The following terms are for specifying rights∙duties and other subjects required for using all sorts of services (hereinafter collectively called as ‘the service’) that Huobi Inc. (hereinafter referred to as ‘the Company’) provides.
- 1. The Company notifies the following terms at the initial screen page or equivalent for the member to acknowledge the terms without difficulty.
- 4. According to the Third Amendment, if the member do not declare any intention against the change of terms when the member is clearly notified that in the absence of any declaration of intention from the member till the day before the enforcement date, the member is considered to be agreeing to the change of terms.
- 5. If the member do not agree to the change of terms the Company cannot enforce the change of terms, and in this case the member may terminate the service contract.
Clause 3 (Regulations in addition to Terms)
Clause 4 (Definition of Terminology)
- 2. ‘Service’ refers to the Company’s virtual asset transaction services and all sorts of related services that members can utilize using all sorts of wire-wireless equipment such as computers and mobile devices
- 4. ‘Password’ refers to combination of letters, numbers, etc. confirmed by the Company in order to identify the member and protect personal information
- 5. ‘Virtual asset’ refers to encrypted digital cash that can be exchanged within the service such as Bitcoin, Ethereum, etc.
- 6. ‘KRW’ refers to virtual cash which the member can use within the service for trading cryptocurrencies, and it can also be exchanged for Korean won(legal tender) in one-to-one ratio.
- 7. ‘KRW Market’ refers to market for trading cryptocurrencies using KRW as the key currency.
- 8. ‘Pair Market’ refers to market for trading cryptocurrencies using cryptocurrencies such as Bitcoin and Ethereum as the key currency
- 9. ‘External Virtual asset Address’ refers to all virtual asset addresses or accounts owned or used by the member or others outside of the service. External virtual asset address is not owned, controlled or managed by the Company.
- 10. ‘Digital Wallet’ refers to virtual asset wallets owned by the member in order to store KRW and cryptocurrencies, linked to the member ID. The member can exchange cryptocurrencies with ‘External Virtual asset Address’ through this ‘Digital Wallet’.
- 11. ‘Assets’ refers to both cryptocurrencies and KRW.
Clause 5 (Closing the Service Contract)
- 1. The service contract is closed when the person who is willing to be a member(hereinafter “the applicant”) agrees to the terms that the Company offers, completes the application process, and when the Company confirms the application.
- 2. The Company may reject the application according to the following reasons, and may even cancel the confirmation or terminate the service contract in case which the following reasons are verified.
- ① In case which the applicant had been disqualified as the member before
- ② In case which the applicant used a false name or did not use one’s own name
- ③ In case which the applicant submitted false or wrong information or did not submit the information the Company required
- ⑤ In case which the applicant intends to use the service for malicious purposes or other promotional purposes.
- ⑥ In case which the applicant willing to make transactions in the KRW market is under the age of 19 or not a citizen of Republic of Korea.
- 3. The service contract is valid from the moment when the Company states that the account is now created or when the Company’s statement is delivered to the applicant.
- 4. The Company may request processes such as real name authentication or identity verification through specialized agencies in order to validate the applicant’s information as long as it does not violates the law.
Clause 6 (The Member’s Responsibility for Managing One’s Account and Password)
- 1. The member should only use one’s own account, and using other’s account is strictly prohibited under any circumstances. The member should manage one’s password in one’s own in order to prevent others from using the account without authorization. When the member detects an unauthorized usage, the member should notify the Company immediately, and the Company may take instant actions such as banning the account.
- 2. The member should notify the Company at instance if unauthorized usage of account or password is detected and follow the Company’s instructions. The Company is not responsible for any disadvantages caused by the absence of notification from the member or the ignorance to the Company’s instructions, unless for intentional actions of the Company or when the Company is to blame.
- 3. The Company considers the user as the member in cases when the account and password registered by the member matches with the ones registered to the Company.
- 4. For damages caused by the member’s lack of collecting information, unauthorized usage of the member’s account by stealing the password, and the member’s fault, the Company does not bear responsibility unless the Company is admitted to be blamed. In this case, the member may bear compensation duties to the third parties such as victims of electronic finance fraud, and unless the Company is admitted to be blamed for both intentional and accidental disclosure of personal information, the Company is not responsible for any of the member’s compensation duties to third parties.
