Terms and Conditions
Chapter 1 General Provision
Article 1 (Purpose)
The purpose of the terms of service (the “TOS” hereinafter) is to define and specify the rights, obligations, responsibilities and other necessary matters between Defi-Ant companynt Co., Ltd. (the “Company”) and members concerning the conditions and procedures to use the Defi-Ant companybit and Defi-Ant companybit-related services (the “Service”) provided by the Company.
Article 2 (Specification, Explanation and Revision of Terms)
The contents of this TOS shall become effective to all members when the Company posts the TOS at the site related to membership registration to the Service of the Company or notifies users of the above via other means and when a member subsequently agrees to this TOS to complete his/her membership registration.
The Company may amend this TOS within the scope not violating applicable laws and regulations, including the Act on the Regulation of Terms and Conditions and the Act on Promotion of Information and Communications Network Utilization and Information Protection, etc.
In the event of amendments made to the TOS, the Company shall make a public announcement of the amendments concerned 7 days prior to the enforcement date of the amendments via initial screen of the Company's website, through pop-up windows or as public notifications by specifying the date of application and grounds for amendments along with the current TOS: Provided that when the amendments are made unfavorable to members or when significant details are amended, the Company shall notify members of the above at least 30 days prior to the enforcement date.
In the event where a member fails to expressly indicate his/her intent of refusal even when the Company clearly notifies members of the fact that any members who fail to indicate his/her intent within 7 days after the Company notifies members of the amended TOS pursuant to the previous paragraph above shall be deemed as have expressed his/her intent, the member concerned shall be deemed to have consented to the amended TOS.
When a member expressly indicates his/her intent not to consent to the application of amended TOS, the Company may not apply the contents of the amended TOS. Upon such occasion, the member concerned may cancel the service agreement: Provided that when there is a special circumstance where the existing TOS cannot be applied, the Company may terminate the service agreement.
Article 3 (Outside Terms and Conditions)
The Company may stipulate separate notices, individual terms of service, individual consents, user guidelines, operation policies and detailed guidelines other than this TOS (collectively referred to as the “Detailed Guideline”), and may notify members of the above or attain consents to the above from members. And when any conflicts arise between this TOS and the contents from the Detailed Guideline obtained consent from members, the Detailed Guideline shall supersede.
All matters not prescribed by this TOS and interpretations of this TOS shall be subject to the Detailed Guideline and applicable laws and regulations or generally accepted commercial practices.
Article 4 (Definition of Terms)
The terms used in this TOS shall be defined as follows:
1. The term, “member(s),” means a person who approves this TOS, completes membership registration and enters into a service agreement with the Company;
2. The term, “ID,” means e-mail address or mobile phone number registered by a member for the purpose of member's individual identification and use of the Service;
3. The term, “password,” means a combination of letters and numbers designated by a member and approved by the Company in order to verify the identity and personal information of the member;
4. The term, “cryptocurrency,” means the purpose of the Service as well as the information that electronically exists within blockchains, such as Bitcoin (BTC) and Etherium (ETH);
5. The term, “KRW (Korean currency point),” means points that can be exchanged with cash where a member may charge them by using payments means provided by the Company and use them during transactions of cryptocurrency: Provided that no separate interests are incurred;
The term, “seller,” means a member who either register or petition for a given cryptocurrency according to a form provided by the Company through online based on his/her intent to sell;
7. The term, “buyer,” means a member who either register or petition for a given cryptocurrency according to a form provided by the Company through online based on his/her intent to buy;
Chapter 2 Application for service use and acceptance (subscription and withdrawal)
Article 5 (Establishment of Use Contract)
A user shall apply for membership registration by indicating his/her intent to consent to this TOS after providing membership information in accordance with the registration form prescribed by the Company.
A membership registration shall be constituted at the time when the approval of the Company arrives at the member.
A service agreement shall be executed by each member's ID. Once a service agreement is concluded, the applicant for the service shall be registered as a member.
