WHEREAS the User wishes to subscribe from Bifinance for certain productsand/or related services offered on the Bifinance Platform (collectively, theProducts or Services) and Bifinance agrees to make such Products andforrelated services available to the User, which primarily involve varioustransactions and subscriptions for virtual assets and/or derivatives of digitalassets (collectively, the Digital Assets) as described in this Agreement; and theparties may enter into one or more transactions with respect to the DigitalAssets in accordance with the terms and conditions of this Agreement. Youare not authorized to or should not use the Service unless you have read andaccepted all of the terms of this Agreement. Your use of the Service shall bedeemed to constitute your having read, understood and agreed to thisAgreement, which shall be legally binding on you. This Agreement shallsupplement our Bifinance Terms of Service. in the event of any conflict orinconsistency between this Agreement and any of the terms or provisions setforth in our Bifinance Terms of Service, the resolution of such conflict orinconsistency shall be governed by this Agreement in the first instance. Allother provisions of the Bifinance Terms of Service not modified by thisAgreement shall remain in full force and effect.
NOW, THEREFORE, on the basis of good and valuable consideration, thereceipt and sufficiency of which is hereby acknowledged, the parties agree asfollows:
2.2 The User agrees to ensure that, upon receipt and/or review of the ProductTerms and after confirming and/or endorsing them to Bifinance, the Userensures that his/her Account has sufficient digital assets for Bifinance toperform its services in accordance with the Product Terms. The User herebyagrees and authorizes Bifinance to have the right to transfer pre-depositedassets from the Account to Bifinance's escrow wallet for the purpose of votingon the Coin Up Feature Service. Subject to this Section 2.2, the User agrees togrant Bifinance all necessary consents, power and authority to act, administer,fulfill, transact, place, complete, cancel or rescind any order or to terminateany Product subscribed for with pre-funded funds provided by the Userduring the term of this Agreement.
2.3 The User agrees that the Voting Coin Project is recommended and votedon by the User and the Project Sponsor, and that Bifinance is unable toguarantee the range of price fluctuations of the Voting Coin Project, and thatthe User shall assess the risk of price fluctuations of the Project on its own inaccordance with the Project Information. Bifinance is unable to guarantee thequality of the Voting Coin Project. lf the Voting Coin Project has negativeimpacts, the responsibility will be borne entirely by the project team andBifinance will not be able to guarantee the quality of the Voting Coin Project.
2.4 Upon completion of a Voting Order placed on behalf of a User, Bifinance.shall send a confirmation of the transaction to the User either online or bysuch other electronic means as the Parties may agree in writing from time to time.
2.5 This Agreement shall remain in force until terminated in writing byBifinance in accordance with this Clause 2.5. Bifinance may terminate thisAgreement without cause by posting an announcement on the BifinancePlatform or by giving prior written notice on the Bifinance Platform to theother party, unless a separate termination mechanism is provided for in theterms and conditions of the respective Product, which shall prevail.
2.6 The User agrees and confirms that he/she has carefully read, understoodand acknowledged the risks indicated in the Risk Disclosure Statement andDisclaimer as set out in the Annexure, which applies to all and each of theProducts that the User has agreed to subscribe for during the term of thisAgreement.
3.1 Bifinance represents and warrants to the User that, from the date of this Agreement and each settlement date:
(a) Bifinance has all necessary powers and authorizations to enter into this Agreement, perform its obligations under this Agreement, and complete the transactions contemplated under this Agreement. Bifinance has been duly authorized to perform its obligations under this Agreement and complete the transactions contemplated under this Agreement.
(b) Assuming that the user properly authorizes, enters into, and delivers this Agreement, this Agreement constitutes a valid and legally binding obligation of Bifinance and is enforceable against Bifinance in accordance with its terms.
3.2 The User hereby represents and warrants to Bifinance that, from the date of this Agreement and each settlement date:
(a) The user has all necessary powers and authorizations to enter into this Agreement, perform its obligations under this Agreement, and complete the transactions contemplated by this Agreement. The user has obtained formal authorization for all necessary corporate actions to enter into and deliver this Agreement, perform its obligations under this Agreement, and complete the transactions contemplated by this Agreement.
