This Agreement is made between you (hereinafter referred to as “you” or “your”) and Megabit. By accessing or using the Megabit platform or any of its associated websites (such as megabit.vip), mobile applications, or other related services provided by Megabit or any of its affiliates as described in Section 4 below (collectively referred to as “the Service”), you acknowledge that you have read, understood, and agree to all the terms and conditions of this Terms of Service Agreement (hereinafter referred to as “the Terms of Service”), as well as our Privacy Policy published on the platform. Additionally, when using certain features of the Service, you may need to comply with additional terms and conditions applicable to those features.
Please read these terms of service carefully. This Terms of Service Agreement contains important provisions, including arbitration provisions that require all claims to be resolved through binding arbitration. The arbitration provisions are detailed in Section 15 “Dispute Resolution: Arbitration Location, Arbitration, Class Action Waiver, Governing Law” below. Please be aware that, as with any assets, the value of financial assets may fluctuate and there are significant risks involved. You may face financial loss when buying, selling, holding, or investing in financial assets. By using the Service, you acknowledge and agree that:
1.You understand the risks associated with trading financial assets;
2.You assume all risks associated with using the Service and trading financial assets;
3.Megabit assumes no responsibility for such risks or adverse outcomes.
By accessing, using, or attempting to use the Service in any capacity, you confirm that you accept and agree to be bound by these Terms of Service. If you do not agree, please do not access or use the Service.
Terms and Conditions
Megabit reserves the right to modify or change these Terms of Service at any time at its sole discretion. Changes will be communicated by updating the revised terms on the platform and modifying the [latest revision date] displayed on this page. Any modifications or changes to these Terms of Service will become effective immediately upon publication on the website or upon being sent to users. Therefore, your continued use of Megabit’s services signifies your acceptance of the modified agreement and rules. If you do not agree to any changes, please stop using the Service immediately. Megabit recommends that you review these Terms of Service regularly to ensure you are aware of the terms and conditions that apply to your access and use of the Service.
Eligibility
By registering to use a Megabit account (as defined in Section 5 below), you represent and warrant that:
(a) You are at least 18 years old or of legal age to enter into binding contracts according to applicable law;
(b) You are an individual, legal entity, or other organization with full legal capacity and authority;
(c) You have not had your use of the Service suspended or terminated before;
(d) You do not currently have a Megabit account;
(e) If you are signing these Terms of Service on behalf of a legal entity, you have all necessary rights and authority to bind that legal entity;
(f) You are not a U.S. user.
Prohibited Use Terms
By accessing and using the Service, you represent and warrant that:
(a) You are not listed on any trade or economic sanctions list (such as the United Nations Security Council sanctions list);
(b) You are not designated as a “Specially Designated National” by OFAC (Office of Foreign Assets Control of the U.S. Department of the Treasury);
(c) You are not listed on the U.S. Department of Commerce’s “Denied Persons List.”
Megabit reserves the right to select markets and jurisdictions and may, at its sole discretion, restrict or deny the provision of the Service in certain countries.
Service Description
Megabit is an online asset trading platform that does not offer fiat currency trading functions. Megabit acts solely as a trading platform provider and is not a buyer or seller on either side of the trade. Users must register and open an account according to Section 5 below and deposit digital assets before starting trading. Traders may apply to withdraw digital assets but must comply with the restrictions in these Terms of Service.
Although Megabit strives to maintain the accuracy of information published on the Service, Megabit does not guarantee the accuracy, applicability, reliability, completeness, enforceability, or suitability of the content provided through the Service and is not liable for any losses or damages that may arise directly or indirectly from using such content. Information on the Service may change and is provided primarily to assist users in making independent decisions. The data displayed on the Megabit platform is objective statistics and does not constitute investment or consulting advice, and Megabit is not responsible for the use or interpretation of information on the platform or other communication media. All users of the Service must understand the risks of digital currency trading. Megabit advises all users to act cautiously and trade responsibly within their means.
