COIN25 Service Terms and Conditions
Chapter 1 General
Article 1 [Purposes]
These terms and conditions are designed to define the rights, duties, and responsibilities of M&U Co., Ltd. (¡°the company¡± hereinafter) and the users, service terms and procedures, and other basic conditions in using the COIN25 service the company provides for transactions of COIN25 related cryptocurrency (¡°cryptocurrency¡± collectively hereinafter, including virtual currencies or money).
Article 2 [Definition]
The terms used in these terms and conditions shall be defined as follows:
(1) The ¡°company¡± shall refer to the person that provides the cryptocurrency exchange service.
(2) ¡°Users¡± shall mean the members and non-members (guests) who use the cryptocurrency exchange service based on these terms and conditions by accessing the company¡¯s site.
(3) ¡°Members ¡°shall mean those users who have entered into a service contract with the company and who have been assigned a user ID by subscribing for the service membership by agreeing to these service terms and conditions. They are those who are continually provided with the company¡¯s information and are allowed to use the service provided by the company continuously.
(4) ¡°Non-members¡± shall refer to users who are not the company¡¯s service members (guests) but use the service provided by the company.
(5) ¡°ID¡± shall mean a combination of alphabet characters, special characters, and numerals registered in advance for user identification in the service. It is indicated by e-mail address in the COIN25 service. It is generated only when the user performs his authentication procedure through the user authentication service of e-mail address or mobile phone number as required by the company after the user agrees to these terms and conditions and registers his user account and password.
(6) ¡°Password¡± shall mean a combination of characters and numerals provided by the user for protecting his privacy while verifying he is the member using the ID assigned to him.
(7) ¡°Cryptocurrency¡± shall mean the information or data that digitally exist on the blockchain network and are subject to trading in the service, including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Class (ETC), Litecoin (LTC), Altcoin (ALT), and Global jobcoin (GJC).
(8) ¡°Points¡± shall mean the virtual means accepted by the company for a user¡¯s use of the company¡¯s COIN25 service (ad uploading and trading service).
(9) ¡°Digital wallet¡± shall mean the unique data that the company allows the users to use the user¡¯s account and enables identification of Micon cash and cryptocurrency.
Article 3 [Provision of identity information etc.]
The company shall display the provisions of these terms and conditions, its trade name, name in full of representative, address of its business locations (including addresses where consumer complaints may be handled), phone number, fax number, e-mail address, business or taxpayer registration code, mail-order [on-line] business registration code, personal information administrator, etc., conspicuously on its website and the initial screen of its mobile service. However, the terms and conditions may be set up to be viewed by the users on a linked screen.
Article 4 [Effects and display of terms and conditions]
(1) These terms and conditions shall go into force when they are displayed on the company mobile service and web pages or otherwise and a customer subscribes to the company¡¯s service as a user by agreeing to these terms and conditions.
(2) The company shall allow its members to print all of these terms and conditions and provide their provisions so that the members may check them in the course of trading.
(3) The company may require the users to consent to its separate terms and conditions for certain individual services provided by the company with detailed instructions. In such a case, the users may freely consent to separate terms and conditions for certain individual services using one account and may use the individual services to the extent they have consented to.
Article 5 [Amendment of terms and conditions]
(1) The company may amend these terms and conditions to the extent it does not violate the relevant statutes, including the Online Digital Contents Industry Promotion Act, Act on Protection of Consumers in e-Commerce, and the Act on Regulations of Terms and Conditions.
(2) When the company amends these terms and conditions, it shall publish the current and amended terms and conditions together with the proposed application date and cause for amendment on the initial pages of services for a reasonable period at least seven days before the application date. The users shall be regarded to have approved the amended terms and conditions unless they express their intention to refuse them although the company has clearly notified them that the users would be regarded to have approved the amended terms and conditions if they fail to express their intention to refuse them when the company enforces the amended terms and conditions at the time they are published pursuant to the preceding paragraph. When users do not consent to the amended terms and conditions, they may terminate the service contract or separately withdraw from the company¡¯s service membership.
(3) When the company amends the terms and conditions, it shall check if the users consent to the amended terms and conditions after publishing them.
(4) Matters that are not defined under these terms and conditions shall follow the relevant Republic of Korea statutes, individual service terms and conditions provided by the company, and the company¡¯s operational policies and rules (¡°specific guidelines¡± hereinafter). The specific guidelines shall be followed when these terms and conditions conflict with the provisions of the specific guidelines.
Article 6 [Interpretation of the terms and conditions]
Matters that are not defined under these terms and conditions and their interpretation shall follow the Online Digital Contents Industry Promotion Act, the Act on Protection of Consumers in e-Commerce, and the Act on Regulations of Terms and Conditions, Digital Contents User Protection Guidelines provided by the Ministry of Information and Communications, and other relevant statutes or business practices.
Chapter 2 Subscription to membership
Article 7 [Membership subscription]
(1) The membership subscription shall be accepted by the company when the user subscribes to an account to use the company¡¯s services after agreeing to these terms and conditions while the company successfully performs the authentication procedure for the subscription. The user shall use the generated account by filling in his/her truthful information and shall not steal someone else¡¯s personal information or violate the relevant statutes by means comparable to such an act. When a user subscribes to the service by agreeing to these terms and conditions, the user may use the company¡¯s services. If a user indicates a false name or other information or steals someone else¡¯s name for identification, the user shall not be allowed to claim the rights of the member under these terms and conditions and the company may cancel or terminate the service contract without refund.
(2) The membership subscribers shall indicate the below-listed items of information on their membership subscription form:
1. Member ID (e-mail address)
4. Date of birth
5. Phone No.
(3) To check if the information provided by a user matches the facts, the company may authenticate the user¡¯s identity or verify the user¡¯s name through a specialized agency to the extent allowed under the relevant statutes.
