Terms of Service - EEA

Publicado el 9 may 2024

Effective: May 9, 2024

Thank you for visiting OKX.com or the OKX app (the “Site”). The OKX services in the European Union (EU) and the European Economic Area (EEA) are provided to you by OKcoin Europe LTD, a Malta limited liability company registered in Malta and licensed by the Malta Financial Services Authority. If you are a resident of any operating location outside of the EEA, please click here.

The applicable party is hereinafter referred to as “The Exchange”, “We”, “Us” or “Our”.

We provide certain users of the Site (referred to herein as “You”, “Your” or “User”) the ability to engage in digital asset trading with other users, subject to these terms of service (the “Terms”). By visiting or accessing the Site, You agree that You have read and accepted these Terms, as well as Our Privacy Notice, published on the Site. You further agree that these Terms apply to any account on Our Site that You open, are a representative of, or are an authorized signatory of (Your “Account(s)”). By clicking the “create account” button or by visiting the Site, We may provide You with access to our digital asset trading platform via various software, API (application program interface), technologies, products and/or functionalities (collectively or individually, the “Service(s)”).

If You do not agree to be bound by these Terms, you will not be permitted to access or use the Service(s) and must leave the Site immediately. We reserve the right to change, modify, or otherwise update the terms and conditions contained in these Terms, including but not limited to any policy or guideline of the platform that forms part of these Terms, at any time and at its sole discretion (the “Updated Terms”). The Updated Terms will be effective upon actual, constructive, or inquiry notice (the “Notice Date”). We may provide notice by posting the updated Terms on the Site, changing the “Last updated” date at the top of the Terms, through a pop-up or e-mail communication, and/or by any other means we deem necessary. You agree that We will not be liable to You or any third party for any losses suffered resulting from any modification or amendment of these Terms. 

If You do not agree to be bound by the Updated Terms, your sole and exclusive remedy will be to close your account within 30 days of the Notice Date and your access or use of the Service(s) will be permitted only to the extent necessary to immediately close your account. You acknowledge that You may close your account without making any trades or transactions using the Service(s), and that any such actions are not necessary to close Your account. Your non-termination or continued use of the Site or Service(s) after such 30-day period will constitute Your acceptance of the Updated Terms as of the Notice Date.

These Terms and any terms expressly incorporated herein apply to Your access to, and use of, any Service(s) provided by Us. These Terms do not alter in any way the terms or conditions of any other mutual agreement You may have with Us for products, services or otherwise.

We encourage You to thoroughly review the Terms to ensure You understand the terms and conditions that apply to Your access to, and use of, the Site and Service(s). If You have any questions regarding the use of the Site or Service(s), please contact support@okx.com.

1. GENERAL SERVICES TERMS

1.1 Trading Services: We provide online digital asset trading account services and a platform to spot trade digital assets (Digital Asset means crypto currencies, digital currencies, virtual currencies, stablecoins or digital assets of any types not falling within the classification of a financial instrument in terms of the Virtual Financial Assets Act - Chapter 590 of the Laws of Malta), and may facilitate margin lending subject to it being available and if permitted in the relevant jurisdiction. Except as otherwise provided in Section 1.8 or in other product-specific terms of services published on the Site, when You purchase or sell digital assets on the Site, You are not buying or selling such digital assets from or to The Exchange. The Exchange’s primary role is to act as an exchange that facilitates the trading of digital assets by matching orders between users. You must open an account and transfer in digital assets or fiat currencies from an outside account that You hold authorized control over prior to the commencement of trading.

1.2 Information Accuracy: While We make reasonable efforts to ensure the accuracy of the information on the Site and to give You prior notice of any material change to the information of the Site, the information and content on the Site are subject to change without prior notice and are provided for the sole purpose of assisting You with making independent decisions. We take reasonable measures to ensure the accuracy of the information on the Site; however, We do not guarantee the accuracy, suitability, reliability, completeness, performance and/or fitness for purpose of the content of any of the Service(s) or products available through the Site, and, to the extent permitted by law, will not be liable for any loss or damage that may arise directly or indirectly from the content on the Site, Your inability to access the Site, or any delay in or failure of the transmission or receipt of any instruction or notifications sent through the Site. We will not be liable, to the extent permitted by law, for any use or interpretation of such information.

1.3 Service Availability: By using the Service(s), You acknowledge and agree that the Service(s) are provided by The Exchange according to its current technological and operational capacity. While We make reasonable efforts to ensure continuity and security of the Service(s), We are unable to completely foresee and eliminate all legal, technological, and other risks including but not limited to force majeure, virus, hacker attack, peak demand, volatility, heavy trading, systems upgrades or maintenance, system instability, flaws in third-party service, acts of government, third party actions, or other reasons that may result in service interruption, data loss or other loss or risk. You agree to and acknowledge the possibility of a discontinuity or disruption of the Service(s) and that, subject to these Terms, We will not be liable to You or any third party if You are unable to access Your Account(s) or use the Service(s). 

1.4 Fees and Costs: Fees may be incurred for certain Service(s) provided to You. You agree to pay the applicable fees in accordance with our fee schedule as published on the Site and as may be amended from time to time. We may change the fees for any Service(s) from time to time, at our sole discretion. Please see Section 10 for more information.

In order to access the Service(s), You must prepare and bear costs for the following:

  • An internet-connected device capable of securely accessing the Site, including but not limited to a computer or other internet-connected terminal;

  • Internet access, including but not limited to any equipment needed for such access; and

  • Any other equipment, software, or assistance needed to securely access the Site and Service(s).

1.5 Account Security: We will never ask You to reveal any passwords or keyphrases, nor will We ask You to transmit any funds or digital assets (hereinafter “Assets”) to bank accounts or addresses that are not listed on our trading platform. Do not trust any discount or promotions-related information that is not accessed through the Site. To the extent permitted by law, We will not be responsible for any losses caused by transmitting Assets to bank accounts or digital asset addresses that are not listed on the Site. Please see Section 4 for more information.

