Margin Trading Agreement

Pembaruan terakhir: 15/09/2026, 15.00.00

KuCoin EU Exchange GmbH
Agreement for Margin Trading

1 Introduction and Scope

1.1 Agreement Hierarchy. The following "Margin Trading Agreement" or "Agreement" supplements the "General Terms", available at https://www.kucoin.com/en-eu/support/47185419968075 https://www.kucoin.com/en-eu/support/47185419968075 and the "Agreement on the Exchange of Crypto-Assets for Funds or other Crypto-Assets", available here https://www.kucoin.com/en-eu/support/47497300094101 https://www.kucoin.com/en-eu/support/47497300094101.

1.2 Conflict of Terms. In the event of any inconsistency or conflict between the provisions of the General Terms, the Agreement on the Exchange of Crypto-Assets for Funds or other Crypto-Assets and this Agreement, this Agreement shall prevail with respect to Margin Transactions.

1.3 Contracting Parties. The services agreed upon in this Agreement are provided by KuCoin EU Exchange GmbH ("KuCoin EU", "we", "us") to clients who have registered an "Account" with KuCoin EU ("User", "you" and "your").

1.4 Exclusive Counterparty. KuCoin EU acts as the exclusive contractual counterparty to the User for all transactions under this Margin Trading Agreement executed via the KuCoin EU platform (the "Platform"). The User does not enter into Margin Transactions with other users or any third parties.

Partially Unregulated Service: Specific aspects of the Margin Trading Service, namely the crypto-asset loans granted to you by KuCoin EU do not constitute a crypto-asset service within the meaning of Regulation (EU) 2023/1114 ("MiCAR") on markets in crypto-assets ("MiCAR"). Competent authority. While the granting of crypto-asset loans as part of the Margin Trading Service does not constitute a regulated service under MiCAR, other elements of the Margin Trading Service qualify as regulated crypto-asset service, in particular the exchange of crypto-assets for funds or for other crypto-assets. Accordingly, KuCoin EU qualifies as a crypto-asset service provider within the meaning of MiCAR and is subject to authorization and ongoing supervision under MiCAR in respect of its regulated crypto-asset services. The national competent authority responsible for supervision of the regulated services is the Austrian Financial Markets Authority Österreichische Finanzmarktaufsicht; "FMA").

2 Interpretation of Agreement & Changes to the Agreement

2.1 Language. This Agreement is made and published in various languages. In case of a dispute or any discrepancies, the German language version of this 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.

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

3 Amendments of this Agreement

3.1 Notification and consent for changes to this Agreement

Whenever we intend to implement a change, we will notify you on paper or on another durable medium about the proposed amendments.

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

3.2 Objecting to a change / termination of the contractual relationship

Whenever we notify you of any changes, we will also inform you, that (i) if you do not object in writing or on 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 during this period.

3.3 Exceptions for changes to services and fees

The preceding paragraphs do not apply to restrictions to the services of the KuCoin EU and to the User's fees for existing products.

For the avoidance of doubt, if we introduce a new product or service that does not change this Agreement, we may implement it immediately. We will inform you before you start using it.

4 Eligible Crypto-Assets and Eligible Users

4.1 Eligible Crypto-Assets. A list of Crypto-Assets eligible for the "Margin Trading Service" (each an "Eligible Crypto-Asset") can be found here https://www.kucoin.com/en-eu/trade/margin/. Eligible Crypto-Assets may be acquired or sold through Margin Transactions as well as borrowed for the purpose of Margin Transactions. KuCoin EU may have further limitations in place with regard to Eligible Crypto-Assets which can be used as "Collateral" for a Margin Transaction.

4.2 Eligible Users. Margin Transactions are only available to Users having fulfilled the requirements set by KuCoin EU. The current requirements can be found here: https://www.kucoin.com/en-eu/support/48142946141059 ("Eligible Users).

4.3 Available Leverage. KuCoin EU may offer different leverage levels to different groups of Eligible Users. Not all Eligible Users have access to the same leverage levels.

4.4 Minimum Balance Requirements. You must meet or exceed any minimum balance requirements imposed by us to enter into Margin Transactions, especially you must meet the Initial Margin requirements, i.e. the ratio required between Margin Assets (as defined below) and initial Collateral.

5 Legal Nature of the Margin Trading Service

5.1 Margin Transactions consist of two legally distinct but economically connected components:

5.1.1 a crypto-asset loan agreement between KuCoin EU and the User, pursuant to which KuCoin EU grants the User a loan of certain Eligible Crypto-Assets ("Crypto-Loan"); and

5.1.2 an exchange of crypto-assets for other crypto-assets between KuCoin EU and the User, carried out with KuCoin EU acting as principal and exclusive counterparty.

5.2 The Crypto-Loan does not, in itself, constitute a regulated crypto-asset service under MiCAR. The exchange of crypto-assets against KuCoin EU qualifies as a regulated crypto-asset service under MiCAR and is provided in accordance with the "Agreement on the Exchange of Crypto-Assets for other Crypto-Assets"; please refer to https://www.kucoin.com/en-eu/support/47497300094101.