(4) The company shall complete all authentication procedures when a user subscribes to the membership as above. However, the company may revoke or withdraw the membership under any of the following conditions:
1. When the applicant has previously been deprived of membership pursuant to these terms and conditions;
2. When the applicant uses a false name or uses some else's name;
3. When the applicant indicates false information or fails to indicate information requested by the company; or
4. When it is impossible for the applicant to subscribe to the membership for a cause attributable to him/her or the applicant has subscribed to the membership violating other rules and regulations.
(5) The company may defer a user account generation in any of the following cases although the user applies for an account:
1. When there remains no realistic room in the capacity of equipment providing services;
2. When it is believed there exist technical problems in the provision of services; or
3. When a financial or technical reservation is otherwise deemed necessary based on a reasonable judgment by the company.
(6) To comply with the real-name deposit/withdrawal account system enforced by the government as part of its regulation of the cryptocurrency exchange, the company enforces a policy to assign one account to one user. The users shall use an account in their own name and shall not use two or more accounts without a separate agreement with the company.
Article 8 [Special rules for membership subscription by a minor]
(1) The company shall restrict the use of services by minors or partly incompetent persons; the company may deprive the user of membership without the user¡¯s consent when it has been verified a minor or partly incompetent person has subscribed to the membership.
Article 9 [Revision of member information]
(1) The members may review and revise their personal information through the personal information management screen at any time. However, it is not allowed to correct or change the real name, account ID, etc. required for administering services.
(2) When any change takes place in the information a member indicated at time of membership subscription, the member shall update the information online and shall inform the company of such a change by e-mail or other means.
(3) The company shall not be held responsible under any circumstances for disadvantages caused by a member¡¯s failure to inform the company of such a change as provided under paragraph 2.
Article 10 [Member¡¯s duty for management of ID and password]
(1) The members shall be responsible for the management of their ID and password which shall be used by the user only. The member shall not allow any third party to use their account. Also, the user shall administer his password personally so that no others may use his account without authorization.
The member shall be responsible for damages that are caused by negligently administering his account data or allowing a third party to use them.
(2) When a member becomes aware of the theft of his ID and password or their being used by a third party, he shall notify the company immediately so that the company may take actions immediately, including the suspension of the account.
(3) The company shall never be held responsible for any disadvantages caused by a member¡¯s failure to notify the company of such abuse under paragraph 2 or failure to follow the company¡¯s instructions even if he notifies the company.
(4) The users may review and correct their information through the setup screen in the service. However, the account, phone number and certain other information required for provision of services and user identification may not be corrected. When any change takes place in the information a user provided at the time of the service subscription, he shall correct the changed information directly or shall request that the company renew the changed information by e-mail or through the customer service center in order to maintain his information up to date.
(5) The company shall regard a user as duly authenticated without any separate procedure when the account and password registered by a user match those registered by the company.
(6) If a user¡¯s account information is stolen and used for illegal acts by a third party, the user shall especially heed the fact that he may be held responsible for compensation of damages inflicted on a victim of financial fraud by telecommunications service and other victims of such illegal acts.
(7) The user shall bear disadvantages caused by his default or non-performance of his obligations under the service contract even if the company has notified a user of importance contents related to the service contract through the e-mail address or phone number the user indicated in the service.
Article 11 [Notice to the members]
(1) The company may notify the members using the e-mail address provided by them.
(2) The company may notify all members by displaying the details on its bulletin board for seven or more days in lieu of the notice under paragraph 1. However, the company shall notify the members individually for matters that may materially affect their transactions.
Article 12 [Withdrawal from membership and loss of eligibility]
(1) The company may request a member¡¯s withdrawal at any time and shall immediately revoke the membership.
(2) The company may suspend a member¡¯s use of the service or take other appropriate restricting actions, under the following conditions:
1. When a member fails to enter the necessary information or enters false information in his subscription form;
2. When a member fails to pay the service fee or to perform other liabilities he bears for using the service within the given period;
3. When a member obstructs others in using the company¡¯s service or threatens the order of e-commerce by stealing information concerning others or committing similar acts;
4. When a member commits any other act that is prohibited by statutes or these terms and conditions, or that violates the public order or customs used by the company;
5. When a user attempts to generate an account using someone else¡¯s name, e-mail address or other personal information;
6. When the act of using this service constitutes or is remarkably feared to constitute a breach of the relevant statute pursuant to statutes of a country other than the Republic of Korea that is valid in the territory the user resides within;
7. When it is confirmed that a minor or partly incompetent person has subscribed to the service;
8. When it is verified that the user has violated a statute of the Republic of Korea in using the service;
9. When it is verified that the user has utilized the service for telecommunications-based financial fraud or the victim¡¯s money has been deposited or withdrawn by telecommunications-based financial fraud;
10. When a user applies for withdrawal of an account when the account has already been generated based on his subscription or subscribes to an identical account that has been fully withdrawn;
11. When the user¡¯s personal information has been leaked or it is believed to have been leaked;
12. When damages are inflicted on the company by the user¡¯s illegal act committed in the course of using the service;
13. When the company is unable to generate any new account because the Korean government or its subordinate agencies adopt new policies or change or abolish existing policies; or
14. When it is materially feared that the company¡¯s act of accepting the user¡¯s subscription to an account may be recognized as a violation of the Republic of Korea law.
(2) When the same act is repeated two or more times after the company restricts or suspends the membership or the cause is not corrected within 30 days, the company may deprive the user of membership.
(4) When the company deprives the user of membership, the member registration shall be erased.
Chapter 3 Use of service
Article 13 [Contents of service and its modification]
(1) The company shall provide a service by which the users may trade cryptocurrency by Internet or mobile service (¡°the service¡± hereinafter). The users may use the service by logging on to the mobile or web pages.