- 5. Despite the Company notifying about important content about the service contract through email and phone, the member should bear the damages caused by the member’s ignorance for the Second Amendment by oneself.
- 6. The Company is enforcing one account for per person policy to abide by the Law of Real-name Financial Account System. The member should use one’s own account with one’s own name, and cannot use more than one account otherwise with the agreement from the Company.
Clause 7 (Changes in Member Information)
- 1. The member can access and modify one’s personal information through the Settings Menu within the service. However, some information including information used for identifying the members in order to provide and manage the service, may not be available to change according to relevant regulations and management policies of the Company.
- 2. The member should always keep the information up-to-date by updating the information manually within the service, or contacting the customer service center to require the Company to make changes to the information. The Company is not responsible for damages caused by the absence of updating the information unless for intentional actions of the Company or when the Company is to blame.
Clause 8 (Terminating the Service Contract)
- 2. The Company may terminate the service contract with prior notice in the following cases.
- ② In case which the member is responsible for an interruption in the service or in case which the interruption persists despite the restriction in using the service
- 3. In principle, if a member wishes to terminate a service contract, the member shall withdraw all KRW points and each virtual asset from the account and apply for the cancellation of the contract. However, if the balance remains less than the minimum amount available for withdrawal, it will not be returned to the member and be extinguished.
Clause 9 (Provision of the Service)
- 1. In principle, the Company should always provide the trading service all year round.
- 2. The provision of the service may be temporarily suspended due to important management reasons such as a maintenance work for electronic equipment like computers. In this case, the Company notifies the member according to Clause 18 (Notifying the Member). However, in case which the service is suspended under unforeseeable circumstances, the Company may ask for ex post facto approval.
- 3. The Company may run maintenance work if necessary for providing the service, and the operation hour will be notified on the service screen.
- 4. The Company may notify messages concerning the service on the service screen or directly send out emails or text messages to members.
- 5. In case of a systemic error including independent programs, the Company may delete false information occurred by the error and restore and indicate the correct information, and may even initialize to the specific time before the error in some occasions. In case which the false information is corrected at time when the systemic error is detected, it means the correct information is indicated after the error is resolved, thus the member can exercise one’s right or perform one’s duty according to the correct information.
- 6. The communication and financial expenses used while using the service is for communication and financial services and this expenses does not concern the Company.
Clause 10 (Change and Termination of the Service)
- 1. The Company may change the content of the service and management, technical details in order to provide stabilized services.
- 2. In case of making changes to the service, the Company will notify the changes and the enforcement date in advance. However, in case which the Company is unable to give prior notice, the Company may notice ex post facto.
- 3. The member may refuse to agree to the changes in the service and terminate the service contract.
- 4. The Company may change some or all part of the service under inevitable circumstances such as changes in policies relevant to service provision, and does not compensate the member unless there is a special regulation relevant to the circumstances.
- 5. The service may change or shut down due to reasons such as termination of the contract or contract change with partners, and a launch of a new service. In this case, the Company notifies about the changes or shut down on the initial screen of the service or equivalent.
Clause 11 (The Member’s Obligation when Using the Service)
- 1. The member may use the service as one pleases, but the Company may restrict the use of services in following cases.
- ① Stealing other’s information
- ② Modification in information which the Company placed notice
- ③ Transmitting or uploading information outside of the Company’s designation such as computer programming
- ④ Infringement of intellectual property rights of the Company or other third parties
- ⑤ Obstruction of business or defamation against the Company or other third parties
- ⑥ Uploading information against public order and good morals such as sexual or violent messages or false information on the service
- ⑦ Using the service for one’s own profit without the Company’s prior approval
- ⑧ Using automated mechanisms such as Agent, Script, Spider, Spyware or Toolbar to gain access to the service, increase the number of impressions and clicks in fraudulent ways, requesting the usage of service or overload the Company server
- ⑨ Collecting other members’ personal information or account information
- ⑩ Deranging the public trading order in ways such as unfairly affecting the market price of cryptocurrencies
- ⑪ Other illegal or unfair actions
- 3. The member cannot lend·transfer·give the right to use the service, the debenture·debt generated from using the service from the Company, and other status of contract nor one can put them up as collateral, and the company is not responsible of the damages caused by such actions.