5.3 Therefore, when a User submits an offer to conclude a Margin Transaction, the User i) submits an offer to conclude a Crypto-Loan, pursuant to which KuCoin EU grants a loan of the Eligible Crypto-Asset to the User, and ii) subsequently an offer to conclude an Agreement on the Exchange of Crypto-Assets for other Crypto-Assets, pursuant to which the User exchanges Eligible Crypto-Assets for other Crypto-Assets against KuCoin EU.

6 Overview of Margin Trading Service

6.1 Overview. Under this Margin Trading Agreement, Users may enter into leveraged spot transactions by exchanging Eligible Crypto-Assets for other Crypto-Assets with additional margin via the "Synthetic Liquidity View".

6.2 Margin Transaction. To provide such additional margin, KuCoin EU may grant the User a Crypto-Loan; the loan amount referred to as Margin Assets. The Margin Assets, together with the User’s own Crypto-Assets, are exchanged against other Crypto-Assets via the Platform based on prices displayed in the Synthetic Liquidity View. Under this Margin Trading Agreement an exchange of Crypto-Assets for other Crypto-Assets with additional margin is considered a "Margin Transaction". Each order involving borrowed Margin Assets constitutes a separate Margin Transaction.

6.3 General. KuCoin EU only offers margin trading for Eligible Crypto-Assets. For Eligible Crypto-Assets you may enable "Margin" and select one of the leverage levels available to you to submit an order with the following parameters:

6.3.1 Order Direction: Whether you want to buy or sell the base Crypto-Asset of the trading pair (buy/long position or sell/short position).

6.3.2 Order Type: The available order type you want to use.

6.3.3 Order Volume: The total order volume of your Margin Transaction (see section 7).

6.4 Depending on the User’s available assets and the selected parameters, submitting an order with "Margin" enabled may result in one of the following:

6.4.1 Margin Order: If the User's Margin Account holds insufficient Crypto-Assets, for the selected transaction volume, the User borrows Crypto-Assets from KuCoin EU ("Margin Order"). The borrowed Crypto-Assets are referred to as "Margin Assets".

6.4.2 Standard Order: If the User's Margin Account holds sufficient Crypto-Assets, for the selected transaction volume, the order may be accepted and fulfilled by KuCoin EU pursuant the Agreement on the Exchange of Crypto-Assets for Funds or other Crypto-Assets. Despite the enabled "Margin"-feature, the order will be concluded as a standard spot transaction. The User will not borrow Margin Assets from KuCoin EU. However, the User could also opt to borrow funds manually (for Manual Borrow see below).

6.5 Enabling the "Margin" function does not automatically lead to the borrowing of Margin Assets. Where the User has a sufficient balance of the relevant Crypto-Assets in the Margin Account, the transaction will be executed as a standard spot transaction using only the User’s own Crypto-Assets, and no Margin Assets will be borrowed from KuCoin EU.

7 Order Process

7.1 Invitation to submit an order. Any figures, numbers, or exchange reference prices on the Platform and the Synthetic Liquidity View interface, do not constitute binding offers from KuCoin EU for any exchange but an invitation for you to submit an order.

7.2 Order Types & Borrowing Fees for Limit Orders. You can use the order types as specified in Section 5.5 of the Agreement on the Exchange of Crypto-Assets for Funds or other Crypto-Assets for Margin Transactions. You expressly acknowledge that, in the case of a Limit Order (including any variations thereof) submitted as a Margin Order, the borrowing of Margin Assets may occur immediately upon order submission, even if the order is not executed immediately or is not executed at all. In such case, borrowing fees for the Margin Assets will accrue in accordance with the applicable fee schedule.

7.3 Minimum transaction volume. Each order must have a minimum transaction value, which will be shown on the Platform before making an order. You will not be able to make an order that falls below the minimum transaction value.

7.4 Applicable Limits. There is a limit of transactions, as well as amounts and numbers of exchanges of Crypto-Assets for funds or other Crypto-Assets to ensure market integrity, prevent market manipulation, and protect Users.

7.5 Borrowing Limitations. You may not be able to borrow any further Margin Assets, if the Debt Ratio (as defined in Section 12) of your Margin Account reaches 80 percent in the case of Cross Margin Mode and 90 percent in the case of Isolated Margin mode or if you reach the total borrowing limits for individual Crypto-Assets applicable to you ("Maximum Borrow Amount").

7.6 The receipt of any order will be confirmed to you promptly directly on the Platform.

7.7 Timing of order. Orders are considered submitted at the time the Users confirms the order by clicking the confirmation button on the Platform. For the avoidance of doubt, please note that a Limit Order is only submitted once the requirements explained in Section 5.5.2 of the Agreement on the Exchange of Crypto-Assets for Funds or other Crypto-Assets are fulfilled. This does not affect the immediate borrowing of Margin Assets and the accrual of borrowing fees where applicable.

7.8 Acceptance or rejection of orders. KuCoin EU can accept or reject your order for a Margin Transaction in accordance with Section 4.11 of the Agreement on the Exchange of Crypto-Assets for Funds or other Crypto-Assets.

