1. “Cryptocurrency” or “Digital Assets” refers to a transactable digital asset that can be encrypted and issued with blockchain technology such as Bitcoin and Ethereum, and used in a specific networks.
2. “Member” refers to any individual that has registered as a member of the Exchange Bank service by providing personal information to the company during registration and those who can continuously use the Exchange Bank service based on the personal information entered.
3. “Buyer” is an individual who intends to purchase Digital Assets or Foreign Currency and has registered and/or applied online via the form provided by the Company.
4. “Seller” is an individual who intends to Sell Digital Assets or Foreign Currency and has registered and/or applied online via the form provided by the Company.
5. “KRW Deposit” refers to an amount of KRW the Member deposits to the Company in advance in excess of the amount the Member wishes to exchange/convert Digital Assets and/or Foreign Currency using Exchange Bank.
6. “Digital Assets Deposit” refers to an amount of KRW the Member deposits to the Company in advance in excess of the amount the Member wishes to exchange/convert Digital Assets and/or Foreign Currency using Exchange Bank.
1. The contents of EXCHANGE BANK services is as follows;
2. The services hours of EXCHANGE BANK service shall be the “Operation Hours” announced and listed on the SNS channels managed by the Company and/or on the EXCHANGE BANK website.
3. The Company holds all rights and may change the contents and scope of the EXCHANGE BANK services offered and shall notify of changes in advance if the changes can cause damage or loss to the Members of the EXCHANGE BANK Services.
1. An individual who wishes or intends to join as a member of EXCHANGE BANK services shall apply for membership by providing the information according to the registration form provided by the Company and expressing consent to this agreement.
2. The Company shall accept and register an individual as a Member of EXCHANGE BANK services upon completion of registration unless the individual falls into any of the below categories;
3. The time in which the individuals membership is established is when the Company accepts Membership pursuant to paragraph 2.
4. The Member shall notify the Company of any changes to personal information if any changes to personal information arises within a considerable period of time. However, if there are changes to the personal bank account information from the time of registration, the Member may only change the bank account information to the specified guidelines provided by the Company.
1. In order to use the Purchase Service, the Member must deposit an amount equal to or greater than the transaction amount desired in advance to the designated bank account of the Company.
2. Members must deposit from the personal bank account registered on EXCHANGE BANK and shall not deposit unless guided and instructed by the Company via KakaoTalk or other official communication channels of the Company. Once deposit is received from the Member, the Company must confirm and notify the Member of the deposit.
3. The Company may report the amount deposited by the Member to relevant institutions, such as the Financial Supervisory Service, if the Member does not follow proper deposit procedures instructed by the Company and/or if the Company judges that a financial accident may be possible from the deposited funds. In such case, the Member shall bear all liability for any damages caused if the deposited amount interferes with the operations of EXCHANGE BANK services offered by the company and the Member shall compensate the Company for all damages.
4. he Member can receive a refund to the Member’s own withdrawal account registered on the EXCHANGE BANK Services for the rest of the deposit except for the fee required for refund such as transfer fees (“Refund Fee”). However, the deposit corresponding to the amount of Digital Asset purchases in for Digital Asset transactions shall not be refunded.
5. The Company shall not be responsible for any loss or financial damage caused due to the Member’s failure to follow the deposit and refunds procedures instructed by the Company.
1. Termination of this agreement shall be on the time in which the Company acknowledges and approves the Member’s request for the withdrawal of their membership. However, if a purchase or sale transaction is in progress, the withdrawal of membership shall be approved after the transaction has been carried out.
2. The Company may terminate this Agreement for the following reasons;
Upon terminations of this Agreement, pursuant to the previous paragraph, any and all benefits obtained through the use of the Services shall be terminated and the Company shall not compensate for any loss.
In the case that this Agreement is terminated pursuant to this Article, the Company shall notify the user stated on Article 7.
1. Unless otherwise stated in this Agreement, the Company may notify users to the user’s email, mobile phone number, and/or additional routes provided by the user.
2. The Company may substitute the notice in the previous paragraph by posting it on the Notice board of the EXCHANGE BANK Services for at least seven days when it gives notices to the entire Member of EXCHANGE BANK.
1. Members may apply for the Digital Assets Purchase and Sale Services through EXCHANGE BANK and receive consultation regarding it from the Company. Upon consultation and/or applying for the Services, the market price provided by the Company shall only be valid for five (5) minutes and after the relevant time has elapsed, the Company shall provide an updated market price. In addition, the market price provided by the Company before the transaction is only provided as a reference and the actual market price of the transaction may change in real time in accordance with the real-time exchange rate at the time of transaction.
2. By depositing the deposit amount in accordance with Article 5, the Member agrees to the standard market price stated by the Company. If the Member agrees, the Company shall proceed with the transaction within ±5% of the standard market price and notify the member of the final fixed market price of the transaction.