(2) The service may provide the below-listed services:
1. Exchange wallet; and
2. Digital wallet whose use the user has applied for among digital wallets the company provides for cryptocurrency.
(3) The company shall provide the below-listed wallets by which the users may use the services under paragraph 1:
1. Information concerning cryptocurrency
2. Provision of information concerning the digital wallet balance, details of closed deals, ordering limit, etc.
3. Order for purchase or sales of cryptocurrency
4. Cryptocurrency transmission service
5. Other services the company provides
(4) The users shall use the services using the means the company permits in the services provided by the company.
(5) The company may provide separate services adding values as provided under the individual service terms and conditions.
(6) The company may request the users to agree to the individual service terms and conditions when a service requires such agreement based on the relevant statute or technical needs depending on the nature of a service among diverse services the company provides to the users. In such a case, the users may use individual services based on the terms and conditions they have agreed to.
(7) When a system error occurs during the use of a service, including those with the individual programs, the company may delete wrong information or dates created by such an error and restore or indicate the truthful information. Depending on the case, the company may reset the information or data to the trading information at a given time immediately before the error occurred. When wrong information is indicated at the time a system error is detected, the users may exercise the rights or bear duties based on the actual information-based service as the true information is indicated with the error corrected.
(8) The company is not responsible for the communications and financial service charges incurred in the process the users use the service as they are the cost or price for their use of the communications and financial services they have employed.
Article 14 [Methods for use of service and points to note)
(1) The company shall provide services by which the users can trade cryptocurrency at the trading price they agree to.
(2) The users register or upload their desired buy or sell prices for cryptocurrency held in their digital wallet using the methods the company provides for the service and the deals are closed by affirming the other user¡¯s intention to sell or buy it. The users are encouraged to employ a smooth communications service as the outcome of closed buy or sell deals may be displayed on the user¡¯s handset after a temporary delay due to a failure of network technologies even when the buy or sell deals are duly closed.
(3) The users may transmit cryptocurrency held in their digital wallet or receive cryptocurrency transmitted by other users using their wallet by the methods the company provides for the use of the service. In such a case, the deal is completed after the time required for undergoing the procedure required in the blockchain where the relevant cryptocurrency belongs is exceeded. The company shall merely perform the service of transmitting the cryptocurrency to digital wallets designated by the users. The transmission is performed on the blockchain network independent from the company. However, the company shall pay the network service fee by collecting it from the users in the process. The network service fee may fluctuate depending on the pending transmission demand and supply of the network service.
(4) The users shall pay fees to the company for using the COIN25 exchange service. The fees for using the COIN25 exchange service shall be indicated under public announcements of the COIN25 exchange service on the company mobile/web pages. The company may announce modified fees for the service at any time based on the market or the company¡¯s circumstances. The modified fees shall be collected from the day designated on the announcement date.
(5) The users may freely use the service, but their use of the service may be restricted in the following ways:
1. The users shall not obstruct the company¡¯s provision of the service and shall not use the service using any methods other than those permitted by the company.
2. The users shall be prohibited from committing any unauthorized acts of collecting and using information of the other users, using the service for business or commercial purposes (it may be permitted as an exception when they enter into a separate contract), transmitting or uploading information that violates public order or good customs, or statutes, committing any criminal acts, and lending, transferring or pledging their account information as collateral for third parties.
3. The users shall be prohibited from copying, correcting, distributing, selling, transferring, lending or pledging as collateral, or allowing others to use the service or a part of the software included in the service, or designing the software by reverse engineering, or attempting to derive the source code, or duplicating, disassembling, simulating or otherwise modifying the service without consent by the company.
4. The users shall not commit acts violating the statutes of the Republic of Korea or the statutes of the territory they reside in.
(2) The users shall not lend, transfer, donate or pledge as collateral their right to use the service or other contractual position with the company in relation to their use of the service. The company shall never be held responsible for any disadvantages caused by such an act.
(3) When a user fails to comply with the relevant statutes, all the terms, and conditions, or policies of the company, the company may investigate the user¡¯s violating acts or suspend the service use by the user temporarily or continually, or may restrict the user¡¯s re-subscription to the service.
(4) When a user has no records concerning his login or access to the service for a period provided under the relevant statute, the company may destroy or retain the user¡¯s information after giving notice to the user by e-mail, SMS or other valid means. The company may also terminate the service contract when the essential information required for use of the service is insufficient.
To prevent damages caused by a possible theft of a user¡¯s account when the user fails to log on to the service for a given period, the company may request additional information as required for the use of the service by the user. Especially, when the user fails to log on for 12 months or longer, the company may take actions to discontinue the account.
(5) The users shall check whether disadvantages may be inflicted on them by their use of the service when they reside in a territory where their use of the service violates or is feared to violate the local law. In particular, when it is believed based on the company checking the territory where a user resides that the user¡¯s use of the service constitutes or is feared to constitute violation of the local law (including cases when law-enforcement agencies in Korea and overseas initiate investigation of the user¡¯s use of the service), the company may immediately suspend the user¡¯s account.
(6) When a government agency requests the freezing of a user¡¯s account and digital wallet in writing based on a court order or request by a law-enforcement agency for cooperation in a crime investigation, the company may take action to suspend the account without the user¡¯s consent while freezing the relevant account and digital wallet.
(7) The company may suspend the service temporarily for periodic or ad hoc maintenance or repair of the equipment for other reasonable reasons with an advance notice published on the service screen. When the service is suspended for a reason the company cannot forecast, the company shall immediately make efforts to recover the service in the earliest possible time.
(8) The service may be modified or terminated for such causes as those where the company¡¯s contract with its partner companies for the provision of the service is terminated or amended or when a new service is launched. The company shall publish the details of the service modification or termination on the initial screen of the service, screens of individual services, or the public announcement space.
(9) When any of the following transpires, the company may cancel the registration of buying or selling offers or contracting transactions and may recover the original conditions based on its own authority: The user¡¯s authority to use the account shall be withdrawn while the company may liquidate the balance of all cryptocurrency held by the user. In that regard, the company shall never be held responsible for any losses incurred to or gains accrued by the user by such actions by the company.
