deposited with us. We do not guarantee that the Service will be available at any particular time of that the Service will not be subject to unplanned service outages or network congestion. It may not be possible for you to buy, sell, store, transfer, send or receive digital assets when you wish to do so

10.20 (Other risks) Website and internet pages, investor relations releases, oral or written outlooks, presentations, audio and video recordings of events, and other publications from websites may contain optimistic, forward-looking statements that reflect our and our management’s current views with respect to prospective projects and events. Certain words, including but not limited to, “anticipate,” “assume”, “believe”, “estimate”, “expect”, “intend”, “may”, “plan”, “project”, and “should”, as well as other expressions that often identify forward looking statements. These statements are subject to risks, uncertainties, and changes due to many factors, including but not limited to: changes in Digital Asset and Fiat Currency exchange rates and commodity prices; the introduction of new and/or competing technology and ideas; increased market incentives; and a decline in demand for current Services or other products.

11. Fees

11.1 Fees apply when you use the OKX Platform and the Services, or acquire a Product. We tell you about these Fees when you apply for, or enter into, an Order / Transaction. These Fees are set out on the fees page once you log in to your Account.

11.2 We may change the Fees payable (including by changing the amount of a Fee, or introducing a new Fee or removing an existing Fee) by giving you reasonable prior notice to you (unless change occurs as a result of the Applicable Laws and Regulations or a requirement of a Competent Authority, in which case we might give you notice when the change occurs).

11.3 Unless we otherwise agree, you agree that we have the right to automatically deduct any Fees you owe directly from the Assets in your Account and without prior notice to you.

12. Event of Default

12.1 If an Event of Default occurs:

(a) any delivery, payment or other obligation owed by you to any other party (including any other user or us) pursuant to these terms, will immediately mature, accrue or otherwise be accelerated so as to require performance of your obligations on the date of such Event of Default (Accelerated Obligations); and

(b) without limiting any rights that accrue to us under these terms, we will be entitled to take any such action we deem necessary (acting reasonably) to protect our legitimate business interests and discharge the Accelerated Obligations (including to closing any open trading positions, liquidating assets in your Account to repay any amounts or other liquidatable obligations you owe to us, and transferring Assets to third parties in accordance with any Applicable Laws and Regulations or requirement of any Competent Authority).

13. Unclaimed property

13.1 If you hold any Assets in your Account, and there has been no activity on your Account for at least 12 months, we will take reasonable steps to locate you using the contact information available to us.

13.2 If we are unable to locate you, we reserve the right to:

(a) close your Account and end our contract with you; and

(b) if your Account shows a credit balance, return your Assets to you in accordance with clause 2.13.

14. Licence we grant to you

14.1 Subject to these terms, we grant to you a limited, non‑exclusive, non‑transferable license to access and use the OKX Platform and Services, solely for approved purposes as permitted by us. You agree that you will not copy, transmit, distribute, sell, license, reverse engineer, modify, publish, or participate in the transfer or sale of, create derivative works from, or in any other way, exploit the OKX Platform, or any of our Services or Products.

14.2 You agree that:

(a) all rights, title and interest in the OKX Platform and Services, and any associated software, website and technology, and including all intellectual property rights in those things, are and will remain with us;

(b) no right or interest in the OKX Platform or Services is conveyed other than the limited license granted under clause 14.1;

(c) the OKX Platform and Services are protected by the copyright and other intellectual property laws;

(d) all rights not expressly granted in these terms are reserved.

15. Limitation of liability, indemnities and disclaimer of warranties

Exclusion of liability

15.1 Neither OKX or any of its Related Parties will be liable for any Loss arising, directly or indirectly, from:

(a) any dispute between you any other user;

(b) your breach of these terms;

(c) your violation of any Applicable Laws and Regulations; or

(d) any of your acts or omissions, or another person using or trading on your Account (except where it is our fault that the third party has done so),

and you release and waive any right to claim any such Loss from OKX or any of its Related Parties.

15.2 Neither OKX nor you will be liable for any delay or failure to perform any of their obligations under these terms caused by an Event Outside Our Control.

Limitation of liability

15.3 To the extent permitted by law:

(a) we do not accept liability for any Loss or damage, however caused (including through your negligence), which you may suffer in connection with your use of the OKX Platform or the Services which arises out of:
(i) the occurrence of any interference with or damage to your computer, device or other technological systems used in connection with your use of the OKX Platform or the Services; or
(ii) any special, indirect or consequential Loss or damage (including economic loss, loss of revenue or profit, loss or damage to data, loss of contract or loss of opportunity);

(b) any implied conditions, warranties, guarantees, rights, remedies, liabilities or other terms that would impose any liability or obligation on OKX are expressly excluded under these terms.

15.4 To the extent permitted by law, we have no liability for:

(a) confirming that your Account is opened;

(b) not exercising reasonable skill and care in determining your eligibility to use the OKX Platform or the Services, or assessing any application made by any person for the OKX Platform, Services or Products; or

(c) any Loss or damage that you may suffer because of any Event Outside Our Control. In such an event, we reserve the right to cancel or suspend the OKX Platform or the Services without incurring any liability.

Indemnities

15.5 You agree to indemnify and hold each other user, OKX, our Related Parties and our Related Personnel harmless from any liabilities, claims, Losses or demands arising out of your fraud.

