Last revised: 20 August, 2021
Please read the terms carefully as they govern your use of COVEST Services.THESE TERMS CONTAIN IMPORTANT PROVISIONS INCLUDING AN ARBITRATION PROVISION THAT REQUIRES ALL CLAIMS TO BE RESOLVED BY WAY OF LEGALLY BINDING ARBITRATION.The terms of the arbitration provision are set forth in Article 10, “Resolving Disputes: Forum, Arbitration, Class Action Waiver”, hereunder. As with any asset, the values of Digital Currencies (as defined below) may fluctuate significantly and there is a substantial risk of economic losses when purchasing, selling, holding or investing in Digital Currencies and their derivatives.BY MAKING USE OF COVEST SERVICES, YOU ACKNOWLEDGE AND AGREE THAT: (1) YOU ARE AWARE OF THE RISKS ASSOCIATED WITH TRANSACTIONS OF DIGITAL CURRENCIES AND THEIR DERIVATIVES; (2) YOU SHALL ASSUME ALL RISKS RELATED TO THE USE OF COVEST SERVICES AND TRANSACTIONS OF DIGITAL CURRENCIES AND THEIR DERIVATIVES; AND (3) COVEST SHALL NOT BE LIABLE FOR ANY SUCH RISKS OR ADVERSE OUTCOMES.
By accessing, using or attempting to use COVEST Services in any capacity, you acknowledge that you accept and agree to be bound by these Terms. If you do not agree, do not access COVEST or utilize COVEST services.
2. COVEST Operators ：refer to all parties that run COVEST, including but not limited to legal persons, unincorporated organizations and teams that provide COVEST Services and are responsible for such services. For convenience, unless otherwise stated, references to “COVEST” and “we” in these Terms specifically mean COVEST Operators.UNDER THESE TERMS, COVEST OPERATORS MAY CHANGE AS COVEST’S BUSINESS ADJUSTS, IN WHICH CASE, THE CHANGED OPERATORS SHALL PERFORM THEIR OBLIGATIONS UNDER THESE TERMS WITH YOU AND PROVIDE SERVICES TO YOU, AND SUCH CHANGE DOES NOT AFFECT YOUR RIGHTS AND INTERESTS UNDER THESE TERMS. ADDITIONALLY, THE SCOPE OF COVEST OPERATORS MAY BE EXPANDED DUE TO THE PROVISION OF NEW COVEST SERVICES, IN WHICH CASE, IF YOU CONTINUE TO USE COVEST SERVICES, IT IS DEEMED THAT YOU HAVE AGREED TO JOINTLY EXECUTE THESE TERMS WITH THE NEWLY ADDED COVEST OPERATORS. IN CASE OF A DISPUTE, YOU SHALL DETERMINE THE ENTITIES BY WHICH THESE TERMS ARE PERFORMED WITH YOU AND THE COUNTERPARTIES OF THE DISPUTE, DEPENDING ON THE SPECIFIC SERVICES YOU USE AND THE PARTICULAR ACTIONS THAT AFFECT YOUR RIGHTS OR INTERESTS.
3. COVEST Services refer to various services provided to you by COVEST that are based on Internet and/or blockchain technologies and offered via COVEST websites, mobile applications, clients and other forms (including new ones enabled by future technological development). COVEST Services include but are not limited to such COVEST ecosystem components as Digital Asset Trading Platforms.
4. COVEST Platform Rules refer to all rules, interpretations, announcements, statements, letters of consent and other contents that have been and will be subsequently released by COVEST, as well as all regulations, implementation rules, product process descriptions, and announcements published in the Help Center or within products or service processes.
5. Users refer to all individuals, institutions or organizations that access, download or use COVEST or COVEST Services and who meet the criteria and conditions stipulated by COVEST. If there exist other agreements for such entities as developers, distributors, market makers, and Digital Currencies exchanges, such agreements shall be followed.
6. Digital Currencies refer to encrypted or digital tokens or cryptocurrencies with a certain value that are based on blockchain and cryptography technologies and are issued and managed in a decentralized form.
7. Digital Assets refer to Digital Currencies, their derivatives or other types of digitalized assets with a certain value.
8. COVEST Accounts refer to the foundational virtual accounts, including main accounts and subaccounts, which are opened by COVEST for Users to record on COVEST their usage of COVEST Services, transactions, asset changes and basic information. COVEST Accounts serve as the basis for Users to enjoy and exercise their rights on COVEST.
9. Crypto-to-crypto Trading refers to spot transactions in which one digital currency is exchanged for another digital currency.
10. Collateral Accounts refer to special accounts opened by Users on COVEST to deposit and withdraw collateral (such as margins) in accordance with these Terms (including the COVEST Contract Services Agreement and COVEST Platform Rules), as required for contract transactions, leveraged trading and/or currency borrowing services.
