The User is advised to read this section carefully and to consult legal, financial, tax or other professional advisor(s) if in any doubt as to the action they should take.
References to defined terms are to terms as defined in the BTSE Standard Terms and Conditions of Service of which these Legal Disclaimers form a part.
Disclaimer of Liability
The following disclaimers of liability are in addition and without prejudice to any exclusions of liability set out under the BTSE Standard Terms and Conditions of Service:
- The Interface and Services provided by the Group and its Affiliates are provided on an “as is” and “as available” basis. The Group and its Affiliates do not grant any warranties or make any representation, express or implied or otherwise, as to the accessibility, quality, suitability, accuracy, adequacy, or completeness of the Interface or the Services, and expressly disclaim any liability for errors, delays, or omissions in, or for any action taken in reliance on, the Interface and the Services.
- The Group, its Affiliates and its directors, officials and employees do not make or purport to make, and hereby disclaim, any representation, warranty or undertaking in any form whatsoever to any entity or person, including any representation, warranty or undertaking in relation to (i) the accuracy and completeness of any of the information set out on the Interface, including but not limited to price data of the Digital Assets or Fiat Currencies; and (ii) the time taken to effect any transactions involving third parties outside of its control. In an effort to continue to provide Users with as complete and accurate information as possible, information may be changed or updated by the Group from time to time without notice, including without limitation, information regarding the Group’s policies, products and services. Accordingly, the User should verify all information before relying on it, and all decisions based on information contained on the Interface are the User’s sole responsibility and the Group shall have no liability for such decisions. Links to third party materials (including without limitation websites) may be provided as a convenience but are not controlled by the Group. The User acknowledges and agrees that the Group shall not be responsible for any aspect of the information, content, or services contained in any third party materials or on any third party sites accessible or linked to the Interface.
- The Group shall not bear any liability whatsoever, for any damage or interruptions caused by any computer viruses, spyware, scareware, Trojan horses, worms or other malware that may affect the User’s computer or other equipment, or any phishing, spoofing or other attack. The User should also be aware that SMS, SIM, and email services are vulnerable to spoofing, phishing attacks, SIM swap, SIM jacking, and account takeover and should use care in reviewing messages purporting to originate from the Group. The User should always log into their account on the Interface to review any transactions or required actions if such User has any uncertainty regarding the authenticity of any communication or notice.
- The User shall be responsible for maintaining adequate security and control of any and all IDs, passwords, hints, personal identification numbers (PINs), API keys or any other codes that the User uses to access the Services. Any loss or compromise of the foregoing information and/or the User’s personal information may result in unauthorised access to such User’s Digital Assets that are stored in the platform of the Services by third-parties and the loss or theft of any Digital Assets and/or funds stored in the platform of the Services and any associated accounts, including such User’s linked bank account(s) and credit card(s). The User shall be responsible for keeping their email aliress and telephone number up to date in their user profile in order to receive any notices or alerts that the Group may send him/her. The Group assumes no responsibility for any loss that a User may sustain due to compromise of account login credentials due to no fault of the Group and its Affiliates and/or failure to follow or act on any notices or alerts that the Group may send to such User. In the event of a compromise of any of the Digital Assets stored in the platform of the Services, the relevant User should contact the Group immediately.
Trading in Digital Assets entails certain risks. By using the Services, the User expressly acknowledges and assumes the risks set out in this section. If any of these risks and uncertainties develop into actual events, the ability of the Group to provide the Services may be adversely or materially affected and/or the User may lose all or part of the value of the Digital Assets stored in in the platform of the Services. Such risks include but are not limited to the following:
The market for Digital Assets is still new and uncertain. The risk of loss in trading or holding Digital Assets can therefore be substantial. The User should therefore carefully consider whether use of the Services is suitable for them in view of their financial condition. The Group and its Affiliates shall not bear any liability whatsoever for losses incurred by the User in conjunction with the Services.
Liquidity and Listing Risk
Digital Assets are not issued by any central bank or national, supra-national or quasi-national organisation. Digital Assets may also not be backed by any hard assets or other credit. The Group and its Affiliates are not responsible for the circulation and trading of any of the Digital Assets on the Interface. Trading of Digital Assets merely depends on the consensus on their value between the relevant market participants, and no one is obliged to guarantee the liquidity or market price of any of the Digital Assets that may be traded on the Interface to any extent at any time. Any market for any of the Digital Assets may abruptly appear and disappear. Accordingly, the Group and its Affiliates make no representation or warranties about the future market price of any of the Digital Assets traded on the Interface or whether any of the Digital Assets that may be traded on the Interface may be traded on the Interface any point in the future. Each and any of the Digital Assets may subject to delisting without any notice to or consent from the User.
In addition to liquidity risks, values in any cryptocurrency marketplace are volatile and can shift quickly. Users are warned that they should pay close attention to their position and holdings, and how they may be impacted by sudden and adverse shifts in trading and other market activities.