(b) This Agreement has been formally entered into and delivered by the User, and this Agreement constitutes a valid and legally binding obligation of the User, which is enforceable to the User in accordance with its terms;
(c) The conclusion and delivery of this Agreement, or the completion of transactions contemplated by this Agreement, shall not violate or will violate any laws, regulations, rules, judgments, orders, decrees, awards, charges or other restrictions applicable to the User or its assets of any government, government entity or court, or violate any agreement, debt or other instrument to which the User is a party, or conflict with or constitute a breach thereof;
(d) The user, any person controlling the user, any person acting as its agent or nominee (except as set forth on the signature page of this Agreement), or any user of the user does not appear on the list of prohibited persons and entities maintained by OFAC from time to time, is not a shell bank, resides in a non-cooperative jurisdiction, or transfers its subscription funds from a non-cooperative jurisdiction or through an account in a non-cooperative jurisdiction;
(e) The user is the legal owner of each user wallet and has legal ownership of it. Each user wallet is only owned and operated for the benefit of the user or its affiliates, and no one except the user or its affiliates has any rights, ownership, or interests in any user wallet.
(f) The user agrees, understands and confirms:
(I) Bifinance engages in bilateral buying and selling of digital assets and products, including any such transactions on a proprietary basis contemplated under this Agreement;
(Ii) if Bifinance transacts with a user, it does so only on a bilateral basis as principal; and
(Iii) Bifinance does not and will not provide any custodial, fiduciary, advisory or other similar services to the User, any person related to or associated with the User, or any transaction subject to this Agreement. The User further agrees, represents and warrants that the User shall be solely responsible for any decision to enter into a transaction pursuant to this Agreement, including the assessment of any and all risks associated with any such transaction, and that in entering into any such transaction, except as expressly provided herein, the User has not relied on any representations or other representations of Bifinance;
(g) User complies with all applicable laws, including the US Foreign Corrupt Practices Act (FCPA), the United Kingdom Bribery Act (UKBA), and similar applicable laws in other countries/regions that prohibit improper payments to gain business advantages. User also warrants that it is not involved in money laundering or providing funds for crime or terrorism in any way; and
(h) All important information provided by the user to Bifinance, including but not limited to ownership information, company information, bank information, information and names of personnel authorized to act on behalf of the user, and authorized trader information, is true and accurate, or based on the circumstances in which such information is made, such information as a whole and as of the relevant date does not contain any misleading information or omissions. In addition, the user represents and warrants that if any such information changes, it will immediately notify Bifinance.
4. Limitations on liability and compensation
4.1 To the maximum extent permitted by applicable law, Bifinance shall not be liable for any incidental, consequential, indirect or punitive damages arising out of or in connection with this Agreement, even if such party has been advised of the possibility of such damages.
4.2 The User shall indemnify and hold harmless Bifinance and its affiliates, officers, employees and agents from and against any claims, claims, liabilities, losses, damages, costs or expenses (including but not limited to reasonable attorneys' fees, experts' fees and litigation costs) arising from any breach by the User of its obligations, representations or warranties under this Agreement.
4.3 The user affirmative consent states that the user's use or non-use of the services under this product is at the user's own risk. To the maximum extent permitted by applicable law, except as otherwise expressly provided in these Terms, all products and services provided to the user under this Agreement are provided on an "as is" and "as available" basis. Bifinance and its affiliates or its service providers or suppliers make no express or implied representations or warranties of any kind, including but not limited to the marketability, fitness for a particular purpose, ownership and non-infringement of this Service, and the absence of errors or omissions, continuity, accuracy and reliability of this Service. As some jurisdictions do not allow the exclusion of implied warranties, the exclusion of the above implied warranties may not apply to the user. At the same time, Bifinance does not make any commitments or guarantees regarding the validity, accuracy, correctness, reliability, quality, stability, completeness or timeliness of the technology and information involved in the products or other services provided by Bifinance under this Agreement.
4.4 The terms of this Agreement are not intended to exclude or limit Bifinance's liability for any other losses that cannot be limited or excluded by law. Any such liability, once established, shall be limited to those clearly attributable to Bifinance.
5. Coercive measures
5.1 You agree and accept that Bifinance strictly prohibits unfair trading practices. If you participate in the following behaviors, Bifinance reserves the right to suspend or close your account at its sole discretion:
(i) Participate in market manipulation, price manipulation, insider trading, market distortion, or any other malicious misconduct or act;
(j) may harm other users or Bifinance by exploiting vulnerabilities in this service or other unreasonable means;
(k) Participate in any other activities that Bifinance considers harmful to the market;
(l) Participate in activities that violate any laws or regulations.
