Details

Terms of Use

2019-09-03 17:20:20--

Please read these Terms of Use and all the documents under the navigation tab of “References” carefully. By clicking the “Start trading” button or by accessing or using any service made available by us, you agree to be legally bound by these Terms of Use (including the Fees, all the documents under the navigation tab of “References”and Contract Guide), the Privacy Policy and all terms incorporated by reference in the foregoing. Meanwhile, you hereby agree and confirm that in order to facilitate your use of KuMEX platform and other related services, you hereby authorize KuMEX Platform to obtain from KuCoin Platform the information you provided and formed during the registration and use of the relevant services on KuCoin Platform, including but not limited to your registered account information on KuCoin Platform, information provided under the anti-money laundering, countering the financing of terrorism and know your customer compliance policy (the “AML/CFT Policy”) , and any other information that you agreed to provide to the platform under the Term of Use of the KuCoin Platform.
KuMEX Platform attaches great importance to the protection of user's personal information (that is, information that can identify user's identity independently or in combination with other information). When you use KuMEX Platform Services, you agree that KuMEX Platform can collect, store, process, disclose and protect your personal information in accordance with the Privacy Policy published on KuMEX Platform. KuMEX Platform hopes to give you a clear introduction of how KuMEX Platform processes your personal information through our Privacy Policy. Therefore, KuMEX Platform recommends that you read the Privacy Policy completely (https://www.kucoin.com/news/en-kumex-privacy-policy ) in order to help you better protect your privacy.


Summary of Terms of Use

We,KuMEX (hereinafter referred to as “KuMEX”, “we” or “us”), summarize below our Terms of Use to give an overview of the key terms that apply to your use of our website and trading services. While we hope this summary section is helpful, you must read the complete Terms of Use below since they provide important information about our services, our respective legal rights and obligations, and the risks involved in trading different derivatives contracts with various cryptocurrencies as the underlying (“Products”).

Our Services

KuMEX is an online trading platform which provides you a simple and convenient way to trade the Products. The Products offered on the Platform include a range of different derivatives contracts with various cryptocurrencies as the underlying. All transactions and settlement of the Products, and calculations of your profits or losses on any of the Products, shall be in Bitcoin only and not any fiat currency or any other cryptocurrency or altcoin, notwithstanding that the Products may relate to or be derivatives on such other cryptocurrencies or altcoins.


Eligibility and Acceptable Use

You must meet certain eligibility criteria to use KuMEX’s services. You must be at least 18 years of age and there are certain locations from which you may not be able to use some or all of KuMEX’s services. Other eligibility criteria may also apply. Additionally, there are certain things you cannot do when using KuMEX’s services, such as engage in market misconduct or illegal activities, lie, or do anything that would cause damage to our services or systems. Please see Section 12 below on “Acceptable Use” for more details.

Trading Risks

Engaging in Products trades may be highly risky. Please do not use KuMEX’s services if you do not understand these risks.

Other Important Legal Terms

There are important legal terms provided below in the complete Terms of Use, including your indemnification responsibilities, our limitation of liability and warranty disclaimers, and your agreement to arbitrate disputes. Please take the time to read these terms carefully. You can always contact us through KuMEX Help Center if you have any questions.



Complete Terms of Use

These Terms of Use and any terms expressly incorporated herein (including but not limited to all the documents under the navigation tab of “References”  and Risk Disclosure Statement, “Terms”) apply to your use of the website operated and maintained byKuMEX (collectively, “KuMEX”, “we”, or “us”), and the trading services provided by KuMEX as described in these Terms (collectively, our “Services”).

1. Key Definitions

Capitalized terms not otherwise defined in these Terms will have the following meaning:

1.1 “External Account” means any account: (i) from which you may transfer Bitcoins into your KuMEX Account, and (ii) to which you may transfer Bitcoins from your KuMEX Account and which has been approved by KuMEX for the foregoing purposes.



1.2.“Funds” means the Bitcoin assets KuMEX users transfer to or from its KuMEX Account.

1.3.“KuMEX Account” means a user account accessible via the Services where Bitcoins may be stored by KuMEX on behalf of a user.

1.4.“KuMEX Help Center” means KuMEX’s customer service center with address at https://support.kucoin.plus where you could get online support from KuMEX.

