Terms of Service

Edit:KKCoin Read:49 Release time:2018-01-22 07:22:57

Thank you for choosing KKCOIN.com (the "Site"). The following terms and conditions of service (these "Terms of Service") apply to customers of the Site. You should read these Terms of Service carefully to determine which provisions apply to you. By using any of the services, functions, or features offered from time to time on the Site (collectively or individually, the "Services"), the customer (referred to herein as "you" or "your") agrees to these Terms of Service.

By creating an account on the Site or by using any of the Services, you acknowledge that you have read, understand, and completely agree to these Terms of Service in effect from time to time. If you disagree with these Terms of Service or with any subsequent amendments, changes, or updates, you may not use any of the Services; your only recourse in the case of disagreement is to stop using all of the Services.

These Terms of Service may be amended, changed, or updated by KKCOIN at any time and without prior notice to you. You should check back often to confirm that your copy and understanding of these Terms of Service is current and correct. Your non-termination or continued use of any Services after the effective date of any amendments, changes, or updates constitutes your acceptance of these Terms of Service, as modified by such amendments, changes, or updates.

The use of the Site and any Services is void where prohibited by applicable law.

1. License to Use the Site: If you comply with these Terms of Service, KKCOIN grants you the limited right to use the Site and the Services. The right to use the Site and the Services is a non-exclusive, non-transferable, revocable, limited licence, and it is subject to the limitations and obligations in these Terms of Service. Nothing in these Terms of Service gives you any licence (other than as set out in this paragraph), right, title, or ownership of, in, or to the Site or any of the Services.

2. Trading & Financing Activities: The Site is a trading environment for the spot purchase and sale of Digital Tokens. The Site permits both unfinanced and financed transactions. Unfinanced purchases are fully funded by trading participants through funds deposited by you. For example, if you deposit $100.00 into your account on the Site, you may then purchase $100.00 worth of bitcoins in an unfinanced transaction. Purchases and sales of bitcoins on the Site, whether in an unfinanced transaction or a financed transaction, are settled by actual delivery of the full amount of the bitcoins or other Digital Tokens by the seller to the purchaser’s account against payment in full by the purchaser to the seller’s account.

Financed transactions in Digital Tokens are permitted through the Site’s platform-enabled, peer-to-peer financing functionality. Financing Providers may offer financing from and on their own account if they so choose. Financing Recipients may accept financing from Financing Providers for up to 70% of the value of a Digital Token purchase. For example, if you deposit $30.00 to the Site, you may then obtain financing in an amount not exceeding $70.00 in order to buy $100.00 worth of bitcoins in a financed transaction. In other words, you may accept financing equal to a maximum total bitcoins-to-equity ratio of 3 1/3 to 1.

Shorting is another type of financed transaction permitted on the Site’s platform. In a typical ‘long sale’ of bitcoin, the seller enters into a regular spot trade of bitcoin and settles the transaction by delivering bitcoin that the seller owns outright. In a ‘short sale’ of bitcoin, the seller also enters into a regular spot sale of bitcoin, except that the transaction is settled by delivering bitcoin that the seller has borrowed.

Digital Tokens can be borrowed for purposes of short sales through the platform’s peer-to-peer financing functionality. The bitcoin borrower may seek offers or make a bid to borrow Digital Tokens on the Financing Order Book. Bitcoin borrowers are not permitted to borrow more than 70% of the bitcoins sold in a short sale. The fiat proceeds of any short sale serve as collateral for the borrowing of the bitcoins until those bitcoins are repaid.

KKCOIN allows trading participants to use third party peer-to-peer financing from other participants on the platform to trade Digital Tokens. Financing Recipients may obtain financing in one of two general ways: they may place bids for financing on the Site’s separate, peer-to-peer financing order book (the "Financing Order Book"); or, they may elect to be automatically matched through the Site’s order matching engine with one or more Financing Providers on the Financing Order Book at the best prevailing price on the Financing Order Book. Although KKCOIN is not a party to these financing contracts, KKCOIN enforces the contracts established between Financing Providers and Financing Recipients on the Financing Order Book.

The Financing Order Book operates independent of the spot contract trading order book (the "Trading Order Book"). Once the desired financing is secured by a Financing Recipient, both financed and unfinanced transactions on the Trading Order Book are indistinguishable from each other to the trade matching engine.

You can use the trading features of the Trading Order Book through your 'Exchange Wallet.' You may access the Funding Order Book through your 'Trading Wallet.' You may deposit funds to KKCOIN using your 'Deposit Wallet.'