15.6 Without prejudice to clause 15.5, you also agree to indemnify and hold harmless each other user, OKX, our Related Parties and our Related Personnel, from and against any and all losses arising from or in connection with:

(a) any falsehood or inaccuracy contained in any information you provide us;

(b) your use of, or conduct in connection with, your Account, the Services and the OKX Platform;

(c) your failure to perform any of your material obligations under these terms;

(d) a material breach by you of these terms and/or our enforcement of the terms connected to the material breach;

(e) your violation of any Applicable Laws and Regulations;

(f) your violation of the rights of any third party;

(g) any third party claim related to your use of the Service(s);

(h) any investigation, claim, suit, action or other proceeding against us relating to or arising out of your use of the Service(s) by a governmental authority or regulatory or self‑regulatory agency or organisation in any applicable jurisdiction(s);

(i) any breach by you of any of the representations, warranties and undertakings made by you to us under these terms; or

(j) another person using or trading on your Account (whether or not authorised by you), except where it is our fault that they have done so.

(other than to the extent that any of these things arise due to our gross negligence, fraud or wilful misconduct).

15.7 If you are required to indemnify a person pursuant to clauses 15.5 and 15.6, we will have the right (acting reasonably) to control any action or proceeding and to determine whether it wishes to settle and, if so, on what terms.

Disclaimer of warranties

15.8 The Services, and any information or materials provided by OKX, are provided on an “as is” and “as available” basis.

15.9 While we take reasonable steps to ensure that the Services, and any of the information and materials we provide, are free from defects and error‑free, to the extent permitted by law, we do not represent or warrant:

(a) that the Services, any interface used to access the Services, the OKX Platform or any information or materials provided or made available by OKX are accurate, complete, reliable, current, error-free, free of viruses or other harmful components, or any other defects;

(b) that any Order will be executed, accepted, recorded or remain open; or

(c) the accuracy, completeness, reliability of any content.

15.10 You understand and agree that we will not be liable for any Losses or damages arising out of or relating to:

(a) any inaccuracy, defect or omission of any pricing information relating to a Digital Asset, or any interruption, error or delay in any such data being displayed or transmitted on the OKX Platform (other than to the extent that the Loss or damage is due to our gross negligence, fraud or wilful misconduct); or

(b) another user's actions, omissions or breach of these terms;

15.11 We take all reasonable steps to ensure the security and confidentiality of information and to provide a safe network environment to users. However we cannot ensure, warrant or guarantee:

(a) the security or confidentiality of information transmitted to, or received from, OKX through electronic means, which includes the internet, wireless connection, email, phone, and SMS, since OKX has no way of ensuring that the transmission of such information is protected at all times. If you have reason to believe that your data is no longer secure, you should contact OKX at the email address, mailing address or telephone number published on the OKX Platform or as notified to you from time to time; or

(b) the OKX Platform, or its servers, are free of viruses or other potentially harmful factors. Therefore, you should use the industry’s recognized software to check and kill any virus in the files downloaded from the OKX Platform.

15.12 Any comments published by a user are provided by the user. We do not endorse, or otherwise take any responsibility for, those comments.

15.13 OKX does not own or control any of the protocols that are used in connection with Digital Assets and their related networks. Accordingly, OKX is not liable in respect of such protocols or any change in the value of any Digital Asset (whether as a result of a Fork or any similar changes to a Digital Asset's protocol or otherwise), and OKX makes no guarantees regarding the security, functionality, or availability of such protocols.

15.14 We are not obliged to provide any adaptations, enhancements, and/or modifications to the materials and information provided on the OKX Platform. This means, for example, that you may have an out-of-date version of the OKX app, and new features may not be incorporated to the version of the app you use. It is your responsibility to ensure you update and download applicable updates and versions.

Consumer obligations

15.15 If you are a consumer under the Australian Consumer Law set out in Schedule 2 to the Competition and Consumer Act 2010 (Cth) (Australian Consumer Law), you will be entitled to certain guarantees, rights and remedies under the Australian Consumer Law that cannot be excluded, restricted or modified by this agreement. These include consumer guarantee rights that the Services will be of acceptable quality, fit for the purpose disclosed, and carried out by us with due care and skill.

15.16 Noting in these terms is intended to exclude, restrict or modify the application of any implied condition or warrant, any provision, the exercise of any right or remedy, or the imposition of any liability under the Australian Consumer Law or any other statute where to do so would:

(a) contravene that statute; or

(b) cause any provision of these terms to be void,

(Consumer Obligations).

15.17 If OKX breaches its Consumer Obligations, its liability to you is limited to OKX (at its election) supplying the services again or paying the costs of having those services supplied again.

16. How we will communicate with you

16.1 The Services are fully digital services accessible through the OKX Platform. By using, or making an application for, our Services (including your Account(s)), you agree to receive communications (such as notices and confirmation of Orders and Trades) in digital form only (including via email, SMS or through the OKX Platform with a copy of, or hyperlink to, the relevant communication).

17. General

17.1 (Information contained on the OKX Platform) While we have made reasonable efforts to ensure the accuracy of the information on the OKX Platform, the information is subject to change without notice and is provided for the sole purpose of assisting users to make independent decisions. We have taken reasonable measures to ensure the accuracy of the information on the OKX Platform; however, we do not guarantee the accuracy, suitability, reliability, completeness, performance and/or fitness for purpose of the content of any Services available through the OKX Platform, and will not accept liability for any Loss or damage that may arise directly or indirectly from the content or your inability to access the OKX Platform, for any delay in or failure of the transmission or the receipt of any instruction or notifications sent through our platform. We will not have any liability for the use or interpretation of such information.