Legal protection shall not be guaranteed to any member who provides his/her name that is not real or someone else's personal information, such as name and phone number; and those members shall be held fully accountable for both civil and criminal liabilities.
Any person who is under 19 years old shall be limited to the access of the Service related to cryptocurrency provided by the Company.
When a user is a national, citizen, permanent resident or resident of the country or region designated as a non-cooperative countries and territory (NCCT) by the Financial Action Task Force (FATF), the person concerned may be limited to the access of the Service. All members shall guarantee the followings:
1. A member shall not be a national, citizen, permanent resident or resident of the NCCT;
2. A member shall not use the Service while staying in the NCCT;
Upon applications under Paragraph 1 above, the Company may, when deemed necessary, request for real name verification and personal authentication through specialized institutions depending on the types of users pursuant to applicable laws and regulations. The Company shall not be held liable for any disadvantages which may arise from failure to verify user's personal identification due to the user's refusal to respond to the request made by the Company.
Article 6 (Application for Use)
Those who wish to access the Service shall make a request for use of the Service by submitting the information requested on a prescribed form provided by the Company.
All membership information filled out on the application form via online shall be deemed as actual data; and any member who fails to provide real name or actual information shall not be legally protected and may be limited to the use of the Service.
When a member provides or is found later in time to have provided false or incorrect information, the Company may temporarily or permanently suspend the member concerned from the use of the Service and terminate the service agreement. All damages or losses caused to the Company or third party arising from the above shall be fully borne by the member concerned.
Article 7 (Consent to Use of customer Information and Approval of Application for Use)
Consent to the use of membership information:
1. The Company shall use personal information of members for the purpose of fulfilling a service agreement and providing the Service under the service agreement.
2. Membership information may be provided to business partners of the Company in order for members to easily access and use the Service of the Company and affiliated services: Provided that the Company shall notify members of the business partners, purpose of provision of membership information and details of membership information to be provided and obtain consent from members before providing membership information to the business partners.
3. Members may, at any time, access and modify personal information through modification of membership information.
4. When a member provides membership information through an application for the Service and request the Company for the use of the Service in accordance with this TOS, the member shall be deemed to have consented to collection, use and provision of membership information listed in the application for the Service pursuant to this TOS.
Acceptance of application for use
1. Service, the Company may approve the membership registration of the member concerned: Provided that when falling under Subparagraph 2 or Subparagraph 3, the Company may suspend the approval or refuse to approve.
2. The Company may reserve the acceptance of the application for use under the following subparagraphs:
A. When the resource of the facility is limited;
B. When technical issue arises;
C. When other circumstances arise for the Company to be unable to approve the request;
3. When falling under any of the followings, the Company may refuse to approve the request for the use of the Service:
A. When the name provided by a member is not a real name;
B. When a member submits an application under someone else's name;
C. When required items upon request for the use of the Service are falsely listed;
D. When application is made for the purpose of obstructing public peace and order or good social morals customs;
E. When requirements for the use of the Service prescribed by the Company are unsatisfactorily fulfilled;
Article 8 (Suspension and Cancellation of Service Agreement)
A service agreement shall be terminated through cancellation by a member or the Company:
1. When a member intends to cancel the service agreement, he/she shall request the Company for cancellation after transferring all of his/her assets (cryptocurrency and KRW points) to the outside.
2. When a member falls under any of the followings, the Company may restrict the member from the use of the Service or terminate the service agreement.