7.9 Factual fulfilment KuCoin EU can either accept your order by factual fulfillment (tatsächliche Erfüllung) or KuCoin EU can reject it (see Section 7.8). Factual fulfillment means the recording of the transaction data in the internal (i.e., "off-chain") register of positions ("Off-Chain Ledger System").

7.10 Order details. KuCoin EU will confirm the following details regarding your order on the Platform

- Order Type: Specifies the Margin Transaction and applicable leverage level.

- Asset: The Crypto-Asset(s) involved in the transaction (may be displayed as part of the order quantity and order value).

- Price: The firm price of the order.

- Quantity: The amount of Crypto-Assets purchased with the Margin Transaction.

- Order Value (Volume): The total value of the Margin Transaction denominated in the Crypto-Assets used to exercise the purchase.

- Amount to Borrow: The total amount of Margin Assets that you borrow from KuCoin EU for the Margin Transaction.

- Daily Fee: The daily fees applicable to the Margin Assets (as percentage of the Margin Assets).

This information will be made available to Users through the Platform's interface.

7.11 Transaction details. KuCoin EU will confirm the following details regarding a Margin Transactions fulfilled on the Platform:

- Order Type: Specifies the Margin Transaction and order type;

- Asset: The Crypto-Asset(s) involved in the transaction;

- Date: The date and time the transaction was fulfilled;

- Price: The price at which the transaction was completed;

- Volume: The number of Crypto-Assets involved in the transaction.

This information will be made available to Users through the Platform’s interface and can help with tracking the trade history and the performance.

8 Margin Order

8.1 In order to enter into a Margin Order, the User must have sufficient Eligible Crypto-Assets available in the Margin Account to serve as initial collateral ("Initial Assets"). The amount of Margin Assets that may be borrowed by the User is determined based on the value of the User’s Margin Balance in the Margin Account, subject to applicable limits and the selected leverage level. If the User does not hold a sufficient quantity of the relevant Crypto-Assets in the Margin Account, the User may increase the Margin Balance by (i) completing a separate transaction through another service available on the Platform, or (ii) depositing or assigning additional Crypto-Assets to the Margin Account (e.g. transfer crypto-assets from the Funding Account to the Margin Account).

8.2 Leverage Level. The leverage level selected by the User determines the relationship between the Initial Assets and the borrowed Margin Assets. KuCoin EU may impose leverage limits depending on the User category, the relevant Crypto-Assets, and risk management considerations.

8.3 Borrowing of Margin Assets. When submitting a Margin Order, the User can choose between two different settings to borrow crypto-assets from KuCoin EU:

8.3.1 Manual Borrow: The User specifies the amount of Margin Assets to be borrowed prior to submitting a Margin Transaction. The borrowed Margin Assets are made available in the User’s Margin Account for the purpose of entering into Margin Transactions.

8.3.2 Auto Borrow: The required amount of Margin Assets is automatically determined and borrowed by KuCoin EU at the time the User submits a leveraged order, based on the selected leverage level and the transaction volume. Therefore, in the Auto-Borrow setting, the User determines the amount of Margin Assets borrowed via the specified leverage level and the selected transaction volume.

8.4 The use of Margin Assets enables the User to enter into leveraged transactions with Crypto-Assets by exchanging the Margin Assets and their Initial Asset in their Margin Account for another Crypto-Asset. The Crypto-Assets you receive are referred to as "Received Assets".

8.5 Use of Received Assets.

8.5.1 Use for other KuCoin EU Services. You can use the Received Assets for other services on the Platform (e.g. KuCoin EU Simple Earn) as well as for subsequent transactions. Depending on the Debt Ratio of your Margin Account, this possibility may be restricted for you. You will not be able to use your Received Assets, if the current Debt Ratio of your Margin Account is 60% or higher.

8.5.2 External use. You may transfer the Received Assets from the Platform ("Withdrawal"). The conditions set forth in the KuCoin EU Transfer Agreement available https://www.kucoin.com/en-eu/support/47497300094092 apply. Depending on the Debt Ratio of your Margin Account this possibility may be restricted for you. You will not be able to withdraw Received Assets, if the current Debt Ratio of your Margin Account is 60% or higher.

8.6 Collateralisation. To secure the repayment of the borrowed Margin Assets and any accrued fees, the User is required to provide "Collateral". The Collateral may consist of the Initial Assets, the Received Assets or any other designated Crypto-Assets in the User's Margin Account according to Section 10. The Collateral is subject to the Pledge Agreement, as described in Section 11.

8.7 Each (partially) filled order constitutes a Margin Transaction (as defined in 6.1). For the avoidance of doubt, under each Margin Transaction, you will also exchange your own Crypto-Assets in your Margin Account, insofar such corresponding Crypto-Assets are available.

9 Long and Short Margin Transactions

KuCoin EU offers Margin Transactions in the following directions:

9.1 Margin Trading Service –"Long"

9.1.1 Economic Mechanism. When entering into Margin Transactions "Long", the User seeks to acquire one crypto-asset (= Received Asset, e.g. BTC) by borrowing another asset (= Margin Asset, e.g. USDC), with the expectation that the market value of the Received Asset (e.g. BTC) will increase relative to the market value of the Margin Asset (e.g. USDC).