Account Registration and Requirements
a. Registration
All users of the Service (hereinafter referred to as “users”) must apply to register an account with Megabit. During registration, you must provide a true name, email address, and password, and accept these Terms of Service, the Privacy Policy, and the Consent Form. Megabit reserves the right to refuse to open an account at its sole discretion. You agree to provide complete and accurate information and to update it promptly to maintain its completeness and accuracy. Each user (including entities or legal entities) may only open one active Megabit account.
b. User Identification Verification
By registering for a Megabit account, you agree to provide personal information required for identification verification to detect money laundering, terrorist financing, fraud, and other financial crimes on the platform. We will collect, use, and share this information according to the Privacy Policy and retain these records for the duration of the account and for 3 months after closure. You authorize us to conduct necessary identity verification or financial crime protection investigations. Required identification information may include but is not limited to your name, email address, contact information, phone number, username, government-issued ID, date of birth, and other information collected during registration. You confirm that this information is accurate and agree to update it promptly. If the information is inaccurate or incomplete, Megabit has the right to request correction, deletion of relevant information, or termination of the Service. You agree that Megabit may disclose personal information to credit agencies and fraud prevention departments.
c. Account Usage Requirements
Accounts are for the use of the registered account holder only. Megabit reserves the right to suspend, freeze, or cancel account access. If unauthorized use of account information is detected, you must notify Megabit immediately. Megabit is not responsible for any losses or damages resulting from authorized or unauthorized use of account information.
d. Account Security
Megabit is committed to maintaining account security, but user behavior can also present risks. You agree to treat access credentials (such as username and password) as confidential information and not disclose them to third parties. You are solely responsible for the security of your account and personal information, and Megabit is not liable for any loss or consequences due to authorized or unauthorized use of account credentials, including information disclosure or other actions.
You agree to:
(i) Notify Megabit immediately if unauthorized use of your account or other security breaches are detected;
(ii) Strictly comply with the website/service’s security, authentication, transaction, fee, and logout mechanisms or procedures;
(iii) Take appropriate steps to log out from the website after each visit;
(iv) Any gains from registering using someone else’s information will be considered illegal, and Megabit is not responsible for any resulting losses.
Service Usage Guidelines
a. License
Subject to your compliance with these Terms of Service, Megabit grants you a limited, non-exclusive, non-transferable, and non-sublicensable license to access and use the Service for personal internal purposes through a computer or internet-compatible device. The Service may not be used for resale or commercial purposes, and any violations of this provision are considered serious breaches. Megabit reserves all rights not expressly granted, and you do not gain any ownership of Megabit’s intellectual property through your use of the Service. Megabit owns all rights and intellectual property in any feedback, suggestions, or other materials you provide through the Service.
b. Restrictions
When using the Service, you agree to:
•Comply with all applicable laws, regulations, and Megabit’s guidelines.
•Not engage in any activities that violate public interest, public morals, or the legal rights of others, such as market manipulation.
•Not use the Service for the following commercial activities without Megabit’s prior written consent:
•Trading service using Megabit’s quotes or market information.
•Commercially profiting from Megabit’s market data feed or data stream services.
•Any activity involving commercial profit from Megabit’s market data (including advertising or referral fees).
•Not modify, copy, download, distribute, or otherwise use the content of the Service, except with Megabit’s prior written consent.
•Not use automated tools (such as crawlers, bots) or illegal methods (such as hacking, password mining) to access, obtain, or monitor the Service or its content.
•Not probe, scan, or test the security vulnerabilities of the Service, or impose unreasonable loads on the system.
•Not impersonate or misuse the Service.
Megabit has the right to investigate any violations of these Terms of Service and take action without prior notice, including but not limited to blocking order requests, freezing accounts, reporting to authorities, publishing violations, and deleting violative information.