1. Details of an abnormal use of the service by the user and individual transactions directly related to such abnormal use of the service;
2. Details of a hacking by third parties other than the user or a similar situation, or all transactions conducted after such situation transpires;
3. Details of an error of the service system and all transactions conducted after the error occurs;
4. Details of a service failure attributable to the telecommunications or security service providers and all transactions conducted after such a failure;
5. The details of transactions through the account used for such acts
(10) The users shall use the service with their own expenses and responsibilities after checking the below-listed points to note:
1. As the service mediates transactions of cryptocurrency between the users, the company shall never guarantee the value or cashability of any cryptocurrency in any case. The users shall exclusively bear all financial interest accrued to them by their trading of cryptocurrency.
2. The company shall never warrant the truthfulness of the user¡¯s personal information held by the company. However, the company shall immediately suspend the user¡¯s use of the service and take other corresponding actions when it confirms that the information provided by the user to the company is not true.
3. The users may bear responsibilities under the relevant statutes when their account is abused by third parties.
4. Highly significant volatility is possible depending on the law, policies, authoritative interpretation, and economic conditions of Korea and other countries around the world. In particular, as the interpretation of legal acts concerning transactions of cryptocurrency may vary from country to country, unique risks differing from legal tender are inherent in cryptocurrency. The users shall pay attention to this point without failure.
5. The Republic of Korea government does not recognize the legal status of cryptocurrency officially. Especially, it does not admit its transaction as legitimate financial transaction. Therefore, changes may take place in the legal status and value of the cryptocurrency depending on changes in the policy of the Republic of Korea government.
6. The company has no relations with the network or telecommunications services used by the users. In other words, the users shall always check the speed and other conditions of such telecommunications service. When the network conditions are not acceptable, they shall abstain from trading acts in order to prevent unexpected incidents.
7. The service and various online transactions have become a target of advanced crime groups. Though the company makes its best effort to maintain the security of its trading service, the majority of the hacking incidents that occur in reality are secondary incidents caused by the hacking of the WiFi network under use by the users, mistakes in administering the password and other account information, and hacking of personal information recorded on a cloud service. Therefore, it is necessary to prevent possible advanced crimes considering these factors without failure.
8. The company may be required to inspect its servers urgently for unexpected causes. In such a case, the company may inspect them urgently. When it is determined based on the inspection that COIN25 mobile homepage or website cannot be accessed, the company shall notify the cause for inspection and its proceedings through its band account or website (www.coin25.co).
9. When the market price of cryptocurrency sharply fluctuates or unexpected conditions arise during such emergency inspection and losses may be incurred to the users, the company may minimize the damages to the users by allowing cancellation of orders received in a given period or other similar means.
Article 15 [Use of paid service]
(1) When a user uses a paid service provided by the company, the user shall pay the fee for the service using a method provided by the company.
(2) The company may request that the user provide additional personal information required for payment whereas the user shall provide accurate personal information as requested by the company.
(3) Even if a user requests a refund of the payment for a cause attributable to the user, the refund of the payment shall not be made when the paid service provided by the company has been used as the service is completed by one-time use or purchases. Further, the company shall not be required to refund to the user when the company restricts the use of the service by the user or terminates the contract as the user has violated these terms and conditions.
(4) Notwithstanding paragraph 4, the company will return the money paid by the users in cases falling under any of the following:
1. When the users cannot use the service at all for a cause attributable to the company; or
2. When the service requested by the user has not been provided at all;
(5) The users may file an objection to the service rate. However, any objections concerning the service rate shall be filed within a month from the day the cause is known or three months from the day the cause transpires. The user¡¯s right to file an objection shall expire if the user fails to file the objection within the said period.
(6) The company shall return any amount paid excessively or erroneously or an amount to be fully returned by the method identical to the payment of the service fee. However, when the return by the method identical to the payment of the service fee or a partial return is made for halfway termination of the service contract, the return shall be made by a separate method provided by the company.
(7) The individual service terms and conditions shall prevail when they conflict with any provisions of these terms and conditions.
Article 16 [Notification of confirmation of acceptance, and change and cancellation of service subscription]
(1) The company shall send its confirmation of receipt when a user subscribes for the service.
(2) When the user finds any discrepancy in the confirmation of acceptance received from the company, the user may request a change in or cancellation of the service subscription immediately upon receipt whereas the company shall comply with such request without delay if the user makes the request before the service is provided.
Article 17 [Obligation of the company]
(1) The company shall faithfully exercise its rights and perform its duties as provided under the statutes and these terms and conditions.
(2) The company shall be equipped with a security system to protect personal information (including credit information) so the users may use the service securely and shall publish and adhere to its personal information protection policy.
(3) The company shall ensure so that the users may check the particulars of their use of the service and payment of its rate.
(4) The company shall handle opinions or complaints the user files in connection with their use of the service without delay when the opinions or complaints are believed to be legitimate. The company shall deliver the handling processes of opinions or complaints filed by a user and the outcome using its bulletin board or e-mail service.
(5) The company shall compensate damages inflicted on the users by a breach of its duties under these terms and conditions.
(6) Although the company strives to provide the service 24 hours on 365 days a year, it does not warrant it. The company will resume the service after resolving problems when the service is temporarily stopped by an illegal act of a user or third party, or an incorrect transactional record is displayed because of an error in the service. In such a case, the user may request that the company recover the actual record of cryptocurrency based on the transactional record held by the company.
(7) The company shall not compensate or indemnify damages caused to the users by a cause irrelevant to the company, including a failure attributable to a third-party service provider or a user, including the network operators under the Telecommunications Service Act and defects in blockchain-based cryptocurrency.