9.1.2 Additional Risks. In addition to the general risks when trading with Crypto-Assets and as laid out in Annex I of the General Terms, a Long Margin Transaction exposes the User in particular to the following risks:

9.1.2.1 Downside risk of the Received Asset: If the Received Asset depreciates in value, the value of the User’s position decreases, while the repayment obligation for the borrowed Margin Assets remains unchanged or may increase in relative terms. Due to the use of leverage, even small adverse price movements may have a disproportionate impact on the User’s position and may result in the rapid deterioration of the margin level and, ultimately, the liquidation of the position.

9.1.2.2 Upside risk of the Margin Asset: The User remains obliged to repay the borrowed Margin Assets in full, irrespective of their market price. If the Margin Asset appreciates in value, the economic value of the User’s repayment obligation increases. While this risk may be less pronounced where an e-money token is used as the Margin Asset, it can become significant where another crypto-asset is borrowed as the Margin Asset (for example, where ETH is borrowed as the Margin Asset in order to acquire BTC as the Received Asset).

Please also take note of the Margin Trading specific Risk Disclosure Document available https://www.kucoin.com/en-eu/support/47497300094098.

As a result, even if only one of these risks materializes, the User may incur losses and must repay the borrowed Margin Assets in full, regardless of the performance of the Received Asset.

9.2 Margin Trading Service – Product "Short"

9.2.1 Economic Mechanism. When using Margin Transactions "Short", the User aims to capitalize on a potential decrease in the value of the Margin Assets (e.g. BTC) by borrowing such Margin Assets to sell the Margin Assets for a different Received Asset (e.g. USDC). The intention is to repurchase the Margin Assets (e.g. BTC) at a lower price in the future, to return the borrowed Margin Asset (e.g. BTC) and keep the price difference between the initial sale and the subsequent repurchase.

9.2.2 Additional Risks. In addition to the general risks when trading with Crypto-Assets and as laid out in Annex I of the General Terms, a Short Margin Transaction exposes the User in particular to the following risks:

9.2.2.1 Upside risk of the Margin Asset: If the market value of the Margin Asset increases, the cost of repurchasing the Margin Asset rises, increasing the User’s repayment obligation.

9.2.2.2 Downside risk of the Received Asset: If the Received Asset depreciates in value, the value of the assets held by the User to repurchase the Margin Asset may decrease. This risk also applies to e-money tokens as Received Assets as they could, for example, de-peg from the currency they are referring.

Please also take note of the Margin Trading specific Risk Disclosure Docu-ment available https://www.kucoin.com/en-eu/support/47497300094098.

In such circumstances, the User may incur significant losses, as the borrowed Margin Assets must be repaid in full, regardless of the increased repurchase price.

10 Margin Account and Margin Modes

10.1 Margin Account. In your Account you are provided with different sub-registers to assign and hold your Crypto-Assets: your "Funding Account", your "Trading Account" and your "Margin Account". You may assign your Crypto-Assets either to the Funding Account, Trading Account or the Margin Account.

10.2 You may only use your Crypto-Assets assigned to your Margin Account for Margin Transactions. KuCoin EU may restrict your ability to transfer your Crypto-Assets between your Margin Account and other Accounts, if certain conditions apply (e.g. if the Debt Ratio of your Margin Account is too high).

10.3 Margin modes. Your Margin Account supports a designated margin mode for Margin Transaction to designate your Initial Assets that are used as Collateral ("Margin Mode"). You are required to always have an available Margin Mode selected. The Margin Account supports Cross Margin Mode (as defined below) and Isolated Margin Mode (as defined below). KuCoin EU may introduce additional Margin Modes in the future.

10.4 Depending on the activated Margin Mode your Margin Transactions expose you to different financial risk and different Crypto-Assets or positions in your Margin Account may be at risk of liquidation.

10.5 Crypto-Assets held in the Funding Account or Trading Account are not used for Margin Transactions and do not serve as Collateral.

10.6 Cross Margin Mode

You can activate "Cross Margin Mode" under which you will be enabled to (automatically) use the value of your whole Margin Account as Initial Assets, and may serve as Collateral for Margin Transactions, to the extent necessary. While this provides greater flexibility in meeting margin requirements, it also means that Crypto-Assets in the Margin Account that are not directly related to a specific Margin Transaction may be exposed to liquidation.

Valuation and Haircuts. For the purpose of using (a share of) your crypto-assets in your Margin Account as Initial Assets, KuCoin EU values all Crypto-Assets in USD. KuCoin EU may apply a Haircut to the value of certain Crypto-Assets. "Haircut" refers to the USD-value discount applied to Crypto-Assets and is determined as a specific percentage based on different criteria, such as past volatility and liquidity.If KuCoin EU applies a Haircut to your Crypto-Assets in your Margin Account, the value of these Crypto-Assets will be reduced for calculating the value of the Collateral, meaning that the Collateral will be valued at a lower price than the current market price ("Collateral Weight"). This reduction affects how your margin is calculated, which may increase the risk of your position being liquidated.

10.6.1 For submitted but not yet fulfilled transactions, for which the to be purchased Eligible Crypto-Asset is subject to a higher Haircut than the to be sold Crypto-Asset, KuCoin EU may already apply the higher Haircut to your existing Crypto-Assets (Haircut loss).