- In case, you have stolen someone's service ID and password
- In case of intentional interference with the operation of the Service
- If the customer name is not a real name
- When a member uses the Service in order to obstruct social and public interests
- In the event of impairing or disadvantageous behavior of others
- When transmitting large amounts of information or transmitting advertising information for the purpose of interfering with the stable operation of the service
- When a computer virus program that causes malfunction of information or communication facilities or destruction of information is distributed
- Illegal use of personal information, user ID and password of others
- When a member reproduces, distributes or commercially use the information acquired from the use of the Service without prior consent from the Company
- The same user double-registered with another ID
- When a member infringes intellectual property rights of the Company, other members or third party
- When outside agencies, such as the Korea Communications Standards Commission, order a corrective measure or when the National Election Commission renders authoritative interpretation related to illegal election campaign
- When personal information of users is collected, saved or disclosed without acquiring proper consent
- When an objective decision is made that the use of the Service by a member is connected to criminal acts
- When a member trades cryptocurrency on behalf of other person in order to gain profits, such as service fees
- When a member commits an act which violates other applicable laws and regulations
Procedure to Suspend or Restrict the Use of Service:
1. When the Company intends to restrict the use of the Service, the Company shall specify the grounds, time and duration and notify the member concerned or his/her representative of the above in writing (including electronic mail) or by means of telephone and messenger function at the official website.
2. Notwithstanding the above, when the Company deems necessary to immediately suspend the use of the Service, the Company may restrict the use of the Service without the procedures prescribed in the previous Paragraph.
3. A member who receives the notice of service suspension or his/her representative may file an appeal when he/she objects to the suspension.
4. The Company shall immediately lift the measure of suspension only when it is confirmed the grounds for suspension are resolved during the period of suspension.
Termination of use contract
1. The Company may terminate the service agreement when an identical act is repeated for twice or more or when the grounds for suspension are not relieved within 30 days after the use of the Service is suspended or restricted.
2. When the Company terminates the service agreement, membership registration shall be cancelled. Upon such occasion, the Company shall notify the member of the above and grant the member an opportunity for exculpation
Article 9 (Change of customer Information)
Members may, at any time, access and modify personal information of their own through modification screen of membership information: Provided that modification of the real name, date of birth, gender and ID shall not be allowed for the purpose of the service management.
When changes are made to the information submitted by a member during membership registration, the member shall modify the information concerned via online or notify the Company of the changes through electronic mail or other means.
The Company shall not be held liable for any disadvantages caused because the changes under Paragraph ② are not notified to the Company.
Chapter 3 customership Obligations
Article 10 (customer's Responsibility for customer ID and Password Management)
All responsibilities to manage ID and password shall be borne by a member. A member shall be held liable for all consequences arising from negligent management or illegal use of ID and password granted to the member, and the Company shall be completely relieved from any liabilities: Provided that the above shall not apply when the consequences arise from the intent or negligence of the Company.
When a member learns that his/her ID is illegally used, the member must notify the Company of the above and follow the guideline given by the Company.
In the event of Paragraph ②, the Company shall not be held liable for any disadvantages arising from the member's failure to notify the Company of the above or to comply with the guideline given by the Company after notifying the Company.
Article 11 (Provision of Information)
The Company may provide information on the use of the Service and products for the members' convenience to use the Service as follows by means of wired/wireless telephone, electronic mail, text message (LMS/SMS) or SNS. Upon such occasion, members may refuse to receive the above at any time:
- Services related to the trade of cryptocurrency;
- Services such as events and occasions
- Other services which the Company frequently determines and provides members;
Chapter 4 General Service Use Policy
Article 12 (Type of Service)
The Service provided by the Company includes trade of cryptocurrency (sale-related, purchase-related, and services related to search of market price)
The types of Service provided by the Company may frequently change subject to the circumstances which the Company is under, and all copyrights and intellectual property rights concerning the Service provided shall be attributed to the Company.
The Company grants to the customers only the right to use the Account, ID, Service, Points, etc. in accordance with the Terms and Conditions set by the Company in connection with the Service, and the customer shall not be allowed to provide similar services and commercial activities utilizing such thing
Article 13 (Notice and Modification of Service)
The Company shall service notices concerning characteristics, procedures and methods of each service based on the type of services through a service screen, and members shall use the Service after understanding the notices concerning each service notified by the Company.
The Company may make changes to a specific service for fair operational and technical reasons. In this case, the company is required to make an announcement at least 7 days in advance.