(8) The company may inspect its servers at any time to provide a stable service while the users may trade their cryptocurrency when the server inspection is completed. In particular, when damages are likely inflicted on the users because of a computing system error attributable to a surge in order volume, the company prevents damages that may be inflicted on the users due to a possible error in the trading system by performing an emergency inspection within the minimum required scope.
Article 18 [Obligation of the users]
(1) The users shall not commit the below-listed acts:
1. Indicating false information in their subscription for the service or update of their subscription;
2. Stealing information of others;
3. Tampering with information uploaded by the company;
4. Transmitting or uploading information (including computer programs) prohibited by the company;
5. Infringing copyright or other intellectual property rights belonging to the company or any third parties;
6. Committing acts damaging the reputation of the company or any third parties or obstructing their operations;
7. Disclosing or uploading on the company¡¯s site any obscene or violent words, images, voices or other information violating public order or good customs; or
8. Other illegal or unjust acts.
(2) The users shall comply with the provisions of the relevant statutes and these terms and conditions, service information and warnings published in connection with the service, and notices by the company, and shall not commit any acts that may obstruct the company¡¯s operations.
(3) All trading acts performed in the relevant login period shall be regarded to be based on the true intention of a user who accesses the company¡¯s mobile/web pages by entering the user¡¯s account number, password and other information all matching the login information the user has previously provided in order to use the company¡¯s service.
Therefore, the users shall maintain the confidentiality and security of their account, password and other information. They shall also watch out for the possible damages caused by a financial accident or crime that may arise due to the possible leak of their personal information attributable to them.
(4) As there exist no issuing entities of cryptocurrency, their value or payment of their price is not warranted by any third parties home and abroad (including the company). Highly significant volatility is possible depending on the law, policies, authoritative interpretation, and economic conditions of Korea and other countries around the world. In particular, as the interpretation of legal acts concerning transactions of cryptocurrency may vary from country to country, unique risk differing from legal tender are inherent in cryptocurrency. The users shall pay attention to this point without failure.
(5) The users shall always pay attention for themselves to avoid damages of telecommunications-based financial fraud. The company may freeze the account or digital wallet of a user without his/her consent when it is required to do so based on an investigation conducted on such a fraud by law-enforcement agencies, including crime investigation agencies, justice or administrative agencies.
(6) When damages are inflicted to the company by an illegal act by a user, the company may exercise its legal right to claim damage compensation from the user. Therefore, the user shall always comply with the statutes in using the company¡¯s service.
(7) As the cryptocurrency is traded on exchanges located in Korea or other countries, the users shall trade them after checking the market price and value of this cryptocurrency to trade under their own responsibility and with their expenses.
(8) When the company restricts a user¡¯s use of his account, the user shall bear the below-listed obligations toward the company:
1. When an account is suspended, the company shall conduct an internal investigation of the account. The user shall actively cooperate with the company¡¯s investigation.
2. When an account is suspended, the user shall not be allowed to deposit in or withdraw points from his/her account and shall also be unable to trade through his/her digital wallet.
3. The company may restrict the use of an account by a user based on its discretion with an advance notice of seven days after the completion of its internal investigation. The company shall notify the user of such decisions while the user shall be given a procedure to defend himself.
4. The user may liquidate the balance of cryptocurrency held in his digital wallet during the seven-day advance notice period under subparagraph 3. After the lapse of the relevant period, the company shall forcibly liquidate the balance of cryptocurrency remaining in the account at the market price at the time of liquidation, and shall also return the points remaining in the user¡¯s account to the address the user registered for such return.
5. The users shall provide COIN25 with accurate specific information related to the withdrawal of the points, including the address for return (refund) to them. The company shall not be held responsible for any damages caused by the user¡¯s provision of incorrect information, including a case where the company performs withdrawal using incorrect information provided by the user believing it is correct.
Article 19 [Fees and points]
(1) When a user trades cryptocurrency using the company¡¯s service, the trading particulars shall be recorded in the service system. The company may collect a given fee for deals closed for the trading of cryptocurrency in COIN25.
(2) When a user transmits or receives cryptocurrency using the company¡¯s service, the trading particulars of the relevant cryptocurrency are recorded on the blockchain network so that the truthfulness of the relevant trading may be checked by the cryptocurrency users around the world. In the process, network fees are paid.
The fee the company collects from the user is paid to the blockchain network. The fee payable to the network may fluctuate.
(3) The company shall warrant to the users the exchange of points at the market rate determined by the company. However, this shall not apply when the service contract is terminated due to a cause attributable to the user or when the user commits an act violating any of the Republic of Korea statutes using the service provided by the company.
(4) The company shall vest the relevant points to the user¡¯s account for the cash the user pays to the company¡¯s bank account after providing the information requested by the company.
(5) The users may at any time get paid the amount of cash corresponding to the points deposited in their account by the method provided by the company. However, the company shall not be required to pay interest or comparable money on the points deposited in the user¡¯s account.
(6) The company shall never use the points deposited in the user¡¯s account without consent by the user.
(7) In cases falling under any of the following, the company may restrict the conversion of the user¡¯s points into cash by notifying the user of the restriction and its cause:
1. When requested by a court or government agency in writing;
2. When ordered by a court, or requested by a government agency, including law-enforcement agencies;
3. When it is suspected the user has committed a crime or attempts to hide the gains from a crime;
4. When it is suspected the user¡¯s account has been stolen; or
5. When false information has been generated or incorrect information differing from the actual transaction details is indicated in the particulars of the user¡¯s use though the user has closed no deals.
Article 20 [Provision of service and stoppage of use)
(1) The company shall provide the service 24 hours a day throughout the year without pause.
(2) The company may temporarily discontinue its service provision for repair and maintenance, replacement, failure of its computers and network equipment, or network breakdown, or other reasonable operational reasons. In such a case, the company shall notify the users by the method provided under Article 11 [Notice to the members].
The company may notify the users retroactively when an unpreventable cause disables the company¡¯s advance notice.
