Transfer Agreement

KuCoin EU Exchange GmbH

Transfer Agreement

1.             Introduction

1.1          The following agreement "Transfer Agreement" supplements the General Terms, which can be found here.

1.2          Conflict of Terms. In case of a conflict between the General Terms & Conditions and this Transfer Agreement, this Transfer Agreement shall prevail.

2.             Identity of the contractual parties to this Transfer Agreement

2.1          KuCoin EU Exchange GmbH is a MiCAR-licensed Crypto-Asset Service Provider ("KuCoin EU", "we", "us"). with its seat in Vienna, Austria.

2.2          This Transfer Agreement is concluded between KuCoin EU and persons that have successfully registered an "Account" with KuCoin EU ("User", "you", "yours"). KuCoin EU provides the services governed by this Transfer Agreement on KuCoin Exchange's electronic platform, including any website or mobile application for accessing the platform (collectively, the "Platform").

3.             Interpretation of & Changes to the Transfer Agreement

3.1          Language. This Transfer Agreement is made and published in various languages. In case of a dispute or any discrepancies, the German language version of this Transfer Agreement shall prevail. Non-German versions may include certain German terms enclosed in brackets and written in italics. These are legal terms under Austrian law and shall have the meaning given to them under Austrian law.

3.2          Definitions. The defined terms shall have the meanings ascribed to them in Annex I.  

3.3          Notification of changes. Whenever we plan to implement a change to this Transfer Agreement, we will notify you in writing, either on paper or on another durable medium, about the proposed amendments.   

3.4          Effectiveness. Changes to this Transfer Agreement will become effective upon the earlier of (i) your express acceptance of the amended Transfer Agreement or (ii) two months after the notification of the changes, unless you have objected to these changes.

3.5          Right to terminate the contractual relationship. Whenever we notify you of any changes, we will also inform you, (i) that if you do not object to the amended Transfer Agreement in writing or via the Platform within two months after our notification to you, you will be deemed to have consented to the changes, and that (ii) you have the right to terminate the entire or parts of your contractual relationship that relate to the change without any notice period until the changes take effect. You will still have access to your Account until the termination takes effect.  

3.6          Exceptions for Changes to Services and Fees. KuCoin EU may restrict its services or alter fees applicable to existing products without adhering to the above paragraphs.  

4.             Description of the main characteristics of Transfer Services

4.1          Transfer of supported Crypto Assets. KuCoin EU offers services for the transfer of supported Crypto-Assets available on the Platform. The services are equally provided for Crypto-Assets transfers from and to the Platform ("External Transfers") and within the Platform ("Internal Transfers" and together with External Transfer, "Transfer" or "Transfer Services").

4.2          Transfer Services allow you to send Crypto-Assets from your Account or receive Crypto-Assets with your Account:

4.2.1     with External Transfers you can either deposit supported Crypto-Assets to the Platform ("Deposit") or withdraw supported Crypto-Assets from the Platform ("Withdrawal");

4.2.2     with Internal Transfers you can send supported Crypto-Assets from your Account to the account of another User of the Platform or receive supported Crypto-Asset on your Account from another User.

4.3          External Transfers. External Transfers are executed by transferring Crypto-Assets on-chain by using one of the available and supported DLT-Networks.

4.4          Internal Transfers. Internal Transfers are executed by recording the transfer on KuCoin EU's internal (i.e., "off-chain") database register ("Internal Ledger System"). For the Internal Transfer the Internal Ledger System debits the sent Crypto-Assets from your Account and credits the sent Crypto-Assets to the Beneficiary's Account and vice versa. Internal Transfers are not executed on-chain via a DLT-Network.

4.5          Supported Crypto-Assets. KuCoin EU will only provide Transfer Services for supported Crypto-Assets that are listed on the Platform. A list of these Crypto-Assets can be found here. External Transfers support only selected DLT-Networks, a list of these supported DLT-Networks can be found here.

4.6          No reversal of Transfers. Once a Transfer is executed, it cannot be reversed. An External Transfer to the wrong external wallet address or by using the wrong DLT-Network means that your Crypto-Assets will likely be irretrievable. The User has to take special care to ensure that they have confirmed the details of each Transfer before requesting them. For Internal Transfers, KuCoin EU may be able to support you in reversing the Internal Transfer. For such a request, please reach via the Help Centre.  

