The purpose of the Terms is to specify fundamental affairs between the user and the Company.
- To use the Company’s service, the user shall enter the information that is consistent with other login information such as account and password provided to the Company by the user. All transactions during login to the Company’s mobile web pages or website will be deemed as behaviors agreed by the user. Therefore, the user shall ensure the security of the account, password and other information to prevent suffering from any financial accident or any loss caused by crimes.
- Any third party inside and outside South Korea (including the Company) does not guarantee the value or payment of cryptocurrencies such as Bitcoin since there is no entity issuing them. Such cryptocurrencies undergo drastic fluctuations attributed to factors such as competent interpretations of laws and other administrations and the economic environment in South Korea; legal behaviors such as transactions of the cryptocurrencies are subject to different interpretations in different countries with risks that are distinctive from legal currencies, which the user must be aware of.
- The Company provides service that helps members use blockchain technology to trade cryptocurrencies with third parties. Although blockchain technology is currently regarded to be untamperable by third parties, it may change anytime as a result of technological development or other unexpected situations.
- When damage to blockchain compatibility is confirmed in transaction details, which results from factors such as reasons of such a third party as carrier, server test within the Company and internal error of blockchain, the Company or the third party may recover to a certain point-in-time in the past.
- While the Company is dedicated to providing 24-hour service throughout 365 days every year, we do not provide guarantee for it. In the event of any problem such as service interruption or error due to illegal behaviors of a member or a third party, the Company will immediately solve it and restart the service. The member may then request the Company to repair according to the transaction records it has kept. However, the Company will not, in any case whatsoever, compensate for the difference arising from the repair of the records or use any other type of cryptocurrencies to compensate for the member’s loss.
- Recently, cryptocurrencies such as Bitcoin have been used as means of electronic financial fraud such as text message fraud and pharming. Therefore, the member must stay alerted of such traps to prevent any loss. The Company may freeze the member’s account and e-wallet without his/her consent when freezing the e-wallet is required for the investigation of national authorities such as investigation organs, the Ministry of Justice and administrative departments due to electronic financial fraud.
- The Company reserves the legal right of claim from the member for any damage to the Company due to the member’s illegal behavior. Therefore, the member must observe laws when using the Company’s service.
- Discontinued operation of the virtual currency exchange may occur in accordance with laws, implementation provisions and administrative guides in South Korea (hereinafter referred to as “laws”). The Company will not be liable for the termination of the contract used by the exchange due to inevitable reasons such as changes in laws.
Chapter I General Provisions
Article 1 Purpose
The purpose of the Terms is to specify the rights, obligations and responsibilities between the Company and the member related to the conditions and procedures of using CITEX Exchange (hereinafter referred to as “the Exchange”) and various related services provided by the Company, as well as other necessary issues.
Article 2 Definition
Definitions of the terms used in the Terms are as follows.
- “Service”refers to the virtual currency transaction service of CITEX and various related service that are independent from terminals (including wired and wireless devices such as PC and portable terminals) and can be used by the member.
- “Member”refers to an individual or legal person who connects with the service, registers as a member in accordance with the Terms, enters into the service contract with the Company and uses the service provided by the Company.
- “Cryptocurrencies”refer to Bitcoin, Ethereum and other encrypted currencies (including “virtual currencies”, which are generally called “cryptocurrencies”) that can be traded in the service.
- “KRW”refers to the virtual credits that can be used by the member for trade of cryptocurrencies and exchange of cash in the servce.
- “External cryptocurrency address”refers to any cryptocurrency address or account owned or used by the member or any other person outside the service. The Company does not hold the external cryptocurrency address and thus does not control or operate it.
- “CITEX wallet”refers to the virtual currency wallet used by CITEX to manage virtual currencies associated with member’s username. The member may transmit virtual currencies with the “external cryptocurrency address”through CITEX wallet.
Article 3 Expression, Force and Change of Terms
- The Terms are announced to the user on the Company’s member service registration website (https://www.citex.co.kr)or in other methods for user’s easy confirmation. The Terms will take effect upon the user’s registration for membership and agreement to the Terms.
