Chapter 1 General Terms
Article 1 (Purpose)
The present Agreement stipulates terms and conditions related to use of services provided by BITCMON (hereinafter referred to as the "Company"), and the rights and obligations between the Company and Member in relation to use of the services, for the purpose of creating mutual economic benefits and facilitating use of services.
Article 2 (Definition of Terminology)
The terminology used in the present Agreement is defined as follows:
1. A ‘Member’ can be a buyer or seller, who is registered after concluding the Service Agreement with the Company.
2. A ‘Seller’ is a person who has entered the Service Agreement with the Company and is registered as a Member to sell cryptocurrency.
3. A ‘Buyer’ is a person who has entered the Service Agreement with the Company and is registered as a Member to buy cryptocurrency.
4. An ‘Applicant’ is a person who is intended to enter the Service Agreement with the Company, or a person who has entered the Service Agreement but currently is waiting to get approved as a Member.
5. An 'ID' is an e-mail address or mobile phone number registered by the Member as an identification means for using the service.
6. A ‘KRW Point’ refers to the means of payment that can be used to exchange cash, which is used for transactions of cryptographic money.
7. The ‘Service’ means any service that the Company provides to its Members in relation to the cryptocurrency transaction.
Chapter 2 Establishment of the Agreement and Membership Registration
Article 3 (Establishment of the Service Agreement)
Article 4 (Collection and Use of Personal Information)
1. The Company shall obtain consent from the Applicant to collect and use Applicant’s personal information for the purpose of verifying the Applicant's identity, inquiring reasons for disqualification, and providing information to the affiliated partners.
Article 5 (Registration and Membership Acquisition)
The Company shall register the Applicant as Member immediately following establishment of the Service Agreement and the Applicant acquires the membership from the date of registration.
Chapter 3 Use of Service
Article 6 (Service Types)
The Services provided by the Company to its Members are as follows. However, additional services listed in paragraph 3 and 4 may be subject to change when deemed necessary by the Company.
1. Trade of cryptocurrency (selling and buying) and API
2. Services related to searching market information of cryptocurrency.
3. Services related to additional contents (gift card mall, prepaid card, etc.)
4. Other additional services
Article 7 (Change of Service)
If deemed necessary by the Company due to its circumstances, the Company may change service(s), after providing a notification seven (7) days prior to the date of change.
Article 8 (Use of Cryptocurrency Transaction Service)
1. Members who wish to use cryptocurrency transaction service must complete a separate transaction registration according to the method prescribed by the Company.
2. Services are available 24 hours a day, 7 days a week. However, in case of any of the following cases, the Company may suspend Service after announcing the suspension reason, suspension period, etc. in advance.
1) If it is deemed necessary to maintain and repair the system
2) If a telecommunications carrier has terminated telecommunications service
3) If an affiliated partner has terminated its service due to internal reasons.
4) If it is deemed inevitable to suspend other services
3. If there is an unusual difference in the price of the cryptocurrency between domestic and overseas cryptocurrency exchange and the price of the service offered by the Company, the Company may cancel pending orders to protect its Members.
4. In the event that the Company acquires or transmits an unauthorized cryptocurrency due to a service error, computer failure, or other reasons, the Company may take measures such as restitution or recovery after preliminary notification to the Member who has acquired or transmitted it.
Article 9 (Restrictions on Use of Payment Service)
The Company may restrict Member's payment if any of the following is true. The Company shall notify the Member immediately after the restriction has been imposed.
1. If the Seller and Buyer are deemed to be virtually identical.
2. If it was requested by the payment service provider and issuer.
Article 10 (Restrictions on Use of Deposit and Withdrawal Service)
The Company may restrict or suspend a Member from using deposit and withdrawal service if any of the following is true. The Company shall notify the Member immediately after the restriction has been imposed.
1) If the name of the Member is different from the name of the deposit account holder
2) If the Member conducts activities outside the Member’s service rights,
3) If the Member requests a withdrawal of cryptocurrency bought in KRW within 72 hours of charging KRW,
4) If the Member charges KRW more than 3 times within 24 hours and requests withdrawal within 72 hours from the last charge,
5) If the Company receives information from the investigating agency, the National Tax Service, the Financial Supervisory Service, or a financial institution, or finds it suspicious that the Member's account is suspected of being used in an illegal act, or
6) If the Member has acquired KRW or cryptocurrency in other improper way(s).
2. In case of item 3 or 5 of the preceding Paragraph, the Member may contact the customer center of the Company to prove that the reason(s) for the restriction has been cleared and request to lift the restriction.