- 4. In case which the member does not comply with the relevant laws or the Company’s terms or policies, the Company may investigate the member’s offense or suspend the member from using the service temporarily or continuously, and may restrict the member from rejoining the service.
- 5. The member should be aware of the disadvantages that may be caused for using the service in regions where the service is or may be against the local law. Especially, in case which the Company confirms the residence of the member and if the usage of service in the confirmed region is or may be against the local law(such as commencement of an investigation for the member’s usage of service from the investigative agency of Republic of Korea), the Company may begin the process of banning the account immediately.
- 6. The member should always pay particular attention in order to prevent electronic finance fraud, and in case which the concerning account and digital wallet need to be frozen due to investigations for the electronic finance fraud from governmental authorities such as investigative agency, the judicature or the administrative authority, the Company may freeze the concerning account and digital wallet and ban the account without the member’s consent.
Clause 12 (Restriction in Using the Service)
- ① Continual errors in entering the password (5 times)
- ② Occurrence of hacking or fraud
- ③ Suspicion of identity theft
- ④ Request from governmental authorities or financial institutions
- ⑤ Solid relevance or reasonable suspicion for relevance in crime or financial accident such as vishing.
- 2. In case which the member violates the relevant laws such as identity theft or account theft violating the “Residents Registration Law”, provision of illegal programs and obstruction of the Company’s business violating the “Copyright Law”, illegal communications and hacking, distribution of malicious programs, overload of the access privileges violating “Information Communications Network Act”, the Company may terminate the service contract immediately. If the service contract is terminated according to this amendment, the member’s asset may be restricted from withdrawal.
- 3. In case which the account is stolen from the third parties or is used in illegal activities such as vishing irrelevant to the member’s intent, the Company may freeze the account during the period of investigation. In this case the Company may take necessary actions according to the result of investigation from the investigative agency or the court’s ruling about the virtual asset relevant to the illegal actions.
- 4. In case which the Company restricts the use of service or terminates the service contract according to this clause, the Company notifies the member according to Clause 18(Notifying the Members).
- 5. The member may raise an objection to the restriction of using the service by following the Company’s process. In this case, if the Company admits the objection to be fair, the Company resumes the usage of the service immediately.
Clause 13 (Cautions for Using the Service)
- 1. The following contents are the cautions for using the Huobi trading services. The member should check the following cautions and use the service under one’s cost and responsibility.
- ① The Huobi trading service is a service which brokers virtual asset trading between members, and the Company does not guarantee any of the cryptocurrencies’ values or liquidity under any circumstances, the member is responsible for all the economic interests caused by trading cryptocurrencies.
- ② The market price of cryptocurrencies may temporarily be discordant with the real market price due to errors in systems or programs, information asymmetry, and technical limits caused by restraint on domestic and foreign communication environment. Still, the Company is doing its best to improve the suitability of the market prices of cryptocurrencies provided to its members.
- ③ The Company does not guarantee the veracity of the member’s personal information which the Company possesses. However, the Company is obligated to ban the concerning member from using the Huobi trading services or corresponding actions in case which the information provided to the Company from the member is confirmed to be false.
- ④ The Company is not responsible for compensating the damages caused by identity theft from the third parties. However, this does not stand in cases which the company is to blame.
- ⑤ The Company may set the minimum cost for any types of trading actions, and may round down the cryptocurrencies or KRW points below the minimum cost. In this case, the company does not compensate the member for the costs that are rounded down.
- 2. In case which the Company bans the member from using the account or bans the account, the member bears the following obligations.
- ① In case which the company bans the account, the Company conducts self-inspection on the account, and the member should completely cooperate with the company’s request.
- ② In case of the banning of the account, the member cannot recharge or withdraw the KRW points or make transactions using all sorts of digital wallets.