1.6 Service Changes: You agree that We may change or suspend any or all of the Service(s) at any time. Please see Section 11 for more information.

1.7 User Information: We may, and in some instances are required by law to, investigate and determine the background and purpose behind Your use of the Service(s). You are required to provide comprehensive, up-to-date, and accurate information when requested by Us. You shall also keep Your contact information updated at all times and We will not be responsible or liable for Your failure to do so. If We have reasonable grounds to suspect that any information You provide is inaccurate, We may temporarily or permanently restrict Your access to some or all of the Service(s) provided by Us.  In the event that We temporarily or permanently restrict Your access to some or all of the Service(s), We will not be liable to You or any third party as a result of such restriction(s). 

1.8 Our Role and Associated Order Allocation:

1.8.1 We may use the Service(s) by trading our own corporate Assets from time to time, as a principal or on the behalf of a third party. Such activity may include, but is not limited to, buying or selling digital assets, placing orders to buy or sell digital assets, acting as a market maker for certain digital assets, and using the Service(s) on a proprietary basis. Orders submitted and trades executed by Us are not distinguished from other offers and trades on Our platform (i.e. if We use the Site to enter trades on our own behalf, Our trades will not be prioritized differently from the trades of other users).  We may thus act as a counterparty to any trade executed by You or other users of the Service(s), without Your knowledge.

1.8.2. We may learn of certain information that constitutes “insider information” as defined under certain laws or regulations. We do not disclose any such “insider information” to anyone and We do not use such “insider information” to trade in digital assets or attempt in any way to profit from any such information.

1.8.3 Our utilization of the Service(s) may lead to potential or actual conflicts of interest with other counterparties, including users. Such trading activity, as described in Clause 1.8.1, may include Us engaging in transactions with multiple counterparties, including users, where interests differ. We may at times hold positions or engage in transactions that are contrary to the interests of certain counterparties, including users. We have no fiduciary duty to You and do not undertake to act in any fiduciary capacity. 

1.9 Limited Services Terms: Notwithstanding anything contained herein to the contrary, if You are directed to this Site through a third-party channel to complete certain transactions with credit cards, debit cards or local instant transfer methods, You agree and acknowledge that the services provided to You by Us are limited to those transactions, and that irrespective of any use of the words “purchase”, “sale” or similar terms, no full rights or privileges are granted to You under this Agreement. We have no control over, or liability for, the delivery, quality, safety, validity, legality or any other aspect of any goods, services or technology that You may purchase or obtain from a third party (hereafter the “Third-Party Services”). We are not responsible for ensuring that any third party You transact with will complete the Third-Party Services or is authorized to do so. Be aware that Third-Party Services may have separate costs and fees associated with the goods, services or technology they provide, which are independent from Our fees and are Your responsibility. If You experience a problem in relation to the Third-Party Services or if You have a dispute with such third party, You should resolve the dispute directly with that third party. You are fully responsible for all acts or omissions of any third party with respect to your Account(s). Further, You acknowledge and agree that You will not hold Us responsible for, and will indemnify Us from, any liability arising out of or related to any act or omission of any third party with access to Your Account(s).

2. ELIGIBILITY AND PROHIBITION OF USING OUR SERVICES

2.1 Eligibility: If You are registering to use the Service(s) as a natural person, You represent and warrant that You are at least 18 years of age and have not previously been suspended or removed from the Site or Service(s). There are certain features that may or may not be available to You depending on Your location and other criteria. If You are registering to use the Service(s) on behalf of a legal entity (e.g., corporate or institutional customers), You represent and warrant that such legal entity is duly organized and validly existing under the applicable laws of the jurisdiction of its organization; and You further represent that You are duly authorized by such legal entity to act on its behalf, and that such legal entity agrees to be responsible to Us if You violate these Terms.

You further represent and warrant that neither You nor any person or entity with direct or indirect ownership or control over Your Account(s) are on any trade or economic sanctions lists, such as the Office of Foreign Assets Control (“OFAC”) specially designated national (“SDN”) lists, not a resident of any region or country which the EEA has imposed applicable restrictions or sanction on, nor restricted or prohibited from engaging with Us or using the Service(s) by any law enforcement agencies or regulatory authorities. You also represent and warrant that neither You nor any person or entity with direct or indirect ownership or control over Your Account(s) (including any subaccounts, as applicable) are a resident of any crypto-banned jurisdiction or reside in a jurisdiction where provision or use of the Service(s) is unlawful. Service(s) may not be available in all markets and jurisdictions, and We may restrict or prohibit use of all or a portion of the Service(s) from certain countries/regions/territories.

Any person or entity prohibited by U.S./E.U.-imposed sanctions is also prohibited from using the Service(s). Accordingly, You further represent that You will only transact with eligible users, as defined above.

The content of these Terms is subject to the laws of the country or region where You reside as applicable. As a result, if You do not meet these eligibility requirements, You are prohibited from using the Service(s).

You agree to provide written certification of Your compliance with this Section 2.1 as soon as reasonably practicable when requested by Us.

