DESCRIPTION OF OUR SERVICES
We provide an online trading platform to trade crypto assets and derivatives linked to crypto assets or indixes thereof. Buyers and sellers conduct trading on our platform with each other; Foxbit International Ltd. as the platform provider is not a buyer or seller in these transactions. Users may request the withdrawal of their crypto assets, subject to the limitations as stated in the Terms. Users will be able to access their crypto assets in their wallets, which are held and safe-kept by Us.
We provide the User with trading services including:
An order matching platform that automatically, and according to pre-established criteria, matches users’ trades with open orders from other users in respect of crypto assets or crypto assets linked products:
Spot Services permit You to trade one type of crypto assets for another type of crypto assets. You will not be able to predetermine or undertake a trade with a predetermined user. Similarly, an order may be partially filled or may be filled by multiple matching orders arising from different users.
Additional Services permit You to trade derivative products linked to crypto assets or indixes composed of them. These trades are via an order matching platform that automatically, and according to pre-established criteria, match users’ trades with open orders from other users. You will not be able to predetermine or undertake a trade with a pre-determined user.
Margin Lending – a Peer to Peer lending service, allowing users to borrow/lend crypto assets to one another and earn interest.
Digital Wallet – We also offer our users a digital wallet enabling each user to store crypto assets that are traded via the exchange services or. We offer this service in order to expedite and facilitate acquisitions and/or disposal of crypto assets. We shall be regarded as holding such crypto assets on your behalf and shall recognise you as the beneficial owner of any crypto assets held in your digital wallet. We will not use your crypto assets as security or in any way make use of your crypto assets, other than as lawfully directed by you and with your prior authorization. crypto assets held by Us on your behalf may be pooled with those of other Users.
By accepting the Terms, you expressly agree to the pooling of your crypto assets with the crypto assets of other Users. Individual User entitlements may not be identifiable by separate physical documents of title or other electronic record and, in the case of an irreconcilable shortfall, you may not receive your full entitlement and may share in the shortfall pro rata. You represent and warrant that you are, and shall remain at all times, the ultimate and effective legal and beneficial owner of any crypto assets held by Us, that you shall not act as nominee or trustee for any other person and that you shall not transfer, assign, pledge, charge or otherwise create any security interest or encumbrance whatsoever over such crypto assets without Our prior written consent.
We, as applicable, shall not be obliged to accept orders unless sufficient crypto assets are available on the account for (a) the settlement of the relevant order, (b) the provision of margin as may be required in respect of relevant transaction in derivatives, and (c) the payment of any related Charges and expenses as applicable.
Accuracy: While we have made every effort to ensure the accuracy of the information on our website, the information and content on the website is subject to change without notice and is provided for the sole purpose of assisting Users to make independent decisions. We have taken reasonable measures to ensure the accuracy of the information on the website; however, we do not guarantee the accuracy, suitability, reliability, completeness, performance and/or fitness for purpose of the content of any Services or products available through the website, and will not accept liability for any loss or damage that may arise directly or indirectly from the content or your inability to access the Site, for any delay in or failure of the transmission or the receipt of any instruction or notifications sent through our platform. We will not have any liability for the use or interpretation of such information.
Users shall prepare devices and bear costs as follows: 1) internet-connected device, including but not limited to computer or other internet-connected terminals; 2) internet-accessing costs, including but not limited to internet fees, rental charges for internet-connected equipments, cellular data fees, etc.
While using the Services, You accept the information services provided by us. You hereby authorize us to send commercial information to You via e-mail, SMS, mobile notification, or mailing address.
You acknowledge and consent that the Services are provided by us according to its current technological capacity and other conditions. While we have made every effort to ensure continuity and security of the Services, we are unable to completely foresee and hedge legal, technological and other risks including but not limited to force majeure, virus, hacker attack, system instability, flaw in third-party services, act of government, etc. that may result in service interruption, data loss and other losses and risks.
When the system platform is unable to operate properly because of the following circumstances and the User is unable to access the Services or place or cancel an order, we assume no liability for damages. These circumstances include, but are not limited to:
System downtime during maintenance as announced by our platform;
Telecom or Networking equipment issues;
Typhoon, earthquake, tsunami, flood, power failure, war, terrorist attacks, and other force majeure factors;
Any other issues, including hacker attacks, computer virus intrusion or attack, website or backend maintenance and upgrade, banking related issues, government regulation or mandates, and any other third party issues;
Damages to Users or other third parties caused by third parties.
For abnormal transactions, market interruption and other abnormal conditions caused by system failure, network failure, distributed denial of service attacks (DDos) and other hacker attacks and other unexpected factors, we have the right to cancel the abnormal transaction results. For Futures, P2P, and Margin Lending we have the right to rollback all the transactions of a certain period of time as described in the respective User Agreement.
We shall not ask for any password from our Users, nor shall we ask Users to transmit any funds, crypto assets or crypto assets addresses, as applicable, that are not listed on the trading platform. We shall not be responsible for any losses caused by transmitting funds, crypto assets or crypto assets addresses, as applicable, that are not listed on the trading platform.
Abnormal transaction handling: While using the Services, You agree and acknowledge the possibility of discontinuity and disruption of the Services due to connectivity problems of the crypto assets networks or other force majeure. Users shall make sure to provide only correct information. We do not assume any responsibility of any losses caused by the aforementioned situations due to your providing incorrect information that results our inability reaching out and explaining to You the handling procedures.
We have the right to know the purpose and background of the Users who use our products or services. Users should provide comprehensive and accurate information as required. If we have reasonable grounds to suspect that the User has provided false trading information, we are entitled to restrict the User from the use of some or all of our products and services temporarily or permanently.