II. General Provisions 1. About These Terms a. Contractual Relationship
These Terms constitute a legal agreement and create a binding contract between you and COVEST Operators.
b. Supplementary Terms
c. Changes to These Terms
COVEST reserves the right to change or modify these Terms in its discretion at any time. COVEST will notify such changes by updating the terms on its website and modifying the [Last revised] date displayed on this page。ANY AND ALL MODIFICATIONS OR CHANGES TO THESE TERMS WILL BECOME EFFECTIVE UPON PUBLICATION ON THE WEBSITE OR RELEASE TO USERS. THEREFORE, YOUR CONTINUED USE OF COVEST SERVICES IS DEEMED YOUR ACCEPTANCE OF THE MODIFIED AGREEMENT AND RULES. IF YOU DO NOT AGREE TO ANY CHANGES TO THESE TERMS, YOU MUST STOP USING COVEST SERVICES IMMEDIATELY. YOU ARE RECOMMENDED TO FREQUENTLY REVIEW THESE TERMS TO ENSURE YOUR UNDERSTANDING OF THE TERMS AND CONDITIONS THAT APPLY TO YOUR ACCESS TO AND USE OF COVEST SERVICES.
d. Prohibition of Use
BY ACCESSING AND USING COVEST SERVICES, YOU REPRESENT AND WARRANT THAT YOU HAVE NOT BEEN INCLUDED IN ANY TRADE EMBARGOES OR ECONOMIC SANCTIONS LIST (SUCH AS THE UNITED NATIONS SECURITY COUNCIL SANCTIONS LIST), THE LIST OF SPECIALLY DESIGNATED NATIONALS MAINTAINED BY OFAC (THE OFFICE OF FOREIGN ASSETS CONTROL OF THE U.S. DEPARTMENT OF THE TREASURY), OR THE DENIED PERSONS OR ENTITY LIST OF THE U.S. DEPARTMENT OF COMMERCE. COVEST RESERVES THE RIGHT TO CHOOSE MARKETS AND JURISDICTIONS TO CONDUCT BUSINESS, AND MAY RESTRICT OR REFUSE, IN ITS DISCRETION, THE PROVISION OF COVEST SERVICES IN CERTAIN COUNTRIES OR REGIONS.
2. About COVEST As an important part of the COVEST Ecosystem, COVEST mainly serves as a global online platform for Digital Assets trading, and provides Users with a trading platform, financing services, technical services and other Digital Assets-related services. As further detailed in Article 3 below, Users must register and open an account with COVEST, and deposit Digital Assets into their account prior to trading. Users may, subject to the restrictions set forth in these Terms, apply for the withdrawal of Digital Assets. Although COVEST has been committed to maintaining the accuracy of the information provided through COVEST Services, COVEST cannot and does not guarantee its accuracy, applicability, reliability, integrity, performance or appropriateness, nor shall COVEST be liable for any loss or damage that may be caused directly or indirectly by your use of these contents. The information about COVEST Services may change without notice, and the main purpose of providing such information is to help Users make independent decisions. COVEST does not provide investment or consulting advice of any kind and is not responsible for the use or interpretation of information on COVEST or any other communication medium. All Users of COVEST Services must understand the risks involved in Digital Assets trading and are recommended to exercise prudence and trade responsibly within their own capabilities.
3. COVEST Account Registration and Requirements a. Registration
By registering to use a COVEST Account, you represent and warrant that (i) as an individual, you are at least 18 or are of legal age to form a binding contract under applicable laws; (ii) as an individual, legal person, or other organization, you have full legal capacity and sufficient authorizations to enter into these Terms; (iii) you have not been previously suspended or removed from using COVEST Services; (iv) you do not currently have a COVEST Account; (v) you are neither a United States user, a Malaysia user or an Ontario (Canada)-based user; nor are you acting on behalf of a United States user, a Malaysia user or an Ontario (Canada)-based user. If you act as an employee or agent of a legal entity, and enter into these Terms on their behalf, you represent and warrant that you have all the necessary rights and authorizations to bind such legal entity; (vi) your use of COVEST Services will not violate any and all laws and regulations applicable to you, including but not limited to regulations on anti-money laundering, anti-corruption, and counter-terrorist financing.
Please note that some products and services may not be available in certain jurisdictions or regions or to certain users. COVEST reserves the right to change, modify or impose additional restrictions at its discretion at any time. Futures and Derivatives Products. USDⓈ-M Futures and Leveraged Tokens (“Futures and Derivatives Products”) will not be available to all users of the Netherlands, Germany, Italy, Australia and Hong Kong, and retail users of the United Kingdom.