- The Company reserves the right to amend the Terms without violating “laws governing the Terms”or “laws promoting the use of information communication network and information protection”.
- When amending the Terms, the Company will issue the existing Terms and the amended version on its website homepage, pop-ups or announcement boards with explicit statement of the implementation date and reasons for amendment for members’easy reference. The announcement period will last from seven days prior to the implementation date to one day prior.
- According to the previous clause, the Company will make an explicit announcement or notice to the member on any amendment to the Terms and no response from the member on the amendment within seven days will be deemed as his/her agreement to it.
- The member may terminate the service contract if he/she does not agree to the amendment and the Company may cancel his/her membership accordingly.
Article 4 Standards outside the Terms
Matters uncovered herein and interpretation of the Terms are subject to the provisions of relevant laws in South Korea or service terms, operation policies and rules established by the Company (hereinafter referred to as “the detailed policy”). Furthermore, if the Terms conflict with the contents of the detailed policy, the latter shall prevail.
Chapter II Service Use Application and Acceptance (Registration and Cancellation of Membership)
Article 5 Establishment of Service Contract
- The user may fill in the member information in the format as specified by the Company and applies for registered membership upon agreeing to the terms.
- Registered membership shall commence from the arrival of the Company’s acceptance at the member.
- Service contract shall be signed by the member’s ID. The service applicant will be registered as a member upon the establishment of the service contract.
- A false application for registered membership using a fake name or the name or contact number of another person will not be protected by laws and any civil or criminal liabilities incurred thereof shall be borne by the applicant.
- Those aged under 19 will be restricted on use of the Company’s service for cryptocurrency trade.
- Based on the content on application in Item 1, the Company will propose requirements for real-name and personal authentication to the member by user category through specialized institutions in accordance with relationship laws as and when necessary. Refusal to such requirements will result in failure to authenticate the user and the Company will not be liable for any loss incurred thereof.
Article 6 Application for Use
- Application for use involves recording and applying for required items using the format as specified by the Company.
- All member information filled up online in the specified format will be regarded as actual data and users who have not filled in real name or actual information will not be protected by laws and may be restricted in using the service.
- When information that is inconsistent with the fact or false information is provided or the information is found to be false later, the Company will suspend the membership service or permanently end or terminate the service contract. Any loss incurred to the Company and third parties thereof will be fully borne by the corresponding member.
- The Company may send information regarding service to the member via email, mail or telephone.
Article 7 Rejection and Reservation in Generating User
- Non-adults or those with impaired abilities shall not apply for an account without the consent of their legal representative.
- The Company will not accept an account application in any of the following situations.
① When the Company deletes the member account;
② The member registers an account using others’ information such as using the name or email address of another person;
③ Required information is not filled up or false information is provided during account registration;
④ The member’s behavior in using the service in his/her residence constitutes violation of relevant laws or may evidently constitute violation of laws in accordance with effective laws outside South Korea;
⑤ A non-adult or one with impaired abilities registers for membership without the consent of his/her legal representative;
⑥ The member is found to use the service in violation against laws in South Korea;
⑦ Instruments used for financial fraud via telecommunication or deposit or withdrawal of the loss amount of such fraud is found;
⑧ The account is found to be a canceled account or an account with completed cancellation, even if the account has been generated according to the member’s application;
⑨ Leakage of member’s personal information or when such a situation is judged;
⑩ When any loss incurred to the Company due to member’s illegal behavior during service use;
⑪ Failure to register an account of the Company due to addition, change or abolishment of policies by the South Korean government or its subsidiary institutions;
⑫ When the Company’s behavior of accepting the registration of membership account may be evidently deemed as violation against laws in South Korea;
⑬ The applicant is a citizen or resident of a non-cooperative country listed by the Financial Action Task Force (FATF) in anti-money laundering.
- If a member is proved to have obtained an account while violating any of items described above, the Company will immediately take restrictive measures such as terminating the membership service.
- The Company may reserve the generation of a registered member account in any of the following events.