17.2 (You are responsible for the devices and services you use to access our Services) You are solely responsible for preparing devices and bearing all costs relating to the devices and services you use to access our Services, including any computer or mobile device and internet access costs (including internet fees, rental charges and mobile data fees).

17.3 (Continuity and availability of Services) We take all reasonable steps to ensure that our electronic equipment and systems function properly during its usual operating hours. Despite this:

(a) Services may be unavailable when we undertake scheduled system maintenance (as announced on the OKX Platform);

(b) sometimes the changes that we make are in order to comply with Applicable Laws and Regulations or to maintain the overall well‑being of the market; and

(c) the continuity and security of the Services may be impacted by Events Outside Our Control, or by changes we need to make as a result of changes to Applicable Laws and Regulations or to maintain the overall well‑being of the market (which mean that we need to make changes to the OKX Platform, Services, these terms, and our policies and rules). If these things occur, we reserve the right to suspend, cancel or terminate the Services without incurring any liability.

We do not guarantee that the Service will be available at any particular time or that the Service will not be subject to unplanned service outages or network congestion. It may not be possible for you to buy, sell, store, transfer, send or receive digital assets when you wish to do so.

17.4 (Assignment and transfer of business) You may not assign any part of these terms without our prior written consent but we may assign the business relationship between you and OKX to any Related Party or any other third party without notice to you (this includes your Account, Assets, liabilities and Protected Data).

17.5 (Governing law & disputes) These terms are governed by the law in force in New South Wales, Australia. For time sensitive matters, either party may seek injunctive relief from the courts exercising jurisdiction in New South Wales, and any court that may hear appeals from any of those courts. In the event of any other dispute, controversy, difference or claim, including the existence, validity, interpretation, performance, breach or termination of the Terms or any dispute arising out of or relating to the Terms (the “Dispute”), the parties shall:

(a) First refer the Dispute to proceedings at the Hong Kong International Arbitration Centre (the “HKIAC”) in accordance with HKIAC’s Mediation Rules in force for the time.

(b) If the Dispute has not been settled upon the signing of a settlement agreement within ninety (90) days following the filing of a request for mediation, such Dispute shall be referred to and finally resolved by arbitration administered by the HKIAC under the HKIAC Administered Arbitration Rules in force when the Notice of Arbitration is submitted. The law of this arbitration clause shall be the laws of the Hong Kong Special Administrative Region of People’s Republic of China (“Hong Kong”).

(c) You agree that the seat of arbitration shall be Hong Kong. The number of arbitrators shall be three (3). We shall appoint one (1) arbitrator and you shall appoint one (1) arbitrator. The third arbitrator shall be appointed by the Chairman of the HKIAC. Such arbitrators shall be freely selected, and the parties shall not be limited in their selection to any prescribed list. The arbitration proceedings shall be conducted in English.

(d) You agree that we shall not be required to give general discovery of documents, but may be required only to produce specific, identified documents which are relevant and material to the outcome of the Dispute.

(e) Any arbitral award shall be final and binding upon the parties hereto and shall be enforceable in any competent court which has jurisdiction.

17.6 (Separability) In the event that any provision of these terms should be determined to be unenforceable or invalid to any extent by a court of competent jurisdiction, such provision shall be deemed to be modified as needed to ensure its enforceability to the maximum extent permitted under the law and shall not affect the validity and enforceability of any other remaining provisions.

17.7 (Complaints) If you want to make a complaint about OKX, you can contact a Customer Services representative at our Support Centre. When you contact us, please provide us with your name and email address and any other information we may need to identify you, and the transaction on which you have feedback, questions, or complaints.

Part B Digital currency exchange

18. Fiat deposits and withdrawals

18.1 For the purposes of this paragraph, a Third Party Payment Provider means a company that we have selected to hold fiat that you deposit for use in connection with our Services, or to facilitate the deposit and/or withdrawal of fiat.

18.2 All fiat payments made in relation to the OKX Platform are made using certain Third Party Payment Providers selected at our absolute discretion. In using the OKX Platform or Services, you agree that you are subject to the terms and conditions imposed by such Third Party Payment Providers.

18.3 When you instruct your bank or payment service provider to deposit fiat for use on the OKX Platform or in relation to our Services, this payment will be received and held by a Third Party Payment Provider and the relevant amount will be represented on the OKX Platform (less any fees). You are not entitled to any interest on this fiat.

18.4 When you withdraw a fiat balance represented on the OKX Platform, we will instruct a Third Party Payment Provider to facilitate that withdrawal to your nominated bank or payment service provider.

18.5 Deposits and withdrawals of fiat do not incur a fee from us, however you may incur fees charged by Third Party Payment Providers. Your bank or payment service provider may also charge a fee.

18.6 We have no responsibility or liability in relation to any acts, omissions, errors or delays of Third Party Payment Providers or the results thereof.

18.7 We may disclose your personal information to Third Party Payment Providers as necessary, in accordance with our Privacy Notice.

18.8 One of our Third Party Payment Providers is Bano Pty Ltd (ACN 643 260 431, AFSL 536984) (Bano). You agree to Bano’s Terms & Conditions (https://www.banosuperapp.com/terms) as amended from time to time, and acknowledge Bano’s Product Disclosure Statement (https://www.banosuperapp.com/pds).

19. Fiat to crypto, crypto to fiat, and crypto to crypto conversions

19.1 You can convert fiat to crypto, crypto to fiat, and crypto to crypto, using OKX Australia’s Convert Service or Spot Service.