3. The standard market price shall be in accordance with the Company’s internal policies and regulations.
4. The Company may limit the Digital Assets Purchase and Sale Services based on the verification level of the Member.
5. If the Company deems the transaction difficult due to the fluctuation nature of Digital Currencies, the Company may notify the Member and suspend or cancel the transaction.
6. The Company shall notify the Member of the results of the Member’s request for Digital Assets Purchase and/or Sale Services through the Company’s official communication channels.
7. If there are no withdrawal requests from the Member, the Company shall hold the Digital Assets in the wallet managed by the Company.
8. In accordance with the Member’s request to sell Digital Assets, the Company shall deposit KRW into the withdrawal account designated by the Member.
9. In the case of the Member’s first withdrawal, the Company must proceed withdrawal within 1 business day from the date of the withdrawal request. However, if normal withdrawal is difficult due to unavoidable reason, Digital Assets can be stored or sold with the Consent of the Member, and the Company shall not be responsible for any financial loss caused by the Members choice.
10. By agreeing to this Agreement, the Members are deemed to understand all procedures and contents of the Digital Assets Purchase and Sale Services.
1. The Member must pay fees as instructed when using the Digital Assets Purchase and Sale Services.
2. The amount of the fees under paragraph 1 is calculated for each Digital Asset transaction according to the Digital Asset purchase and sale service, and is specified on the official SNS, communication channels, and EXCHANGE BANK Services. However, depending on the circumstances of the use of Services, the transaction fee and the withdrawal fee may be charged twice.
3. Under special conditions, the Company and the Member may come to an agreement on fee different than the fee stated on EXCHANGE BANK.
4. Members shall pay the fees calculated under paragraphs 2 and 3 in the following ways;
1. Members may apply for foreign currency exchange transactions online through EXCHANGE BANK and receive related consultation to the use of Services. The exchange rate specified on the website and/or official SNS channels are for reference only to help the Members understand the current rate, and the actual exchange daily, time-based exchange rate at the time of transaction may be different and can be checked through the Company’s official communication channels or by calling the Company’s official telephone line. At this time, the exchange rate provided by the Company shall only be valid during the expiration time alloted and upon expiration, an updated exchange rate shall be provided by the Company.
2. If the Company does not state the validity period of the exchange rate, the validity period of the exchange rate shall be one (1) hour. If the Service is not user within the expiration time allotted to the exchange rate, the previously proposed exchange rate shall be invalid and an updated exchange rate shall be proposed.
3. The time in which the Services are used shall be based by the following;
4. The Member shall only use the Services under the Member’s given name, and shall comply with the request for a real name verification for the real name verification certification. Failure to comply may result to restriction of access to the Services and shall be deemed a violation of the Member and the Company shall not be held liable for the termination of this Agreement.
5. If a Member fails to show, leaves the pick-up location, and/or does not answer phone call for the use of service specified in Article 3, the Member shall be notified for the failure of appearance and the Service Agreement will be terminated. In such cases, if regarded as a reason for the Member’s fault for any damages that may arise to the Company, the Member shall be liable for compensation of damages.
6. If a Member has justifiable reasons, such as travel cancellations, the Service Agreement may be terminated by explaining the reason and upon requesting a refund.
7. Upon termination of the Service Agreement pursuant to paragraphs 4, 5, 6, the Company can refund the amount to the bank account of the Member which is registered on the EXCHANGE Bank services or by cash in person.
8. Matters not stated in this Agreement shall be governed by relevant laws and regulations, such as the Foreign Exchange Transaction Act.
9. The Company may from time to time, add, change, or remove Services offered during Service operations and shall create separate terms and conditions or revise terms and conditions of this agreement.
1. The Company may restrict or limit the Membership of the Member or suspend all or parts of the EXCHANGE BANK Services if the Member commits any of the following;
2. If the membership of the Member becomes restricted or limited pursuant to Paragraph 2 and the Member repeats the same offence more than once or if the cause of offense is not corrected within 30 days, the Company may revoke the Membership of the Member.
3. In the case the Company withdrawals the Members membership the member shall be notified and shall be given the opportunity to explain within 30 days before the cancellation of membership.
The Member may request for withdrawal of Membership to the Company at any time and the Company shall immediately process the withdrawal request unless subject to the following.
1. If the Company holds the Member’s funds or remaining deposit amount or Digital Assets. However if it is expressed by the Member that the Member will give up the funds held by the Company, the Company shall process the Member’s withdrawal request.
2. If there are reasons deemed difficult or impossible to process the Membership withdrawal.
1. If the Member notifies and send an application and/or consultation request to the Company via official Company communication channels such as KakaoTalk, the application or additional request of the Member becomes effect upon the message reaching the Company.
2. The Company shall communication and notify the Member through the specific channels the Member has sent the requests from such as Kakaotalk message, email, or text message.
3. When the Company needs to notify to an unspecified group of Members, the Company may not notify the Members directly but notify through the Notice bulletins on the EXCHANGE BANK Service website in which the notice will be visible for more than one week.
1. The Company shall not act in ways that prohibit laws and regulations, or contrary to public order, and must do its best to provide EXCHANGE BANK Services consistently and reliably as outlined in this Agreement.