2.2 Prohibited Businesses: Any use of our Service(s) in connection with any of the following categories of activities or businesses is prohibited (“Prohibited Businesses”): 

  • Unlicensed money service businesses, including but not limited to, payment services providers, the sale of money orders or cashier’s checks or any money transmitter activities

  • Adult content and services, including but not limited to, any types of pornography and other obscene materials (including literature, imagery and other media); sites offering any sexually-related services such as prostitution, escorts, pay-per view, adult live chat features

  • Deceptive marketing and false advertising services

  • Religious and/or spiritual organizations

  • Unlicensed sale of weapons of any kind, including but not limited to, firearms, ammunition, knives, explosives, or related accessories

  • 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

  • Pseudo-pharmaceuticals - Companies manufacturing and or selling untested or unapproved pharmaceuticals

  • 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

  • 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 (e.g., poker), or other activities that facilitate any of the foregoing

  • Money-laundering, fraud, terrorist financing, or any other type of financial crimes

  • Any sort of Ponzi scheme, pyramid scheme, or multi-level marketing program

  • Goods or services that infringe or violate any copyright, trademark, or proprietary rights under the laws of any jurisdiction

  • Layaway systems, or annuities

  • Counterfeit or unauthorized goods, including but not limited to, sale or resale of fake or “novelty” IDs, sale of goods or services that are illegally imported or exported or which are stolen

  • Wash trading, front-running, insider trading, market manipulation or other forms of market-based fraud or deceit

  • Purchasing goods of any type from hidden service markets or “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)

  • 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 bank or payment partners; or

  • Any other unlawful activities which would 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

  • Shell banks or financial institutions that have customers that are shell banks 

  • Entities with bearer share ownership

  • Defense industry, firearms & munitions manufacturers

  • Nuclear energy

  • Restricted financial services, including but not limited to credit repair, debt settlement, refinance, bail bonds, collections agencies

  • Transactions or business involving ivory and protected species

In the event that We learn or reasonably suspect, in Our sole and absolute discretion, that any of Your Account(s) are or may be associated with any of the Prohibited Businesses as set forth above, We will consider You to be in violation of these Terms and We may suspend or terminate Your Account(s), cancel any uncompleted transactions, freeze Your Assets immediately without notice, or take any other action deemed necessary by a law enforcement agency, regulator, our internal compliance department, or any other authority. We may also, with or without notice, report any such suspected or actual Prohibited Businesses activity to a law enforcement agency, regulator, or any other authority. 

3. RISK DISCLOSURE

3.1 Trading Risk: Trading of digital assets involves significant risk. The risk of loss in trading or holding digital assets can be substantial. You should therefore carefully consider whether trading in digital assets (or any use of margin if permitted/enabled) is suitable for Your financial condition, risk tolerance, or investment objectives. 

You should exercise prudence when trading Your Assets. Prices may fluctuate at any moment. Due to such price fluctuations, Your Assets may increase or decrease in value at any given moment. Any digital asset or trading position may be subject to large swings in value and may even become worthless. Digital assets are not subject to any kind of deposit insurance or securities investors protection regimes.

3.2 FX Conversion Risk:  You agree and understand that any credit card payments you make using currency other than EURO will undergo a standardized FX conversion process. This FX conversion process may in some circumstances be subject to systemic errors and unexpected failures. In the event of such errors and/or systemic failures, as determined by us in our sole discretion, you may receive a balance in EURO or any other supported currency which may be different from the local currency balance you started with at the outset of your payment transaction. This might result in a risk of loss and you agree that you shall bear all costs related to any FX conversion risk resulting from such system errors and/or failure.

3.3 Your Responsibilities: You shall bear any loss as a result of Your actions, including, but not limited to:

  • “Fat finger” input or instructions errors, including price, quantity, and/or timing (market vs. limit order specification) errors;

  • Mistiming or mis-submission of trade instructions;

  • Forgetting or disclosing Your password;

  • Computer or network issues, including any hacks or virus issues related to Your computer or network (or the network You are utilizing);

  • Transfer-in or withdrawal of digital assets or fiat currencies to or from the wrong account;

  • Executing instructions provided to You by a third-party; or

  • Third parties accessing and using Your account for any reason.

In the event of Your malicious, manipulative, or abusive use of the Service(s), a violation of these Terms of Service, and/or any other behaviors or methods utilized to gain an unfair advantage, as determined at our sole and absolute discretion, We may take necessary action, including, but not limited to, closing Your Account(s), placing restrictions on account transactions, freezing Assets in Your Account(s), restricting Your access to Your Account(s), commencing legal action against You and/or pursuing other measures of recourse. We may require You to bear all costs incurred as a result of any action taken by Us under this Section 3.3, including legal fees and costs. In addition, it is Your sole responsibility to ensure that all account information is verified before making any transfers so that digital assets or fiat currencies are transferred into the correct account. Digital assets or fiat currencies transferred to a wrong account are typically irreversible. If You transfer digital assets or fiat currencies to a wrong account and such account is controlled by Us, We will have the sole discretion to reject the transaction and return to You the relevant amount of digital assets or fiat currencies, less applicable fees. 

We take fraud and scams very seriously and work diligently to prevent them. However, We cannot be held responsible for any losses incurred by You as a result of engaging with fraudulent or scam companies outside of Our platform. It is Your responsibility to conduct Your own due diligence and exercise caution when dealing with third-party entities. We strongly recommend that You only purchase and transfer cryptocurrency to trusted and verified wallets. If You experience a loss from falling victim to a scam, We will cooperate with You and any relevant authorities to the best of Our ability. However, We cannot guarantee the recovery of any lost Assets, will not be liable for the value of any lost Assets, nor can we be held liable for any chargebacks resulting from such losses. By using Our platform, You acknowledge and agree to assume all risks associated with Your cryptocurrency purchases and transfers.

3.4 Our Responsibilities for Credit Card Transactions: Our obligation to You as the cardholder is to provide a reliable and efficient platform for purchasing and depositing cryptocurrencies. Any digital asset You purchase using Your credit card will be credited into Your account and Our obligation in this regard will be deemed complete when the digital asset amount purchased by You is delivered and reflected in Your account. We will not be responsible for any losses that may occur after that point. You are solely responsible for the management of these digital assets once credited.