① Insufficient device capacity in respect of provision of service;
② Technical problems judged in provision of service;
③ Other financial or technical situations require reservation as determined by the Company.
Article 8 Suspension and Termination of Service Contract
- To terminate the service contract, the member or staff of the legal person member must submit a written (including electronic documents) application to the Company.
- The member shall transfer all his/her properties to a place outside the Exchange before making an application for terminating the contract, with the exception of the situation where the property value is lower than the charges arising from the transfer.
- The Company reserves the right to arrange time for using or restricting the service and terminate the contract if the member is engaged in any of the following behaviors.
(1) Theft of the service ID and password of others;
(2) Deliberate interference with service operation;
(3) Faked registered name;
(4) Deliberate spread of contents undermining public order or impeding virtue;
(5) Member’s use of service or planned use of service for the purpose of interfering with national or social interests;
(6) Behaviors damaging others’ reputation or resulting in losses to others;
(7) Spreading mass or advertising information with an intention to interfere with service stability operation;
(8) Spreading computer virus programs that result in improper operation of information communication devices or information destruction;
(9) Improper use of others’ personal information, member ID and password;
(10) Reproduction or circulation of the information obtained from use of the Company’s service information or use of such information for commercial purposes without the Company’s prior consent;
(11) Posting of pornographic contents or website links on the Company’s website or announcement board;
(12) One user uses different accounts for repeated login;
(13) Infringement upon the intellectual property of the Company, other members or any third party;
(14) Amendment requirements from external institutions such as Korea Communications Service, or acceptance of legal interpretations from the electoral affairs commission due to association with illegal electoral activities.
- Under a notice of prolonged dormant membership, the member fails to express any attitude on the service contents;
(16) Collection, storage and disclosure of the personal information of any other member without the consent of that member;
(17) Direct transactions induced by the information obtained from the Company’s service information;
(18) Registration for duplicates, cryptocurrencies invaded by hackers or encryption of currencies not for the purpose of sales;
(19) Violation against the obligations of members in the Terms, or the Company’s regulations through face-to-face or non-face-to-face means such as Internet, SNS, SMS and customer service center, or other conditions of use announced beforehand;
(20) Behaviors as objectively determined to be associated with crimes;
(21) Other behaviors violating relevant laws.
- In the event of local restrictions over use, the member or agent will be notified of the reasons, date and restricted period in writing or via telephone and website. However, the Company may restrict use of service ignoring all above process in the event of any emergency termination of use (hereinafter referred to as “the emergency restriction”)
- Members or their agents who have been notified of suspension of service may make an appeal if they have any objection against such suspension.
- The Company will immediately lift suspension of service when the causes have been solved during the suspension. However, the Company may be exempted from doing so if there are any factors causing inability to immediately lift the suspension.
- Upon suspension or restriction of service use, if the Company identifies more than two times of the same behavior, with no correction of the causes within 30 days, or any behavior as listed in Item 2, the Company reserves the right to terminate the service contract.
- The Company will cancel the member’s login when the service contract has been terminated and in such an event, the Company will notify the member before the cancellation to allow the member to defend him/herself.
Article 9 Editing of Member Information
- The member may view his/her personal information anytime under the page of edit personal information. However, information required for service management such as real name, date of birth and username shall not be changed.
- The member may edit the items filled up in the application for registered membership online or by informing the Company of the items to be edited through methods such as email.
- The Company will not be liable for any loss incurred to the member due to his/her failure to notify the Company of the items to be edited as stated in the above Item 2.
Chapter III Obligations of the Member
Article 10 Member’s Obligations on Username and Password Management
- The member shall be fully responsible for the management of his/her username and password. Any consequences resulting from negligent management or improper use of the username and password provided to the member shall be borne by the member, with the exception of consequences resulting from the Company’s deliberate behavior or fault.
- The member must notify the Company of any situation where his/her username is used improperly and follow the Company’s instructions and arrangements.
- The Company will not be liable for any loss arising from the member’s failure to notify the Company of the improper use or failure to follow the Company’s instructions and arrangements when he/she encounters the situation as stated in Item 2.
