This disclaimer should be read in conjunction with the platform’s service agreement. Simply put, we want you to understand the important compliance matters and responsibility clauses when trading on our platform.
1. Purpose
To maintain a sound and compliant digital asset trading platform, we have established and implemented a series of anti-money laundering (AML), counter-terrorism financing (CTF), and trade and economic sanction programs, and we make statements regarding the relevant responsibility clauses. We are committed to promoting lawful and transparent business activities and maintaining a good reputation among users, regulators, and the digital asset industry.
2. Regulatory Environment
We understand that regulators have taken various approaches to the regulation and standardization of digital assets, including defining or classifying digital assets as virtual financial assets (Malta), convertible virtual currency (US FinCEN), or virtual goods (Hong Kong). As a trading platform, we consider all digital assets offered on the platform to be an innovative alternative asset class; therefore, digital assets should not be referred to as money or currency.
3. Disclosure
Digital assets are not money or legal tender. Digital assets such as Bitcoin and Litecoin are not backed by any government or central bank. The risks associated with trading or holding digital assets can be significant. You should carefully consider whether interacting with, holding, or trading digital assets is appropriate for you based on your financial situation.
4. Our Anti-Money Laundering/Counter-Terrorism Financing Program
Through a risk-based multi-layered control system, we have designed our anti-money laundering and counter-terrorism financing program to reasonably prevent money laundering and terrorism financing.
•The first layer includes strict user identification procedures, including the verification of both individual and corporate users’ identities. In addition to obtaining identification documents, we also require non-natural person users to provide information about their institutional beneficial owners/natural persons, in line with international standards such as those required by the Financial Action Task Force (FATF).
•The second layer includes risk-based system controls to ensure additional customer due diligence is performed. To achieve this, we screen users (including beneficial owners) against lists published by the Hong Kong Special Administrative Region Government Gazette, the US Office of Foreign Assets Control (OFAC) sanctions lists, the United Nations Security Council sanctions lists, and other sanction lists. We may also, at our discretion, screen against other lists to protect our reputation and clients.
•The third layer includes continuous monitoring of suspicious activities. If we suspect or have reason to suspect suspicious trading activities, we will, at our discretion, submit a suspicious activity report to local regulatory authorities. Typically, suspicious transactions are inconsistent with the client’s known legitimate business or personal daily trading activities.
5. Risks
Digital asset trading is considered high-risk. Digital assets are not backed by any government or central bank. The risks associated with trading or holding digital assets can be substantial. You should carefully consider whether trading, holding, or interacting with digital assets is suitable for you based on your financial situation.
6. Liability
6.1 Disclaimer of Warranties
To the maximum extent permitted by applicable law, this service, materials from Megabit Exchange, and any products, services, or other items provided by or on behalf of Megabit Exchange are provided on an “as is” and “as available” basis.
Megabit Exchange disclaims all other warranties, whether express or implied, including but not limited to implied warranties of merchantability, fitness for a particular purpose, ownership, or non-infringement, or warranties arising from course of performance, course of dealing, or usage of trade.
Without limiting the foregoing, Megabit Exchange makes no representation or warranty regarding the accuracy, completeness, reliability, effectiveness, error-free nature, or absence of viruses or other harmful components of the website, services, or Megabit Exchange materials. Megabit Exchange does not guarantee that any order will be executed, accepted, recorded, or remain open. Except as expressly stated in this agreement, you acknowledge and agree that you have not relied on any other written or oral statements or agreements in using and obtaining this service.
Without limiting the foregoing, you expressly understand and agree that Megabit Exchange is not liable for any loss or damage arising from or related to:
(A) inaccuracies, defects, or omissions in pricing data of investment targets;
(B) any errors or delays in the transmission of such data;
(C) interruptions in such data;
(D) any damages caused by the actions, omissions, or breaches of this agreement by other users.
6.2 Disclaimer of Damages and Limitation of Liability
To the maximum extent permitted by applicable law, Megabit Exchange, its affiliates, and their respective shareholders, members, directors, officers, employees, attorneys, agents, representatives, suppliers, or contractors shall not be liable under any circumstances for any incidental, indirect, special, punitive, consequential, or similar damages or liabilities (including but not limited to loss of data, information, income, profits, or other business or financial benefits), whether based on contract, statute, strict liability, or other theory, even if Megabit Exchange has been advised of the possibility of such damages, unless a final judicial determination finds that such damages result from Megabit Exchange’s gross negligence, fraud, willful misconduct, or intentional violations. Some jurisdictions do not allow the exclusion or limitation of incidental or consequential damages, so the above limitation may not apply to you.
Notwithstanding the above, in no event shall the liability of Megabit Exchange, its affiliates, and their respective shareholders, members, directors, officers, employees, attorneys, agents, representatives, suppliers, or contractors for any service, performance or non-performance, or any other product, service, or other item provided or on behalf of Megabit Exchange or its affiliates exceed the amount you have paid to Megabit Exchange under this agreement for the event giving rise to the claim prior to the occurrence of the liability.
Comments
0 comments
Article is closed for comments.