19.2 When using the Convert Service:

(a) You must select the two assets (fiat or crypto). You may enter the amount of the asset you wish to convert or the amount of the asset you wish to receive in exchange. Once you do so, we will provide you with a rate for the conversion. If you accept that rate, we will execute the conversion and this will be reflected in your Account.

(b) Convert transactions are completed on an over-the-counter basis and not on the spot market. This means that the rate you accept will be honoured without slippage.

(c) We do not charge a fee for Convert, but a spread is built into the rate for each conversion.

19.3 When using the Spot Service (Spot Service):

(a) The Spot Service is a Matching Service where the OKX Platform displays the relevant orderbook for each asset pair. Orders you place are matched automatically, according to pre-established criteria. Orders may be partially filled or may be filled by multiple matching Orders arising from different users. You will not be able to undertake a trade with a predetermined user.

(b) The Fees applicable to the Spot Service are set out in accordance with clause 11. Depending on the type of Order you place and the liquidity available in the orderbook, you may be exposed to slippage.

Part C Derivatives

20. Overview

20.1 This Part C applies to the Futures Trading Service, Options Trading Service, the Perpetual Swap Trading Service and the Margin Trading Service.

20.2 This Part C also applies to any leg of a Nitro Spread which involves a Derivatives Service.

20.3 To the extent of any inconsistency between a provision of any of the following Parts, terms or documents, the following order of precedence applies in respect of the relevant Derivative Service:

(a) Part C;

(b) Part A;

(c) the Trading Rules; and

(d) the various terms, policies, other agreements, standards or rules referred to in the Trading Rules.

21. Definitions

21.1 Words used in this Part C are as defined in Part A and the Trading Rules. In addition, in this Part C and unless otherwise specified, the words in the table have the following meanings attributed to them:

22. Eligibility for using Derivative Service: you must be a Wholesale Client

22.1 In order to use a Derivative Service and enter into a Derivative Trade, in addition to the eligibility criteria set out in Part A, you must be a Wholesale Client and you must have successfully completed OKX Australia Financial’s Wholesale Client onboarding process.

22.2 Each time you enter into a Derivatives Trade and when you use the Derivatives Service, you represent and warrant that you are a Wholesale Client, and if you cease to be a Wholesale Client you agree to stop using all Derivatives Services immediately and notify us as soon as reasonably practicable.

23. About the Derivative Services

23.1 We offer Futures, Options and Perpetual Swaps, which are described in more detail below.

Futures

23.2 A Futures contract is a derivative product that is settled in cryptocurrencies such as BTC, LTC, ETH and USDT. These contracts involve an agreement between you and us that one of us will buy and the other will sell a particular cryptocurrency at a future date for a specified price.

23.3 You can either take a long or a short position on cryptocurrencies with the aim of making a profit when prices go up or down.

23.4 Futures contracts expire on the expiry date. The OKX Platform will calculate the delivery or exercise price by weighing the average index prices from the last hour before expiration. The digital asset price difference will be calculated once the positions on all of the contracts which have expired are closed, before transferring any profits or losses generated from this delivery/exercise process to a users’ account.

23.5 Any pending Orders at the time of settlement will be cancelled, and all of the positions will then be delivered (exercised) at the delivery (exercise) price.

Options

23.6 Options give the buyer of an option the right to buy or sell an underlying asset in the future. The buyer can choose to exercise the option when they may benefit from doing so. The seller will then have to settle the underlying transaction. Where the buyer does not exercise their discretion to exercise an option, the seller does not have to do anything.

23.7 An Option entered into through the OKX Platform is a European Option, meaning the Option is only able to be exercised on the expiry date.

23.8 For example, if we offer crypto options trading for Bitcoin and Ethereum, and allow users to either buy and sell, or call and put options. The face value of BTC/USD and ETH/USD options for pricing purposes are 1 BTC and 1 ETH. They carry contract multipliers of 0.01 and 0.1 respectively. Each BTC/USD options contract represents 0.01 BTC, while ETH/USD options contract represents 0.1 ETH.

23.9 You can pay an option premium to buy either call or put options, in order to lock in the relevant prices to buy or sell the underlying asset under the options contract. You can sell an Option in order to earn an options premium immediately. In these circumstances, you will have an obligation to buy or sell the agreed number of the underlying assets at a fixed price upon exercise. Prior to expiry, an Option can be closed out, effectively cancelling the Option.

Perpetual Swaps

23.10 A swap obligates two parties to exchange future cash flows on an asset or index.

23.11 A crypto-Margined Perpetual Swap entered into through the OKX Platform is a derivative product that is settled in cryptocurrencies such as BTC. A USDT-Margined Perpetual Swap is a derivative product settled in in USDT.

23.12 These contracts involve an agreement between you and us that one of us will buy and the other will sell a particular cryptocurrency at a future date for a specified price. However, unlike a traditional Futures contract, Perpetual Swaps do not have an expiration date, meaning they can be exercised at any time.

23.13 The funding rate is the mechanism which is used to settle Perpetual Swaps. It ensures that Futures prices and index prices converge on a regular basis. Perpetual Swaps applies a funding fee mechanism to anchor the market price of these derivatives to the spot index price. A funding fee payment is made every 8 hours, at 08:00, 16:00 and 24:00 (HKT). You will only pay or receive a funding fee where you have an open position. In the event that a position is closed prior to the funding fee settlement, there will be no funding fees charged or paid.

Key differences between Futures and Options

23.14 (Different rights and obligations) When trading futures, both the buyer and the seller are obliged to settle a futures contract. In the context of options, the buyer has the right, but not the obligation, to buy or sell the underlying asset once the premium has been paid.