5.             Execution of Transfer Services

5.1          Technology. KuCoin EU provides Transfer Services through its proprietary IT infrastructure, especially its Internal Ledger System and custody wallet, as well as supported DLTNetworks for External Transfers. KuCoin EU does not itself operate or control the supported DLT-Networks.

5.2          Requesting a Transfer Service. You may request a Transfer Service through the Platform by selecting the respective input interface for either an External Transfer or an Internal Transfer and providing the required Transfer details ("Transfer Request"). It is your responsibility to provide correct information for your Transfer Request. To submit the Transfer Request you must confirm your provided Transfer details and acknowledge the provided risk warnings.

5.3          Cancellation of a Transfer Request. KuCoin EU may allow you to cancel a submitted Transfer Request as long as the Transfer is not yet executed. You can only cancel a submitted Transfer Request, if the option to cancel is shown to you on the Platform.  

5.4          EU Travel Rule Information. KuCoin EU is committed to full compliance with Regulation (EU) 2023/1113 on information accompanying transfers of funds and certain crypto-assets ("EU Travel Rule"). In order to comply with the EU Travel Rule provisions, KuCoin EU will collect information of the Originator and Beneficiary for every Transfer and will verify the collected information using reliable data sources and tools. KuCoin EU may reject or suspend the execution of an External Transfer if KuCoin EU receives incomplete or inconsistent information (see also Section 7).

5.5          Review and Compliance Process. KuCoin EU reviews and checks all Transfers through its monitoring systems for purposes of compliance with applicable anti-money laundering, combating the financing of terrorism and sanction laws and regulations ("AML/CFT"). This AML/CFT compliance monitoring occurs prior to execution as well as during the execution of the Transfer. Depending on the form of Transfer Service, the monitoring systems apply different risk parameters.

5.6          In case of an External Transfer from or to an on-chain wallet provided by a centralized service provider ("Hosted Wallet"), KuCoin EU will perform checks to ensure that this counterpart service provider upholds due diligence obligations that are required for EU Travel Rule and AML/CFT compliance. If the due diligence of the service provider cannot be successfully performed, you will be informed about further steps to be taken. In case of an External Transfer from or to an on-chain wallet, which is not a Hosted Wallet ("Unhosted Wallet"), the User has to provide additional sufficient verifiable information. For all External Transfers, KuCoin EU screens the wallet address and the Originator / Beneficiary data (e.g. regarding sanctions hits or other EU Travel Rule or AML/CFT hits).

KuCoin EU may reject or suspend the execution of the External Transfer if the monitoring systems detect any risks or anomalies or EU Travel Rule information cannot be obtained or verified to a satisfying level (see also Section 7).

5.7          External Transfers are executed by KuCoin EU through initiating or receiving an on-chain Crypto-Asset transfer via a DLT-Network:

5.7.1     Deposit. Crypto-Assets received on the deposit address provided by KuCoin EU are being safekept under the Custody Service, subject to Sections 3.4 and 3.5 of the Custody Agreement, which can be found here. Only upon final or sufficient confirmation through the DLT-Network, the deposited Crypto-Assets are freely available to the User. With such successful receipt of the Crypto-Assets and provided the Transfer was not rejected nor suspended, the deposited Crypto-Asset are credited in the User's Account balance in the Internal Ledger System.  

5.7.2     Withdrawal. With the submission of the Transfer Request, the corresponding amount of Crypto-Assets will be blocked and subsequently deducted from the User's Account balance in the Internal Ledger System (i.e. the User will not be able to otherwise use these Crypto-Assets). KuCoin EU's internal systems broadcast and submit the transfer information to the selected DLTNetwork. Subsequently, the transfer is automatically executed by the DLTNetwork. Once submitted to the DLT-Network for execution, the execution of the External Transfer is not controlled by KuCoin EU but by the DLTNetwork itself.

5.8          Transaction-ID. For a successful External Transfer, the relevant DLT-Network generates a unique transaction-ID. Such transaction-ID serves as irrefutable proof of the completed External Transfer and is publicly accessible. You receive the transactionID together with the post execution information on a durable medium.

5.9          Internal Transfer. Internal Transfers are executed by debiting the Crypto-Assets from the User's Account balance acting as Originator and crediting the corresponding amount to the Account's balance of the Beneficiary in the Internal Ledger System.