Orders and Service Fees
a. Orders
Once you issue a trade instruction (“Order”), your account will be updated immediately to reflect the unfulfilled order, and the order will be displayed on Megabit’s market board to match with other users’ orders. If the order matches with another user’s order, the service will execute the trade (“Trade”). After the trade is executed, your account will be updated to reflect the order’s status as fully executed or partially executed. The order will remain unfulfilled until it is either fully executed or canceled. To complete the trade, you authorize Megabit to temporarily control the assets involved in the trade.
b. Cancellation
You can cancel an order before it matches with another user’s order. Once the order is matched, you cannot modify, withdraw, or cancel it. For partially matched orders, you can only cancel the unmatched portion. Megabit reserves the right to refuse any cancellation requests. If there are insufficient funds in the account to fulfill the order, Megabit may cancel the entire order or only fulfill the portion that can be covered, and deduct the corresponding service fees (see section (c) below).
c. Fees
You agree to pay the service fees set by Megabit, and Megabit has the right to update these fees at any time. The updated fees will apply to transactions occurring after the update takes effect. You authorize Megabit to deduct the owed fees from your account.
8. Contract Trading
a. Risks:
Contract trading involves high risks. As a contract trader, you acknowledge and agree that you bear all risks associated with using contract trading and borrowing services, including but not limited to the following:
•Market Volatility: The liquidity, market depth, and trading dynamics of the trading market can fluctuate drastically and rapidly. The use of leverage may amplify profits but can also equally magnify losses, leading to significant fluctuations in gains and losses.
•Difficulty in Closing Positions: Under certain market conditions, you may find it difficult or impossible to close positions. This situation may occur, for example, during periods of insufficient market liquidity or due to technical issues with Megabit.
•Limitations of Conditional Orders: Conditional orders (such as stop-loss orders) do not always limit your losses to the expected amount, as market conditions may prevent these orders from being executed or executed at the expected price.
•Margin Shortfall Risk: Contract trading does not offer protection against losses, and you may incur losses exceeding the amount deposited in your margin account.
b. Contract Trading:
Compliance Statement:
You declare and guarantee that you are not from the United States or Canada and are not on any trade or economic sanctions list, such as being designated by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) as a “Specially Designated National.”
Risks and Responsibilities:
•You should fully understand the risks of contract trading and borrowing and are solely responsible for all trading and non-trading activities on your Megabit account. You should not engage in transactions beyond your financial capability.
•You are responsible for understanding the true status of your positions, even if information provided by Megabit at any time may contain errors.
•You agree to maintain sufficient assets in your Megabit margin account for contract trading and to repay loans in full and on time. Failure to maintain sufficient assets or repay loans on time may result in Megabit forcibly liquidating your margin account.
•Even if Megabit has the ability to forcibly liquidate positions, Megabit does not guarantee the ability to stop losses. If your position is liquidated and the assets are insufficient to cover outstanding loans, you will still be responsible for any additional asset shortfall.
•Megabit may take measures to mitigate your potential losses, including but not limited to transferring assets from your margin account to the exchange account or from the exchange account to the margin account.
System Maintenance and Management:
•During Megabit system maintenance, you agree to manage your margin account at your own risk, including closing positions and repaying loans.
•You agree to be responsible for all transactions, contract trading, and borrowing activities. Megabit is not liable for any losses or damages resulting from the use of services or from not understanding the risks of asset use.
•You understand that all unexecuted orders will be immediately canceled during the liquidation process. You may lose all funds in positions and futures accounts. If Megabit is unable to close all positions at the time of liquidation, counterpart liquidation may occur. Megabit will strive to avoid counterpart liquidation but cannot fully eliminate this risk due to market volatility and high leverage.
