1.2. By using the Services, you acknowledge that you have read, understood, and agree to be legally bound by the terms and conditions of this Agreement and the terms set out in the Legal Documents, including any revisions as may be published by us at any time and from time to time.
1.3. This Agreement and any applicable Terms or Legal Documents constitute the entire agreement and understanding regarding the use of any or all of the Services, and any manner of accessing them, between: You and Blofin, depending on your location, nationality, services used, and your level of KYC completed.
2. Eligibility of Using the Service
2.1 You acknowledge and agree that:
this Agreement does not contradict with the laws of the country or region of your residence;
you are the legal owner of the Digital Assets you have deposited with the Service and aforesaid Digital Assets are obtained from legitimate sources;
you must be at least 18 years old, with full civil rights and civil capacity, and have all the necessary authorities and abilities to understand and execute this Agreement;
If you are registering to use the Service on behalf of a legal entity, in order to effectively accept this Agreement, you declare and guarantee that (i) such legal entity is legally established and valid in accordance with applicable laws; (ii) you are duly authorized by the legal entity to have the right to act on their behalf.
You have the experience and risk tolerance of using the service, and have the experience and knowledge to invest in non-guaranteed digital currency products;
In order to use the Service, you have the ability to perform operations on the Internet;
2.2 You are aware of and assume the risks of using the Service, which include but not limited to:
high price volatility of the Digital Assets and their derivatives could incur severe or total loss in a short period of time;
the insufficiency of Digital Assets deposited as margin or collateral could incur immediate liquidation of your Positions, and you could lose all Digital Assets you have deposited with the Service;
technology outrage could happen, which may delay or block your use of the Service;
market anomaly could happen, which may incur severe or total loss of your Digital Assets.
from time to time and at any time, in order to maintain the overall stability of the market, Blofin may need to add, remove, or change policies. Such action may be in favor or against an individual User.
2.3 You acknowledge and agree that:
You will not use the Service for any illegal purpose.
You will not initiate or facilitate any form of market manipulation.
You will not act in a manner which is contradictory to this Agreement, the Legal Documents, or other Blofin community values.
3. The Service
3.1 The Service provides you with a real-time order book along with other information. You may view such information for your own analysis. However, Blofin is not responsible for any judgment or analysis you made based on the information provided by the Service.
3.2 You may place orders, in the form required by Blofin, via the website, client software, API or any other channels, as may be or become available at any time and from time to time. Once an order is filled, you will not be able to cancel, reverse, or amend it.
3.3 Once your “Open Long” or “Open Short” order is filled, the corresponding Position is opened. Once a “Close Long” or “Close Short” order is filled, the corresponding Position is closed. The Service will provide you with information about your Positions, and about the value of your Digital Assets and their derivatives, on a real-time basis.
3.4 All dealings with you as undertaken by Blofin will be on an “execution-only” and “non-advised” basis. You are to rely on your independent judgment for your Positions and you are not entitled to ask us to provide you with any investment advice relating to any transactions. You agree, unless otherwise provided in this Agreement, that we are under no obligation.
4. Fees and Charges
4.1. In consideration for your use of our Services, you agree to pay to us the appropriate fees and charges as we may impose and stipulate. Blofin reserves the right, in its sole discretion, to revise or update our fees and charges from time to time.
4.2. All payment of fees and charges by you to Blofin in respect of any transaction shall be made promptly upon the completion of such transaction. You agree and authorise Blofin to deduct any applicable fees from your Account at the time a given transaction is completed. In the event that there are insufficient digital assets in your Account, you acknowledge that any fees and charges due and payable by you is a debt owing by you to Blofin, and shall fall due immediately.
4.3. All payments of fees and charges to Blofin shall be made in the form of Digital Assets.
5.1. Prior to opening any Position, you will be required to deposit Digital Assets as Margin into your Account for that particular Position, the value of which shall be calculated and determined by us (“Initial Margin” or “Margin” as the case may be). You acknowledge that, as long as you have an open Position, you will have a continuing obligation to us to maintain the a certain level of Margin in your Account as determined by Blofin (“Margin Requirement”).