4. YOUR ACCOUNT

4.1 Account Registration and Identity Verification: In order to use any of the Service(s), You must first register to use the Service(s) by providing all information requested by Us, which may include Your email and/or mobile phone number, full name, date of birth, residential address, government identification number, taxpayer identification number, video ID authentication, and other personal or company information necessary to verify Your identity, along with affirming these Terms. You agree to provide such information at registration and on an ongoing basis for the purposes of identity verification and the detection of money laundering, terrorist financing, fraud, or any other financial crime, including without limitation (as relevant) a copy of Your government-issued photo ID, or evidence of residency such as a lease or utility bill. From time to time, We may send You requests to confirm or update the information You have provided. We may suspend access to Your Account(s) if We do not receive an adequate response from You. We may, in our sole discretion, refuse to allow You to register to use the Service(s) or limit Your ability to register multiple accounts. By registering an account with Us, You agree and represent that You will use that account only for Yourself, and not on behalf of any third party, unless approved by Us. If You are a corporation, You shall register a corporate account with Us. An individual shall not use their individual account for business purposes. 

4.2 Protecting Your Account: You agree not to enable anyone to use or direct Your Account(s), unless authorized by Us, and to update Us of any information change or if Your account has been compromised. You are solely responsible for keeping, protecting, and safeguarding any keys, certificates, passwords, access codes, user IDs or other credentials and login information (collectively “Credentials”) that have been provided to You or that are generated in connection with Your use of the Service(s). You are responsible for creating strong Credentials and maintaining security and control of any and all Credentials that You use to access the Site and Service(s). If You lose your Credentials, You may not be able to access your Account(s). For any activities in Your Account(s) using Your Credentials, You authorize Us to presume that You authorized such transactions, unless You notify Us otherwise. If You notice or suspect an unauthorized transaction occurred using Your Account(s), or that a transaction was incorrectly carried out, You must contact Us immediately with underlying documentation evidencing your request by email to support@okx.com. It is Your responsibility to check Your account balances and transaction history regularly to ensure You are made aware of any suspicious account activity. We are not responsible for any liability, loss, or damage resulting from unauthorized or incorrect transactions due to Your failure to abide by this Section 4.2. We further assume no responsibility for Your failure to follow or act on any notices or alerts that We may send to You.

4.3 Password Recovery: If You lose Your password(s) You may reset it after being verified through Your registered email address and/or phone number. If You have 2-factor authentication (“2FA”) enabled via an authenticator app, You may also be asked to confirm Your 2FA code. If You need to reset both Your password and 2FA (e.g., lost 2FA app device or failed to migrate 2FA), You will need to contact support@okx.com for additional support and may be subject to enhanced identity verification procedures. These enhanced identity verification procedures are necessary to ensure the security of our users’ accounts. You agree to be subject to any enhanced identity verification procedures We deem necessary. Refusal of such procedures may render You unable to access Your Account(s).

4.4 Account Closure: You may close Your Account(s) at any time. Closing an account will not affect any rights and obligations incurred prior to the date of account closure. You may be required to either cancel or complete all open orders and, in accordance with the provisions of these Terms, provide transfer instructions of where to transfer any Assets remaining in Your Account(s). You are responsible for any fees, costs, expenses, charges, or obligations (including, but not limited to, attorney and court fees or transfer costs of fiat currency or digital assets) associated with the closing of Your Account(s). If the costs of closing Your Account(s) exceed the value in Your Account(s), You will be responsible for reimbursing Us. Closing Your Account(s) will not permanently delete Your personal data, which may be required to be retained to comply with all applicable laws and regulations.

4.5 Account Suspension and Investigation: You agree and acknowledge that We may suspend Your Account(s) at any time, in our sole and absolute discretion. You also agree we may freeze/lock the Assets in all such accounts and temporarily or permanently suspend Your access to the Site if we suspect, in our sole and absolute discretion, any of the following: 

  • The account is in violation of any of these Terms;

  • The account is in violation of any applicable laws or regulations;

  • The account is in violation of Anti-Money-Laundering/Counter-Terrorism Financing laws;

  • The account is in violation of a regulatory authority requirement, court order, or other applicable law;

  • The account is subject to a government, regulatory authority, or court-ordered levy, judgment, or other asset turnover requirement (“Levy”);

  • The account is, or is related to any account that is, subject to any pending litigation, investigation, or governmental proceeding;

  • The account has a balance that needs to be reconciled for any reason;

  • If We suspect that an unauthorized person is attempting to gain access to the account;

  • If We suspect that You are using Your credentials or other account information in an unauthorized or inappropriate manner;

  • If We suspect that the account is related to any Prohibited Businesses as set forth in Section 2.2;

  • If We suspect that there are suspicious and/or fraudulent activities on the account; or

  • The account has not been accessed in over one year.

You agree and acknowledge that We have the right to immediately investigate Your account and any related account, if we suspect, in our sole discretion, that any such account has committed a violation of these Terms or violation of applicable laws or regulations.

4.6 Account Termination: You agree and acknowledge that We have the right to terminate any account at any time at our sole discretion. You further agree and understand that We have the right to take any and all necessary and appropriate actions pursuant to these Terms and/or applicable laws and regulations, including but not limited to applicable escheatment laws and procedures including. If Your account is terminated, we will return Your Assets, less the value of any trading fee discounts, rebates, costs, expenses and/or damages that we are entitled to pursuant to these Terms. If Your account is not subject to an investigation, court order, or subpoena, You authorize Us to return Your fiat balance (less any trading fee discounts, rebates, costs, expenses and/or damages to which We are entitled) to any bank account linked to Your account, unless otherwise required by applicable law. If there are any digital assets remaining in Your account, You agree to provide Us with a digital asset address held in Your name upon receiving written notice, so that We can return the remaining digital assets to You.