Article 11 (Restrictions on Use of All Services)
① The Company may restrict a Member from using service in entirety if any of the following is true:
1. If the identity information provided by the Member is found to be false
2. If the Member has used someone else’s ID and password
3. If the Member disrupts operation of service
4. If the Member damages the reputation of or causes disadvantage to another member
5. If the Member reproduces or distributes the information obtained from the services provided by the Company without permission, and uses it commercially
6. If the Member collects or discloses personal information of another member without consent
7. If the Member is suspected to be using the service to engage in a criminal activity
8. If the Member engages in another person's cryptocurrency transaction for the purpose of earning a commission or other benefit
9. If the Member violates relevant laws and ordinances
10. If the Member is found to be underage
11. If it is requested by the Member
② Except in the case of item 11 from the preceding paragraph, the Company shall notify the Member by stating the reasons for restriction and the restriction period prior to placing the restriction. However, if it is deemed urgent, the notification can be made after the restriction is imposed.
Chapter 4 Duties and Obligations
Article 12 (Member’s Duties and Obligations)
1. Members shall not provide false information to the Company from the time of entering the Agreement to terminating the Agreement.
2. Members shall promptly notify the Company of any changes in the personal information provided to the Company from the time of entering the Agreement to terminating the Agreement.
3. Each Member shall only have one ID.
4. The Company shall not be liable for any loss or damage caused to the Member by Member’s failure to fulfill the obligations of this article or negligence of personal information management.
Chapter 5 Service Fee
Article 13 (Fees)
1. The Company shall provide services to Members and the Members shall pay the Company a prescribed fee.
2. The Company shall post the method of fee calculation on its website, however, it may be subject to change according to the circumstances of the Company and the market.
Chapter 6 Termination
Artilce 14 (Termination of Agreement)
1. Provided that they request termination of the Service Agreement in accordance to the manner set by the Company, Members may be able to terminate the Agreement at any time. However, Members shall dispose of any assets (cryptocurrency, KRW) that they possess in accordance with the Service Agreement prior to the termination request. ② In the event of any of the following circumstances, the Company may terminate the Agreement by giving the notice of termination to the Member and specifying reasons for termination.
1) In case of the circumstance(s) specified in Article 11, Clause 1, Item 1 or Item 10
2) In case that the restriction has been placed on the Member under Article 11 (excluding Clause 1, Item 11) for two times or more
3) In case the Member has not cleared restriction(s) pursuant to the provisions of Article 9 or 11 (excluding Clause 1, Item 11) within 30 days of restriction.
2. If the Company notifies the Member of the termination pursuant to the preceding paragraph, the Company shall give sufficient time so the Member gets an opportunity to object to the notice of termination.
Chapter 7 Liability and Compensation for Damage
Article 15 Exemption from Liability
The Company shall not be liable for damages and losses incurred to its Members caused by any of the following:
1. Damage caused by value of a cryptocurrency not warranted or authorized by the Company,
2. Damage caused by natural disaster, IDC failure from DDoS attack, server failure from surge in service access, line failure of a telecommunication carrier, blockchain problem, failure of cryptocurrency management system, and other reasons not attributable to the Company,
3. Damage from service failure caused by reasons attributable to the Member (except when the Member has legitimate reason),
4. Damage to the Member and a third party caused from a transaction between Members or between a Member and a third party mediated by the service (except when there are reasons attributable to the Company)
5. Damage to the Member caused by use of the services provided free of charge by the Company (except when there are special regulations in the related laws or there are reasons attributable to the Company)
Article 16 (Compensation for Damages)
1. The Member shall be responsible to compensate for any loss or damage to the Company due to his/her failure to comply with the conditions set forth in this Agreement.
2. If the Company is liable for damages to a Member, the Company may reimburse in cryptocurrency or KRW upon mutual agreement.
Chapter 8 Other Matters
Article 17 (Disclaimer of Representative and Guarantee)
1. The Company is not authorized to act on behalf of Members and no act of the Company shall be deemed to be acts of Members.
2. The Company shall not make any guarantees about the authenticity, legality, etc. of the trading party (Seller Member, Buyer Member) during use of service.
3. The affiliated companies shall bear all responsibilities for the operation, management, and commodity trading of affiliated services, and the Company shall have no authority or responsibility.
Article 18 (Other Rules)
1. Any matters not stipulated in this Agreement or interpretations thereof shall be in accordance with the detailed guidelines, relevant laws and commercial practices.
2. The Company may establish a separate detailed guideline for Service Agreement in addition to the above terms. If the details of this Agreement in in conflict with the details of other guideline(s), the guideline(s) shall take precedence.
Article 19 (Governing Law and Competent Court)
1. This Agreement shall be governed by and construed in accordance with the laws of the Republic of Korea.
2. If a dispute arises between the Company and Member, the Korean court shall have exclusive jurisdiction and the District Court of the headquarters of the Company shall have jurisdiction.