1.5.“Products” means the derivatives contracts with various cryptocurrencies as the underlying, which are traded on KuMEX Platform, including but not limited to Perpetual Contracts which are detailed in all the documents under the navigation tab of “References”and KuMEX Contract Guides .

2. Eligibility

2.1. KuMEX may not make the Services available in all markets and jurisdictions, and may restrict or prohibit use of the Services from certain jurisdictions (“Restricted Locations”).

2.2. You further represent and warrant that you: (a) are at least 18 years old; (b) have not previously been suspended or removed from using our Services or other similar services provided by other parties; (c) have full power and authority to enter into these Terms and in doing so will not violate any other agreement to which you are a party; (d) using our platform in your own name and solely for your own benefit; (e) are not located in, under the jurisdiction of, or a national or resident of any Restricted Locations (as defined in Section 2.1 above); (f) will not use our Services if any applicable laws in your country prohibit you from doing so in accordance with these Terms; (g) are not a designated person under regulations issued pursuant to the lists of individuals or entities identified by the Security Council of the United Nations or the Committee as individuals or entities to whom or which apply the measures referred to in paragraph 8(d) of Resolution 1718 (2006)(including any such list as updated from time to time by the Security Council or the Committee, and made available on the Internet through the official United Nations website at http://www.un.org/) ; and (h) have read and understood these Terms and the Risk Disclosure Statement.

2.3. KuMEX maintains an anti-money laundering, countering the financing of terrorism and know your customer compliance policy (the “AML/CFT Policy”). Pursuant to such policy, KuMEX may, in its discretion, require identity verification and go through other screening procedures with respect to you or transactions associated with your KuMEX Account. You agree and undertake to provide KuMEX with any and all information and documents that KuMEX may from time to time request or require for the purposes of these Terms or in connection with your KuMEX Account (including, but not limited to, your name, address, telephone number, email address, date of birth, government-issued identification number, photograph of your government-issued identity card or document or other photographic proof of your identity, and information regarding your Account). KuMEX will have no liability or responsibility for any permanent or temporary inability to access or use any Services as a result of any identity verification or other screening procedures.

Further, pursuant to the AML/CFT Policy, KuMEX may, in its discretion, carry out continuous monitoring of all KuMEX Accounts. If any unusually large or unusual patterns of trades or any inexplicable or suspicious circumstances are observed, KuMEX may, in its discretion, place an administrative hold on or freeze your KuMEX Account. You agree that KuMEX will have no liability or responsibility for any permanent or temporary inability to access or use any Service caused by such action.

2.4. Additionally, by agreeing to these terms you certify that you pursue participation in blockchain-based networks as a part of your professional activity and are familiar with the Products and the risks attached to them and their trading, including but not limited to the risks highlighted in the Risk Disclosure Statement.

3. KuMEX Account

3.1. Number of KuMEX Accounts. KuMEX may, in its sole discretion, limit the number of KuMEX Accounts that you may hold, maintain or acquire.

3.2. KuMEX Account information and security. In order to engage in any trades via the Services, you must create a KuMEX Account and provide any requested information. When you create a KuMEX Account, you agree to take responsibility for all activities that occur under your KuMEX Account and accept all risks of any authorized or unauthorized access to your KuMEX Account, to the maximum extent permitted by law.

3.3. You are solely responsible for doing all things and taking all actions necessary to monitor and secure your KuMEX Account, and to enable or receive financial or other benefits made available to account holders.

3.4. You must not create security or any other collateral interest over the funds in your KuMEX Account except with our prior written consent.

4. Privacy Policy

Please refer to our Privacy Policy for information about how we collect, use and disclose your personal data.

5. General Obligations

This Section 5 applies to: (i) all trades completed via the Services, and (ii) any transaction in which you transfer Funds into your KuMEX Account from your External Account or transfer Funds from your KuMEX Account into an External Account.

5.1. Conditions and Restrictions. We may, at any time and in our sole discretion, refuse any trade submitted via the Services, impose limits on the trade amount permitted via the Services or impose any other conditions or restrictions upon your use of the Services without prior notice. For example, we may restrict trades from certain locations.

5.2. Accuracy of Information. You must provide any information required when creating a KuMEX Account or when prompted by any screen displayed within the Services. You represent and warrant that any information you provide via the Services is accurate and complete.