4.7 Reversals and Cancellations: You agree and understand that You cannot cancel, reverse, or change any transaction that has been marked as complete in Your Account(s). We may refuse to process, or to cancel or reverse, any transaction conducted under Your Account(s) in our sole and absolute discretion, even after the related Assets have been debited from Your Account(s), and we are under no obligation to allow You to reinstate a purchase or sale order at the same price or on the same terms as the canceled transaction:

  • if We suspect the transaction involves (or has a high risk of involvement in) suspicious trading activity or violations of these Terms;

  • if We have reason to believe there was an obvious error in any term, including but not limited to the price, amount or any other information about the trade;

  • if there was disruption or malfunction in the operation of any trading system; or

  • if there were extraordinary market conditions or other circumstances in which the nullification or modification of transactions may be necessary.

4.8. Right of Offset and Recoveries: In the event that there are insufficient Assets in Your Account(s) due to a chargeback, payment dispute, wire recall, SEPA reversal, credit error or other similar occurrence, or Your Account(s) are subject to a Levy that We reasonably determine is valid in Our sole and absolute discretion, You expressly authorize us to freeze, debit, convert, withhold, and/or liquidate any current or future Assets from Your Account(s) to the extent necessary to offset or satisfy any insufficiencies or to satisfy the Levy, to the fullest extent permitted by applicable law. You acknowledge that You will be solely responsible for any and all tax consequences of any such action by Us. In the event that the disposition or liquidation of digital assets is inadequate to satisfy the insufficiencies, You agree that You will immediately deliver, in Euro (or the fiat currency relevant to Your jurisdiction, as applicable), the full amount necessary to alleviate the insufficiency or You will be liable to Us for the insufficiencies in addition to any attorney’s fees, interest or expense associated with its recovery. 

4.9. Credit Reporting and Third-Party Collection Agencies: You agree and acknowledge that, to the extent permitted under applicable law, We may use the services of external credit reporting agencies and third-party collection agencies in the recovery of any loss We incur from transactions and activities in Your Account(s).

4.10 Electronic Delivery: We may be required to provide certain legal and regulatory disclosures, periodic statements, confirmations, notices, tax forms, and other communications (collectively “Communications”) to You in written form. By agreeing to these Terms, you consent to Us delivering such Communications to you in electronic form. Consent for electronic delivery applies to the statements that are furnished every year. If You no longer have access to the account You used to receive the Communications in electronic form, You are required to update Your information under Section 4.1 herein and You may contact Customer Service at support@okx.com to do so.

5. TRANSFER-IN AND WITHDRAWAL

For the purpose of these Terms, transfers-in and withdrawals will include transfer and withdrawal of either fiat currency or digital assets into/from Your Account(s).

5.1 Fiat Currency: We may provide users with various fiat transfer-in and withdrawal options from time to time based on their locations, including but not limited to wire, SEPA (or equivalent payment services), or indirect transfers to/from a Payment Service Provider (“PSP”) and/or any bank account(s) held by a PSP. The current fiat transfer-in and withdrawal options and fee schedule are available here. The amount You transfer-in to Your Account(s) may be on hold until after the transfer-in clears. The name on the bank account linked to Your transfer must match the name verified on Your account. 

For eligible users, SEPAtransfer-in may be made available for immediate use in Your account, and You will receive an email confirmation with transaction details upon authorizing any SEPA transactions. However, these funds and any digital assets bought with such funds may be subject to a withdrawal holdup period of up to thirty (30) business days or longer, based on Your risk profile, as determined at our sole and absolute discretion (“Withdrawal Hold Period”). Once Your SEPA Withdrawal Hold Period has been satisfied, You will be able to withdraw these funds and any digital assets purchased with them. In the case where an SEPA transfer-in is recalled or the associated funds are otherwise returned to Your bank account and the pre-credited funds have already been utilized, We will debit Your account with the same amount that was deposited. If this causes Your account balance to be negative, You will have to deliver funds or sell a certain portion or all of Your digital assets to bring Your account balance back to positive. If You fail to promptly do so after Your account goes negative, We may, at our sole and absolute discretion and subject to applicable law, avail ourselves of remedies set forth in these Terms to recover any amount You owe to Us, including but not limited to, debiting, converting, and/or liquidating Assets available in Your Account(s) at a market rate of exchange until such negative balance is recovered.

You agree and acknowledge that the above-mentioned transfer-in and withdrawal options may not be processed outside of normal banking hours, and settlement times may be subject to bank holidays, the internal processes and jurisdiction of your bank, the internal processes of our banks, or other delay resulting from factors outside of our reasonable control. You further agree and acknowledge that You are solely responsible for any negative account balances in Your Account(s) resulting from such delays. 

5.2 Digital Assets: Digital asset deposits will typically be credited to Your Account(s) after the required number of network confirmations have occurred on the blockchain for such digital assets, as determined by Us in Our sole and absolute discretion. Digital asset withdrawals will typically be processed at the speed of the relevant digital asset network. You agree and acknowledge that digital assets are not legal tender, are not backed by the government, and accounts and value balances are not eligible for any kind of deposit insurance or securities investors protection regimes. You further agree and acknowledge that digital asset deposits and/or withdrawals may be delayed or impacted by network disruptions or other conditions (whether controlled by Us or a third party) for which we will not be held responsible. 

At any time when You transfer-in digital assets to or initiate a withdrawal of digital assets from Your Account(s), You are required to verify that all steps have been properly taken so as to ensure that the transfer-in or withdrawal is properly made, including that the wallet address that You are initiating such transfer-in from and/or sending a withdrawal to is owned or controlled by You, and that Your Account(s) accurately reflects the transaction. You also agree to provide all requisite information to Us to facilitate the transfer-in or withdrawal service.

6. FIAT BANK DEPOSITS AND FIAT BANK CUSTODY

Fiat funds in Your Account(s) are never held or custodied by Us. Fiat funds are directly deposited and held in one or more segregated custodial accounts at one or more duly-registered and licensed third-party banking institutions on trust for the benefit of Site users. Fiat funds are not held in accounts that are plated or designated on behalf of any individual or single user of the Site.