Article 14 (maintenance and suspension of services)
The use of Service shall be allowed for 24 hours a day in principle unless special circumstances arise based on operational or technical grounds for the Company: Provided that the above shall not apply to the day or time specified by the Company for the purpose of regular maintenance.
The company can divide the service into a certain range and set the available time for each range separately, in which case the information will be announced in advance
When falling under any of the followings, the Company may suspend the Service:
1. Inevitable due to construction work, such as maintenance of service facilities
2. In the event that a telecommunications carrier prescribed in the Telecommunication Business Act terminates the telecommunication service
3. In the case of a service provided by a third party such as an affiliate store company, not a service provided directly by the company, when a third party such as an affiliate store company terminates the service
4. Other causes of force majeure
The Company may terminate or limit the entire or partial services in the events where provision of normal service is unachievable due to a state of national emergency, power outage, problems with service facilities or overwhelming traffic to the Service.
Article 15 (Limitation on customers' Use of Payment)
The Company may limit the customer's use of the Payment if it falls under any of the following subparagraphs:
1. If the seller and buyer are judged to be the same
2. When a request is made by a provider and issuer of payment service;
Upon occasions above, the Company shall notify members of the details concerning the above through notices at the official website.
When the grounds for restriction repeat, the Company may relieve the restriction only when conditions to relieve the restriction are fulfilled.
Article 16 (Restriction on Members' Deposit and Withdrawal)
When falling under any of the followings, the Company may restrict or render delayed approval to members' use of deposit and withdrawal:
1. When deposits are made with the name of depositor different from the member's registered name;
2. When a deposit or withdrawal is made beyond the scope of authority to use the Service stipulated by the Company;
3. When national agencies or financial institutions, including National Police Agency and National Tax Service, provide information stating that the member's account is suspected of being used for illegal acts;
When falling under any of the above, the Company shall notify the member concerned of the details of the above by means of notice at the official website.
In the case of duplication of use limitation and delay reason, it can be canceled only when the administrator or the operator has the release condition required
Chapter 5 Using Virtual Currency Transaction Services
Article 17 (Virtual Currency Sales Registration / Purchase Registration)
customers who wish to sell or purchase virtual currency through the services provided by the Company must register the transaction in accordance with the registration form provided by the Company
Use of supplementary services
1. Customers who want to sell virtual currency can apply for additional services provided by the company for more effective sales when registering transactions. The specific details of the supplementary services are determined by the company
2. With respect to all services related to sale/purchase of cryptocurrency provided to members by the Company, members shall be granted only a right to use the Service for the purpose of improving individual convenience of members, and provision of all similar services or commercial use of the Service exceeding the scope of authority to use the Service shall be prohibited.
Article 18 (Limitation on Use of Transaction Services)
| part | Grounds for Restriction | Condition for Relief |
|---|---|---|
| Blocking of Log-in | ① When a request is made by a member; ② When personal identification is failed; ③ When a request is made by national agencies or financial institutions; ④ When password is wrongfully entered for 5 consecutive times; ⑤ When related to or reasonably suspected of criminal acts, such as voice phishing, or financial incident; | - When grounds for restriction are resolved; - For ④, block of log-in shall be lifted following successful personal identification; |
| Interception of Withdrawal | ① When a member is a minor; | |
| ② When a request is made directly by a member; ③ When a request is made by national agencies or financial institutions; ④ When the first withdrawal of cryptocurrency purchased by KRW is requested since membership registration: Provided that the withdrawal shall be blocked for 72 hours from the charge of KRW; ⑤ When related to or reasonably suspected of criminal acts, such as voice phishing, or financial incident;⑥ When a person has acquired KRW or cryptocurrency without legal causes; ⑥ When a person has acquired KRW or cryptocurrency without legal causes; |
Chapter 6 Service Fees
Article 19 (Service Fee Concerning Trade of Cryptocurrency)
The Company imposes service fees on sellers/buyers in return for providing the Service through internet. Fees are expressly described in “How to Use” at the official website, which may be subject to change based on the market situation and circumstances which the Company is under.