5.2 In order to reduce or eliminate any adverse effects on the overall health of the market, Bifinance reserves the right to take the following measures at its sole discretion, including but not limited to closing your account, restricting, suspending or canceling transactions or instructions, rolling back transactions, and/or returning digital assets related to transactions to the complainant. You understand and agree that Bifinance is not responsible for any losses (including but not limited to any direct or indirect losses, actual losses or loss of available benefits) caused by taking the above measures.
6. Other
6.1 The content of this Agreement includes various institutional norms of Bifinance, other agreements or rules related to this Agreement, and other relevant agreements and rules that Bifinance may continuously release regarding this service. Once the above content is officially released, it is an integral part of this Agreement. You agree that you will carefully read and comply with the relevant provisions of such agreements or rules, and you agree that such agreements or rules are legally binding on you. In case of any conflict between the above content and this Agreement, this Agreement shall prevail. Bifinance may unilaterally modify this Agreement, and Bifinance does not need to notify you in advance. If there is any modification, the modified content should be posted on the Bifinance platform. Please check and carefully read the latest information on the Bifinance platform website in a timely manner. After the above changes are announced, you understand and agree that if you continue to use this service, it is deemed that you have agreed to the changes to this Agreement and such changes are legally binding on you. If you do not agree to the changes to this Agreement, you should stop using this service.
6.2 Failure to exercise or delay in exercising any right, remedy or power under this Agreement shall not be deemed a waiver of such right, remedy or power, and the exercise of any right, remedy or power under this Agreement, alone or in part, shall not preclude any other or further exercise or exercise of any right, remedy or power provided for in this Agreement or by law or equity.
6.3 This Agreement shall be binding on and in the interest of both parties and their respective successors, successors, estate agents and permitted assigns. Neither party may assign or delegate its rights or obligations under this Agreement without the prior written consent of the other party (which may refuse to give consent at its sole discretion), but Bifinance may assign its rights or interests under this Agreement by written notice to the user.
6.4 Each provision of this Agreement shall be construed as being valid and effective under applicable law, but if any provision of this Agreement is prohibited or invalid by applicable law, that provision shall be invalid only to the extent of such prohibition or invalidity and shall not render the remainder of this Agreement invalid.
6.5 The descriptive headings of this Agreement are included for convenience only and do not form part of this Agreement. Unless otherwise stated, the terms mentioned herein refer to the terms of this Agreement.
6.6 This Agreement shall be governed by and construed in accordance with the laws of England and Wales, but shall not be governed by rules, principles or laws relating to conflicts of laws.
6.7 Any dispute, disagreement or claim arising out of or in connection with this Agreement, including its existence, validity, interpretation, performance, breach or termination (including whether such dispute or claim is arbitrable) or non-contractual obligations arising out of or in connection with this Agreement shall be arbitrated solely by the Hong Kong International Arbitration Centre (HKIAC) in accordance with the arbitration rules in force at the time of submission of the notice of arbitration, and shall be finally settled by the HKIAC. The law applicable to this arbitration clause is United Kingdom law. The place of arbitration is Hong Kong. There shall be one arbitrator. The arbitration proceedings shall be conducted in English. Even if either party fails to participate in the arbitration in accordance with the HKIAC institutional arbitration rules, the arbitration under this Agreement may continue, provided that appropriate notice of the arbitration has been given to that party and the arbitral tribunal's final award is binding on that party, even if that party fails to participate in the arbitration. The arbitral award is final and binding on both parties.
6.8 Bifinance and the User hereby agree not to disclose and otherwise keep confidential the proposed transaction under this Agreement, any disclosed information related to the potential transaction, the existence or nature of any relationship between the parties, the name of the other party, the fact that the parties are involved in or discussing any transaction, and any confidential information about the other party, provided that each party may disclose confidential information to its directors, officers, members, employees, agents, affiliates, and professional advisors, or to any applicable Anti Money Laundering or compliance requirements related to financial institutions providing services to one party. If applicable laws, regulations, or rules require either party to disclose the confidential information of the other party (the Requested Party), the Requested Party will provide timely written notice to the other party (the Subject) to the extent permitted by law, so that the Subject may seek appropriate protective orders or waive compliance with this Article 6.8. The Party shall promptly respond in writing to such requests by authorizing disclosure or informing it of its choice to seek such protective orders, or if the Subject fails to promptly respond to the requested notice within five (5) business days in any case, such disclosure shall be deemed approved. The confidentiality obligations stipulated in this Article 6.8 shall continue to be effective after the termination or expiration of this Agreement.