10.6.2 The total value (after Haircut) of the Crypto-Assets in your Margin Account that may serve as Collateral is referred to as "Margin Balance".

10.7 In general, you may customize which Crypto-Assets in your Margin Account should serve as Collateral. KuCoin EU, however, may require that certain assets serve as Collateral, if these are held in your Margin Account. KuCoin EU may further restrict your ability to make customizations under certain conditions, such as based on risk management requirements.

10.7.1 Under the Cross Margin Mode leverage levels will not be calculated on an isolated position or transaction basis, but your Margin Account as such will serve as basis for the calculation of such ratios (see also Section 12.2 ).

10.8 Isolated Margin Mode:

You can activate "Isolated Margin Mode" under which not the entire value of your Margin Account can be used as Initial Assets, but rather only the specific Crypto-Asset selected as Initial Asset for a specific Margin Transaction. Only a specific Crypto-Asset will be eligible as Initial Asset, as it must be the same Crypto-Asset type as the Margin Assets (i.e. the type of Crypto-Asset which is borrowed). Once a Margin Transaction using Isolated Margin Mode is concluded it is an "Isolated Margin Position" until the Margin Asset liability is repaid (via manual repayment or liquidation).

10.8.1 This means limited flexibility for you to provide Initial Assets but does not put additional Crypto-Assets in your Margin Account at risk of liquidation.

10.8.2 The Crypto-Assets serving as Initial Assets under the Isolated Margin Mode, may subject to Haircuts, meaning that Collateral Weights may apply (as described in 0).

10.8.3 Under the Isolated Margin Mode not the entire Margin Balance serves as Collateral, but only the part of the Margin Balance specifically assigned.

10.8.4 Under the Isolated Margin Mode leverage levels will be calculated on an isolated position or transaction basis, and not your whole Margin Account as such will serve as basis for the calculation of such ratios (see also Section 12.3).

11 Collateral

11.1 Any Crypto-Assets in your Margin Account, including your Initial Assets and Received Assets, may serve as Collateral to secure the repayment of the borrowed Margin Assets.

Your Funding Account (or Trading Account) will never be used as Collateral. Additionally, you may declare that certain Crypto-Assets in your Margin Account shall not be used as Collateral and therefore are not at risk (of liquidation).

11.2 Pledge Agreement. In order to receive Margin Assets, the User is required to establish a pledge over the Collateral in favor of KuCoin EU (this "Pledge Agreement"). This Pledge Agreement shall secure the repayment of the borrowed Margin Assets and the payment of any fees, costs or charges accrued in connection therewith. The amount of pledged assets required depends on the transaction volume (on an individual transaction basis, or an aggregated transaction basis in the case of using the Cross-Margin Mode).

11.3 Pledged Assets. Subject to the selected Margin Mode and applicable risk limits, the User pledges all or part of the Eligible Crypto-Assets held in the Margin Account as Collateral. The scope of pledged Collateral may change dynamically depending on changes in the Margin Balance, Margin Mode, Debt Ratio or the assignment of additional Crypto-Assets to the Margin Account.

11.4 Collateral Ranking. Under the Pledge Agreement, KuCoin EU ranks your Crypto-Assets being part of the Collateral, based on internal risk criteria.

11.5 Single Pledge. You will always only conclude a single Pledge Agreement and establish a single pledge over the Collateral. If you borrow Margin Assets multiple times, the initial Pledge Agreement shall be amended for the pledged Collateral to also secure KuCoin EU's claims related to the subsequently borrowed Margin Assets.

11.6 No separate transfer. KuCoin EU safekeeps your Crypto-Assets assigned to your Margin Account. No additional act of transfer of the selected Collateral is required to successfully pledge the Collateral under the Pledge Agreement. The pledge is deemed perfected, as soon as you receive the borrowed Margin Assets. The pledge does not result in you omitting ownership over your Collateral.

11.7 Change of Collateral. You may request KuCoin EU to release your Collateral from the Pledge Agreement by assigning the Collateral to your Funding Account, selling or withdrawing your Collateral. Your Collateral will not be released from the Pledge Agreement, if this resulted in you having insufficient Collateral assigned to your Margin Account (regardless of You having selected different Margin Modes). KuCoin EU will determine this based on the current Debt Rate of you Margin Account. If new Crypto-Assets are assigned to your Margin Account, these new, unencumbered Crypto-Assets

- in case of Cross-Margin Mode, are pledged as Collateral as part of your Margin Account;

- in case of Isolated Margin Mode, are not pledged as Collateral,

according to this Section 11.

11.8 Release of Collateral. Upon full repayment of the borrowed Margin Assets and any fees accrued due to the borrowed Margin Assets, KuCoin EU will release all of the remaining Collateral from the pledge. In case of a full repayment the Pledge Agreement shall be terminated.

12 Debt Ratio

12.1 Debt Ratio in General. The Debt ratio expresses the relationship between the User’s outstanding liabilities arising from borrowed Margin Assets and the value of the Crypto-Assets available as Collateral. It is in principle calculated by Margin Account liabilities divided by Margin Account assets. As KuCoin EU allows for different Margin Modes which foresees different rules for designation of Collateral, the Debt Ratio is calculated separately depending on the Margin Mode selected you.