5.3. Insufficient Funds. If you have an insufficient amount of Funds in your KuMEX Account to complete an order via the Services, we may cancel the entire order or may fulfill a partial order using the amount of Funds currently available in your KuMEX Account, less any fees owed to KuMEX in connection with our execution of the trade (as described in Section 9 below).

5.4. Taxes. It is your responsibility to determine what, if any, taxes apply to the trades you complete via the Services, and it is your responsibility to report and remit the correct tax to the appropriate tax authority. You agree that KuMEX is not responsible for determining whether taxes apply to your trades or for collecting, reporting, withholding or remitting any taxes arising from any trades.

5.5. Compliance with all applicable laws and regulations. You represent, warrant and undertake that you have and shall at all times comply with all applicable laws and regulations in all jurisdictions relevant to any Service provided or made available by us to you.

6. KuMEX Account Funds

Ownership of Funds. You hereby represent and warrant that any Funds transferred to your KuMEX Account from an External Account or otherwise used by you in connection with the Services are owned by you legally and beneficially, and that all orders, trades and transactions initiated with your KuMEX Account are for your own account and not on behalf of any other person or entity.

7. Trades

7.1. Market volatility. Particularly during periods of high volume, illiquidity, fast movement or volatility in the marketplace for any particular one or more Product, the actual market rate at which a trade is executed may be different from the prevailing rate indicated via the Services at the time of your order or trade. You understand that we are not liable for any such price fluctuations. In the event of a market disruption or Force Majeure event (as defined in Section 22), KuMEX may do one or more of the following: (a) suspend access to the Services; or (b) prevent you from completing any actions via the Services, including closing any open positions. Following any such event, when trading resumes, you acknowledge that prevailing market rates may differ significantly from the rates available prior to such event.

7.2. Independent Relationship, No Advice. You acknowledge and agree that: (a) KuMEX is not holding monies and/or Funds as your trustee, and is not acting as your broker, intermediary, agent, or advisor or in any fiduciary capacity, and (b) no communication or information provided to you by KuMEX shall be considered or construed as advice.

We shall not give advice to you on the merits of any trade and shall deal with you on an execution-only basis. None of our employees or staff are authorised by us to give you investment advice. Accordingly, you should not regard any proposed trades, suggested trading strategies or other written or oral communications from us as investment recommendations or advice or as expressing our view as to whether a particular trade is suitable for you or meets your financial objectives. You must rely on your own judgement for any investment decision you make in relation to your KuMEX Account. If you require investment or tax advice, please contact an independent investment or tax adviser. You acknowledge and agree that you have made your own independent analysis and decision when executing a trade and such trades are entered into without reliance upon any views, representations (whether written or oral), advice, recommendation, information or other statement by us.

8. Risk Disclosure

Please refer to the Risk Disclosure Statement which is available at [https://kucoin.com/news/en-kumex-risk-disclosure-statement].  

9. Fees

9.1. Amount of Fees. You agree to pay the fees for trades completed via our Services (“Fees”) as made available via the Fees, which we may change from time to time. Changes to the Fees are effective as of the effective date indicated in the posting of the revised Fees to the Services, and will apply prospectively to any trades that take place following the effective date of such revised Fees.

9.2. Third-Party Fees. In addition to the Fees, your External Account may impose fees in connection with your use of your designated External Account via the Services. Any fees imposed by your External Account provider will not be reflected on the transaction screens containing information regarding applicable Fees. You are solely responsible for paying any fees imposed by an External Account provider.

9.3. Payment of Fees. You authorize us, or our designated payment processor, to charge or deduct your KuMEX Account Funds for any applicable Fees owed in connection with trades you complete via the Services.

10. Electronic Notices

10.1. Consent to Electronic Delivery. You agree and consent to receive electronically all communications, agreements, documents, receipts, notices and disclosures (collectively, “Communications”) that KuMEX provides in connection with your KuMEX Account and/or use of the KuMEX Services. You agree that KuMEX may provide these Communications to you by posting them via the Services, by emailing them to you at the email address you provide. You should maintain copies of electronic Communications by printing a paper copy or saving an electronic copy. You may also contact us through KuMEX Help Center to request additional electronic copies of Communications or, for a fee, paper copies of Communications (as described below).

10.2. Withdrawal of Consent. You may withdraw your consent to receive electronic Communications by contacting KuMEX Help Center. If you decline or withdraw consent to receive electronic Communications, KuMEX may suspend or terminate your use of the Services.