Article 11 Account Management
- Account shall be used by the member only and not be used by any other person in any case whatsoever. Meanwhile, the member must manage his/her password by him/herself to prevent unauthorized use of his/her account by any other person. The member must notify the Company through the customer service center once finding that his/her account is used by others without authorization so that the Company may take measures such as immediate suspension of the account.
- The member may view and edit his/her member information through the page of setting in the service. However, information such as account, contact number and some information that can be used to identify individuals required for service provision and management may not be changed. In the event of any change in the contents submitted by the member in the application for using the service, the member must edit the change on the page of setting in the service, or contact the Company through email or customer service center to request for editing the change to maintain the latest information.
- No additional confirmation process is required when the member’s login account and password are consistent with those used in registration with the Company. The Company regards the user as the member.
- The Company will not be liable for any loss incurred from the member’s failure to revise the information in service or from unauthorized use of the member’s account by a third party resulting from theft of the member’s password. In such cases, the member may have to bear the liability for damages to a third party such as victims of electronic financial fraud, while the Company will not be liable for such damages if there is no evidence proving that the personal information leakage has resulted from the Company’s intentional behavior or fault.
- The Company has notified the member of important contents in the service contract via the email and telephone number recorded in the service information. The member will be held liable for any loss incurred from his/her failure to fulfill the obligations in Item 2.
Article 12 Provision of Information
The Company may provide the member with the following service information that is deemed as necessary for member’s use of service via email or mail and the member may decline to receive such information if he/she has no intention to receive it.
- Service related to transaction of cryptocurrency
- Service related to various activities
- Other service provided to the member as and when decided by the Company
Chapter IV Use of Service
Article 13 Service Category
- The service provided by the Company includes such service as cryptocurrency transaction (service in respect of selling and buying, transaction of API and search of industrial information) service and content service.
- The service categories provided by the Company are subject to changes in accordance with situations of the Company and the copyright and intellectual property right of the service provided belong to “the Company”.
- In respect of service, in accordance with the conditions of use as specified by the Company for the member, the member is authorized with the use of his/her account, username, service and credits only and shall not use the authorization to provide similar service or carry out business activities.
Article 14 Announcement and Change of Service Contents
- The Company makes announcements on items such as service characteristics, procedures and methods through service pages based on service category and members must understand items related to the service announced by the Company before use.
- The Company must announce any change seven days prior to the implementation of such change in accordance with the change announcement method as specified in the Terms. The Company will not be liable for any loss incurred to the member due to his/her failure to view the announcement.
Article 15 Maintenance and Suspension of Service
- The Company provides 24-hour service throughout the year without any holiday on the premise of no particular business or technical barrier, with the exception of dates or time specified by the Company for regular test.
- The Company may divide service by certain scope and specify time for use of different scopes respectively and such contents will be announced beforehand.
- The Company may suspend its provision of service in the event of the following situations.
① Such work as maintenance of service equipment where service has to be suspended;
② Suspension of electronic communication service by carriers in the period specified by electronic communication business laws;
③ Service suspension by a third party such as a cooperating unit, which is the provider of the suspended service;
④ Other situations with force majeur.
- Use of all or partial service may be restricted or suspended in the event of any obstruction to normal use of service due to reasons such as state emergencies, power outage, failure of service devices or surge of service use.
- The Company may suspend the service in the event of changing for new service or situations of inability to provide service due to other reasons.
Chapter V Use of Service Related to Cryptocurrency Transaction
Article 16 Registration for Selling and Buying of Cryptocurrencies
- Members who intend to sell or buy cryptocurrencies through the Company’s service must register for the trade in accordance with the registration format as provided by the Company.
- In respect of selling or buying of cryptocurrencies, all the service provided by the Exchange for members is restricted to the authorization granted to facilitate members’individual convenience only and shall not be used for any similar service outside the authorized scope or for commercial purposes.
- The member shall abide by the method of using the service provided by the Exchange and enter into a sale or purchase order with an intended price (or market price) for cryptocurrencies saved in the electronic wallet. When the member reaches an intention of transaction with other members with regard to the contents entered into the order, a transaction contract between members shall be signed immediately.