12.2 (Cross Margin) Debt Ratio: As under the Cross Margin Mode all Crypto-Assets within the Margin Account and not in an Isolated Margin Position are subject to the pledge and serve as Collateral, the Cross Margin Debt Ratio is calculated by Margin Account liabilities divided by Margin Account assets, excluding any open Isolated Margin positions.

12.3 (Isolated Margin) Debt Ratio: As under the Isolated Margin Mode not all Crypto-Assets within the Margin Account are pledged and serve as Collateral, but only the respective Crypto-Assets designated to a specific Margin Transaction, the Debt Ratio is calculated on a per Isolated Margin Position level by dividing Isolated Margin Position Assets divided by Isolated Margin Position liability.

As you, as User, can enter into multiple Margin Transactions with Isolated Margin Mode activated and therefore have multiple (open) Isolated Margin Positions, each Isolated Margin Position has its own Debt Ratio.

12.4 Total Debt Ratio. For the User’s Account as a whole, KuCoin EU may determine a Total Debt Ratio, which reflects the combined exposure arising from: i) the Cross Margin Debt Ratio (if applicable) and one or more Isolated Margin Debt Ratios (if applicable). The Total Debt Ratio is used for overall risk management and account-level restrictions (e.g. potential transfer restrictions on assets held in the Margin Account).

12.5 Based on the Cross Margin Debt Ratio, KuCoin EU may limit your ability to borrow additional Margin Assets, trigger liquidation of (part of) your Collateral, or limit the ability to transfer Crypto-Assets out of the Margin Account.

12.6 Based on the Isolated Margin Debt Ratio, on a per Isolated Margin Position, KuCoin EU may trigger liquidation of (part of) your Collateral, or limit the ability to unassign Crypto-Assets as Collateral from the Isolated Margin Position (and/or transfer out of the Margin Account).

12.7 Initial Margin Rate. The "Initial Margin Rate" determines whether you are able to enter into further Margin Transactions and borrow additional Margin Assets. The Initial Margin Rate is a percentage calculated based on your total currently used Initial Assets for borrowed Margin Assets divided by your currently available Margin Balance. Depending on your current Initial Margin Rate, KuCoin EU may also restrict your ability to enter into any other transaction that negatively impact the Initial Margin Rate of your Margin Account.

12.8 Maintenance Margin Rate. The "Maintenance Margin Rate" determines whether you are required to repay the borrowed Margin Assets to KuCoin EU. The Maintenance Margin Rate is a percentage calculated based on the total currently required Collateral to maintain the borrowed Margin Assets divided by your currently available Margin Balance.

12.9 The Margin Rates are calculated based on KuCoin EU’s internal pricing mechanisms which may differ from the prices shown as indicative on the Platform or as the market price on third party websites.

13 Liquidation

13.1 Liquidation Threshold. The "Liquidation Threshold" is set when the Debt Ratio of your Margin Account (or an Isolated Margin Position) equals or exceeds 95%. Liquidation. Where the Liquidation Threshold is reached, the repayment obligation for the borrowed Margin Assets becomes immediately due and payable and KuCoin EU may liquidate your Collateral in accordance with this Section 13.

13.2 In case of Cross Margin: To ensure maintaining the financial health of your Margin Account, all your submitted but not yet fulfilled orders, which cause additional liability or reduce the value of your Margin Balance (e.g. through a haircut loss), are cancelled.

13.3 Limited Enforcement of Pledge. KuCoin EU will only enforce the pledge to the extent necessary to reduce the Maintenance Margin Rate of your Margin Account (or an Isolated Margin Position) to an acceptable level between 85 – 90 percent. KuCoin EU will only realize the whole Collateral, if the partial enforcement fails to reduce the Maintenance Margin Rate of your Margin Account (or an Isolated Margin Position) to the aforementioned acceptable level.

13.4 Automatic Liquidation and Repayment. For the liquidation you entitle KuCoin EU to immediately realize the parts of the Collateral necessary without requiring any further consent or action from you. The liquidation shall also ensure that your repayment obligation can be satisfied to reduce the Maintenance Margin Rate of your Margin Account (or an Isolated Margin Position) to the acceptable level pursuant to Section 12.8. This is to prevent any further potentially material and irreversible decline in the value of the Collateral that could result from any delay in enforcement and ultimately protect you from a further decline in value of your Collateral and your financial interest.

13.5 KuCoin EU may realize the Collateral by freely selling the Collateral on the market at its current price based on various price sources used to determine prices for listed Crypto-Assets on the Platform. KuCoin EU subsequently satisfies its repayment claim with the proceeds from such sales to reduce the Maintenance Margin Rate of your Margin Account (or Isolated Margin Position). Any surplus generated by such sales will be credited to your Margin Account.

13.6 Any enforcement may be undertaken without the involvement of a court, without the need to obtain a judgment and without having to institute enforcement proceedings in accordance with the Austrian Enforcement Act (Exekutionsordnung).