10.3. Updating Contact Information. It is your responsibility to keep your email address on file with KuMEX up to date so that KuMEX can communicate with you electronically. You understand and agree that if KuMEX sends you an electronic Communication but you do not receive it because your email address on file is incorrect, out of date, blocked by your service provider, or you are otherwise unable to receive electronic Communications, KuMEX will be deemed to have provided the Communication to you.

11. Unclaimed or Disputed Property 

11.1 Notwithstanding the below 11.2 provision, If for any reason KuMEX is holding Funds in your KuMEX Account, such Funds remain unclaimed, and KuMEX is unable to return your Funds to your designated External Account after a period of three years after your last login to KuMEX or any specified period notified by KuMEX, and KuMEX determines in good faith that it is not able to trace you, you agree that all such Funds shall be deemed to have been abandoned by you in favour of KuMEX and may be appropriated by KuMEX to and for itself, and you thereafter shall have no right to claim such Funds. 

11.2 In the event that any type of tokens in your KuMEX Account will be/has been delisted in accordance with the KuMEX’s delisting rules updated from time to time ("Event"), KuMEX is entitled to publish an official announcement on its website to inform you of the Event ("Delisting Announcement") and require you to withdraw such delisting tokens before the deadline (“Deadline”). In the event that you are unable to withdraw such delisting tokens held in your KuMEX Account before the Deadline, KuMEX determines in good faith that it is not able to trace you, you agree that all such Funds shall be deemed to have been abandoned by you in favour of KuMEX and may be appropriated by KuMEX to and for itself, and you thereafter shall have no right to claim such Funds. For the avoidance of doubts, unless otherwise notified, the definition of the Deadline should be the period of six (6) months from the date of Delisting Announcement. 

11.3 If KuMEX receives notice that any Digital Tokens held in your KuMEX Account are alleged to have been stolen or otherwise are not lawfully possessed by you, KuMEX may, but has no obligation to, place an administrative hold on or freeze the affected Digital Tokens or your KuMEX Account. If KuMEX does place an administrative hold on or freeze some or all of your Digital Tokens, KuMEX may continue such hold until such time as the dispute has been resolved and evidence of the resolution acceptable to KuMEX has been provided to KuMEX in a form acceptable to KuMEX. KuMEX will not involve itself in any such dispute or the resolution of the dispute. You agree that KuMEX will have no liability or responsibility for any losses, damages or prejudice arising from or in connection with such hold or freeze, or for your inability to withdraw Digital Tokens or execute trades during the period of any such hold or freeze. 

12. Acceptable Use

12.1. When accessing or using the Services, you agree that you will not violate any law or any contractual, intellectual property or other third-party right or commit a tort, and that you are solely responsible for your conduct while using our Services. Without limiting the generality of the foregoing, you agree that you will not:

Use our Services in any manner that could interfere with, disrupt, negatively affect or inhibit other users from fully enjoying our Services, or that could damage, disable, overburden or impair the functioning of our Services or bring disrepute to our Services in any manner;
Use our Services to pay for, support or otherwise engage in any illegal gambling activities; fraud; market manipulation or abuse (including but not limited to your taking actions, or acting in concert with another user to take actions, on or outside the Services, which are intended to deceive or mislead other users, or artificially control or manipulate the price or trading volume of a Product); money-laundering; or terrorist activities; or other illegal activities;
Use any robot, spider, crawler, scraper or other automated means or interface not provided by us to access our Services or to extract data;
Use or attempt to use another user’s account without authorization;
Attempt to circumvent any content filtering techniques we employ, or attempt to access any service or area of our Services that you are not authorized to access;
Introduce to the Services any malware, virus, trojan worms, logic bombs, or other harmful material;
Develop any third-party applications that interact with our Services without our prior written consent;
Provide false, inaccurate, or misleading information;
Encourage or induce any third party to engage in any of the activities prohibited under this section.