- Before the member submits an order, the Exchange will provide a brief summary of the order confirmation information including the quantity and price of the virtual currencies to be sold or purchased by the member and surcharges. The member agrees that the Company’s failure to provide the order confirmation information due to factors such as system errors does not have any effect on the order submitted by the member.
- Members are not allowed to change or amend an application for selling or buying cryptocurrencies after such transactions between members.
- An application for selling or buying cannot be deleted once the counterparty is confirmed.
- When using the service of the Exchange, members shall not ask the Company to return any interest income, which is used by the Company to provide the service of settling cryptocurrency payment.
- All transaction behaviors engaged by the member during access to the website of the Exchange are deemed as authentic intentions of the member. Therefore, the member shall be liable for ensuring the safety of information required for account management, registration for selling or buying and all transaction behaviors.
Article 17 Restrictions on Use of Transaction Service
- The Company may restrict the member’s service registration in any of the following situations.
① Successive entrance of a wrong password;
② Suspicious theft of name;
③ Hacker attacks or frauds;
④ Evident situations of suspiciously improper behaviors such as rejection against confirmation requirements for wrong information occurring during transaction process;
⑤ Even when it has exceeded the deferment period of changes in the service policy, the member information usable for the changed policy still cannot satisfy the requirements;
⑥ The same nominal user is confirmed to apply, hold or use more than two accounts;
⑦ Suspicious inconsistency between the actual user and the nominal member due to the member’s authorization to a third party for use of his/her account or leasing of his/her account;
⑧ Restrictions as required by any court or government institution;
⑨ Over six months of no visit to the website by the member;
⑩ Other necessary restrictions as determined by administrators of the Company.
- The Company may restrict members’deposit and withdrawal in any of the following events.
① The registered member name is different from the depositor;
② Withdrawal will be restricted within 72 hours upon the first deposit of KRW after the registration of membership;
③ Withdrawal will be restricted when the converted amount of KRW is less than the minimum of [5,000] KRW.
④ The Company makes a reasonable judgement that a transaction occurs suspiciously due to telephone fraud when an application for withdrawal is made after an amount above the announced amount is topped up;
⑤ Situations with evident reasons that can lead to the conclusion of suspicious improper use of service or use of service for abnormal transactions;
⑥ Where personal authentication is required for certain service, such requirement by the Company is not fulfilled;
⑦ During the Company’s customer service support, the member has behaved with verbal violence or fulmination towards the Company’s staff or its business trustee unit or individual for more than three accumulative times, based on which it is judged that the Company’s staff or its business trustee unit or individual cannot provide customer service support smoothly;
⑧ Failure to implement the procedures as informed by the Company during customer service support, or in accordance with the member’s service request, refusal of the requirements sent by the Company according to needs;
⑨ Other situations where deposit and withdrawal must be restricted or delayed as required by the Company’s operation policies;
⑩ Restrictions as required by any court or government institution.
- Within the restrictions as specified in this article, the restriction conditions and specific contents in operation policies and user guides are subject to the Company’s regulations.
- The member may propose objection against the restrictions in this article in accordance with the procedures specified by the Company. The Company will immediately recover the service when the objection is deemed as reasonable.
Article 18 Notice of Restricting Use of Transaction Service and Lifting
- In accordance with Article 17, in the event of restricted use of service, the Company will inform the member of the corresponding content via email or website information.
- Even for a member whose membership has been suspended, the Company may offset all or parts of his/her rejections and withdraw the measures of suspending his/her membership, if the member defends him/herself with reasons for having had to reject the transactions, or with negotiations with the counterparty, and in view of other reasons such as the member’s credit points.
- When reasons for suspension of membership occur repetitively, the lifting shall be carried out only when all suspension and lifting conditions are satisfied.
Chapter VI Charges of Using Service
Article 19 Content of Cryptocurrency Transaction Related Service Charge
- The Company charges buyers and sellers as price of the service provided through the Internet. The charges have been specified in the Company’s website use method and are subject to changes by the Company or in accordance with the market.