7. THIRD-PARTY SERVICE PROVIDERS

You agree and acknowledge that We may use third parties, affiliates or subsidiaries to gather, review, and transmit Your data and activity from one or more of Your financial institutions to Us. By accessing or using the Service(s), You agree to grant third-party providers that We may engage with the right, power, and authority to access and transmit Your transaction data, activity, and personal and financial information either directly from You or from one or more of Your financial institutions to Us in accordance with and pursuant to their terms and conditions, Privacy Notice, and/or other policies.

By using Our Service(s), You agree that the data sources that maintain Your Account(s) and any third-party providers that interact with Your credentials or account data in connection with Our Service(s) are not liable for any loss, theft, compromise, or misuse whatsoever in connection with Our Service(s) (including negligence), except to the extent such liability cannot be limited under applicable law. For purposes of these Terms, “data source(s)” referred herein means a third-party information source where a User holds an account from which our third-party service provider retrieves information (for example, a financial institution URL, website, server, or document).

You agree that the data sources make no warranties of any kind related to the data provided by our Service(s), whether express, implied, statutory, or otherwise, unless explicitly provided by each specific data source. Except for portable-document-format configured documents (“.pdf” or “PDFs”) of official account documents, which we retrieve on Your behalf and provide to You without alteration, no data provided by our Service(s) is an official record of any of Your Account(s). 

8. USERS’ RIGHTS AND LIMITATIONS TO USE

We grant You a limited, non-exclusive, non-transferable permit, subject to these Terms, to access and use the Site and Service(s), solely for purposes approved by Us. You agree not to 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 any of Our source code or similar proprietary or confidential data or other similar information, without our prior express written consent.

You may not use the Site for any unlawful purpose.

You agree that:

  • All rights, title and interest in the Service(s) and associated software, website and technology, including all intellectual property rights therein, are and will remain with Us;

  • No right or interest in the Service(s) is conveyed other than the limited licenses granted herein;

  • The Service(s) are protected by the copyright and other intellectual property laws; and 

  • All rights not expressly granted in these Terms are reserved.

9. USER OBLIGATIONS/PROHIBITIONS

9.1 You shall not register multiple accounts on The Exchange unless pre-approved by Us.

9.2 You shall not use another user’s account without proper authorization.

9.3 You shall not utilize the Site or Service(s) to engage in or facilitate any illegal activities. 

9.4 You shall not utilize the Site or Service(s) to engage in or in connection with any commercial activities without Our express written consent.

9.5 You shall comply with all applicable laws and regulations and bear the responsibility and legal consequences of Your own actions when using the Site and Service(s). In addition, You shall not infringe the legitimate rights and interests of any third party. 

9.6 If You violate or, in Our good-faith determination, are suspected of violating any obligations above, as determined at our sole and absolute discretion, We have the right to take all necessary measures directly, including but not limited to deleting any violating content posted by the user, freezing the Your Assets or Account(s), clawing back any unlawful gains, and pursuing civil or criminal prosecution.

10. FEES

10.1 We reserve the right to set user service charges according to these Terms. We also reserve the right to formulate and adjust the service charges, set service charges specific to You, or terminate any promotional offers at any time.

10.2 Unless otherwise stated or agreed upon in writing, You agree that We may deduct the above-mentioned service charges directly from the Assets in Your Account(s) once the Service(s) have been provided.

10.3 Current Fee information is available here.

10.4 At Our sole discretion, regional or jurisdiction-specific pricing may apply based on Your residence or location.

10.5 If You fail to pay the applicable fees (including, but not limited to, service charges) in full or on time, We reserve the right to interrupt, suspend or close Your Account(s).

10.6 Additional Fees and Charges: 

We offer a variety of deposit and withdrawal channels. Deposit and withdrawal fee information can be viewed here.

You are responsible for paying any additional fees charged by any financial service providers (including but not limited to PSPs, banks, and card schemes, hereinafter individually and collectively referred as the “Financial Service Provider(s)”) used to process a transfer to or from Your Account(s). We will not process a transfer if associated fees charged by the Financial Service Provider exceed the value of the transfer. You may be required to transfer in additional fiat to cover such fees in order to complete such a transfer. We have no control over, nor will We be liable for, such fees charged by these Financial Service Providers. 

11. CHANGE, INTERRUPTION, TERMINATION, AND DISCONTINUANCE OF SERVICES

11.1 Service Change and Interruption: We may change, interrupt, suspend or terminate the Service(s) at any time without notice, although We will attempt to provide reasonable notice when practicable.

11.2 Service Discontinuance and Termination: We reserve the right, in its sole and absolute discretion, to discontinue or terminate the Service(s) provided to You without notice at any time, temporarily or permanently, including, but not limited to, in the following cases:

  • If the personal information You provided is not true, complete, accurate, or is otherwise inconsistent with the information provided at the time of original registration;

  • If You violate an applicable law or regulation, or these Terms;

  • If required by any applicable law or regulation, or the requirements of a government authority with jurisdiction; or

  • For security reasons or other necessary circumstances, as determined at our sole and absolute. discretion.

12. TAXES AND COMPLIANCE WITH LAWS

12.1 It is Your sole responsibility to determine whether, and to what extent, any taxes apply to any transactions You conduct using the Service(s), and to withhold, collect, report and remit the correct amounts of taxes to the appropriate tax authorities. You agree that We do not provide legal or tax advice and are not responsible for determining whether taxes apply to Your transactions or for collecting, reporting, withholding or remitting any taxes arising from any transactions. You also acknowledge that You are not subject to any backup withholding in any jurisdiction. We advise You to consult a tax professional regarding Your specific tax situation.