13. Feedback

We will own exclusive rights, including all intellectual property rights, to any feedback, suggestions, and ideas or other information or materials regarding KuMEX or our Services that you provide, whether by email, posting through our Services or otherwise (“Feedback”). Any Feedback you submit is non-confidential and shall become the sole property of KuMEX. We will be entitled to the unrestricted use and dissemination of such Feedback for any purpose, commercial or otherwise, without acknowledgment or compensation to you. You waive any rights you may have to the Feedback (including any copyrights). Do not send us Feedback if you expect to be paid or want to continue to own or claim rights in them; your idea might be great, but we may have already had the same or a similar idea and we do not want disputes. You also acknowledge and agree that we have the right to disclose your identity to any third party who is claiming that any content posted by you constitutes a violation of their intellectual property rights, or of their right to privacy. We have the right to remove any posting you make on our website if, in our opinion, your post does not comply with the content standards set out in our website.

14. Copyrights and Other Intellectual Property Rights

14.1. Unless otherwise indicated by us, all copyright and other intellectual property rights in all content and other materials contained on our website or provided in connection with the Services, including, without limitation, the KuMEX or KuMEX logo and all designs, text, graphics, pictures, information, data, software, sound files, other files and the selection and arrangement thereof (collectively, “KuMEX Materials”) are the proprietary property of KuMEX or our licensors or suppliers and are protected by international copyright laws and other intellectual property rights laws.

14.2. We hereby grant you a limited, nonexclusive and non-sublicensable license to access and use the KuMEX Materials for your personal use. Such license is subject to these Terms and does not permit (a) any resale of the KuMEX Materials; (b) the distribution, public performance or public display of any KuMEX Materials; (c) modifying or otherwise making any derivative uses of the KuMEX Materials, or any portion thereof; or (d) any use of the KuMEX Materials other than for their intended purposes. The license granted under this section will automatically terminate if we suspend or terminate your access to the Services.

15. Third-Party Content

In using our Services, you may view content provided by third parties, including links to web pages of such parties, including but not limited to Facebook and Twitter links (“Third-Party Content”). For instance, with regards to payment services provided by third parties, you could find the specific service provider through the Announcement. We do not control, endorse or adopt any Third-Party Content and shall have no responsibility for Third-Party Content, including without limitation material that may be misleading, incomplete, erroneous, offensive, indecent or otherwise objectionable. In addition, your business dealings or correspondence with such third parties are solely between you and the third parties. We are not responsible or liable for any loss or damage of any sort incurred as the result of any such dealings, and you understand that your use of Third-Party Content, and your interactions with third parties, is at your own risk.

16. Suspension; Termination

In the event of any Force Majeure Event (as defined in Section 22.6), breach of these Terms or any laws or regulations, or any other event that would make provision of the Services commercially unreasonable for KuMEX, we may, in our discretion and without liability to you, with or without prior notice, suspend your access to all or a portion of our Services and/or as may be required by applicable laws, file a suspicious transaction report with the relevant authorities or otherwise report to or inform the relevant authorities or take any other steps to protect KuMEX’s interests as KuMEX deems appropriate. We may also terminate your access to the Services in our sole discretion, immediately and without prior notice, and delete or deactivate your KuMEX Account and all related information and files in such account without liability to you, including, for instance, in the event that you breach any term of these Terms. In the event of discontinuation of all Services or termination of your access to the Services or deletion or deactivation of your KuMEX Account: (a) all amounts payable by you to KuMEX will immediately become due; (b) KuMEX may cancel any open orders or other transaction requests that are pending at the time of discontinuation or termination or deletion or disactivation;(c) KuMEX will, where possible, return any Funds stored in your KuMEX Account not otherwise owed to KuMEX and/or will use commercially reasonable efforts to provide you with a period of 90 days to transfer affected Funds from your KuMEX Account, unless prohibited by applicable laws or regulations or by order of law enforcement or governmental authority, or KuMEX believes you have committed fraud, negligence or other misconduct; and/or (d) KuMEX may take such other steps as KuMEX deems necessary or desirable to protect its own interests. We are not and shall not be responsible or liable for any loss or damages incurred as a result of or arising from any actions taken under this section.

17. Discontinuance of Services

We may, in our sole discretion and without liability to you, with or without prior notice and at any time, modify or discontinue, temporarily or permanently, all or any portion of our Services, which may include but is not limited to suspending trading in or ceasing to offer Services in respect of any of the Products or prohibiting use of the Services in or from certain jurisdictions.

18. Disclaimer of Warranties

18.1. Except as expressly provided to the contrary in a writing by us, our services are provided on an “As is” and “As available” basis. We expressly disclaim, and you waive, all warranties of any kind, whether express or implied, including, without limitation, implied warranties of merchantability, fitness for a particular purpose, title and non-infringement as to our services, including the information, content and materials contained therein, to the fullest extent permitted by applicable laws.