13.7 In case KuCoin EU is unable to enforce and realize the Collateral, you irrevocably instruct KuCoin EU, under the condition that the Liquidation Margin is reached, to sell (part of) the Collateral on the market at its current price based on various price sources used to determine prices for listed Crypto-Assets on the Platform. You further instruct KuCoin EU to repay the outstanding claims related to the borrowed Margin Assets. KuCoin EU is only instructed to sell the Collateral and repay borrowed Margin-Assets to the extent necessary to reduce the Maintenance Margin Rate of your Margin Account to the acceptable level pursuant to Section 12.8. This in order to prevent any further deterioration or loss of value of the Collateral, which may impair your financial interests and in particular your ability to repay the owed Crypto-Assets to KuCoin EU.

13.8 User Liability. Any losses from liquidation are your responsibility and are borne by you. This includes, without limitations, losses due to rapid market movements that result in an insufficient collateral value.

13.9 No asset selection rights. You have no right to choose which Crypto-Assets from your Collateral are liquidated or sold in case of an automatic liquidation. KuCoin EU may determine the liquidation sequence based on the ranking according to Section 11.4, subject to commercially reasonable practice.

13.10 No obligation to pay an additional amount. The User is not subject to any obligation to provide additional assets beyond the value of the Collateral. In particular, no obligation for additional payment (keine Nachschusspflicht) shall arise, even in the event of insufficient collateralisation at the time of liquidation.

13.11 Liquidation Fee. A liquidation fee will be charged according to Section 17.2.

14 Margin Call and Position Management

14.1 No Guaranteed Margin Call. If the Maintenance Margin Ratio of your Margin Account (or an Isolated Margin Position) reaches a certain level approaching but not reaching the Liquidation Margin, KuCoin EU will use its best efforts and may notify you via email, SMS or a Push notification that an additional Collateral must be assigned to your Margin Account (or Isolated Margin Position) or else you are exposed to the risk of an immediate repayment obligation of (part of) the borrowed Margin Assets. KuCoin EU will also use its best efforts to inform you that a liquidation will happen if the Liquidation Margin is reached. This information is known as "Margin Call".

Note: This is a voluntary service from KuCoin EU, but KuCoin EU is not obliged to inform you with a Margin Call. You are solely responsible for monitoring your Margin Account and/or Isolated Margin Position(s) maintaining appropriate Margin Rates. Receiving a Margin Call does not guarantee that you will receive a Margin Call in the future.

14.2 Position management. It is solely your obligation to manage your Margin Account (and/or Isolated Margin Position(s)) and the level of the Maintenance Margin Rate thereof. Upon or following a Margin Call, or independently at any time, you can

(i) repay borrowed Margin Assets,

(ii) assign additional Crypto-Assets that can serve as Collateral to your Margin Account (or Isolated Margin Position), or

(iii) do nothing (and risk and accept an automatic liquidation).

15 Repayment

15.1 No maximum borrowing period. There are no time limits on you borrowing Margin Assets, meaning that you may maintain the borrowed Margin Assets for an unlimited duration, as long as the Maintenance Margin Rate does not reach the Liquidation Threshold.

15.2 Manual Repayment. You may at any time repay any borrowed Margin Assets, including any accrued fees, back to KuCoin EU. You can choose to pay back the Margin Asset by exchanging available Crypto-Assets in your Account into the Margin Asset and paying back that Margin Asset and settle the corresponding accrued fees ("Manual Repayment"). For such an exchange a fee is charged.

15.3 Auto Repayment. You may, for any Margin Order, select auto repayment as a setting. If auto repayment is selected, any filled transactions where you receive Crypto-Assets which are the same as the Margin Asset, will be automatically used to pay back the Margin Asset and to settle the corresponding accrued fees ("Auto Repayment").

Partial repayment of the Margin Assets is possible. In such case, fees have to be paid pro rata. Manual Repayment does not support the partial repayment of a specific Margin Asset.

16 Tax

16.1 Margin Transactions may trigger taxable events depending on your personal circumstances and applicable tax laws. These may include, in particular, the acquisition or disposal of Crypto-Assets, repayments of borrowed Margin Assets, or liquidations of Collateral.

16.2 You are solely responsible for determining and fulfilling your individual tax obligations resulting from Margin Transactions. You should consult a tax advisor to assess any personal tax implications.

16.3 KuCoin EU is only required to withhold taxes under Austrian tax law. If you are subject to unlimited tax liability in another jurisdiction, you remain solely responsible for complying with any applicable tax laws and fulfilling any local tax reporting or payment obligations.

16.4 Any withholding of tax in Crypto-Assets may itself be deemed a taxable disposal under applicable tax law. You remain responsible for any further tax implications that result from the withholding process itself.

16.5 For Austrian tax residents (once eligible), KuCoin EU applies the first-in-first-out (FIFO) method. You irrevocably authorize KuCoin EU to determine the order of consumption of your Crypto-Assets accordingly.

16.6 Tax acquisition data provided for Margin Transactions is considered final and cannot be changed later. The submission of tax data may be required in cases of relocation or deposit of Crypto-Assets.

17 Fees

17.1 KuCoin EU will transparently display the prices and fees applicable on the Platform before a User can make a Margin Transaction.