Crypto Tokens. FLOW will not be available to users of Canada. Privacy tokens (XMR, ZEC, DASH, XVG, XZC, KMD, ZEN, PIVX and GRS) will not be available to users of Australia with PayID associated with the COVEST accounts.
c. User Identity Verification
d. Account Usage Requirements
The COVEST Account can only be used by the account registrant. COVEST reserves the right to suspend, freeze or cancel the use of COVEST Accounts by persons other than account registrant. If you suspect or become aware of any unauthorized use of your username and password, you should notify COVEST immediately. COVEST assumes no liability for any loss or damage arising from the use of COVEST Account by you or any third party with or without your authorization.
e. Account Security
COVEST has been committed to maintaining the security of User entrusted funds and has implemented industry standard protection for COVEST Services. However, the actions of individual Users may pose risks. You shall agree to treat your access credentials (such as username and password) as confidential information, and not to disclose such information to any third party. You also agree to be solely responsible for taking the necessary security measures to protect your COVEST Account and personal information. You should be solely responsible for keeping safe of your COVEST Account and password and be responsible for all the transactions under your COVEST Account. COVEST assumes no liability for any loss or consequences caused by authorized or unauthorized use of your account credentials, including but not limited to information disclosure, information release, consent or submission of various rules and agreements by clicking on the website, online agreement renewal, etc.
By creating a COVEST Account, you hereby agree that:
i. you will notify COVEST immediately if you are aware of any unauthorized use of your COVEST Account and password or any other violation of security rules;
ii. you will strictly abide by all mechanisms or procedures of COVEST regarding security, authentication, trading, charging, and withdrawal; and
iii. you will take appropriate steps to logout from COVEST at the end of each visit. f. Personal Data
i. your transaction counterparty;
ii. COVEST Operators, and the shareholders, partners, investors, directors, supervisors, senior managers and employees of such entities;
iii. our joint ventures, alliance partners and business partners;
iv. our agents, contractors, suppliers, third-party service providers and professional advisers, including the parties who have been contracted to provide us with administrative, financial, research, operations, IT and other services, in such areas as telecommunications, information technology, payroll, information processing, training, market research, storage and archival;
v. third-party business partners who provide goods and services or sponsor contests or other promotional activities, whether or not in cooperation with us;
vi. insurance companies or insurance investigators and credit providers;
vii. credit bureaus, or any debt collection agencies or dispute resolution centers in the event of violation or dispute;
viii. business partners, investors, trustees or assignees (actual or expected) that promote business asset transactions (which can be broadened to include any merger, acquisition or asset sale) of COVEST Operators;
ix. professional consultants such as auditors and lawyers;
x. relevant government regulatory agencies or law enforcement agencies to comply with laws or regulations formulated by government authorities;
xi. assignees of our rights and obligations;
xii. banks, credit card companies and their respective service providers;
xiii. persons with your consent as determined by you or the applicable contract. III. COVEST Services Upon completion of the registration and identity verification for your COVEST Account, you may use various COVEST Services, including but not limited to, Crypto-to-crypto Trading, leveraged trading, acquiring market-related data, research and other information released by COVEST, participating in User activities held by COVEST, etc., in accordance with the provisions of these Terms (including COVEST Platform Rules and other individual agreements). COVEST has the right to:
1. Provide, modify or terminate, in its discretion, any COVEST Services based on its development plan; and
2. Allow or prohibit some Users’ use of any COVEST Services in accordance with relevant COVEST Platform Rules. 1. Service Usage Guidelines a. License
Provided that you constantly comply with the express terms and conditions stated in these Terms, COVEST grants you a revocable, limited, royalty-free, non-exclusive, non-transferable, and non-sublicensable license to access and use COVEST Services through your computer or Internet compatible devices for your personal/internal purposes. You are prohibited to use COVEST Services for resale or commercial purposes, including transactions on behalf of other persons or entities. All the above actions are expressly prohibited and constitute a material violation of these Terms. The content layout, format, function and access rights regarding COVEST Services should be stipulated in the discretion of COVEST. COVEST reserves all rights not expressly granted in these Terms. Therefore, you are hereby prohibited from using COVEST Services in any way not expressly authorized by these Terms.
These Terms only grant a limited license to access and use COVEST Services. Therefore, you hereby agree that when you use COVEST Services, COVEST does not transfer COVEST Services or the ownership or intellectual property rights of any COVEST intellectual property to you or anyone else. All the text, graphics, user interfaces, visual interface, photos, sounds, process flow diagrams, computer code (including html code), programs, software, products, information and documents, as well as the design, structure, selection, coordination, expression, look and feel, and layout of any content included in the services or provided through COVEST Services, are exclusively owned, controlled and/or licensed by COVEST Operators or its members, parent companies, licensors or affiliates.
COVEST owns any feedback, suggestions, ideas, or other information or materials (hereinafter collectively referred to as “Feedback”) about COVEST or COVEST Services that you provide through email, COVEST Services, or other ways. You hereby transfer all rights, ownership and interests of the Feedback and all related intellectual property rights to COVEST. You have no right and hereby waive any request for acknowledgment or compensation based on any Feedback, or any modifications based on any Feedback.