3. Risks and Limitation of Liability: Important: This paragraph is in addition to the the Risk Disclosure Statement. Trading markets are volatile and shift quickly in terms of liquidity, market depth, and trading dynamics. You are solely responsible and liable: for any and all trading and non-trading activity on the Site and for your account on the Site; and, for knowing the true status of any position or contract with any other party on the Site, even if presented incorrectly by the Site at any time. You acknowledge and agree: to be fully responsible and liable for your trading and non-trading actions and inactions on the Site and all gains and losses sustained from your use of the Site and any of the Services; to be responsible for any negative balance in your account(s) on the Site; to be fully responsible and liable for all of your obligations with respect to any financing activities on the Site; and, to be fully responsible for safeguarding access to, and any information provided through, the Site and any of the Services, including, but not limited to, private keys, usernames, passwords, and bank account details.

There is no guarantee against losses on the Site. You may lose more than is in your various wallets on the Site if you engage in financing on the Site or if there is a force majeure event. When financing is used for trading, the loan carries risk if, among other things, the value of your Digital Tokens drops. If the value of your Digital Tokens drops below a certain level, you are responsible for responding to this market circumstance with cash or additional Digital Tokens satisfactory to KKCOIN. Failure to respond can result in the forced-liquidation of Digital Tokens in your account. KKCOIN cannot guarantee to stop losses even with the ability to force-liquidate any of your positions (due to, for example, market volatility and liquidity). KKCOIN will not be and is not responsible for any Financing Provider losing funds or Digital Tokens to any Financing Recipient on the Site or for any losses incurred by a Financing Recipient or any other party on the Site.

4. Agency: KKCOIN does not act as principal, counterparty, or market-maker in the transactions effected through trading on KKCOIN or in providing financing for financed trading on KKCOIN. However, KKCOIN administers and enforces contracts among parties engaged in financing activities on the Site. You hereby irrevocably appoint KKCOIN to act as your exclusive agent in respect of any contract on the Site in which you are a Financing Recipient. Specifically, you hereby grant KKCOIN agency, and you authorize and instruct KKCOIN: to implement, levy, monitor, and maintain a lien on all fiat amounts and Digital Tokens in your name or control on the Site in favor of one or more Financing Providers (a “Lien”); and, to liquidate any Digital Tokens in your name or control on the Site if necessary to ensure that any Financing Provider on the Site from whom you have obtained financing is repaid in full.

5. Satisfaction of Liens: If and when you seek to remove all of your Digital Tokens and funds from KKCOIN and there is a Lien outstanding against any of your funds or Digital Tokens, KKCOIN may satisfy the Lien.

6. Withdrawals: Irrespective of the nature and form of any withdrawal request, whether initiated by you or otherwise, KKCOIN reserves the right to process and send withdrawals using money or any one or more Digital Tokens. In the course of processing and sending any withdrawals in money or one or more Digital Tokens, KKCOIN may be required to share your customer information with other contractual third parties. You hereby irrevocably grant full permission and authority for KKCOIN to share this information with such contractual third parties and release KKCOIN from any liability, error, mistake, or negligence related thereto.

7. Liquidations & Losses: If the value of your Digital Tokens drops below a certain level, this may result in one of two actions taken by KKCOIN. First, KKCOIN at all times reserves the right to force-liquidate the Digital Tokens in your account. Where this occurs, your Digital Tokens will be seized by KKCOIN and used to repay any outstanding amounts due to your Financing Providers. Second, where you have negative equity, or where KKCOIN determines in its sole discretion that, upon liquidation, you would likely have negative equity—that is, you fall below a certain maintenance requirement—in one or more or a combination of positions, KKCOIN reserves the right to seize, take over, and assume all of your liabilities and collateral and to dispose of one or more of your positions, or to retain one or more of them, at a profit or loss, at KKCOIN’s risk and expense. Further to your responsibility for all trading and financing activity and inactivity on the Site, any action may be taken by KKCOIN pursuant to this paragraph at any time with or without notice to you, in KKCOIN’s sole discretion.

8. Abandoned Property: Where you have not logged into your account on the Site for an uninterrupted period of two years, KKCOIN thereafter reserves the right to deem any and all property that you hold on the Site, including Digital Tokens, to be abandoned, with or without notice to you. If your property is abandoned, it will be dealt with in one of two ways. First, if you are an unverified customer, it will be immediately forfeited to and seized by KKCOIN. Second, if you are a verified customer, we will engage in a process to determine the abandoned property’s owner (including successors-in-interest and next-of-kin). This process will be subject to servicing and administration fees to be levied on and collected out of the property by KKCOIN. Any amounts greater than our servicing and administration fees will be paid to the property’s owner, when and if found.