17.2 All fees applicable for Margin Transactions can be found in the fee document that you can find here https://www.kucoin.com/en-eu/support/47497300094096. The User especially incurs trading fees, daily fees for Margin-Assets and liquidation fees.

18 Liability

The use of the Platform and Margin Transactions carries risks. A non-exhaustive list of these risks is set out in Annex I of the General Terms. Any liability of KuCoin EU under or in connection with these exchange services shall be limited in accordance with Section 20 of the General Terms.

Annex I - Definitions

Definition	Meaning
Auto Borrow	means the automatic borrowing of the Margin Assets required for the Margin Order at the time the order is placed. The amount depends on the selected leverage and transaction volume.
Auto Repayment	means the process whereby, if selected by you, all Crypto-Assets that you receive when executing a transaction and that are identical to the Margin Assets, are used to automatically repay the Margin Assets and settle the corresponding accrued fees.
Agreement / Margin Trading Agreement	means this document including its Annexes.
Agreement on the Exchange of Crypto-Assets for Funds or other Crypto-Assets	means the Agreement on the Exchange of Crypto-Assets for Funds or other Crypto-Assets and its Annexes
Collateral	means any Crypto-Assets pledged to secure your obligations in Margin Trading.
Cross Margin Mode	means a margin method in which all assets of your Margin Account are used to secure your obligations.
Debt Ratio	means the ratio between outstanding liabilities from borrowed margin assets and the value of Crypto-Assets available as collateral.
Isolated Margin Mode	means a margin method in which only specifically selected assets of your Margin Account are used to secure your obligations in relation to a specific Margin Transaction.
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).
Eligible Crypto-Assets	means Crypto-Assets eligible for Margin Transactions.
Funding Account	means a subaccount of your user account that is used to allocate Crypto-Assets to the Margin Account. The Crypto-Assets are not used as collateral in margin trading.
General Terms	means the general terms and conditions of KuCoin EU, its Annexes and other documents linked to this document (by reference and/or electronic link)
Haircut	means the percentage reduction applied to the value of a Crypto-Asset for the purpose of calculating the value of the collateral.
Haircut Loss	means the anticipated discount on existing Crypto-Assets when, for an order that has not yet been executed, the assets to be purchased are subject to a higher security discount than those to be sold; the higher Haircut may already be applied to existing assets.
Initial Asset	means Crypto-Asset provided as initial collateral.
KuCoin EU, we, us, our	means KuCoin EU Exchange GmbH, with its corporate seat in Vienna, registered with the commercial register of the Commercial Court of Vienna under registration number 641084x.
Liquidation	means the closing of a User's position when the margin level falls below the required threshold.
Liquidation Threshold	means the threshold value at which (or above which) the repayment obligation for Margin Assets becomes due and KuCoin EU may liquidate collateral. The threshold value is set at 95%.
Maintenance Margin	means a percentage calculated based on the total currently required Collateral to maintain the borrowed Margin Assets divided by your currently available Margin Balance.
Manual Borrow	means manually determining the amount of Margin Assets before placing the Margin Order. The loan amount is determined by the User.
Manuelle Rückzahlung	means the manual repayment, whereby the user repays all borrowed Margin Assets, including all fees incurred.
Margin Account	means the (Sub-)Account used for Margin Transactions.
Margin Assets	means the borrowed Crypto-Assets
Margin Balance	means the total value (after haircut) of the Crypto-Assets in your Margin Account that can serve as collateral.
Margin Call	means a notification that the margin level for an open position has fallen below a certain threshold.
Margin Modi	means predefined collateral and risk modes of the Margin Account (currently Cross and Isolated Margin Mode), which determine which Crypto-Assets from the margin account serve as Initial Assets.
Margin Order	means an order for a margin transaction in which margin assets are borrowed from KuCoin EU.
Margin Transaction	means each (partially) filled order with borrowed Crypto-Assets.
MiCAR	means the Regulation (EU) 2023/1114 on Markets in Crypto-Assets.
Maximum Borrow Amount	means total borrowing limit for individual Crypto-Assets.
Off-Chain Information Ledger	means the internal (i.e., 'off-chain') register of Crypto-Asset positions held by KuCoin EU on behalf of and for the account of its Users.
Platform	means the service platform for Crypto-Assets operated by KuCoin EU, including any website or mobile application of the Platform, which enables users to exchange or invest in Crypto-Assets.
Pledge Agreement	means agreement that secures the repayment of the borrowed Margin Assets and accrued fees.
Received Assets	means assets the User receives through Margin Trading.
Synthetic Liquidity View	means the interface for exchanging Crypto-Assets for funds or other Crypto-Assets on the Platform. It displays the available liquidity and the available prices.
Total Debt Ratio	means the total leverage ratio at the account level, which reflects the combined risk from the cross margin debt ratio and one or more isolated margin debt ratios. It is calculated by dividing total liabilities by total assets.
Trading Account	means a (Sub)-Account of your user account that is used for trading crypto assets. The crypto assets are not used as collateral in margin trading.
User, you, your	means any person who has created an Account by signing up on the Platform and who has verified themselves.