12.2 You agree to comply with all relevant laws and regulations. Regarding the prevention of terrorist financing and anti-money laundering, We will work with local authorities and may report certain transactions to the local authorities in accordance with applicable laws and regulations. When using our Service(s), You represent and warrant that Your actions are legal and the source of any Assets used with the Service(s) are not derived from unlawful activities or any Prohibited Businesses. If We suspect, in Our sole and absolute discretion, that You are in violation of this Section 12.2, You may be subject to the remedies available to Us under Section 4 of these Terms.

13. Privacy Notice STATEMENT

Please refer to our Privacy Notice Statement for information about how We collect, use, and share Your information.

14. INDEMNIFICATION

Subject to applicable laws, except for The Exchange’s willful misconduct or fraud, You shall indemnify, hold harmless, and defend The Exchange, its parent and affiliates, and its and their employees, officers, directors, representatives, agents, contractors, and successors (collectively, the “Indemnified Party”) from and against any and all claims, losses, liabilities, damages, judgments, penalties, fines, costs, and expenses of any kind (including professional fees and reasonable attorney’s fees) (collectively “Losses”) which may be suffered or incurred by any of the Indemnified Party any as a result from or arising out of:

  • Your use of the Service(s) hereunder;

  • Your failure to perform Your obligations under these Terms; 

  • Your breach of any warranties and representations made to Us under these Terms; 

  • any third-party claim related to Your use of the Service(s);

  • Your failure to comply with any applicable federal, state, or local laws and regulations in the performance of Your obligations hereunder; or

  • any investigation, claim, suit, action or other proceeding against The Exchange relating to or arising out of Your use of the Service(s) by a governmental authority or regulatory or self-regulatory agency or organization.

We may, in our sole discretion, obtain sole control of the defense thereof. Unless otherwise explicitly agreed to by Us in writing, settlement of any Losses will not be entered into unless such settlement completely releases the Indemnified Parties of all liability..

15. DISCLAIMER

15.1 User Information: We are not responsible for the failure to preserve, modify, delete or store information provided by You, nor will We be liable for any typographical or clerical errors caused by Us. We have the right but not the obligation to improve or correct any omission or error of any part of this Site.

15.2 NO WARRANTY: THE SERVICES WE PROVIDE ARE PROVIDED TO YOU ON A STRICTLY “AS IS”, “WHERE IS” AND “WHERE AVAILABLE” BASIS WITHOUT ANY REPRESENTATION OR WARRANTY, WHETHER EXPRESS, IMPLIED OR STATUTORY. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAWS AND REGULATIONS, OKCOIN SPECIFICALLY DISCLAIMS ANY WARRANTIES, EITHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO UNINTERRUPTED OR CONTINUOUS AVAILABILITY OF SERVICES, IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND/OR NON-INFRINGEMENT. OKCOIN DOES NOT MAKE ANY REPRESENTATIONS OR WARRANTIES THAT ACCESS TO THE SITE, ANY PART OF THE OKCOIN SERVICES, OR ANY OF THE MATERIALS CONTAINED THEREIN, WILL BE CONTINUOUS, UNINTERRUPTED, TIMELY, OR ERROR-FREE, AND THAT THERE ARE NO VIRUSES OR OTHER HARMFUL COMPONENTS ON THE PLATFORM. OKCOIN DOES NOT GUARANTEE THAT ANY ORDER WILL BE EXECUTED, ACCEPTED, RECORDED OR REMAIN OPEN. EXCEPT FOR THE EXPRESS STATEMENTS SET FORTH IN THESE TERMS, YOU HEREBY ACKNOWLEDGE AND AGREE THAT YOU HAVE NOT RELIED UPON ANY OTHER STATEMENT OR UNDERSTANDING, WHETHER WRITTEN OR ORAL, WITH RESPECT TO YOUR USE AND ACCESS OF THE OKCOIN SERVICES AND OKCOIN SITE. WITHOUT LIMITING THE FOREGOING, YOU HEREBY UNDERSTAND AND AGREE THAT OKCOIN WILL NOT BE LIABLE FOR ANY LOSSES OR DAMAGES ARISING OUT OF OR RELATING TO: (A) ANY INACCURACY, DEFECT OR OMISSION OF DIGITAL ASSETS PRICE DATA, (B) ANY ERROR OR DELAY IN THE TRANSMISSION OF SUCH DATA, OR (C) INTERRUPTION IN ANY SUCH DATA.

15.3 User Opinion: Any comment published by a user is the sole purview of that user, and does not represent the views, opinions, or beliefs of The Exchange or of this Site. Neither The Exchange nor this Site will bear any legal responsibility for consequences caused by such user comments.

15.4 Announcements: Official announcements may be made through a formal page announcement, station letter, e-mail, customer service phone call, SMS, pop-up or regular mail delivery. We disclaim any and all liability for information obtained from channels other than those mentioned in this paragraph.

15.4.1 Messaging Opt-In: You agree that We may send You messages regarding Your Account(s)’ security, marketing via SMS, OTP, e-mail, phone, or other contact means We collect from You or a third-party for account security and verification purposes described under Sections 4 and 5 or other relevant sections. You will always be given the option to unsubscribe from receiving any marketing material from Us.