5.2. In the event that there is any shortfall between the balance in your Account that is held as Margin and the Margin Requirement (“Shortfall”), you will be required to deposit additional digital assets to make up the Shortfall. Such Shortfall is due and payable by you immediately upon your Account balance falling below the Margin Requirement.
5.3. Nothing in this agreement constitutes an obligation on Blofin to keep you informed of your Account balance and/or the Margin required (“Margin Call”). You hereby acknowledge and agree that it is your sole responsibility to monitor the Margin Requirements in and for your Account.
5.4. If, however, Blofin elects to make a Margin Call on you, the Margin Call may be made in such manners that Blofin deems appropriate, which shall include without limitation text messages, email, or through the Platform. The Margin Call will be deemed to be received by you as soon as it has been transmitted and/or posted by us. In view that Digital Asset markets are highly volatile and they operate 24 hours a day, 7 days week, you acknowledge and agree that Margin Calls may be made on you as necessary at any given time.
5.5. You acknowledge and agree that it is your sole responsibility to notify us immediately of any change in your contact details. You further acknowledge and agree that it is your sole responsibility to ensure that you remain contactable via the contact details that have been provided to us by you. Blofin will not be liable for any losses, costs, expenses or damages incurred or suffered by you as a consequence of your failure to do so.
6.1. You acknowledge and agree that Blofin shall be entitled to liquidate your Margin, your Position(s) and/or the Digital Assets held in your Account in the event that there is any Shortfall, without providing any notice to you (“Liquidation”), in order to reduce your leverage and/or to satisfy the Margin Requirement. You further acknowledge and agree that Liquidation may occur regardless of whether a Margin Call has been made.
6.2. If there remain any Shortfall or amounts owing in your Account after Liquidation, such Shortfall or amounts owing shall constitute a debt to Blofin that falls due immediately and is recoverable as such. You must make payment of such debts to us by way of depositing the requisite amount of Digital Asset into your Account immediately as they fall due.
6.3. In the event that Liquidation is triggered, Blofin may cancel any open orders that you have so as to free up margin and maintain the Position. If the cancellation of open orders is insufficient in satisfying the Margin Requirement, Blofin will liquidate your Position at the bankruptcy price.
6.4. Nothing in this Agreement constitutes an obligation on Blofin to trigger Liquidation, and we will not be liable for any losses, costs, expenses or damages incurred or suffered by you for our failure to exercise our rights to Liquidation.
6.5. You acknowledge and agree that it may be difficult or impossible to liquidate your Position under certain market conditions. In the event that market conditions make it impossible to execute Liquidation, you may be unable to limit your losses and may suffer greater losses, and we will not be liable for any losses, costs, expenses and damages incurred or suffered by you under such circumstances.
7.1. Each of the following constitutes a “Default”:
7.1.1. Your failure to make any payment to us as stipulated in this Agreement, the Term of Use and any other Legal Documents or publication as published by Blofin pertaining to the use of the Services;
7.1.2. Your failure to perform any obligation due to us as stipulated in this Agreement, the Term of Use and any other Legal Documents or publication as published by Blofin pertaining to the use of the Services;
7.1.3. Where any representation or warranty made by you in this Agreement is or becomes untrue;
7.1.4. You are or have become unable to pay your debts as and when they fall due;
7.1.5. In the event that you are an individual, your death or incapacity;
7.1.6. Where any investigation, claim, action or proceedings of any nature is commenced against you, or steps are taken by any person to enforce any security against you;
7.1.7. You have committed fraud or been deceitful in your dealings with us; or
7.1.8. Any other circumstance where Blofin reasonably believe that it is necessary or desirable to take any action to protect ourselves or all or any of our clients.