6.9 This Agreement sets out all agreements between the parties regarding the subject matter contained in this Agreement and supersedes all previous communications and understandings between the parties, whether written or oral.
6.10 If any provision of this Agreement is held to be invalid, illegal, or unenforceable, the validity, legality, and Feasibility of the remaining provisions of this Agreement shall not be affected or diminished in any way. However, if any provision of this Agreement is invalid, illegal, or unenforceable under any applicable law in any jurisdiction, such provision shall be deemed to be modified accordingly to comply with the minimum requirements of that law, or if for any reason such provision is not deemed to have been modified, such provision shall only be invalid, illegal, or unenforceable to the extent of such invalidity, illegality, or limitation of Feasibility, and the legality, validity, or enforceability of the remaining provisions of this Agreement or the legality, validity, or enforceability of such provisions under the laws of other jurisdictions shall not be affected in any way.
6.11 Any notice, consent or other communication required or permitted by either party to be sent or given pursuant to this Agreement shall in any event be in writing and appropriately sent or made in English through the Bifinance Platform. The date of service of such notice shall be the date of successful sending of such notice by email.
6.12 The terms and conditions of this Agreement are intended solely for the benefit of each party and their respective successors or permitted assigns, and neither party intends to grant third-party beneficiary rights to any other person.
6.13 In no event shall Bifinance or the User be liable to the other party or any third party for damages or any loss of any kind arising directly or indirectly from government restrictions, war, acts of terrorism, insurrection, riot, fire, flood, strike, interruption of utility services, severe weather or other events of a similar nature, including but not limited to earthquakes, hurricanes and tornadoes or other conditions beyond the control of the parties concerned.
6.14 The parties acknowledge that, based on and relying on the fact that all transactions (including any sale and purchase transactions) under this Agreement constitute a single business and contractual relationship and are reached on the basis of mutual consideration, they have entered into this Agreement and will conduct each transaction under this Agreement. Therefore, the parties agree to (a) perform all their obligations with respect to each transaction under this Agreement, and any breach of such obligations shall constitute a breach of all transactions under this Agreement, and (b) payments, deliveries, and other transfers made by any party to any transaction shall be deemed to be consideration for payments, deliveries, and other transfers related to any other transaction under this Agreement.
6.15 By agreeing and accepting this Agreement, the User agrees and hereby irrevocably waives any right to claim as a plaintiff or class member in any so-called class or representative action against Bifinance or its affiliates.
6.16 Nothing in this Agreement shall be construed as either party becoming an agent of the other or as an agency or partnership between the two.
Annex
Risk Disclosure Statement and Disclaimer
Product-related risk factors
The risk of loss associated with this product is similar to that of investing in underlying assets. Therefore, if the value of the underlying asset falls to zero on the final pricing date specified in the product terms, the user may lose all invested capital.
Risks associated with digital assets
It should be noted that the underlying asset refers to digital assets, including but not limited to digital assets such as Bitcoin (BTC) and Ethereum (ETH). This means that the performance of underlying assets and products is affected by the performance of digital assets.
Risks related to the volatility and limited trading hours of digital assets
The value of digital assets may undergo significant changes within a day. Technological changes and advancements, fraud, theft, and cyber attacks, as well as regulatory changes, may significantly increase volatility and increase the risk of loss for products related to one or more digital assets. In addition, the digital asset market is still in its early stages, with a limited number of market participants and may remain limited throughout the product's lifecycle. A small number of market participants may trigger potential significant (and adverse) price fluctuations and insufficient liquidity, which may have a significant adverse impact on the return, value, and liquidity of products.
Users should further note that the trading hours of digital assets usually exceed the trading hours of products. Therefore, users cannot invest in or withdraw from products, nor can they react to price changes or fluctuations of digital assets outside of product trading hours.