18.2. You acknowledge that information you store or transfer through our services may become irretrievably lost or corrupted or temporarily unavailable due to a variety of causes, including software failures, protocol changes by third party providers, internet outages, force majeure event or other disasters including third party Distributed Denial of Service attacks, scheduled or unscheduled maintenance, or other causes either within or outside our control. You are solely responsible for backing up and maintaining duplicate copies of any information you store or transfer through our Services.

Some jurisdictions do not allow the disclaimer of implied terms in contracts with consumer, so some or all of the disclaimers in this section may not apply to you.

19. Limitation of Liability

19.1. Except as otherwise required by law, in no event shall KuMEX, our directors, officers, members, employees, agents or contractors be liable for any special, indirect or consequential damages, or any other damages of any kind, including but not limited to loss of use, loss of profits or loss of data, whether in an action in contract, tort (including but not limited to negligence) or otherwise, arising out of or in any way connected with the use of or inability to use our Services or the KuMEX Materials, including without limitation any damages caused by or resulting from reliance by any user on any information obtained from KuMEX, or that result from mistakes, omissions, interruptions, deletion of files or email, errors, defects, viruses, delays in operation or transmission or any failure of performance, whether or not resulting from a force majeure event, communications failure, theft of, destruction of or unauthorized access to KuMEX’s records, programs or services.
Some jurisdictions do not allow the exclusion of certain warranties or the limitation or exclusion of liability for incidental or consequential damages. Accordingly, some of the limitations of this section may not apply to you.

19.2. To the maximum extent permitted by applicable law, in no event shall the aggregate liability of KuMEX (including our directors, officers, members, employees and agents), whether in contract, warranty, tort (including negligence, whether active, passive or imputed), product liability, strict liability or other theory, arising out of or relating to the use of, or inability to use the Services, KuMEX or to these terms exceed the fees paid by you to KuMEX during the 12 months immediately preceding the date of any claim giving rise to such liability.

19.3. We have no control over, or liability for, the delivery, quality, safety, legality or any other aspect of any Products that you may purchase or sell to or from a user of the Services. We are not responsible for ensuring that a third-party buyer or a seller you transact with will complete a trade or transaction or is authorised to do so. If you experience a problem with any Products or services purchased from, or sold to, a user using the Services, or if you have a dispute with such user, you should resolve the dispute directly with that user. If you believe a user has behaved in a fraudulent, misleading, or inappropriate manner, or if you cannot adequately resolve a dispute with a third party, you may notify KuMEX Help Center if you have any questions.

19.4. You acknowledge that there is no guarantee fund established or other arrangement in place to cover or compensate you for any pecuniary loss suffered by you as a result of any defaults by or the insolvency of any other users of the Services.

20. Indemnity

You agree to defend, indemnify and hold harmless KuMEX (and each of our officers, directors, members, employees, agents and affiliates) from any claim, demand, action, damage, loss, cost or expense, including without limitation reasonable attorneys’ fees, arising out or relating to (a) your use of, or conduct in connection with, our Services; (b) any Feedback you provide; (c) your violation of these Terms or any agreement incorporated by reference in these Terms; and/or (d) your violation of any rights of any other person or entity or of any laws and regulations including but not limited to anti-money laundering and countering the financing of terrorism laws and regulations. If you are obligated to indemnify us, we will have the right, in our sole discretion, to control any action or proceeding (at our expense) and determine whether we wish to settle it.

21. Applicable Law and Disputes Resolution
Please read the following paragraph carefully because it requires you to settle disputes with us and it limits the manner in which you can seek relief.
You and KuMEX agree to notify each other in writing of any dispute within thirty (30) days of when it arises. You and KuMEX further agree that you and KuMEX shall spend not less than three (3) months on full communication, consultation or mediation before either party submits the disputes in question for litigation. If no settlement can be reached through consultation, the litigation shall be under the jurisdiction of the court located in the place where the plaintiff has his/her/its domicile.

These Terms shall be governed by and construed in accordance with English Common Law. The International Business Companies Act 2016 is the principal legislation that governs corporates in the Republic of Seychelles.