5.10       Transfer of Information. Under EU Travel Rule, KuCoin EU is required to transmit the full name and address of the User to the Beneficiary to any Transfer and any service provider involved in such Transfer. In addition, KuCoin EU transmits relevant Account identification details of the Originator to the Beneficiary to any Internal Transfer.  

6.             Obligations of the User

6.1          Obligation in case of delayed Deposit execution. If you make a Deposit request, the execution of the incoming Transfer is completely in your sphere. In the event that you fail to initiate the Transfer within a reasonable timeframe, you have to promptly notify KuCoin EU of the delay.  

6.2          Obligation in case of delayed Deposit crediting. If your Deposit is successfully executed on the DLT-Network to the correct deposit address as provided by us but is not credited to your Account balance within a reasonable timeframe, you shall promptly notify KuCoin EU of the delay and provide the relevant information connected thereto.

7.             Rejection or suspension of a Transfer Service

7.1          KuCoin EU may reject a Transfer Request or suspend its Transfer Services to maintain Platform integrity, Account security and regulatory compliance.

7.2          KuCoin EU may reject a Transfer Requests for an Internal Transfer or Withdrawal of a User in an individual case, if:

7.2.1     the provided Beneficiary's external wallet address or Beneficiary's Account details are deemed non-existent or incorrect;

7.2.2     the provided Beneficiary's external wallet address does not match/ is not interoperable with the selected DLT-Network;

7.2.3     the amount of to be transferred Crypto-Assets is below the minimum required transfer amount;

7.2.4     the amount of to be transferred Crypto-Assets would exceed the User's 24htransfer/withdrawal limit;

7.2.5     KuCoin EU identifies technical errors, such as issues with the Beneficiary's external wallet address or due to on-chain transaction failures (e.g. "out of gas error", contract suspension, address freezing); or

7.2.6     the on-chain transaction submitted to the DLT-Network expired and cannot executed on the DLT-network.  

7.3          KuCoin EU will suspend all Transfer Requests for an Internal Transfer or Withdrawal of a User for up to 48 hours

7.3.1   after the User

                          7.3.1.1          changed their Account login credentials;

                          7.3.1.2          changed or reset their Account password;

7.3.1.3          changed or removed any activated additional verification method for their Account; or

7.3.2   after KuCoin EU

7.3.2.1 reasonably suspects any potential suspicious activity connected to logins, use or transactions of the User's Account;

7.3.2.2          is required to do so under its regulatory or compliance obligations.

7.4          KuCoin EU may reject the provision of a Transfer Service for a Deposit, if the User tries to transfer a non-supported Crypto-Asset or use a not supported DLT-Network.

7.5          KuCoin EU may suspend the provision of a Transfer Service in an individual case if  

7.5.1   we need to suspend (part of) our Transfer Services due to maintenance work or DLT-Network upgrades;

7.5.2   our internal compliance and AML/CFT guidelines prescribe additional monitoring or risk reviews and thus, require a delay of the execution of a Transfer.

7.6          Information of suspension or rejection. Provided this does not violate any other compliance obligation or regulatory requirement, you will be informed of such rejection or suspension and provided with the following information:  

7.6.1   the reason for the rejection or suspension, provided that disclosing this information is in compliance with other regulatory requirements; 

7.6.2   information on how you can remedy the rejection or suspension of the Transfer instruction, if applicable; 

7.6.3   the amount of any charges or fees already incurred by you and whether these are payable by you or will be reimbursed. 

8.             Fees & other costs

8.1          KuCoin EU may charge fees for selected Transfer Services, which you can find here.

8.2          For Withdrawals, KuCoin EU will collect the network transaction fees required by the DLT-Network to execute the External Transfer (i.e. these are transaction fees or miner-fees of third parties). Please be aware that for logistical purposes and to ensure a seamless service delivery, KuCoin EU will determine and set these network transaction fees. You will not be able to change these predefined network transaction fees. The fees will be presented on the Platform. In case there are several networks, you can choose a network with a different fee structure for the Withdrawal.

8.3          Deposits may be subject to a network transaction fee. As you will be required to execute the incoming Transfer, the origin of the Deposit and these corresponding network transaction fees are outside of KuCoin EU's sphere and your responsibility and are to be borne, and settled directly, by you.