(3) The company may conduct periodic inspections as required for the provision of the service. The periodic inspection time shall be announced on the service screen.
(4) When the service cannot be provided due to the conversion, renunciation, or merger of business lines, or a similar reason, the company shall notify the users by the means provided under Article 11 [Notice to the members] and shall compensate the users as originally presented by the company.
However, when the company has not notified the users of the compensation guidelines or the notified compensation guidelines are inappropriate, the company shall pay the user¡¯s mileage or accumulated amounts in kind or cash.
(5) When a user does not want the service or does not agree to these terms and conditions, the user may request the termination of the service contract at any time using the menu provided in the service or the customer service center. The company shall allow the user to withdraw from the service as provided under the statute.
However, the company shall not be held responsible for damages inflicted on the users in the process of the service contract termination based on the user¡¯s request without the company¡¯s intentional act or negligence.
(6) The company may start the procedure under Article 18 paragraph 4 or may terminate the service contract by notifying the user in advance when a user defaults on his duty under these terms and conditions or the individual service contract two or more times, or when the condition for releasing the suspension or restriction of the service which the company has taken an action to suspend or restrict all or a part of the service provided by the company.
(7) When the service contract is terminated for a user, the company shall delete the user¡¯s information unless it is retained based on a statute or the company¡¯s personal information handling policy. In such a case, the user may request that the company provide the information retained by the company.
(8) Even if the service contract is terminated, the user may request that the company reinstate the service contract. However, the reinstatement of the service contract may take time or may be restricted based on these terms and conditions.
(9) The company may restrict the use of the service by a user based on the below-listed guidelines: In such a case, the company shall notify the user of the cause, date and period for restricting the service by e-mail, SMS or other means indicated by the user. The user may file an objection to the restriction of the service by the company within seven days from the day the service restriction is reported to the user.
1. Restriction of service (service not available, except for login)
- When the name (contact address/phone) is not authenticated;
- When the user is verified to be a minor or partly incompetent person under the Civil Act;
- When a hacking/fraud case transpires (regarded as the relevant contents when an urgent restriction is requested);
- When the user is related to an accident (or is reasonably suspected to be related to an accident);
- When the error of payment security is repeated;
- When withdrawal is requested;
- When the service is used for criminal acts;
- When the user manipulates the market price to gain unjust profits or disturbs the market order; or
- When it is believed that the user induces other serious errors obstructing the administrator from providing normal services (including but not limited to DDoS, login using an unauthorized method, and generation of traffic for mining).
All transactions other than the resolution of the suspension cause or the administrator decision-based login are suspended, and point deposit and withdrawal are also suspended.
2. Restriction of login
- When a hacking/fraud case occurs;
- When a name is suspected to have been stolen;
- When requested by a court or government agency;
- When there exists a remarkable situation where illegitimate acts are suspected, including rejection of a request for verification of error data occurring in trading;
- When the user data or other information is not satisfied with using modified policies through the grace period has elapsed for modification of service policies;
- When it is verified that a user with an identical name has subscribed, held or used two or more accounts;
- When it is suspected the actual username differs from the name used on the system, including cases where a user has allowed a third party to use his account or lent his account to others;
The suspension cause resolved or log-in suspended based on the administrator¡¯s judgment
A part of service (withdrawal of cryptocurrency, conversion into Korean won currency etc.) restricted
- When the user fails to perform the user authentication procedure requested by the company although the service requires the user authentication as a prerequisite;
- When there exists a remarkable situation where it is suspected the user has used the service for illegitimate use or abnormal transactions;
- When it is believed the company's employees or those to whom the company outsourced duties can hardly provide customer service smoothly as the user has repeatedly used abusive or loud language to them in the process of providing the company¡¯s customer service three or more times; or
- When a user fails to undergo the procedure provided in the company¡¯s customer service procedure or refuses the company¡¯s request necessary for the service requested by the user
The suspension cause resolved or restriction of a service designated by the administrator based on his judgment
Article 21 [Modification of service]
(1) The company may modify the service it provides for operational or technical requirements when there exists a reasonable reason.
(2) When the company intends to modify the service contents, using a method or service hours, it shall upload the details of the modification and planned provision date, etc. on the initial screen of the relevant service seven days or longer before the modification.
(3) When the contents of the modification under paragraph (2) are important or disadvantageous to the users, the company shall obtain their consent by notifying them using the methods provided under Article 11 [Notice to the members]. In such a case, the company shall continue to provide the service before the modification to those users who refuse to consent.
However, the company may terminate the contract if it cannot provide the previous service.
(4) The company shall compensate damages inflicted on the users by the modification of the service under paragraph (1) or the contract termination under paragraph (3).
(6) The service enables a user to trade cryptocurrency with other users, to transmit the cryptocurrency held in his digital wallet inside COIN25 Exchange to another digital wallet, or to receive cryptocurrency from other wallets to his wallet inside COIN25 Exchange through the blockchain network.
The current blockchain technology is assessed to disable any tampering by a third party. However, it may change at any time by an advance in technology or other unexpected conditions.
Article 22 [Service provision and display of advertisement]
(1) The company may provide the users with diverse pieces of information that are believed to be required while they use the service by public announcement, e-mail, or other means. However, the users may always refuse to receive such information by e-mail or other means.
(2) The company shall obtain the users¡¯ consent in advance when it plans to transmit the information under paragraph (1) by phone or fax.
(3) The company may display advertisements related to its provision of the service on its service screens, websites, e-mails, and push messages (which may be linked to pages provided by third parties). Users who received such e-mail messages with advertisements may inform the company of their rejection.
(4) The relevant linked pages provided by a third party as described under the preceding paragraph do not belong to the company¡¯s service domain and therefore, the company does not warrant their reliability, stability, etc. The company shall not be held responsible for any damages inflicted on the users by such third-party pages.