8. Remedies in the Event of Default
8.1. If an Event of Default occurs in relation to your Account with us, we may, at our absolute discretion, at any time and without prior notice, take any number of the steps below:
8.1.1. Suspend or freeze (indefinitely or otherwise), cancel or terminate your Account with Blofin, and accelerate all of your liabilities to Blofin such that they become immediately due and payable;
8.1.2. Prohibit you from setting up any Account with Blofin;
8.1.3. Liquidate or close out any ongoing transaction that you may have, and determining its value in good faith and in its discretion as at the date of the closing and applying any amounts standing to your credit against any amounts which you owe to Blofin, which shall include without limitation any fees, charges or costs incurred by us;
8.1.4. Act or omit to act in manners which Blofin reasonably believes to be necessary or desirable to protect ourselves or all or any of our clients.
8.1.5. For the avoidance of doubt, nothing in this Agreement constitutes an obligation on Blofin to take any of the steps set out herein if an Event of Default occurs, and we shall not be liable for and losses, costs, expenses or damages incurred by you as a result of our failure to act on our rights.
8.1.6. You acknowledge and agree that Liquidation or closing out transactions may result in your Positions being closed in tranches at different values, such that it consequently results in an aggregate closing level that may translate into further losses being incurred by you. You acknowledge and agree that we shall not have any liability to you in such a scenario.
8.1.7. Our rights herein shall be in addition to, and not in limitation or exclusion of, any other rights which we may have, whether by agreement, operation of law or otherwise.
9. Limitation of Liability
9.1 You acknowledge that you understand the rules and policies thoroughly relating to the Services. Blofin will not be liable for your loss due to misunderstanding of the rules and policies. In particular, to open or maintain your Positions, the amount of Digital Assets you deposited as Margin will need to meet certain requirements. If the requirements are not met, Liquidation will be triggered. When Liquidation happens, you could lose all the Digital Assets you have deposited as Margin.
9.2 To comply with the changes in laws or regulations, or to maintain the overall stability of the market, Blofin will need to, under its sole discretion, change policies, rules or implement emergency rules from time to time. Such changes or implementations could lead to temporary inaccessibility of your account, clawback from your account, immediate closure of your certain Positions, or other interruption of the Service, in these instances Blofin will not be liable for your loss incurred.
9.3 Blofin will not be liable for any loss incurred by uncontrollable situations, which include but not limited to:
system maintenance as announced in advance;
internet device malfunctions which disabled data transfer;
war, riots, floods, earthquakes or any other unexpected disruptions;
hacking attacks, computer virus, internet network malfunctions, banking issues, website updating, service suspension, delay or cancellation due to the interruption of government;
unpredictable or unresolvable issues with the technologies currently available;
caused by third parties including inappropriate or delated executions.
9.4 Network failures, system failures, hacking attacks, and other unforeseen factors have the potential to cause abnormal turnover, market interruptions and other possible anomalies. Blofin reserves the right to cancel and/or roll back transactions over a period of time in which it deems sufficient to mitigate any detrimental market effect, Blofin will not be liable for any loss incurred thereby.
9.5 You are aware that technology outrages can happen unexpectedly. Blofin will not be liable for any loss incurred by technology outrages which include but not limited to:
loss, delay, interruption, or other malfunction of the connection to the Service.
stopping, slowness, no response, or other malfunction of the Service, due to overloading.
malfunction due to the Service’s incapability to retrieve necessary data correctly from a third party through internet.
9.6 Blofin strictly prohibits unfair trading behavior, wherefore Blofin reserves the right to enact, under its absolute sole discretion, and take control over or foreclose your account, if you are involved in price manipulation, insider dealing, market manipulation, market distortion or any other malicious wrongdoings to the market; or that your behaviour might be harming other users or Blofin by exploiting the Service’s vulnerabilities or by other unreasonable means; or that you are involved in any other activities that Blofin deems harmful to the overall stability of the market.
Blofin also reserves the right to take actions, including but not limited to the closing your accounts, limit trading, halt trading, cancel transactions, rollback transactions and return the relevant Digital Assets to any complainant so as to eliminate any adverse effects to the overall wellbeing of the market. In no event shall Blofin be liable to you for any loss incurred when such action against you happens.