2. The Company shall provide the EXCHANGE BANK Services to Members in accordance to this Agreement.
The Member shall comply with matters notified by the Company in relation to the relevant statutes, these terms and conditions of this Agreement, instructions for use, and Services, and shall not perform any of the following acts in connections with the use the EXCHANGE BANK Services.
1. Registering false information when applying or changing the information of the Member.
2. Using information of another person.
3. Infringement of intellectual property rights of the Company and/or third parties related to the Company.
4. Acts that damage the reputations of the Company, its employees, related third parties, or interferes with its work and operations.
5. Depositing funds or acting as a proxy purchasing or selling agent for the purpose of money laundering.
6. Involvement of acts that are prohibited by laws or the terms and conditions of this Agreement or contrary to public order.
1. The Company may temporarily suspend the EXCHANGE BANK Services in the event of maintenance, inspections, replacement of related devices, and failure of information and communication facilities such as computers, and other reasons for interruptions of EXCHANGE Bank Services due to force majeure.
2. If EXCHANGE BANK Services are temporarily suspended due to the reasons referred in paragraph 1, the Company shall notify the Member pursuant to Article 12. However, if there is an unavoidable reason that the Company cannot notify the Member or Members in advance, the Company shall notify in a timely manner afterwards.
3. The Company shall not be liable for any damages to the member arising from the suspension of the EXCHANGE BANK Services pursuant to paragraph 1, unless it is the intentional fault of the company.
4. If the Company deems it necessary to discontinue the EXCHANGE BANK Services permanently or indefinitely, the Members withdrawal shall be promptly processed with the Member’s consent.
1. In the case of revisions of the terms and conditions of this Agreement, the Company shall notify in advance through the EXCHANGE BANK website with the changes from the previous Agreement, specifying the effective date of the revised terms.
2. If the Member fails to express their refusal of the revised terms and conditions within seven days, even though the Company clearly notifies the Members of the revises terms and conditions in accordance with the previous paragraph, it shall be deemed that the Member has knowingly agreed to the revised terms and conditions.
3. If the Member does not agree to the revised terms and conditions, the Company can not apply the revised terms and conditions towards the Member and the Member may terminate the Agreement and the Company may withdrawal membership of that Member. In addition, the Company may restrict the use of the EXCHANGE BANK Services to Members who do not agree with the revised terms.
4. Mattered not specified in these terms and condition shall be governed by applicable laws and regulations, and in the absence of relevant laws and regulations, will be governed by business practices.
The Company shall handle all complaints and comments related to EXCHANGE BANK Services from Members. However if prompt processing or complaints and comments are deemed difficult, the Member shall be notified immediately of the reason and the time when it can be processed.
The grounds for limiting the liability of the Company prescribed in this Article shall apply to cases where a Member intends to exercise the right to claim damages under the Agreement, as well as to the right to claim damages due to illegal activities.
1. The contents provided by offering of Services is an auxiliary tool for using the Services and does not solicit or imply and investments or transactions. Content and information that may be provided by third party providers may have errors,m delays, and other inaccuracies, and the Company and other providers shall not be be held liable.
2. Investing in the Services and information obtained from the Services may result in losses, and the final judgement and responsibility for this is entirely the responsibility of the Member. The Company shall not be responsible for any Members investment losses.
3. The information, opinions, and materials posted by members or third parties regarding the Services other than the Company, have nothing to do with the Company, and the legal responsibility arising from the contents of such information lies entirely within the Member or third party who posted it and viewed it. The Company does not take any responsibility in this regard.
4. The Company shall not be held liable for any damages to Members arising from the failure to provide Services due to natural disasters, DDOS attacks, IDC failures, telecommunications line failures, or equivalent force majeure conditions.
5. To the extent permitted by the relevant law, the Company shall not be held liable for any damages caused by illegal access to the Company’s servers by third parties, obstructing the normal operation of other servers, or unauthorized use of member information.
6. The Company shall not be held responsible for any failures or service restrictions that inevitably arise due to the characteristics or Digital Assets, such as defects or technical limitations of the Digital Asset issuance management system itself.
7. The Company shall be exempted from the responsibility for providing Services if maintenance on the Company's server is underway or ongoing, including cases under Article 15.
8. The Company shall not be held responsible for any obstacles to the use of the Services due to the reasons of fault attributable to the Members.
9. The Company shall not be held responsible for the free use of Services provided unless there are special provisions in the relevant statues.
10. When a Memer uses the Services, they indemnify the Company from their own responsibility and expenses if the Company receives a claim for damages or various objections, including litigation, from a third party other than the Member themselves.
1. The laws of The Republic of South Korea shall apply to the legal relations between the Company and its members related to this Agreement and EXCHANGE BANK Services.
2. The court in jurisdiction over disputes between the Company and Members shall be the court in jurisdiction under the Civil Procedures Act.
This Agreement will go into effect on April 1st, 2020.