Article 23 [Deletion of uploaded articles]
(1) The company shall delete without delay any articles harmful to children and youth that are uploaded on its bulletin boards, violating the Act on Promotion of ICT Network Service and Protection of Information. However, this shall not apply to the bulletin boards that can be used by users of 19 years or higher age.
(2) Anyone whose legal interests have been infringed upon by information uploaded on bulletin boards operated by the company may request that the company delete or upload articles refuting such information. In such a case, the company shall take necessary actions without delay and inform the applicant immediately.
(3) The company may refuse the deletion or display [of the refuting articles] when it believes the user¡¯s article violates any statute or its service policy. However, since the company is not liable to review all uploaded articles, the users may request that the company examine the relevant articles when they find articles infringing on their rights.
Article 24 [Ownership of intellectual property rights etc.]
(1) The copyright and other intellectual property rights of articles authored by the company shall belong to the company¡¯s ownership.
(2) The copyright and other intellectual property rights of articles the company provides in connection with its service under an alliance contract shall belong to the relevant provider.
(3) The users shall not duplicate, transmit, publish, distribute, broadcast, otherwise use or let third parties use for commercial purposes any information whose intellectual property rights belong to the company or a third-party provider without their advance approval among information they acquire by using the service provided by the company.
(4) The company shall obtain the relevant user¡¯s approval when it intends to use articles authored by the user under an agreement.
(5) The users may upload photos, articles, information, (video) images, their opinions or suggestions concerning the service on the service pages (¡°uploaded articles¡± hereinafter) using the methods permitted by the company. However, when a user uploads an article that expresses contents violating statutes or the service policies, the user shall be exclusively responsible for all legal and other liabilities arising from the article.
To use services by other users, a user shall obtain separate permission from the service owners.
Article 25 [Protection of personal information]
(1) The company may collect the minimum information required for the user¡¯s use of the service in addition to the items of information indicated on the subscription form under Article 7 paragraph 2. To that end, the user shall faithfully provide truthful information concerning questions by the company. The users shall not be protected from disadvantages caused by their provision of false information.
(2) The company shall obtain the user¡¯s consent when it collects personal information that enables identification of the user.
(3) The company shall not use the information provided by users on their subscription form or collected as provided under paragraph (1) for other purposes or provide information to third parties without the consent of the relevant user. However, this shall not apply to the below-listed exceptional cases:
1. When information is provided in a format that disables identification of specific individuals for statistics preparation, academic research or market research;
2. ¡°When it is required to settle the service rates;
3. When it is required to authenticate the user for preventing theft; or
4. When it is inevitable for requirements under provisions under the terms and conditions or a statute.
(4) When the company is required to obtain the user's consent pursuant to paragraph (2) and (3), it shall inform the user of the identity of the personal information manager (organization, name in full, phone number and other contact address), the purposes of collection and use of the information, items of information concerning the provision of information to third parties (those who are to be provided, the purpose of provision, and contents of information to be provided) by specifying the items provided under Article 22 paragraph 2 of the Act on Promotion of ICT Network Service and Protection of Information.
(5) The users may always request that the company review and correct errors in their personal information held by the company whereas the company shall take necessary actions to honor such request without delay. When a user has requested that the company correct an error, the company shall not use the personal information until the error is corrected.
(6) The company and those who have been provided with personal information may use the personal information to the extent consented to by the users and shall destroy the relevant personal information without delay when the purpose is accomplished.
(7) The company shall strive to protect the users¡¯ personal information as provided under the Act on Promotion of ICT Network Service and Protection of Information and other related statutes. The relevant statutes and the company¡¯s personal information handling policy shall apply to the protection and use of personal information.
(8) The users¡¯ personal information shall be used to provide the service smoothly to the extent consented to by the users. The company shall not provide the users¡¯ personal information to any third party based on the statutes unless specifically consented to by the users. The detailed requirements concerning this shall be provided under the personal information handling policy.
(9) The company shall not be held in any way responsible for all information including any personal information that has been disclosed due to a cause attributable to the relevant user.
Chapter 4 Withdrawal from the subscription to the service contract, cancellation, and termination of the contract, and restriction of use
Article 26 [Withdrawal by users from subscription and cancellation or termination of contract]
(1) Users who have signed a contract with the company for the use of the service may withdraw their subscription within seven days from the day the confirmation of its receipt is notified. However, the users¡¯ right to withdraw their subscription may be restricted when the company has taken one of the below-listed actions:
1. When the information concerning services whose subscription cannot be withdrawn is indicated in the items of representation;
2. When trial goods are provided; or
3. When a time-limited or partial use or similar methods are provided.
(2) The users may cancel or terminate the service contract within three months from the day the relevant service is provided or within 30 days from the day when the fact is or could have been known to them when there exists any of the following causes:
1. When the service provided under the service contract is not provided;
2. When the service provided is different or remarkably differs from the representation, advertisement etc.; or
3. When it is remarkably impossible to use the service in a normal manner because of other defects of the service.
(3) The withdrawal of subscription under paragraph (1) and the contract cancellation and termination under paragraph (2) shall go into force when the intent is expressed by the user to the company by phone, e-mail or fax.
(4) The company shall respond to the user without delay after receiving the user¡¯s intent of the withdrawal of subscription and the contract cancellation and termination pursuant to paragraph (3).
(5) The users may request a perfect service or correction of defects in the service use by providing a reasonable time before expressing their intent to cancellation and termination of the contract for causes under paragraph (2).
Article 27 [Effect of withdrawal by users from subscription and cancellation or termination of contract]
(1) The company shall return the payment to the user by the method identical to that of the payment within three days from the day the user expresses his intent to withdraw his subscription or the day the company replies to the user as to the cancellation or termination of the contract. When the return by the identical method is impossible, the company shall notify the user in advance.
When the company delays the return of the payment, it shall pay a delay interest for the delayed period by multiplying the delay interest rate publicly notified by the Fair Trade Commission.