23.15 (Different margin requirements) When trading futures, both the buyer and the seller will have to pay a margin deposit to keep a position open. In the context of options, only the buyer pays the premium. The options contract seller has to pay a margin.

23.16 (Different potential risks) When trading futures, the potential loss or gain for both buyers and the sellers is unlimited. For options, the potential gain from buying an options contract is unlimited, but the potential loss incurred by the buyer is limited to the premium that has been paid (because the buyer of an option does not need to ultimately exercise the option). The potential loss of selling an option is unlimited, but the profit of selling is limited to the premium received.

24. Derivatives risk statement

Risk warning: all derivatives

24.1 (Margin Risk) You may be required to post Margin. If the VFAs deposited as Margin are insufficient, this may result in immediate liquidation of your positions, and you could lose all VFAs you have deposited as Margin.

24.2 (Counterparty Risk) Counterparty risk is the risk that your counterparty, OKX Australia Financial, may default on the contractual obligation it has to you under the Derivative Service Transaction.

Risks associated with Futures and Perpetual Swaps only

24.3 (Market risk) Given the high volatility of digital asset prices, trading related derivative products with leverage amplifies both profit and losses related to this volatility. In particular, the trading of Futures contracts should be considered an extremely high-risk transaction. Extreme market conditions reflecting unforeseeable events or changes in conditions which cannot be controlled may result in the total loss of Assets.

24.4 (Liquidation risk) You may sustain a total loss of the Assets provided to us to establish or maintain a position in Futures or Perpetual Swaps. If the market moves against your position, you may be liquidated and will incur losses, and lose any collateral in your Account.

24.5 (No control over future events) Technological issues, natural disasters, unexpected weather conditions, political issues, etc. can completely disrupt the forecast demand-supply equilibrium.

24.6 (Leverage risk) High leverage can result in rapid fluctuations of Futures and Perpetual Swaps prices. The prices can go up and down daily or even within seconds. Subsequently, your margin account may drop below minimum levels, meaning more Assets need to be deposited in your Account. OKX will not be held responsible if you lose the majority or all of your trading capital.

24.7 (Limited Supervision risk) The cryptocurrency derivatives markets are not supervised or regulated by any relevant authorities. As such, there is no centralised authority to protect or limit moves in value of a digital asset in time of crises.

24.8 (Liquidity Risk) It may be difficult or nearly impossible to liquidate a position. This can occur when there is insufficient liquidity in the market.

24.9 (Auto-Deleverage risk) Where extreme market circumstances result in users suffering losses and the Insurance fund is unable to cover the full extent of such losses, Auto-Deleveraging may be triggered. We discuss this in more detail below.

24.10 (Index Risk) Some OKX services, and contracts traded on the OKX Site, rely on an “Index Price”, for example, to derive valuation for margin and/or settlement purposes. The methodology for calculation and publication of each index may mean that it does not track other publicly-reported prices of its underlying digital asset. The index and its value may deviate substantially from the publicly reported price of digital assets from any given price source. In addition, as the methodology for determining each index uses information from specifically identified third party exchanges, movements in the value and volume of digital asset transactions on such exchanges and any index calculation failures may affect, for example, the profit, loss, margin and settlement of the Futures contracts traded on the OKX Site.

The composition, calculation, and safeguards incorporated within any index are subject to change at any time without notice in our sole and absolute discretion. The indices may be administered and calculated by us or any third-party service providers. Index administrators (including OKX) can add, delete or substitute the components of the indices or make other changes to the methodology of calculating the value of the index at any time. The modification of the components of the index may affect its value, as a newly added component may perform significantly worse or better than the component it replaces. OKX may also alter, discontinue or suspend calculation or dissemination of an index at any time. Any change in the methodology used may affect the index value and may result in you incurring losses or gains. OKX is not responsible for any direct, indirect, consequential or other losses you may incur as a result of a change in the index methodology.

Additional risks associated with Futures

24.11 In addition to the risks identified in clauses 24.3 to 24.10, the following additional risks also arise in relation to Futures:

24.12 (Loss upon expiry) Futures contracts involve a certain expiration date. The contracted prices for the given assets can become less attractive as the expiration date comes nearer. Due to this, sometimes, a Futures contract may even expire as a worthless investment (for example, if the value of the underlying asset declines to zero).

Additional risks associated with Perpetual Swaps

24.13 In addition to the risks identified in clauses 24.3 to 24.10, the following additional risks also arise in relation to Perpetual Swaps:

24.14 (High Funding Rates risk) The mechanism of funding rate adds a level of uncertainty to the already complex derivatives market. If the funding rate is at a relatively high level when using the Perpetual Swaps Trading Service, users who use high leverage may not be able to maintain the margin ratio after paying the funding fee, thereby being partially or fully liquidated.

This also forces some users to close their positions in advance of the settlement, and re-open them after to avoid paying the funding fees. This may cause great market volatility before settlement, causing some users to suffer losses.

Additional risks associated with Options

24.15 (Time Decay Risk) Time decay is the reduction in the value of an option as the time to the expiration date approaches. An option's time value is how much time plays into the value – or the premium – for the option.

The time value declines or time decay accelerates as the expiration date gets closer because there's less time for a user to earn a profit from the option. The extrinsic value of any contracts that you own is likely to be diminishing for every day you own them. OKX strongly advises that you take into account the effect of time decay on the price of options when you are planning your entry and exit points for all your trades.