15.5 LIMITATION OF LIABILITY: NOTHING IN THESE TERMS EXCLUDES THE LIABILITY OF OKCOIN FOR ITS FRAUD, GROSS NEGLIGENCE, INTENTIONAL VIOLATIONS OF LAW, OR FOR ANY OTHER LIABILITY WHICH BY LAW CANNOT BE EXCLUDED, UNLESS APPLICABLE LAW EXPLICITLY ALLOWS SUCH EXCLUSION. SUBJECT TO THIS CLAUSE AND THE LAW, IN NO EVENT WILL THE PARTY HEREOF, ITS AFFILIATES AND SERVICE PROVIDERS, OR ANY OF ITS RESPECTIVE OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES OR REPRESENTATIVES, BE LIABLE TO YOU FOR: (A) ANY AMOUNT GREATER THAN THE VALUE OF THE SUPPORTED DIGITAL ASSETS ON DEPOSIT IN YOUR ACCOUNT AT THE TIME THE EVENT GIVING RISE TO YOUR CLAIM FIRST AROSE; OR (B) ANY LOST PROFITS, DIMINUTION IN VALUE OR BUSINESS OPPORTUNITY, ANY LOSS, DAMAGE, CORRUPTION OR BREACH OF DATA OR ANY OTHER INTANGIBLE PROPERTY OR ANY SPECIAL, INCIDENTAL, INDIRECT, INTANGIBLE, OR CONSEQUENTIAL DAMAGES, WHETHER BASED IN CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY, OR OTHERWISE, ARISING OUT OF OR IN CONNECTION WITH AUTHORIZED OR UNAUTHORIZED USE OF THE SITE OR THE SERVICES, OR THESE TERMS OF SERVICES, EVEN IF AN AUTHORIZED REPRESENTATIVE OF OKCOIN HAS BEEN ADVISED OF OR KNEW OR SHOULD HAVE KNOWN OF THE POSSIBILITY OF SUCH DAMAGES BEFOREHAND. 

DESPITE ANYTHING ELSE IN THESE TERMS, IF AN APPLICABLE LAW IMPOSES A LIABILITY ON OKCOIN WHICH CANNOT BE EXCLUDED, BUT PERMITS THE PARTY TO LIMIT THAT LIABILITY, OKCOIN’S LIABILITY IS LIMITED TO THE MAXIMUM EXTENT PERMITTED BY LAW. IF THE JURISDICTION OF THE PARTY DOES NOT ALLOW FOR THE EXCLUSION OF CERTAIN WARRANTIES OR THE LIMITATION OR EXCLUSION OF LIABILITY FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES, SOME OF THE LIMITATIONS SET FORTH ABOVE MAY NOT APPLY TO YOU.

16. APPLICABLE LAW AND JURISDICTION

These Terms are governed by and shall be construed in accordance with the laws of Malta without regard to any choice or conflict of laws rules.

17. DISPUTE RESOLUTION

Any dispute, controversy or claim, whether contractual or non-contractual, arising out of or in connection with these Terms, or the breach, termination or invalidity thereof, or any other issue which shall arise in virtue of these Terms, shall be referred to and finally settled by arbitration in terms of the UNCITRAL Rules of Arbitration in accordance with the provisions of Part V (International Arbitration) of the Arbitration Act (Chapter 387 of the Laws of Malta). Any arbitration commenced pursuant to this Clause shall take place in the English language. The number of arbitrators shall be one, to be appointed by agreement between the parties to the proceedings. Failing such agreement within fourteen (14) days from the due notification of a written request to concur in the appointment of the arbitrators, appointment shall take place by the Chairman of the Malta Arbitration Centre. 

18. GENERAL PROVISIONS

18.1 Severability: If any provision of these Terms is deemed to be unlawful, invalid or unenforceable for any reason, such provision will be deemed to be severed and will not affect the legal effect of any other provision.

18.2 Complaints: If You have any complaints, feedback, or questions, please contact our Customer Service at support@okx.com. When You contact us, please provide Us with Your name, email address, and any other information we may need to identify You, as well as the transaction on which You have feedback, questions, or complaints.

18.3 Assignment: You may not assign any rights, obligations and/or licenses granted under these Terms without our prior written consent. Any attempted transfer or assignment by You in violation hereof will be null and void. We may assign Our rights and obligations without restriction, including without limitation to any of our affiliates or subsidiaries, or to any successor in interest of any business associated with Us. Subject to the foregoing, these Terms will bind and inure to the benefit of The Exchange, its successors, and permitted assigns.

18.4 Change in Control: In the event that The Exchange is acquired by or merged with a third-party entity, We may, in any of these circumstances, transfer or assign the information We have collected from You as part of such merger, acquisition, sale, or other change of control.

18.5 Force Majeure: You agree that in no event will We be liable for any delays, failure in performance or interruption of service which may result directly or indirectly from any cause or condition beyond any Party’s or any of our Service Providers’ reasonable control, including but not limited to, significant market volatility, pandemics, epidemics, any delay or failure due to any act of God, act of civil or military authorities, act of terrorists, civil disturbance, war, strike or other labor dispute, fire, pandemic, epidemic, interruption in telecommunications or Internet services or network provider services, failure of equipment and/or software, other catastrophe or any other occurrence which is beyond our reasonable control.

18.6 Unclaimed Property: If Your Account(s) are inactive, there are Assets in Your Account(s), and You have not responded to our attempts to contact You for the applicable period of time (as defined under the unclaimed property or similar laws of the relevant jurisdiction), We may have an obligation to report any Assets in Your Account(s) to the applicable governmental entity as unclaimed property. If this occurs, We will attempt to locate You at the last updated address shown in Our records. If We are unable to locate You, We may be required to deliver any such Assets to the applicable jurisdiction’s designated custodian as unclaimed property.

18.7 No Advice Provided: You agree and understand that We do not provide legal, tax, or investment advice, that Your use of the Service(s) is self-directed, and that it is Your responsibility to consult with qualified professionals in Your own jurisdiction prior to using the Service(s) or implementing any financial plan.

18.8 Miscellaneous: These Terms set forth the complete terms and conditions with respect to the subject matter hereof and supersede all prior understandings and communications relating thereto. Unless incorporated by reference into the Terms, no term or condition of any other document provided to The Exchange which is different from, inconsistent with, or in addition to the terms and conditions set forth herein will be binding upon The Exchange. You represent, warrant and undertake that all information disclosed to The Exchange in connection with these Terms are true, accurate, and complete.

18.9 Language: These Terms may be posted in different languages. If there are any discrepancies, the English version will prevail.