Risks related to insufficient liquidity of digital assets
Digital assets may or may become illiquid throughout the product's lifecycle. Liquidity of digital assets may (a) have a negative impact on the publisher's ability to provide a secondary market for the product; (b) temporarily or even indefinitely increase the bid-ask spread of the product; (c) delay the relevant valuation date (and any corresponding payment date); (d) cause the product to terminate (early), which may result in users suffering losses due to the product.
Access to digital assets
Users of the product cannot directly access digital assets or all information related to digital assets (such as stored information, service providers used to trade digital assets, or "keys" required to access and transfer digital assets), and cannot transfer digital assets related to the product to private storage devices. This may make it difficult for users to hedging their risk exposure due to the product.
Within the scope of the user's digital assets, the user understands and accepts that if the "private key" required to access and dispose of their digital assets is lost or stolen, the digital assets allocated to the user's account (address) will not be recovered and will be permanently lost. If the digital assets are lost, hacked, destroyed, or stolen, the user will not have the right to seek any refund, recovery, or replacement from the publisher. In addition, any errors or failures caused by or related to the digital wallet or vault chosen by the user to receive and store digital assets, including the user's own failure to properly maintain or use such digital wallets or vaults, may also result in the loss of such digital assets.
Trust digital assets
Digital assets only exist virtually and have no physical equivalent. Determining the value of digital assets is or may become difficult because it depends on expectations and trust in the future use of the relevant digital assets. Among other things, sustained high volatility, technological changes and advances, fraud, theft and cyber attacks, as well as regulatory changes, may prevent the establishment of digital assets for future use and may cause them to lose value.
Risks related to technology
There is a risk that the source code or protocol on which digital assets are based may contain errors. Any such errors may threaten the integrity and security of the relevant digital assets and corresponding networks. For example, the source code of Bitcoin or Ethereum is public and anyone can download and inspect it. However, there may be errors in the source code that have not yet been discovered and corrected, or may be exploited as long as they are not deleted. There is an additional risk of errors that cannot be corrected. Such risks may seriously weaken the reputation of digital assets, thereby having an adverse impact on their market prices.
Various digital assets, such as Bitcoin and Ethereum, are created in the form of open source software, which is a program that everyone can use for free. The source code or protocol on which digital assets are based can be publicly accessed and continuously developed. The further development and acceptance of this protocol depend on a series of factors. If there are differences between participants, developers, and network members, the development of digital assets may be hindered or delayed.
New and improved versions of the source code must be confirmed by a majority of network members before the source code version can be updated. If most networks cannot be accessed in order to update the source code, this may mean that urgent updates or improvements in the source code can only be partially implemented or not implemented at all. If the development of the source code is hindered or delayed, this may have an adverse effect on the value of the digital asset. In addition, one or more members of the network can control the risks of most networks. In this case, most members may make changes to the source code, which may have an adverse effect on the market value of the relevant digital asset. For example, such changes may affect verification procedures, the generation of private keys (necessary for executing transactions), or subsequent deletion of transactions. This "51% attack" may cause people to lose confidence in digital assets in general and may completely stop trading. In some cases, it may be difficult to track such situations, and it may permanently undermine the equal status of network participants. This will cause reputational damage and significant adverse effects on the market value of the relevant digital asset. But even if this adverse situation does not occur, controlling most networks may have the same adverse The risk of a so-called 51% attack is not limited to forcing changes to the source code, but represents a universal risk. Therefore, one person or group of people who make up the majority of the network's computing power can manipulate transactions within the network (without changing the source code). The risk theoretically already exists below the threshold of 50%, but the possibility is decreasing. The risk of such attacks increases as observed personnel gather in so-called mining pools.
There is a risk that the source code or protocol may be further developed, and for various reasons, this may lead to the forking of digital assets into multiple protocols (called a "hard fork"). A hard fork is basically a change to the consensus rules, so that computers running old code no longer produce transactions recognized as valid by computers running new code. A hard fork may be undisputed, controversial, or derivative. An undisputed hard fork can be seen as a software upgrade that all (or almost all) users consider beneficial, so that only one network and one set of rules will be generated from the change. In a controversial hard fork, differences between users may lead to two incompatible networks competing for the same brand.