9. No Class Proceedings: You and KKCOIN agree that any party hereto may bring claims against the others only on an individual basis and not as a plaintiff or class member in any purported class or representative action or proceeding. No adjudicator may consolidate or join more than one person’s or party’s claims and may not otherwise preside over any form of a consolidated, representative, or class proceeding. Any relief awarded to any one KKCOIN user cannot and may not affect any other KKCOIN users.

10.Anti-Money Laundering and Counter-Terrorist Financing: KKCOIN is committed to providing you with safe, compliant, and reputable Services. Accordingly, KKCOIN insists on a comprehensive and thorough customer due diligence process and implementation and ongoing analysis and reporting. This includes monitoring of and for suspicious transactions and mandatory reporting to international regulators. KKCOIN needs to keep certain information and documentation on file pursuant to applicable law and its contractual relationships, and KKCOIN hereby expressly reserves the right to keep such information and documentation. This will apply even when you terminate your relationship with KKCOIN or abandon your application to have an account with KKCOIN.

KKCOIN reserves the right to refuse registration to, or to bar transactions from or to, or terminate any relationship with, any customer for any reason (or for no reason) at any time. Without limiting the generality of the foregoing, this includes, but is not limited to, anyone from or in jurisdictions that do not meet international AML–CTF standards as set out by the FATF; anyone that is a Politically Exposed Person within the meaning of the FATF’s 40 Recommendations; or, anyone that fails to meet any customer due diligence standards, requests, or requirements of KKCOIN. In lieu of refusing registration, KKCOIN may perform enhanced customer due diligence procedures. At all times, you may be subject to enhanced customer due diligence procedures in your use of the Site and any Service.

11. Intellectual Property: KKCOIN and the KKCOIN logos, trade names, word marks, and design marks (the "KKCOIN Marks") are trademarks of KKCOIN. You agree not to appropriate, copy, display, or use the KKCOIN Marks or other content without express, prior, written permission to do so.

12. No Representations & Warranties by KKCOIN: KKCOIN makes no representations, warranties, or guarantees to you of any kind. The Site and the Services are offered strictly on an as-is, where-is basis and, without limiting the generality of the foregoing, are offered without any representation as to merchantability or fitness for any particular purpose.

13. No Advice: KKCOIN does not provide any investment advice or advice on trading techniques, models, algorithms, or any other schemes.

14.Limitation of Liability & Release: Important: Except as may be provided for in these Terms of Service, KKCOIN assumes no liability or responsibility for and shall have no liability or responsibility for any claim, application, loss, injury, delay, accident, cost, business interruption costs, or any other expenses (including, without limitation, attorneys’ fees or the costs of any claim or suit), nor for any incidental, direct, indirect, general, special, punitive, exemplary, or consequential damages, loss of goodwill or business profits, work stoppage, data loss, computer failure or malfunction, or any and all other commercial losses (collectively, referred to herein as “Losses”) directly or indirectly arising out of or related to:

15.No Waiver: Any failure by KKCOIN to exercise any of its respective rights, powers, or remedies under these Terms of Service, or any delay by KKCOIN in doing so, does not constitute a waiver of any such right, power, or remedy. The single or partial exercise of any right, power, or remedy by KKCOIN does not prevent either from exercising any other rights, powers, or remedies.

16.Force Majeure: KKCOIN is not responsible for damages caused by delay or failure to perform undertakings under these Terms of Service when the delay or failure is due to fires; strikes; floods; power outages or failures; acts of God or the state’s enemies; lawful acts of public authorities; any and all market movements, shifts, or volatility; computer, server, or Internet malfunctions; security breaches or cyberattacks; criminal acts; delays or defaults caused by common carriers; acts or omissions of third parties; or, any other delays, defaults, failures or interruptions that cannot reasonably be foreseen or provided against. In the event of force majeure, KKCOIN is excused from any and all performance obligations and these Terms of Service shall be fully and conclusively at an end.

17. Assignment: These Terms of Service, and any of the rights, duties, and obligations contained herein, are not assignable by you without prior written consent of KKCOIN. These Terms of Service, and any of the rights, duties, and obligations contained herein, are freely assignable by KKCOIN without notice or your consent. Any attempt by you to assign these Terms of Service without written consent is void.

18.Severability: If any provision of these Terms of Service, as amended from time to time, is determined to be invalid, void, or unenforceable, in whole or in part, by any court of competent jurisdiction, such invalidity, voidness, or unenforceability attaches only to such provision and everything else in these Terms of Service continues in full force and effect.