- ③ After the self-inspection on the concerning account is complete, the Company may terminate the member account with 7 days of prior notice. The Company may notice the reason for this action and the member may go under a vindication process. After the vindication process, the member account can be resumed depending on the issue.
- ④ The member may liquidate one’s virtual asset balance in one’s digital wallet during the 7 days of reminder period mentioned in the Third Amendment. After the reminder period, the Company may liquidate the virtual asset balance by force according to the market price of the time of the liquidation and return the remaining KRW points in the account to the refund bank account registered in the member’s personal information.
- ⑤ The member should provide accurate detailed information to Huobi Inc. in relevance to the KRW point withdrawal, including the refund bank account. The Company is not responsible for damages caused by provision of inaccurate information when withdrawing KRW points.
- 3. The Company may refuse orders placed using the service or limit the transaction amount or other trading conditions at the discretion of the Company without prior notice. For example, the Company can limit the number of outstanding orders the member can set using the service or restrain trading with members of certain regions.
- 4. The member can cancel the order only before the order is concluded. For partially concluded orders, the outstanding parts can be cancelled. The Company may refuse the member’s away from the market orders.
- 5. In case which the amount of disposable cryptocurrencies in the member’s digital wallet is shorter than the amount needed to place the order, the Company may cancel the entire order or place a partial order in the disposable range of the cryptocurrencies.
- 6. The company may add or exclude any virtual asset available to members in the service at the company’s discretion. Unless required by law or regulatory authorities, the company will make reasonable efforts to inform the members in advance of the exclusion of virtual asset. When certain virtual asset are excluded from the services provided by the company, the company supports the withdrawal of the virtual asset into the external wallet within 30 days, but the withdrawal support period may be shortened in unavoidable circumstances. Any member who has an virtual asset with fixed exclusion must withdraw the virtual asset into an external wallet before the expiry of the withdrawal period. The company shall not take legal responsibility for any losses or expenses related to the exclusion of virtual asset.
Clause 14 (Process for Selling/Buying Cryptocurrencies)
- 1. The usage of information about the seller and the buyer relevant to virtual asset trading is authorized for the member’s convenience only, thus actions outside of the entitled range such as provision of similar services or usage of information for commercial purposes is not allowed.
- 2. The member willing to sell or buy cryptocurrencies through the service provided by the Company should register the transaction as per the registration form the Company provides.
- 3. The sales contract is closed immediately when the member places selling or buying orders by specifying a certain price(or market price) for cryptocurrencies in one’s digital wallet as per the instructions for the service from the Company, and when there is another member who agrees to the condition of the trading.
- 4. The Company provides summarized information about the order including the amount of virtual asset the member is trying to sell or buy, price, and fee before the member places the order. The member agrees that the order is not effected even when the Company is unable to provide this information due to reasons such as systemic errors.
- 5. As per the technical limitations of cryptocurrencies, even after the sales contract is closed as per the Fourth Amendment, the transaction is completed after the time required to execute the fundamental process within the concerning blockchain has passed. The result of the transaction is applied to the digital wallet when the transaction is complete.
- 6. The Company may cancel the transaction mentioned in the Fourth or Fifth Amendment with authority and reverse to the original state in the following cases.
- ① Unusual usage of the service by the member
- ② Hacking from third parties or equivalent
- ③ Systemic error in the service
- ④ Service failure caused by telecommunications business operator or security business operator
- ⑤ Occurrence of actions suspected as market price manipulation for the member’s unfair advantage, disruption of the market orders, or trading for illegal purposes
- 7. The request information for buying(or selling) cryptocurrencies cannot be modified after the transaction is in progress. Also, the request information for buying(or selling) cannot be deleted after the counterparty is fixed.
- 8. The Company imposes transaction fee after the transaction is complete, the fee might change as per the circumstance of the Company and the market and details are specified on the website, etc. The interest income acts as a compensation for the Company for providing virtual asset purchasing service, and the member cannot request for refund on this matter.
Clause 15 (Restriction in Deposit and Withdrawal the Korean Won, etc.)
- 1. The Company may restrain the member from withdrawing the Korean Won in the following cases. In the following cases, the Company will notify the member of the relevant contents via the notice section on the website, etc. Additionally, when the reason for restriction and delay is resolved, the restriction may be removed.