During a hard fork, soft fork, or other process that causes digital assets to split or split into multiple potentially non-homogeneous assets, the trading platform that trades digital assets may temporarily suspend the ability to deposit, withdraw, or buy/sell related digital assets on the trading platform until the risks and consequences of the hard fork (such as replay attacks or network instability) are clearly evaluated. In some cases, this may take several days, but such time frames are usually unpredictable. During any such temporary suspension period, market makers may not quote any bid or ask prices for the product.
In addition, in the event of a hard or soft fork, or other process that results in the splitting or splitting of a digital asset into multiple, potentially irreplaceable assets, the publisher may, at its sole discretion, take appropriate action to synchronize the effects of that process (see also " Risks associated with the event of a digital asset adjustment " below). There is no right to compensation or ownership of any such asset in connection with or resulting from a fork. A further risk is that, in the case of a publicly accessible agreement, developers will have no incentive to be compensated for further development of the source code. This could mean that ongoing qualitative further development of the source code is hindered or delayed. However, if the source code is not further developed, this could adversely affect the value of the underlying digital asset.
Risks associated with digital asset adjustment events
Due to one or more digital asset adjustment events (including but not limited to significant changes in the method of calculating digital assets, significant changes in the concept of digital assets (such as the division or splitting of digital assets), the conversion of digital assets into multiple assets, or taxation of digital assets, or any other provisions in any document), the trading venue for trading digital assets may temporarily or indefinitely suspend trading digital assets or specific versions of digital assets (if there are multiple versions of digital assets due to processes that cause digital asset splitting or forking). Therefore, users of the product may (i) (indefinitely) be unable to access all versions of digital assets and give up the value of one or more versions, or (ii) may delay access to a version of digital assets (in which case the value of that version of digital assets may change significantly), or (iii) may not benefit from or have a negative impact on related digital asset adjustment events. After the digital asset adjustment event, the publisher may (but is not obligated to) adjust the product. In addition, digital asset adjustment events may cause instability of related digital assets or specific versions of digital assets, and digital asset adjustment events or potential digital asset adjustment events The digital asset adjustment event may have a negative impact on the publisher's ability to provide a secondary market for the product, which may increase the bid-ask spread of the product (possibly indefinitely) or cause (early) redemption of the product, which may result in user losses related to the product.
Risks associated with the occurrence of additional disruptions
Additional disruption events may occur if the Computing Agent determines that holding, acquiring or disposing of any digital asset has become unlawful, or if, in particular, due to fraud, theft and cyber attacks related to the escrow account or network of the publisher and/or any hedging party and/or related service provider, the publisher and/or any hedging entity suffers significant losses related to hedging transactions of digital assets. In this regard, users should note that digital assets held in the escrow account of the hedging entity are not segregated by product. Any losses related to the escrow account or network of the hedging entity (see also the " Risks associated with fraud, theft and cyber attacks " section below) may trigger additional disruption events related to the product, at the discretion of the Computing Determining Agent.
Users should be aware that the publisher may redeem the product early after an additional interruption event and will receive an unplanned early repayment amount. Users should be aware that the unplanned early repayment amount may be much lower than the publish price (as defined in any product terms) or even zero, and users may lose part or all of their investment.
Risks Associated with Fraud, Theft, and Cyber Attacks The special characteristics of digital assets (e.g., they exist only virtually on computer networks, digital asset transactions may be irreversible and may be mostly anonymous) make them attractive targets for fraud, theft, and cyber attacks. Users of products linked to digital assets face risks of fraud, theft, and cyber attacks, including: (i) any significant losses resulting from such events may raise doubts about the long-term future of digital assets and may prevent the establishment of digital assets (or specific digital assets) and may increase the volatility and illiquidity of related digital assets; (ii) any losses caused to publishers by fraud, theft, and cyber attacks related to service providers may be borne by users. Users of products linked to digital assets face such risks, and the returns (or secondary market prices) of products may be negatively affected by any such activities.
Regulatory risk
Digital assets usually do not have the functions and/or all the characteristics of legal tender, and are usually not regulated by any authority or institution (such as a central bank). Therefore, no institution or institution can intervene in the digital asset market to stabilize value or prevent, mitigate, or counter irrational price developments.