Service Execution:
•Due to network delays, computer system failures, and other force majeure factors, the execution of Megabit contract services may be delayed, suspended, interrupted, or deviated. Megabit will strive to ensure the stability and effectiveness of the service system but does not guarantee that the final execution result of contract services will meet customer expectations. Megabit is not liable for the final execution results due to the aforementioned factors.
c. Prohibited Contract Activities:
•Illegal Arbitrage: Users are prohibited from engaging in illegal arbitrage activities through multiple accounts or devices, such as fee brushing, rebates, bonuses, hedging, etc. The system will identify user account risks through multi-dimensional features and take measures against detected illegal arbitrage activities, including but not limited to account suspension, asset freezing, login restrictions, and requiring real-name verification.
•High-Frequency Trading: To ensure the trading experience of ordinary users, the platform reserves the right to take the following measures against accounts using high-frequency trading (i.e., frequent opening and closing of positions):
•Immediately terminate the account and access to the server, and deduct illegal gains.
•Void all transactions deemed high-frequency trading, treating them as if they did not occur.
•Close all trading activities in high-frequency trading based on current market prices.
•Increase holding times, i.e., requiring positions to remain open for a certain period before they can be closed.
•Unfair Trading Practices: Megabit strictly prohibits unfair trading practices, including:
•Participation in price manipulation or other malicious market behaviors.
•Exploiting service loopholes or other unreasonable means to harm other users or Megabit.
•Engaging in other activities deemed harmful to the market by Megabit.
Megabit reserves the right to implement executive controls on user accounts to maintain platform fairness and market health.
9. Liability
a. Disclaimer of Warranties
To the fullest extent permitted by law, the services, Megabit materials, and any products, services, or other items provided by Megabit or on its behalf are provided on an “as-is” and “as-available” basis. Megabit expressly disclaims all other types of warranties, whether express or implied, including but not limited to implied warranties of merchantability, fitness for a particular purpose, ownership or non-infringement, or any warranties arising from the course of performance, course of dealing, or usage. Megabit does not make any representations or warranties regarding the accuracy, completeness, reliability, effectiveness, error-free nature, or virus-free status of the website, services, or Megabit materials. Megabit also does not guarantee that any orders will be executed, accepted, recorded, or kept in an open state. Except as expressly stated in this agreement, you should not rely on any other written or oral statements or agreements when using and obtaining these services. You understand and agree that Megabit is not liable for any loss or damage arising from or related to the following: (A) inaccuracies, defects, or omissions in the investment target price data; (B) errors or delays in data transmission; (C) data interruptions; (D) actions, omissions, or breaches of this agreement by other users. If the laws of your jurisdiction prohibit such disclaimers, the disclaimers in this agreement may not apply to you.
b. Disclaimer of Damages and Limitation of Liability
To the fullest extent permitted by law, Megabit, its affiliates, and its shareholders, members, directors, officers, employees, lawyers, agents, representatives, suppliers, or contractors are not liable for any incidental, indirect, special, punitive, consequential, or similar damages (including but not limited to loss of data, information, revenue, profits, or other business or financial interests) arising from or related to the services, the performance or non-performance of the services, or any other products, services, or items provided by Megabit and its affiliates, whether under contract, statute, strict liability, or other theory, even if Megabit has been advised of the possibility of such damages, except as finally adjudicated to be due to Megabit’s gross negligence, fraud, willful misconduct, or intentional wrongdoing. Some jurisdictions do not allow the exclusion or limitation of incidental or consequential damages, so the above limitations may not apply to you.
Notwithstanding the above, in no event shall Megabit, its affiliates, or its shareholders, members, directors, officers, employees, lawyers, agents, representatives, suppliers, or contractors be liable for any amount exceeding the total fees paid by you to Megabit under this agreement prior to the event giving rise to the liability claim.
c. Indemnification
You agree to indemnify and hold harmless Megabit and its affiliates, contractors, licensors, and their respective directors, officers, employees, and agents from any claims, lawsuits, proceedings, investigations, demands, actions, costs, expenses, and damages (including but not limited to attorney fees, fines, or penalties imposed by any regulatory authority) arising from or related to:
(i) Your use of the services or activities related to the services;
(ii) Your breach of the terms of the services or our enforcement of the terms of the services;
(iii) Your violation of any applicable law, regulation, or third-party rights during the use of the services.