24.16 (Volatility Risk) This refers to the risk in the value of option portfolios due to the unpredictable changes in the volatility of the underlying asset. It is the risk of a change in the price of a portfolio as a result of changes in the volatility of a risk factor.

When using the Option Service, volatility is used in option pricing formulas to work out the fluctuations in the returns of the underlying assets.

Therefore, volatile assets are often considered riskier than less volatile ones as their price is less predictable from a market makers point of view meaning the volatile asset options will be more expensive as the buyer may have greater trading opportunity by accepting greater risk.

As volatility is a component most users neglect, OKX strongly advises users to be aware of this risk as can affect pricing immensely when using Option Service which will draw the line between a profit and a loss when trading with options.

24.17 (Pin Risk) Pin risk is the uncertainty that arises over whether an options contract will be exercised (or assigned) when the expiration price of the underlying digital asset is at or very close to the option's strike price. This is also known as pinning a strike. An option seller experiences pin risk as expiration approaches and the price of the underlying asset is near to being ITM after expiration. In such an event, the option converts into a short for the seller (if a call has been sold) or a long (if a put) position on the underlying.

When using the Option Service, the option seller does not know exactly how to hedge the position heading into expiration, and almost any hedge they choose may substantially erode their potential profits.

25. Information available through the Derivative Service

25.1 The Derivative Service provides users with real‑time order book information along with other information. You may view or download this information for your own analysis.

25.2 We are not responsible for any judgment or analysis you make based on the information available through the Derivative Service.

26. Trading

Orders

26.1 You may place an Order for a Derivative Service in accordance with clause 5 of Part A.

26.2 In addition to the circumstances specified in clause 5.5 of Part A, we are under no obligation to accept or process an Order unless sufficient Fiat Currency or VFAs are available in your Account for the provision of Margin as may be required in respect of a trade.

Trading positions

26.3 Once your 'Open Long' or 'Open Short' Order is Filled, the corresponding position is opened. Once your 'Close Long' or 'Close Short' Order is Filled, the corresponding position is closed.

26.4 The Derivative Service will provide you with information about your positions, and about the value of your VFAs and their derivatives, on real‑time basis.

Trading Rules

26.5 The Trading Rules apply to your use of a Derivative Service. We may make changes to the Trading Rules from time to time and will take steps to bring any such change to your attention (such as by placing a notice of change on a prominent position on the OKX Platform, together with the changed Trading Rules).

Settlement

26.6 The settlement of Derivative Trades are calculated based on UPL (Unrealised Profit and Loss) and RPL (Realised Profit and Loss) and are calculated in accordance with the relevant formula set out in the Trading Rules. Please refer to the Trading Rules for the definition of UPL and RPL, and for the calculations that apply.

26.7 The information of your trading becomes official at settlement. The information shown between two consecutive settlements are for reference purposes only and cannot be guaranteed to be implying the official outcome. You could take a loss by your actions based on the intro-settlement information provided. OKX will not be liable for your Loss incurred.

26.8 (Settlement of Futures Trades)

(a) A Future will be settled at the time of contract delivery, which is 08:00 (UTC) of every Friday. At that time, the system will close the positions on all opened weekly Futures.

(b) The settlement price of a Future will be the arithmetic mean value of the BTC/USDT (or other relevant index) of the preceding one hour before delivery.

(c) Profit and loss obtained after closing the position through delivery will be added into RPL, and RPL will be credited to your balance, which can be withdrawn immediately. UPL and RPL are then reset to 0.

26.9 (Settlement of Options Trades)

(a) An Option will be settled at 08:00 (UTC) daily. Then the UPL (Unrealised Profit and Loss) and RPL (Realised Profit and Loss) will be reset to 0. After settlement, the accumulated profits from this settlement cycle can be withdrawn.

For definitions and calculations of UPL and RPL, please refer to the Trading Rules.

(b) In-the-money options (ITM) will be automatically exercised at 08:00 (UTC) at expiration date. When the contract is exercised, VFAs of equivalent payoff will be added to the buyer’s account balance and deducted from the seller's. Both buyer and seller need to pay a fee for exercising. At-the-money options (ATM) and out-of-the-money options (OTM) will expire without being exercised at 08:00 (UTC) at expiration date.

For definitions and calculations of exercise settlement amount, ITM, ATM and OTM, please refer to the Trading Rules.

(c) If market anomalies occur before settlement and delivery, including but not limited to acute fluctuation of underlying index OKX may (acting reasonably) decide to settle at a proper time with commercially reasonable methods. Where possible considering the circumstances, OKX will provide you with prior notice of the settlement.

26.10 (Settlement of Swaps Trades)

(a) A Swap will be settled at 16:00 (HKT) daily.

(b) The settlement price of a Swap is the Latest Mark Price (defined and calculated by the Trading Rules).

(c) At settlement, the same amount of FVAs as that of UPL will be added to RPL, and RPL will be credited to your Account, which can be withdrawn immediately (subject to margin requirement and other limits required by the Service). UPL and RPL are then reset to 0.

Our right to rollback a Derivatives Trade

26.11 In addition to our rights under clause 5.10 of Part A, for Futures or Margin, we reserve the right to rollback all the transactions of a certain period of time as described in the respective user agreement. In such instances:

(a) we will reverse the transaction and debit the corresponding Digital Assets from your Account(s) to recover the Losses arising from such transaction, and

(b) we are under no obligation to reinstate any purchase or sale Order at the same price or on the same terms as the cancelled transaction.