- The Company may suspend the original service in the event of changing for new service or situations of inability to provide service due to other reasons.
Chapter VII Personal Information Protection
Article 20 Agreement to Use Member Information
- The member’s entrance of his/her information in the application to the Company in accordance with the Terms will be deemed as the member’s agreement to the Company’s collection, use and provision of the information entered in the application.
- For the convenience of the service use, the Company may send SMS or SMS URL containing user guides, commodity information or advertising information related to the service to the member with the member’s consent. The member may decline to receive such information through the website or customer service center if he/she has no intention of receiving it.
- The Company will not agree to have the personal information provided by the member used for other purposes than the intended purposes without the member’s consent.
- To facilitate members’use of the Company’s service or the service in cooperation with the Company, the Company may use the member information or provide it to a cooperating third party in accordance with the procedures as specified in this contract.
- The Company will disclose or send the member information to a third party only after it has notified the member of the cooperating unit, purpose of providing the information and the information contents to be provided and obtained the member’s approval, with the exception of requirements by national institutions out of investigation of crimes or requirements by the Information and Communications Ethics Committee in accordance with laws such as fundamental laws on electronic communication, or requirements proposed in line with the procedures as specified in other relevant laws.
- The member may view or edit his/her personal information anytime under “Edit member information”.
- In the event of any changes in the personal information entered in the application for using the service, the applicant or member must immediately edit the relevant items through the operator or the window of member information change. However, information in respect of credit management such as username (ID), name, date of birth and gender cannot be changed.
- Any loss incurred due to failure to edit the changes as stated in the previous item will be borne by the member while the Company will not be liable for it.
- The member must submit in writing any complaint about the Company’s handling of personal information to the Company while the Company will process it in accordance with legal procedures.
- The termination of the member’s service contract shall be carried out according to Article 9. In the event of such termination, the data from the member’s personal information as required by relevant laws such as laws related to protection of consumers in electronic business will be stored before deletion.
- Personal information that require disposal will still be stored by the Company in the specified period as and when required by laws such as commercial laws. However, the latter part of collected residential ID cards will be made unidentifiable before being stored.
- When personal information needs to be collected or transmitted for the purpose of using any particular service, the Company must notify the member of the fact beforehand and seek his/her approval.
Chapter VIII Indemnity and Disclaimer
Article 21 Indemnity
The Company will not be liable for any accident resulting from any transaction in violation against the trading regulations as specified in the Terms; neither will it be liable for any dispute arising from the member’s fault.
Article 22 Disclaimer
- The Company shall not be held liable for any of the following situations.
- Any event of force majeur such as wars, incidents, natural disasters or equivalent state emergencies;
- Any loss resulting from the member’s intentional behavior or fault;
- Other situations resulting from the failure of the electronic communication service provided by carriers in accordance with laws on electronic communication business;
- Losses not caused by other deliberate behaviors or faults of the Exchange;
- The Company will not be liable for any service failure due to the member’s imputation reasons.
- The Company will not be liable for any material or content posted or sent by the member, with the exception of unidentified special situations due to the Company’s intentional or significant fault or negligence in performing its management duties.
- The Company will not be liable for any defect in transmission of cryptocurrencies due to poor service of the cryptocurrency issuance management system or communication service providers, or during the regular server test period, with the exception of special situations due to any deliberate or significant fault of the Company in building overall facilities and internal systems of cryptocurrency agent carriers used to reinforce security and construct firewall systems, or in maintenance, repair and management of them.
- The Company will not be liable for any content registered by the member with the Exchange, with the exception of special situations where differences between contents of the registered cryptocurrency and those of the registration application, or registration applications with false contents are not found due to the Company’s intentional or significant fault.
Article 23 Governing Court and Applicable Law
- Disputes arising from use of the Company’s service shall be settled by the court in the place where the Company’s headquarters is located.
- Any litigation with respect to use of service between the Company and the member shall be governed by Laws in South Korea.
The Korean version of all the above contents shall prevail.