Digital assets have only existed for a relatively short time, and various regulatory agencies around the world have already or are considering necessary regulatory actions related to digital assets and related products (such as money laundering, taxation, consumer protection, publishing requirements, or capital flows). In many jurisdictions, the regulatory status of digital assets and blockchain technology is still unclear or unresolved. It is difficult to predict how or whether regulatory agencies can apply existing regulations to such technologies and their applications, including (but not limited to) digital assets. It is also difficult to predict how or whether any legislative or regulatory agency will make changes to laws and regulations that affect blockchain technology and its applications (including digital assets).
Any upcoming regulatory action may lead to the illegality of digital assets (and products related to such digital assets) or the implementation of control measures related to digital asset trading (and liquidity). The upcoming regulatory action may also restrict the availability of markets and/or market participants allowed to engage in digital asset-related transactions. Such events may lead to product adjustments or even (early) termination of products, which may cause losses related to products to users. In addition, control mechanisms may significantly increase transaction fees for digital assets (and thus affect the bid-ask spread of products), which may have a negative impact on product returns (and the secondary market price of products). Users should ensure that investments in products comply with local regulations.
Related party risk
Depending on the design of the relevant digital assets (centralized, decentralized), certain related parties (management, developers, miners, etc., if applicable) may adopt strategies that may have a negative impact on the value, tradability, liquidity, and security of the digital assets. Such events may lead to adjustments or even (premature) termination of the product, which may cause losses related to the product to users and may have a negative impact on the product's revenue (as well as the secondary market price of the product).
Risks associated with public data
Users should note that any digital asset transactions related to the product are stored in a ledger (blockchain) and may be visible to the public. Such ledgers are neither the property of the publisher or hedging entity or any other party related to such products, nor are they under their control. As of now, the information available on the ledger may be exploited or misused in unpredictable ways.
Risks related to service providers
Publishers or hedging entities that use service providers to trade and hold/store digital assets may (i) no longer exist, (ii) may face fraud, theft, and cyber attacks (see "Related Risks" section on fraud, theft, and cyber attacks "), or (iii) regulatory requirements and publishers' internal compliance requirements may prevent publishers or hedging entities from using specific reference sources or service providers to trade digital assets. This may result in larger bid-ask spreads for the product (for example, due to changes in transaction commissions payable to service providers). Publishers (or any of their hedging entities) may not be able to change service providers, which may result in early product termination.
Additional risk factors
Users should ensure that they fully understand the nature of this product and the degree of risk they are exposed to, and should consider whether this product is suitable for investment based on their own situation and financial situation. The product may involve high risks, including latent risks of losing value at maturity. Users should be prepared to bear all the funds invested in purchasing this product in certain circumstances. Users should consider the following important risk factors, see this " Risk Disclosure Statement " for details.
This is a structured product involving derivative components. Users should ensure that their advisors have verified that the product is suitable for investors' investment portfolios, taking into account the user's financial situation, investment experience, and investment objectives.
The terms and conditions of the product may be adjusted within the product lifecycle.
Users who usually use a currency other than the product redemption currency should be aware of the possible currency risks. The value of the product may not be related to the value of the underlying asset.
Market risk
The overall market performance of a product depends particularly on the development of Capital Markets, which is influenced by the overall global economic situation and the economic and political framework conditions of various countries (i.e. market risks). Changes in market prices such as interest rates, commodity prices, or corresponding volatility may have a negative impact on the valuation of the underlying asset or product. There is also a risk of market interruption (such as trading or market interruption or trading interruption) or other unforeseen events related to the underlying asset and/or its exchange or market during the product term or expiration. Such events may affect the redemption time and/or the value of the product.
No other payment
Unless explicitly stated herein, this product does not grant any rights to receive underlying assets and/or payment rights, therefore, without affecting any revenue payments specified in any agreement or document, no current revenue will be generated. This means that the potential value loss of the product cannot be compensated through other revenue.
Publisher credit risk
Users should bear the credit risk of the product publisher. The value of the product depends not only on the underlying assets, but also on the publisher's reputation, which may change with the product's term.
The product constitutes the publisher's non-subordinated and unsecured debt, and has the same priority as all other non-subordinated and unsecured debts of the publisher currently and in the future. The publisher's insolvent may result in partial or total loss of invested capital.