In the event of indemnification, Megabit has the right to control any related litigation or proceedings and to decide whether to settle and on what terms.
Notices
All official notices, news, promotions, and competitions will be published on the Megabit platform. Users should regularly review these materials. Megabit is not liable for any personal loss resulting from failure to review notices.
Termination of Agreement
You agree that Megabit has the right to immediately suspend your account (including accounts controlled by affiliated entities or affiliates), freeze or lock funds in the account, and suspend your access to Megabit services for any reason. This may include the following situations:
•The account is suspected of violating these terms of use, privacy statement, or applicable laws and regulations;
•The account is subject to government proceedings, criminal investigations, or other pending litigation;
•Abnormal activity is detected in the account;
•Unauthorized access to the account is detected;
•A court or regulatory/government agency’s order requires it.
Megabit is not liable for any permanent or temporary modifications, suspensions, or terminations of access to all or part of the services. Megabit has the right to retain and use transaction data or other information related to the account.
If any of the following occurs, Megabit has the right to terminate this agreement by canceling your account and permanently freezing (cancelling) your authorization to Megabit:
•Megabit terminates the provision of services to you;
•You are identified as re-registering as a Megabit user directly or indirectly in the name of any other person;
•The information provided is false, inaccurate, outdated, or incomplete;
•After the terms of service are modified, you clearly notify Megabit that you do not accept the modified terms;
•You request termination of services;
•Megabit deems any other circumstances necessitate service termination.
If your account is terminated, account and transaction information meeting data retention standards will be securely retained for 3 months. If there are any unexecuted trades at the time of account termination, Megabit has the right to notify relevant counterparties of the situation at that time. User-initiated account exits (right to erasure under GDPR or similar regulations) will also be subject to the termination agreement above.
If Megabit becomes aware that funds in the account have been stolen or are not legally owned by you, Megabit may, but is not obligated to, manage control over the affected funds and account. Megabit may retain part or all of the funds until the dispute is resolved and sufficient evidence is provided. Megabit will not participate in the resolution of the dispute. You agree that Megabit is not responsible for any such management control or inability to withdraw funds or execute transactions during the control period.
a. Remaining Funds After Account Termination
Except as provided in section (b), once an account is closed/canceled, all balances on the account (including fees and debts owed to Megabit) will be immediately payable to Megabit. After paying all outstanding fees, users will have 5 business days to withdraw all funds from the account.
b. Remaining Funds After Account Termination Due to Fraud, Illegal Activities, or Violations of Terms of Use
In the case of account suspension/closure due to fraud investigations, illegal activities, or violations of terms of use, Megabit reserves the right to full custody of the funds and user data/information and may transfer these funds and data/information to government authorities.
12. Non-Financial Advice
Megabit does not act as your broker, intermediary, agent, or advisor, and therefore, no fiduciary relationship or fiduciary duty exists between Megabit and you when you use the services to trade or make other decisions. Any information or communication provided by Megabit should not be construed as investment advice, financial advice, trading advice, or other types of advice. All trades are executed automatically based on your order parameters and trading execution procedures. You should independently determine whether any investment, investment strategy, or related trade is appropriate for you based on your personal investment goals, financial situation, and risk tolerance and assume responsibility for it. It is recommended that you consult legal or tax professionals before making any investment decisions. Megabit does not recommend purchasing, acquiring, selling, or holding any digital currency. You should conduct due diligence and consult financial advisors before making decisions to buy, sell, or hold digital currencies. Megabit is not responsible for any investment decisions made by you based on its information.