22. Insurance Fund

22.1 You acknowledge and agree with that in the event that your particular position is closed and unable to be better than the bankruptcy price, KuMEX shall have the right to use the insurance fund to make up for the losses caused hereof with the intention of reducing the possibility of auto-deleveraging.

22.2 You further acknowledge and agree that KuMEX shall, at its own sole discretion, determine: (a) whether to use the insurance fund in a particular event; and (b) the specific amount of the insurance fund to be spent in a particular event, and such decision shall be final.

22.3 The above particular event set out in Section 22.2 shall include, without limitation: (a) the downtime of system; and (b) the hacker attack which causes KuMEX user assets to be stolen.

23. Miscellaneous

23.1. Entire Agreement; Order of Precedence.

These Terms contain the entire agreement, and supersede all prior and contemporaneous understandings between the parties regarding the Services. These Terms do not alter the terms or conditions of any other electronic or written agreement you may have with KuMEX for the Services or for any other KuMEX product or service or otherwise. In the event of any conflict between these Terms and any other agreement you may have with KuMEX, the terms of that other agreement will prevail only if these Terms are specifically identified and declared to be overridden by such other agreement.

23.2. Third Party Rights

A person who is not a party to these Terms has no right to enforce any term of these Terms.

23.3. Amendment

We reserve the right to make changes or modifications to these Terms from time to time, in our sole discretion. If we make changes to these Terms, we will provide you with notice of such changes, such as by sending an email, providing notice on the homepage of our website and/or by posting the amended Terms via the applicable KuMEX websites and mobile applications and updating the “Last Updated” date at the top of these Terms. The amended Terms will be deemed effective immediately upon posting for any new users of the Services. In all other cases, the amended Terms will become effective for preexisting users upon the earlier of either: (i) the date users click or press a button to accept such changes, or (ii) continued use of our Services 30 days after KuMEX provides notice of such changes. Any amended Terms will apply prospectively to use of the Services after such changes become effective in accordance with these Terms. If you do not agree to any amended Terms, you must discontinue using our Services and contact us to terminate your account.

23.4. Waiver

Our failure or delay in exercising any right, power or privilege under these Terms shall not operate as a waiver thereof.

23.5. Severability

The invalidity or unenforceability of any of these Terms shall not affect the validity or enforceability of any other of these Terms, all of which shall remain in full force and effect.

23.6. Force Majeure Events

KuMEX shall not be liable for (1) any inaccuracy, error, failure, delay in, or omission of (i) any information, (ii) the transmission or delivery of information, or (iii) carrying out its obligations under these Terms; (2) any loss or damage in any and all cases arising from any event beyond KuMEX’s reasonable control, including but not limited to flood, extraordinary weather conditions, earthquake, or other act of God, fire, war, insurrection, riot, labor dispute, accident, action of government, terrorist attacks, market failure or disruption, telecommunications or network breakdown or disruption, communications, power failure, attacks on the security, integrity or operation of the Products, the Services and/or the KuMEX Accounts and Funds held therein, or equipment or software malfunction or any other cause beyond KuMEX’s reasonable control (each, a “Force Majeure Event”).

23.7. Assignment

You may not assign or transfer any of your rights or obligations under these Terms without prior written consent from KuMEX, including by operation of law or in connection with any change of control. KuMEX may assign or transfer any or all of its rights under these Terms, in whole or in part, without obtaining your consent or approval.

23.8. Headings

Headings of sections are for convenience only and shall not be used to limit or construe such sections.

23.9. Governing language and translations

These Terms, the Privacy Policy, and other agreements or communications notified through the Services have been drafted in English. Although translations in other languages of any of the foregoing documents may be available, such translations may not be up to date or complete. Accordingly, you agree that in the event of any conflict between the English language version of the foregoing documents and any other translations thereof, the English language version of such documents shall govern and prevail.  

23.10. Survival

Sections 2 (Eligibility), Section 3 (KuMEX Account), Section 8 (Risk Disclosure), Section 9 (Fees), Section 11 (Unclaimed Property), Section 13 (Feedback), Section 14 (Copyrights and other Intellectual Property Rights), Section 15 (Third-Party Content), Section 18 (Disclaimer of Warranties), Section 19 (Limitation of Liability), Section 20 (Indemnity), Section 21 (Applicable Law; Arbitration) and this Section 22 (Insurance Fund), Section 23(Miscellaneous) shall survive any termination or expiration of these Terms.

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