(2) In returning the payment as provided under paragraph (1), the company may deduct from the amount to return an amount corresponding to the benefits the user has gained from using the service.
(2) In returning the payment back to the user, the company shall request that the business operator that provided the payment means suspend or cancel the billing of the amount payable for the goods, etc. without delay when the user has paid for the goods, etc. by credit card or digital currency.
However, this shall not apply to cases where an amount needs be deducted as provided under paragraph (2).
(4) The company shall not claim any cancellation charge or damages based on the user¡¯s withdrawal from subscription. However, the user¡¯s cancellation or termination of the contract shall not affect the claim of damage reparation.
Article 28 [Contract cancellation or termination by the company and restriction of use]
(1) The company may cancel or terminate the contract without an advance notice or restrict the use of the service in a given period when a user commits acts under Article 12 paragraph (2).
(2) The cancellation or termination under paragraph (1) shall go into force when the company expresses its intent to the user by the notification method he has provided.
(3) The user may file an objection to the company¡¯s contract cancellation or termination and restriction of use by a procedure provided by the company. When the company recognizes the objection is just, it shall immediately resume the service.
Article 29 [Effect of contract cancellation or termination by the company]
Article 27 shall apply to the effect of contract cancellation or termination by the company due to a cause attributable to the user. However, the company shall return the payment to the user within seven business days from the day the company expresses its intent to cancel or terminate the contract by the method identical to that of the payment by the user.
Chapter 5 Excess or incorrect payment, damage compensation etc.
Article 30 [Excess or incorrect payment]
(1) The company shall return the entire amount of any excess or incorrect payment by the user by the method identical to that of the payment by the user. However, the company shall notify the user in advance when it is impossible to return the payment by the method identical to that of the payment by the user.
(2) When any excess or incorrect payment is made due to a cause attributable to the user, the user shall bear expenses required for the company to return the excess or incorrect payment to a reasonable extent.
(3) When the company refuses to return the excess or incorrect payment as claimed by the user, the company shall prove the service fee rate has been duly imposed.
(4) The company shall handle the return of the excess or incorrect payment according to the guidelines for protection of the digital service users.
Article 31 [Compensation of damages inflicted on users by defective service]
The company shall handle the criteria, scope, methods, and procedure concerning the service defects according to the guidelines for protection of the digital service users.
Article 32 [Compensation of damages and special agreements]
(1) The company shall not make any agreement or warranty on any specific matters related to the service that is not provided under these terms and conditions to the extent allowed under the relevant statutes. In addition, the company shall not warrant the value of any articles or cryptocurrency of any form the company has not issued or make payment guaranty.
In addition, the company shall not warrant the reliability and accuracy of the information, data or facts the users have uploaded on the service by writing or other means.
(2) When the user suffers damages due to an intentional act or negligence by the company, it shall compensate the damages to the user pursuant to the Republic of Korea statutes. However, the company shall not compensate damages inflicted on the user by a cause not attributable to or beyond the control of the company, including a war, riot, flood, earthquake or a comparable force majeure, or de facto or de jure administrative actions or orders by a government agency.
(3) The company shall not be held responsible for the service errors or failures attributable to the user.
(4) The company shall not be held responsible for the reliability or inaccuracy of the information, data, or facts a member uploads in connection with the service. When the information provided by the user differs from the fact, the company may suspend the service or terminate the whole or a part of the contract based on these terms and conditions at any time. The company may claim the compensation of any damages that are inflicted by that.
(5) The company shall not bear any responsibility for any disputes arising via the service between users or a user and a third party.
(6) When damages are inflicted on the company by an illegal act by a user, the company may exercise its legal right to claim damage compensation by the user. Therefore, the user shall always comply with the statutes in using the company¡¯s service.
(7) The company may immediately delete the member's account information and all data related to the user when the service contract between a member and the company is terminated due to the service contract termination by the member or the company unless the company retains the member related information pursuant to the relevant statutes and the personal information handling policy. The company shall not be held responsible for the deletion of the member's account information and related data after the service contract is terminated.
(8) The company shall be exempted from damages inflicted on the members due to discontinuance or failure of normal provision of telecommunications services by a facilities-based telecommunications service provider unless attributable to an intentional act or grave negligence by the company.
(9) The company shall be exempted from discontinuance or failure of the service due to repair, replacement, periodic inspection, or construction works of the service equipment announced in advance or other inevitable causes unless attributable to an intentional act or grave negligence by the company.
(10) The company shall be exempted from all problems arising due to the conditions of the member¡¯s computers or network service conditions unless attributable to an intentional act or grave negligence by the company.
(11) A part of the service may be provided through a service provided by other service providers. The company shall be exempted from damages caused by the service provided by other service providers unless attributable to an intentional act or grave negligence by the company.
(12) The company shall be exempted from damages caused by an error of the member¡¯s computer, indication of incorrect personal information or e-mail address, or failure of indication of such information unless attributable to an intentional act or grave negligence by the company.
Article 33 [Settlement of disputes]
These terms and conditions and the service are regulated and performed pursuant to the Republic of Korea statutes. The Republic of Korea law shall be the governing body for settlement of any disputes irrespective of the user¡¯s nationality or place of abode. However, when there exist no statutes or Supreme Court decisions on cryptocurrency and related matters in the Republic of Korea, precedents and influential opinions outside the Republic of Korea may have the effect of a governing statute on these terms and conditions and the settlement of disputes. When any dispute arises between the company and a user in connection with the use of the service, the parties shall make efforts to settle them amicably between them. If the dispute is not settled despite such efforts, a lawsuit may be filed with a competent court under the Republic of Korea Civil Proceedings Act. Filing a lawsuit or petition to a law court or other judiciary agency, arbitration or mediation agency and any other comparable agency outside the Republic of Korea. The users shall agree to this.
Date Announced: 2018. 11. 05
Date enforced: 2018. 11. 05