10.1 By using or otherwise accessing the Service, you agree and undertake to indemnify Blofin for actions related to your Account and your use of the Service.
10.2 You hereby agree to defend, indemnify and hold Blofin harmless from any claim or demand (including reasonable legal fees) made or incurred by any third party against Blofin due to or arising out of your breach of this agreement, your improper use of the Service, your violation of any law or the rights of a third party and/or the actions or inactions of any third party to whom you grant permissions to use your Blofin account or access our website, software, system (including any network and servers used to provide any of the Service) operated by us or on our behalf, or any of the Services on your behalf.
11.1 The contents of this Agreement also include Blofin's various system specifications, other agreements or rules in the connection with this Agreement, and other relevant agreements and rules regarding the Service that Blofin may issue from time to time. Once the aforementioned content is officially released, it shall become an integral part of this Agreement and the corresponding Legal Documents, and you shall also abide by it. In the event of any conflict between the aforementioned content and this Agreement, this Agreement shall prevail.
11.2 Blofin reserves the right to unilaterally modify this Agreement (including the aforementioned contents) if necessary. Such modification may happen at any time without prior notice. If any changes are made, the revised contents may be posted on the Blofin's website or other application of the Platform. Please regularly check the latest information posted therein to inform yourself of any changes. Your continued use of or access to the Service following the posting of any changes constitutes acceptance of those changes. If you do not accept the revised content, please stop using the Services.
11.3 You shall carefully read this Agreement and applicable Legal Documents. If there is anything that you do not understand in the Agreement and/or any document referred to herein, you should contact Blofin and seek clarification. Unless otherwise instructed by Blofin, any formal communication and document transfer between you and Blofin shall be undertaken through email. You may also be able to contact Blofin though online customer service portal as a form of informal communication. Any formal communication between you and Blofin should, unless otherwise agreed, be made in the English language. In the event of any discrepancy between the communication in English and that in a foreign language, the English version shall prevail. In the event of any discrepancy between any formal and/or informal communications and the Agreement, the Agreement shall prevail.
Please address emails to “Blofin” at the following email: email@example.com
11.4 If any provision of this Agreement is held by a judicial body with competent jurisdiction to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not be affected or impaired in any way. However, if any provisions of this Agreement shall be invalid, illegal or unenforceable under any such applicable law in any jurisdiction, it shall, as to such jurisdiction, be deemed modified to conform to the minimum requirements of such law, or if for any reason it is not deemed so modified, it shall be invalid, illegal or unenforceable only to the extent of such invalidity, illegality or limitation on enforceability without affecting the remaining provisions of these Terms, or the validity, legality or enforceability of such provision in any other jurisdiction.
11.5 This Agreement is construed with, and governed by, the laws of England and Wales. Should any dispute arise between the parties, the parties shall negotiate bona fide privately through customer service channel identified under Clause 11.3, above. If the parties do not come to common understanding or settlement after going through bona fide negotiation, the parties hereby submit to the exclusive jurisdiction of the Chartered Institute of Arbitrators for Arbitration according to the then-current Arbitration Rules of the Chartered Institute of Arbitrators. The seat of arbitration shall be in England, the number of arbitrators shall be one, and the arbitration language shall be English. Arbitral Award shall be final and binding onto the parties.
11.6 No failure or delay by Blofin in exercising any right, power or remedy it is entitled to under this Agreement or by stipulation of law or regulation shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise of such rights, power or remedies.
11.7 You shall not transfer, novate or assign these Terms, and the rights and obligations hereunder, in whole or in part, without the prior written consent of Blofin. Blofin has the right to transfer, novate or assign any rights or obligations under this Agreement by serving notice on you, which takes effect upon the delivery of such notice.
11.8 The headings of all this Agreement are for reading convenience only and have no actual meaning and shall not be used as a basis for interpretation of the meaning of these Terms.
11.9 If there is a discrepancy between the English version of these Terms and the translation of other languages version, the English version of these Terms shall prevail.
11.10 Blofin has the sole and final discretion of interpretation of this Agreement.