Secondary market
The publisher or any third party designated by the publisher (if applicable) intends to provide the buying and selling prices of the product on a regular basis under normal market conditions (if specified in the "General Description and Disclaimer" section). However, the publisher does not explicitly promise to provide liquidity through the buying and selling prices of the product, and does not assume any legal obligation to quote any such price or the level or determination of such price. In special market conditions, where the publisher is unable to conduct hedging transactions or the transaction is difficult, the bid-ask spread may be temporarily increased to limit the publisher's economic risk. Users must be prepared to hold the product until the relevant expiration date defined in any document.
The product can only be transferred, sold, or transferred to a third party with the prior consent of the publisher. If it is a sale, it can only be done in the form of a private placement. Therefore, users must contact the publisher before considering reselling the product.
Liquidity risk
One or more (if applicable) underlying assets may become illiquid throughout the life of the product. Insufficient liquidity of underlying assets may result in larger bid-ask spreads for the product and/or lead to the purchase and/or sale of underlying assets to obtain, position squaring or dispose of hedging transactions or assets, or to realize, recover or repay the proceeds of such hedging transactions or assets, which may involve delaying redemption or delivery and/or changing redemption amounts, as reasonably determined by the calculating agent.
Conflict of interest
The publisher and/or any designated third party (as the case may be) may from time to time act as principal or agent to hold the positioning of any currency or other asset-based product related to this article, or may trade or market in any currency or other asset-based product related to this article and be active in both markets at the same time. The trading and/or hedging activities of the publisher and/or designated third party related to this transaction may affect the price of the underlying asset and may affect the possibility of reaching any relevant thresholds (such as levels/prices) (if any).
Third party compensation
The publisher may sell this product at a discounted price to the Financial Institution or intermediary, or compensate a certain amount to the Financial Institution or intermediary (see the "General Description and Disclaimer" section of this article).
In addition, the publisher may from time to time pay compensation to such third parties for certain services provided by the distribution partner and for the purpose of improving the quality and services related to the product. Further information may be provided upon request by the user.
Coupon payment
If the product stipulates the payment of coupons, the user is only entitled to receive the corresponding coupon payment if the user purchases or does not sell the product at the current price on the latest business day before the corresponding coupon payment date.
Have to make an appointment
This agreement is for reference only and does not constitute a recommendation, offer or invitation to purchase financial products.
Non-statement warranty
The publisher and any third party designated by it make no representations or warranties with respect to any information in this document from independent sources.
Not recommended
This Agreement should not be construed as investment, financial, strategic, legal, regulatory, accounting, or tax advice. It does not take into account the specific investment objectives, financial situation, or needs of each user. Certain transactions, including those involving futures, options, and high-yield products, pose significant risks and may not be suitable for users. Therefore, users should consider whether the products described herein are suitable for their specific circumstances and should consult their own accounting, tax, investment, and legal advisors before investing. Publisher does not act as an advisor or trustee. Publisher does not assume any responsibility for updating any opinions or other information contained in this Agreement.
Non-prospectus
This Agreement is not and shall not in any way be construed as (i) a prospectus, (ii) advertising for marketing or promoting the prospectus, and/or (iii) advertising this document for marketing purposes.
Non-bank deposits
The product is not any bank deposit underwritten or guaranteed by any Financial Services compensation program or any other government entity or deposit protection fund operated by a public, private or community bank.
General instructions and disclaimer
This Agreement and the Products hereunder do not constitute any collective investment scheme in the sense of any applicable laws and regulations. Therefore, the User is exposed to the credit risk of the publisher and the guarantor (if any). Therefore, the value of the Product depends not only on the development of the underlying asset, but also on the creditworthiness of the publisher and the guarantor (if any), and may change during the term of the Product.
This agreement is prepared by the publisher for reference only. It is not intended to be an offer or invitation to buy or sell any securities, funds, structured products, or any other structured investment products ("Structured Investment Products"). Purchasing structured investment products involves derivatives and higher risk factors, which may not be suitable for users. Such risks include the risk of adverse or unexpected market developments, publisher credit quality risk, counterparty or publisher default risk, risk of lack of uniform standard pricing, risk of adverse events involving any underlying asset reference obligations, entities or other measures, high volatility risk, and risk of insufficient liquidity/little or no secondary market. In some transactions, users may lose all investments, that is, suffer unlimited losses.
This Agreement is published or distributed only in countries where its publication is permitted by law and may not be published in the US or to US residents. This document may not be publicly published by the publisher or any distributor and is only available to professional investors or equivalent investors under any applicable laws and regulations.
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