- ① In case which the registered name and the depositor’s name differ
- ② In case which information about suspicion for the account being used for illegal activities is provided from governmental institutions such as the Police Department or National Tax Service or financial institutions
- ③ In case which the bounds set by the Company for using the service are overstepped
Clause 16 (The Company’s Usage of Member Information, etc.)
- 3. In case which the personal information submitted at the time of registration is changed the member should modify the relevant content immediately through the Company’s manager or one’s personal information modification section.
- 4. For damages caused by absence of updating the information by the member regardless of intention or accident the member bears the consequences of the damage, and the Company does not hold any legal responsibilities for it.
- 5. In case which the member is dissatisfied with the Company’s way of handling personal information the member can submit a document containing the concerning content and the Company should resolve the dissatisfaction in a legal way.
- 6. The termination of the service contract follows Clause 8, and in case of termination the personal information of the member is stored as per relevant laws and is deleted afterwards.
- 7. Even in case which the Company is obligated to destruct the personal information, if the relevant law requires the Company to preserve it the Company preserves the personal information during the period mentioned in the relevant law.
- 8. In case which collecting or transmitting the personal information for using specific services is necessary, the Company must notify the pertinent content to the member in advance and ask for permission.
- 9. The personal information submitted by the member cannot be provided for usage outside the purpose without the member’s consent.
Clause 17 (Notifying about the Member)
in the initial screen of its website or in the notice section, and may send out email or text messages through email address or phone number registered in the account if necessary.
Clause 18 (Personal Information Protection)
The member’s personal information is used only within the range of the member’s consent in order to seamlessly provide the service. The Company does not disclose the member’s personal information to third parties without the member’s additional consent or unless as per the law. Detailed information about this topic is specified in the Personal Information Processing section.
Clause 19 (Special Clause for Corporate Members)
- 3. A corporation that wishes to join as a member shall apply for a corporate membership at [email protected] or contact the customer center.
Clause 20 (Compensation for Damage and Special Contract)
- ① Obstruction of service use and damages due to reasons attributable to the member
- ② Damages of the member caused by the member’s fault while accessing or using the service
- ③ Damage caused by third parties illegally accessing or using the Company’s server
- ④ Damages caused by third parties disturbing the transmission to the Company’s server or from the Company’s server
- ⑤ Damages caused by the transmission or distribution of malicious programs from third parties
- ⑥ Damages caused by third parties using the service such as omission or destruction of the transmitted data, defamation, etc.
- ⑦ Damages caused by failure of the telecommunication service that the communicative enterprise provides. Especially including cases which the failure of service occurred due to uncontrollable fault of the communicative enterprise in legal relation with the Company and the member through service contract.
- ⑧ Damages caused by uncontrollable forces due to natural disasters or state of national emergency such as war, earthquake, or equivalent
- ⑨ Inevitable damages caused by virtual asset’s inherent nature. Especially including cases which the service failure occurred due to flaws in issuance management system or technical limitations.
- ⑩ Damages caused by the Company checking the server for the purpose of providing service (Regardless of whether it is regular inspection, temporary inspection, emergency inspection, etc.)
- ⑪ Damages not caused by the Company’s intention or mistake
- 4. In case which the member claims for damages as per this Clause, the Company can compensate through paying cryptocurrencies possessed in the digital wallet confirmed to be owned by the member or paying KRW with the member’s consent.
Clause 21 (The Company’s Disavowal for acting as Surety or Proxy)
- 1. The Company does not possess any right to subrogate the member willing to sell or buy cryptocurrencies, nor any actions of the company is considered as act of subrogation for seller or buyer.
- 2. The Company does not get involved in the selling and buying between members taking place through the Company’s service and does not guarantee the veracity and legality of the intent for selling or buying.
- 3. The Company does not bear the surety liability for products or services the websites linked to the Company carry. The Company and the website linked to the Company is run separately and the Company does not involve in transactions made between the website and the member thus the transaction should be solved between the concerned. However, this does not apply to cases which the Company is to be held responsible.
Clause 22 (Solution of a Dispute and the Competent Court)