Chapter 7 Protection of Personal Information
Article 20 (Protection of Personal Information)
The Company endeavors to protect personal information of members as prescribed by applicable laws and regulations. Personal information of members shall be used only within the purpose and scope which members consent to for the purpose of effective Service. Unless stipulated otherwise by applicable laws and regulations or separately consented by members, the Company shall not provide personal information of members to third party, and details concerning the above shall be prescribed in the privacy policy on personal information.
Chapter 8 Compensation for Damages and Indemnity
Article 21 (Indemnity of the Company and Compensation for Damages)
The Company does not guarantee any matters concerning the Service not stipulated by this TOD. Moreover, the Company does not guarantee the value of cryptocurrency which is not issued or guaranteed of payment by the Company.
The Company shall be indemnified from liabilities for provision of the Service when the Service cannot be provided due to natural disaster, DDos attack, IDC problems, overwhelming traffic to the Service, problems with cables of common telecommunications business operators and other unavoidable causes. Provided that the above shall not apply when there are consequences from the intent or negligence of the Company.
The Company shall not be held liable when problems unavoidably occur due to problems with blockchain, malfunction or technical issues of the system managing issuance of cryptocurrency, faults of telecommunication service provider and regular server maintenance. Provided that the above shall not apply when there are consequences from the intent or negligence of the Company.
The Company shall not be held liable for problems to use the Service or subsequent results caused by reasons attributable to members. Provided that the above shall not apply when there are consequences from the intent or negligence of the Company or the member concerned proves just cause.
The Company shall be indemnified of any liability when trades are made between members or between a member and third party with the Service as a medium. Provided that the above shall not apply when there are consequences from the intent or negligence of the Company.
Unless stipulated otherwise by applicable laws and regulations or if there is no intent or negligence of the Company, the Company shall not be held liable for the use of the Service that is provided for free.
The Company may conduct regular, temporary or emergency inspection on servers for the purpose of providing stable Service. In the event where significant difference is found between the market price of cryptocurrency at domestic/overseas cryptocurrency exchanges and the market price of cryptocurrency pending for sale/purchase on the Service following the inspection of servers, the Company may cancel all pending orders in accordance with the in-house regulation for the purpose of protecting members.
When any person acquires or receives cryptocurrency held by third party without proper authority due to service errors, computer problems or other causes, the Company may take necessary measures, either retrieving the cryptocurrency concerned or restoring to original state, after notifying the person concerned in advance.
When a member requests the Company for compensation for damages, the Company may compensate the member for damages by means of paying cryptocurrency or KRW points through electronic wallet of the member subject to mutual agreement with the member.
Article 22 (Denial of Representation and Warrant)
The Company does not have the authority to represent a member who sells or buys cryptocurrency, and any acts of the Company shall not be deemed as acts to represent a seller or buyer.
The Company does not warrant the fact, truth and legality of the intents to buy or sell concerning the trades between members which are executed through the Service provided by the Company.
All sites linked to the Company (gift certificate mall, paid contents provider, etc.) are represented by business enterprises which are in business alliance with the Company through business agreements. The Company only accommodates those links to the enterprises concerned. All liabilities related to the operation and management of the service provided by the enterprises concerned and sales, delivery and refund of goods shall be borne by the enterprises concerned unless any consequences arise from the intent or negligence of the Company; and the Company is completely not involved with the above.
Article 23 (Jurisdiction and Governing Laws)
This TOS shall be governed and interpreted by the Laws of the Republic of Korea. Any litigations arising from disputes between the Company and members concerning the use of the Service shall be governed by the Laws of the Republic of Korea.
All disputes and litigations between the Company and members concerning the use of the Service shall be subject to the jurisdiction and venue of the courts in accordance with the procedures as prescribed by applicable laws and regulations.
ADDENDA
This TOS shall enter into force on May 10, 2019.