27. How we manage risk

27.1 This clause describes the risk management mechanisms we have adopted for the services specified.

27.2 If the size of your positions or open Orders accumulate to a level which poses considerable threat to other users, OKX may (acting reasonably):

(a) ask you to cancel your Orders or close part of your positions; or

(b) where exceptional circumstances exist, cancel your Orders or close part of your positions.

27.3 Calculating spot prices: OKX USDT-margined contracts are denominated in the USDT index price while coin‑margined contracts are denominated in the underlying cryptocurrency's USD index price. To ensure that index prices accurately reflect each digital asset's fair spot price, they are calculated as weighted averages of prices taken from at least 3 mainstream exchanges, plus additional measures for exceptional circumstances. We will make sure the index price fluctuates within a normal range even when its price is extremely volatile in a single exchange.

Calculating the spot index price:

(a) For each index price, a corresponding trading pair’s price and volume is retrieved from the designated exchanges in real-time.

(b) Any exchanges that either experienced system maintenance or did not update during a specified time period will not be considered when calculating the latest price updates. The update frequency will be different for each index.

(c) For trading pairs which are quoted in BTC, the prices will be converted to USDT by multiplying the OKX BTC/USDT index.

(d) In the event that any of the exchanges are not offering valid data, the data will be taken from each exchange as follows instead:
(i) When data from 3 or more exchanges are available, they will be weighted equally. If an exchange's price deviates from more than 3% of the median price from all of the exchanges, that exchange's price will be taken at 97% or 103% of the median, depending on whether it is too high or too low.
(ii) When data from 2 exchanges are available, they will be weighted equally.
(iii) When data from only 1 exchange is available, this will then be taken as the spot index price.

27.4 Mark price (used as part of the Options Trading Service)

(a) The mark price is a reference price which is applied to calculate a user’s unrealized profit and loss when trading. It is a useful a tool to reduce unnecessary forced liquidation in an abnormal volatile market and can improve the stability of the contract market.

(b) The mark price takes into account both the spot index price and the moving average of the basis. The moving average mechanism reduces fluctuations in the short-term contract price and reduces unnecessary forced liquidation which may be caused by abnormal volatility.

27.5 Price limit rules (used as part of all Derivative Services)

(a) The price limit is one of the most important risk control methods used to protect users and prevent the market from being manipulated. In the absence of any price limit, a small number of traders could create significant fluctuations within the contract price and cause large apportionments, through the use of limited funds and a high leverage. On the other hand, if the price limit rules are simple, it could lead to a lack of vitality within the market, and there would be no premium with the spot, making the contract trading meaningless.

(b) In order to have a better risk control, the full rules of price limit are not completely disclosed. OKX will dynamically set risk control rules, based on more than a dozen parameters such as market trading volume, turnover, open interest, and the percentage of index deviation.

27.6 Liquidation mechanism (used as part of the Options Trading Service and Swaps Trading Service): When the account equity falls below the liquidation level, the Liquidation Mechanism will be triggered. All positions in your Account will be transferred to the Service’s Risk Management Engine for subsequent liquidation. After the transfer, all your positions will be wiped out and account equity will be zero.

27.7 Auto‑deleveraging (used as part of all Derivative Services)

(a) The insurance fund is used by OKX to reduce large liquidation risks. It mainly comprises of the fund provided by OKX and any liquidation surplus from subsequent liquidation orders.

(b) OKX uses various insurance funds used for the different business lines, such as margin trading, Futures, Swap, and Options, which are all independent of each other. The insurance funds are also separated for contracts within the same business line. The specific rules are as follows:

27.8 Margin system with Tiered Maintenance Margin Ratio (used as part of Margin Trading Services, Future Trading Services and Swaps Trading Services)

(a) (What is liquidation?) The liquidation level is the minimum margin rate which is required by a user in order to maintain their current position. When the margin rate of a certain cryptocurrency under a single currency cross position is <= smaller than or equal to 100%, the account will trigger forced position reduction.

(b) (Why are there tiered liquidation level ratio rules?) In order to avoid market liquidity from being impacted by the forced liquidation of large positions, which can result in large losses, OKX applies a system of tiered liquidation level ratio rules. The larger that the user’s position is, means that the liquidation level will be higher, and the maximum leverage that a user can set will be lower.

(c) (How to calculate the user's position and view the corresponding tier of liquidation level rate?) The positions in all the directions of each contract are calculated together with the number of contracts, the tier and the required liquidation level for that position. When the user has multiple contracts with expiry dates in one crypto at the same time, the user's total number of contracts will be calculated as being contracts with different expiry dates. For example, if the user have 1,000 BTC weekly Futures contracts, 500 bi‑weekly contracts, 500 quarterly contracts, and 500 bi‑quarterly contracts, so the user's total number of contracts is 2,500, which is in tier 2.

(d) Forced repayment (used as part of Margin Trading Services): In the multi-currency margin mode and portfolio margin mode, when the borrowing currency or the unrealized loss of the positions causes liabilities in the account equity of the currency, the borrowing currency or liability of the currency may trigger forced repayment, and the system will automatically buy back the liability currency and reduce the liability value. Further details are set out in the Trading Rules.

28. Margin, gearing and leverage

28.1 To the extent permitted by Applicable Laws and Regulations, margin is permitted, at our discretion, to be employed when using the Spot, Futures Trading, Swaps Trading and Options Trading services. The parameters of margin and leverage permitted for each of these products are set at our discretion and depends on the type of service, asset, and amount of collateral used in the transaction. Eligible users may select the amount of margin or leverage they desire to use within those parameters (subject to it being offered by us). When utilizing margin, users acknowledge, in all cases, that use of margin and other leverage products is high-risk and may result in a loss larger than the funds in their accounts and which may require liquidation of their assets.