9.             Security Systems

KuCoin EU uses security and protection measures on the Platform. Please see Section 7 of the General Terms for further information.

10.          Wrongful Transfer Services & liability

10.1       Limitation of liability. Any liability of KuCoin EU under or in connection with the Transfer Services shall be limited in accordance with Section 20 of the General Terms.

10.2        Duty of report. If you have reasons to suspect that there was an unauthorised or incorrectly initiated Transfer Request, you are obliged to report this as soon as possible to KuCoin EU.

10.3       Liability for unauthorized or incorrect Transfers. In the case of an unauthorised or incorrectly initiated Transfer, KuCoin EU is liable to the User based on the limitation for claims for damages set out in Section 20 of the General Terms & Conditions. For incidents not attributable to KuCoin EU, KuCoin EU shall not be liable.

11.          Applicable law

11.1       This Transfer Agreement shall be governed by and construed in accordance with the laws of the Republic of Austria excluding (i) the provisions of the United Nations Convention on the International Sale of Goods as well as (ii) the conflict of law rules of Austrian private international law.

11.2       The governing law shall apply only to the extent that it does not restrict any mandatory statutory provisions of the EEA state in which the User reside.

 

 

Annex I – Definitions

 

Definition	Meaning
Account	means the User's account you create by signing up on the Platform.
AML/CFT	means anti-money laundering, combating the financing of terrorism and sanction regulations and laws.
Beneficiary	means the person, who is the recipient of the Transfer of Crypto-Assets.
KuCoin EU, we, us	means KuCoin EU Exchange GmbH, with its corporate seat in Vienna, registered with the commercial register of the Commercial Court of Vienna under reg. no. 641084x.
Custody Asset	means the Crypto-Assets that are held in custody for you and on your behalf under the Custody Service.
Custody Services	means the custody and administration services for Custody Assets provided by KuCoin EU (pursuant to Art 3 para 1 no 17 MiCAR).
Crypto-Asset	means a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology (as defined in Art 3 para 1 no 5 MiCAR).
Deposit	means receiving an External Transfer of Crypto-Assets from an external wallet address outside the Platform to your Account and crediting of these Crypto-Assets to your Account.
DLT-Network	means a network based on an information repository that keeps records of transactions and that is shared across, and synchronized between a set of DLT network nodes using a consensus mechanism.
EU Travel Rule	means the Regulation (EU) 2023/1113 on information accompanying transfers of funds and certain crypto-assets.
External Transfer	means the on-chain transfer of Crypto-Assets using a DLT-Network to or from the Platform (including Deposits and Withdrawals).
General Terms	means KuCoin EU's general terms and conditions incl. Annexes, which can be found [HERE].
Hosted Wallet	means a wallet that is provided and controlled by a centralized service provider as a service for its clients.
Internal Ledger System	means the internal (i.e., "off-chain") register that records all User's balances, Transactions and other transfers of Custody Assets held by KuCoin EU on behalf and for the account of its Users.
Internal Transfer	means the off-chain transfer of Crypto-Assets within the Platform between Users only based on an update of the Internal Ledger System.
MiCAR	means the Regulation (EU) 2023/1114 on Markets in Crypto-Assets.
Originator	means a person that holds Crypto-Assets and initiates the Transfer of Crypto-Assets to a Beneficiary.
Platform	means KuCoin EU's electronic platform, including any website or mobile application for accessing the platform
Transfer Agreement	means this document, its Annexes and other documents linked to this document (by reference and/or electronic link).
Transfer Request	means the request for a Transfer Service submitted by the User through the Platform by selecting the respective input interface for either an External Transfer or an Internal Transfer and providing the required Transfer details.
Transfer Service, Transfer	means KuCoin EU's services for or action of sending and/or receiving (transferring) Crypto-Assets either through an on-chain or off-chain process with or without the involvement of a DLT-Network between different (on-chain) wallets and/or Accounts (including both Internal and External Transfers).
Unhosted Wallet	means any wallet that is not a Hosted Wallet.
User, you, yours	means any person that has registered and verified an Account
Withdrawal	means initiating an External Transfer of Crypto-Assets from your Account to an external wallet address outside the Platform and debiting of these Crypto-Assets from your Account.