The Group and its Affiliates may experience system failures, unplanned interruptions in their network or services, hardware or software defects, security breaches or other causes that could adversely affect the Interface or Services
- The Group and its Affiliates are unable to anticipate or detect when there would be occurrences of hacks, cyber-attacks, mining attacks (including but not limited to double-spend attacks, majority mining power attacks and “selfish-mining” attacks), distributed denials of service or errors, vulnerabilities or defects in the Interface, the User’s Digital Assets stored in the platform of the Services or any technology on which the Group, its Affiliates, or the Interface rely. Such events may include, for example, flaws in programming or source code leading to exploitation or abuse thereof. The Group and its Affiliates may not be able to detect such issues in a timely manner, and may not have sufficient resources to efficiently cope with multiple service incidents happening simultaneously or in rapid succession.
- Although the Group and its Affiliates take steps against malicious attacks on their applications or infrastructure, which are critical for the maintenance of the Interface and the provision of the Services, there can be no assurance that cyber-attacks, such as distributed denials of service, will not be attempted in the future, and that any of such security measures will be effective. The Group does not provide any assurances or make any representations whatsoever as to the usability, stability and security of the Interface and the User’s Digital Assets stored in the platform of the Services.
The User may be subject to adverse legal and/or tax implications as a result of trading Digital Assets on the Interface
- The legal character of cryptocurrency and cryptographic assets remain uncertain. There is a risk that Digital Assets may be considered securities in certain jurisdictions, now or in the future. The Group and its Affiliates do not provide any warranty or guarantee as to how any of the Digital Assets will be classified, and each User will bear all consequences of Digital Assets being considered securities in their respective jurisdictions, and bear the responsibility of the legality, purchase and transfer of the Digital Assets in the relevant jurisdictions.
- Further, the tax treatment of the acquisition or disposal of such cryptocurrency or cryptographic assets might depend on whether they are classified as securities, assets, currency or otherwise. As the tax characterisation of the Digital Assets remains indeterminate, Users must seek their own tax advice in connection with the trading of Digital Assets and the Services, which may result in adverse tax consequences or tax reporting requirements for the Users.
The regulatory regime governing Digital Assets remains uncertain, and any changes, regulations or policies may materially adversely affect the Group’s provision of the Services or the value of the Digital Assets
- Regulation of cryptocurrencies and cryptocurrency exchanges is currently undeveloped or underdeveloped and likely to rapidly evolve. Such regulation also varies significantly among jurisdictions, and is hence subject to significant uncertainty. Various legislative and executive bodies in countries around the world may in the future adopt laws, regulations, guidance, or other actions, which may severely impact the provision of the Services by the Group. Failure by the Group and its Affiliates or the Users to comply with any laws, rules and regulations, some of which may not exist yet or are subject to interpretation and may be subject to change, could result in a variety of adverse consequences against the User, including civil penalties and fines. The Group shall not be responsible to the User for such consequences.
- New or changing laws and regulations or interpretations of existing laws and regulations may materially and adversely impact the value of the Digital Assets, the liquidity of the Digital Assets, and the ability of Users to access the Interface.
- To the extent that the Group and its Affiliates may be required to obtain licences, permits and/or approvals (collectively, the “Regulatory Approvals”) in any jurisdiction to offer the Services, but are unable to obtain such Regulatory Approvals or if such Regulatory Approvals are not renewed or revoked for whatever reason by the relevant authorities, the Users in such jurisdiction will be unable to access the Services.
- Further, it is difficult to predict how or whether governments or regulatory authorities may implement any changes to laws and regulations affecting the trade of cryptocurrencies. Should the costs (financial or otherwise) of complying with such newly implemented regulations exceed a certain threshold, provision of the Services may no longer be commercially viable in the relevant jurisdiction and the Group and its Affiliates may opt to discontinue offering the Services to Users in such jurisdiction.
There may be risks relating to acts of God, natural disasters, wars, terrorist attacks, riots, civil commotions widespread communicable diseases and other events beyond the control of the Group and its Affiliates.
The Interface or the Services may be interrupted, suspended or delayed due to acts of God, natural disasters, wars, terrorist attacks, riots, civil commotions, widespread communicable diseases and other events beyond the control of the Group and its Affiliates. Such events could also lead to uncertainty in the economic outlook of global markets and there is no assurance that cryptocurrency exchanges including the Interface will not be affected. In such events, the market price and the demand for the Digital Assets and Fiat Currencies on the Interface may also be materially affected.
Cryptocurrencies and cryptocurrency exchanges are a relatively new and dynamic technology. In addition to the risks highlighted herein, there are other risks associated with trading of the Digital Assets and Fiat Currencies on the Interface, including those that the Group cannot anticipate. Such risks may further materialise as unanticipated variations or combinations of the risks discussed herein.
The Group and its Affiliates do not provide any investment advice or advice on trading techniques, models, algorithms, or any related aspects. No information on the Interface should be considered to be business, legal, financial or tax advice regarding the use of the Services or the trading of Digital Assets or Fiat Currencies. The User should consult their own legal, financial, tax or other professional advisors before using the Services.