Explaining Margin and leverage

28.2 Before you enter into a contract with us, you will be required to deposit funds with us – these funds are called “margin”. The amount of margin required to be deposited will usually be a proportion of the overall contract value. This means that you will be using ‘leverage’ or ‘gearing’ which can work for or against you. A small price movement in your favour can result in a high return, but a small movement against you may result in substantial losses.

28.3 At all times that you have open positions, you must ensure that your Account balance, taking into account all running profits and losses, is equal to at least the total margin requirement imposed by us. If price moves against your positions, you may need to provide us with significant additional funds immediately to meet your margin requirement and maintain your open positions. If you do not do this, we will be entitled, in our absolute discretion, to close one or more or all of your positions on the platform. You will be responsible for any losses incurred as a result up to the amount in your account.

28.4 The need to monitor your positions is of greater importance when you have entered into contracts with us because of the effect of leverage. Leverage can amplify the rate at which profits or losses can be incurred and can mean that margin calls occur quickly. As a result, it is important that you monitor your positions closely.

28.5 We are not under any obligation to keep you informed of your Account balance and margin required (i.e. to make a “margin call”). However, if we do so, the margin call may be made by telephone call, post, email, text message or through the site.

28.6 We will be entitled, at any time, and at short notice, to increase or decrease the margin required from you on open trades. You agree that, regardless of the normal way in which you and we communicate, we will be entitled to notify you of a change to margin levels or the credit arrangements for your Account by any of the following means: telephone, email, text message, via our Site or by posting notice of the change on our website. Any increase in margin levels will be due and payable immediately on our demand. We will only increase margin requirements or change the credit arrangements for your Account where we, in our absolute discretion, reasonably consider it to be necessary, including but not limited to, in response to or in anticipation of:

(a) a change in the volatility and/or liquidity in the market;

(b) economic news;

(c) a digital asset is or is rumoured to become suspended from trading on another digital asset trading platform;

(d) you change your dealing pattern with us; or

(e) any change to the applicable laws and regulations.

(f) Please note that in certain instances we may trigger an auto-deleveraging mechanism. The auto-deleveraging mechanism is explained in clause 10.7.

28.7 Under certain circumstances or situations, it may be difficult or even impossible to liquidate a position in digital assets. Certain events that occur on the network may occur rapidly and affect the ability to conduct transactions on the site. Information relating to these network events may be difficult to predict or ascertain beforehand and may be subject to limited oversight by any third party who may be capable of intervening in order to stabilize the network.

29. Holding client money

29.1 We will handle all client funds in accordance with the client money provisions in the Corporations Act 2001 (Cth). Interest (if any) earned on the account will be retained by us.

29.2 You should note that the client money provisions specifically permit us to withdraw money from your Account in certain limited circumstances, including to cover costs we have incurred. We will also keep any interest that is earned on your money.

29.3 We are also bound by certain record-keeping, reconciliation and reporting obligations in respect of your money, noting that your money is held in connection with over-the-counter derivatives. This includes that we must keep accurate records of the amount of reportable client money we receive from you, as well as perform daily and monthly reconciliations of the amount of client money we hold.

30. Returning your Assets

30.1 If you ask us to return your Assets to you pursuant to clause 3.8 of Part A, or to close your Account pursuant to clause 2.13 of Part A, we may (acting reasonably) withhold (or if applicable, deduct) your request to withdraw (in whole or in part) your Assets where:

(a) your open derivative positions show notional losses; or

(b) we consider that additional Assets may be required to meet any current or future margin requirement on open derivative positions due to underlying market conditions.

31. Refusal of service, restrictions and limitations

31.1 The Trading Rules include information about when we may place restrictions on, suspend or terminate the provision of a Derivative Service to you. This is in addition to our rights set out in clause 9 of Part A.

Part D How to interpret these terms

32. Definitions

In these terms, unless otherwise specified, the words in the table have the following meanings attributed to them:

Interpretation

32.1 In these terms, unless otherwise specified, references to:

(a) a “party” means either OKX or you, and “parties” means both OKX and you;

(b) “writing” includes any record capable of being published, whether or not in electronic form;

(c) a “person”, whether capitalised or not, will include a natural or legal person, as the context requires;

(d) “clauses”, "Parts" and “schedules” are to the clauses, Parts and schedules of these terms respectively;

(e) “including”, “include” and "such as” or any similar expression in any phrase will be construed as illustrative only and are not words of limitation;

(f) a “day”, “week”, “month”, “year” are to be construed by reference to the Gregorian calendar;

(g) an act or course of conduct will include positive acts and omissions; and

(h) terms importing the singular include the plural and vice versa.

32.2 Where a word or expression is given a particular meaning, other parts of speech and grammatical forms of that word or expression have a corresponding meaning.

32.3 The table of contents and the headings of clauses and Parts are provided for convenience only and will not affect the interpretation of these terms.

32.4 Unless otherwise defined in these terms or unless the context requires otherwise, terms defined in the Applicable Laws and Regulations have the same meaning as in the Applicable Laws and Regulations.

32.5 Any translation of these terms or other documents is provided for convenience only and may not accurately represent the information contained in the original English. In the event of inconsistency, the English language version of these terms or other documents will prevail.