Compliance with Local Laws
Users are responsible for complying with all local laws and regulations related to the use of Megabit services in their location. Users must also fulfill tax obligations according to local laws, including but not limited to withholding, collecting, reporting, and remitting to relevant tax authorities. All users of Megabit and its services must confirm that their source of funds is legal and not involved in any illegal activities. Megabit is committed to cooperating with global law enforcement agencies and may take actions such as seizing, freezing, terminating, or investigating user accounts and funds when necessary.
Privacy Statement
Accessing this service may require you to provide certain personal information. Please carefully read the privacy statement published on Megabit’s official website to understand Megabit’s practices and policies regarding the collection and use of personal information. The privacy statement will detail how we handle your personal information, including collection, use, storage, and protection measures.
Dispute Resolution: Arbitration Venue, Arbitration, Waiver of Class Actions, Governing Law
Please carefully review the following terms, as they involve waiving certain rights to legal action, including class action rights.
a. Dispute Notice
Before making a formal claim, you should first contact Megabit informally through the Megabit website to resolve your issue.
b. Arbitration Agreement
You and Megabit agree to resolve any disputes related to this agreement (including issues related to the existence, validity, termination of the agreement, and any issues concerning services or products) through binding arbitration, but only after notifying Megabit as per section (a). If not resolved within 60 days, you may choose arbitration or the Small Claims Tribunal (SCT) in Singapore.
c. Arbitration Procedure
After following sections (a) and (b), disputes shall be resolved under the arbitration rules of the Singapore International Arbitration Centre (SIAC). The arbitration tribunal shall consist of a sole arbitrator appointed by the SIAC chairman, with the arbitration language being English and the arbitration venue in Singapore. The arbitration award may be enforced in courts of competent jurisdiction.
d. Exceptions
If a claim falls within the jurisdiction of the Small Claims Tribunal (SCT) in Singapore, you may choose to bring the claim before the SCT or seek injunctive or other emergency relief from the courts. If the claim does not fall within the SCT’s jurisdiction, it will be submitted to SIAC arbitration.
e. Notices
When initiating arbitration, you must send a written request for arbitration and a statement of claim to Megabit. If Megabit initiates arbitration, we will notify you through the email or postal address you have provided.
16. Miscellaneous
a. Independent Parties
In performing these terms of use, Megabit is an independent contractor and not your agent. These terms should not be interpreted as evidence of a joint venture, partnership, or franchise between the parties.
b. Entire Agreement
These terms of use constitute the entire agreement between the parties regarding the use of the services and supersede all prior written or oral agreements between the parties. No trade practices or other routine practices or methods of dealing between the parties shall modify, interpret, supplement, or amend the terms of these terms of use.
c. Force Majeure
Megabit shall not be liable for any delay or failure to perform under these terms of use due to any cause or condition beyond its reasonable control.
d. Severability
If any part of these terms of use is found to be invalid or unenforceable, that invalidity or unenforceability will not affect the remaining terms, which will remain in full force and effect, and the invalid or unenforceable part will be enforced to the fullest extent possible.
e. Assignment
You may not assign or transfer any rights or obligations related to the use of these services or under these terms of use without our prior written consent, including any rights or obligations related to the enforcement of laws or changes in control. Megabit may assign or transfer all or any part of its rights or obligations under these terms of use without notice or your consent.
f. Waiver
A party’s failure to enforce any provision of these terms of use does not affect its right to enforce that provision or any other provision at any later time. The waiver of any breach or default of these terms of use does not constitute a waiver of any subsequent breach or default.
g. Third-Party Website Disclaimer
Any links to third-party websites in the services do not imply endorsement by Megabit of any products, services, or information provided by those websites, and Megabit does not guarantee the accuracy of the information contained therein. Additionally, as Megabit cannot control the terms of use or privacy practices of third-party websites, you should carefully read and understand those policies.
h. Contact Information
For more information about Megabit, you can refer to the company and licensing information on the website. If you have any questions about this agreement, please contact Megabit’s customer support team for clarification at: megabit.vip
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