When you use COVEST Services, you agree and undertake to comply with the following provisions:
i. During the use of COVEST Services, all activities you carry out should comply with the requirements of applicable laws and regulations, these Terms, and various guidelines of COVEST;
ii. Your use of COVEST Services should not violate public interests, public morals, or the legitimate interests of others, including any actions that would interfere with, disrupt, negatively affect, or prohibit other Users from using COVEST Services;
iii. You agree not to use the services for market manipulation (such as pump and dump schemes, wash trading, self-trading, front running, quote stuffing, and spoofing or layering, regardless of whether prohibited by law);
iv. Without written consent from COVEST, the following commercial uses of COVEST data are prohibited:
1) Trading services that make use of COVEST quotes or market bulletin board information.
2) Data feeding or streaming services that make use of any market data of COVEST.
3) Any other websites/apps/services that charge for or otherwise profit from (including through advertising or referral fees) market data obtained from COVEST.
v. Without prior written consent from COVEST, you may not modify, replicate, duplicate, copy, download, store, further transmit, disseminate, transfer, disassemble, broadcast, publish, remove or alter any copyright statement or label, or license, sub-license, sell, mirror, design, rent, lease, private label, grant security interests in the properties or any part of the properties, or create their derivative works or otherwise take advantage of any part of the properties.
vi. You may not (i) use any deep linking, web crawlers, bots, spiders or other automatic devices, programs, scripts, algorithms or methods, or any similar or equivalent manual processes to access, obtain, copy or monitor any part of the properties, or replicate or bypass the navigational structure or presentation of COVEST Services in any way, in order to obtain or attempt to obtain any materials, documents or information in any manner not purposely provided through COVEST Services; (ii) attempt to access any part or function of the properties without authorization, or connect to COVEST Services or any COVEST servers or any other systems or networks of any COVEST Services provided through the services by hacking, password mining or any other unlawful or prohibited means; (iii) probe, scan or test the vulnerabilities of COVEST Services or any network connected to the properties, or violate any security or authentication measures on COVEST Services or any network connected to COVEST Services; (iv) reverse look-up, track or seek to track any information of any other Users or visitors of COVEST Services; (v) take any actions that imposes an unreasonable or disproportionately large load on the infrastructure of systems or networks of COVEST Services or COVEST, or the infrastructure of any systems or networks connected to COVEST services; (vi) use any devices, software or routine programs to interfere with the normal operation of COVEST Services or any transactions on COVEST Services, or any other person’s use of COVEST Services; (vii) forge headers, impersonate, or otherwise manipulate identification, to disguise your identity or the origin of any messages or transmissions you send to COVEST, or (viii) use COVEST Services in an illegal way.
By accessing COVEST Services, you agree that COVEST has the right to investigate any violation of these Terms, unilaterally determine whether you have violated these Terms, and take actions under relevant regulations without your consent or prior notice. Examples of such actions include, but are not limited to:
1. Blocking and closing order requests;
2. Freezing your account;
3. Reporting the incident to the authorities;
4. Publishing the alleged violations and actions that have been taken;
5. Deleting any information you published that are found to be violations.
2. Crypto-to-crypto Trading Upon completion of the registration and identity verification for your COVEST Account, you may conduct Crypto-to-crypto Trading on COVEST in accordance with the provisions of these Terms and COVEST Platform Rules.
Upon sending an instruction of using COVEST Services for Crypto-to-crypto Trading (an “Order”), your account will be immediately updated to reflect the open Orders, and your Orders will be included in COVEST’s order book to match other users’ Orders. If one of your Orders fully or partially matches another user’s Order, COVEST will execute an exchange (a “Transaction”). Once the Transaction is executed, your account will be updated to reflect that the Order has been fully executed and closed, or the Order has been partially executed. The Order will remain uncompleted until it is fully executed or cancelled under paragraph (b) below. To conclude a Transaction, you authorize COVEST to temporarily control the Digital Currencies involved in your Transaction.
For Orders initiated through COVEST Services, you may only cancel them before they have been matched with other Users’ Orders. Once your Order has been matched with another user’s Order, you may not change, revoke or cancel COVEST’s authorization to complete the Order. For any partially matched Order, you may cancel the unmatched part of the Order unless such portion has been matched. COVEST reserves the right to reject any cancellation request related to the Order you have submitted. If your account does not have sufficient amount of Digital Currencies to execute an Order, COVEST may cancel the entire Order, or execute part of the Order with the amount of Digital Currencies you have in your account (in each case, any Transaction related fees payable to COVEST are deducted as stated in paragraph (c) below).
You agree to pay COVEST the fees specified in (https://covesthelp.zendesk.com/hc/ko/categories/4405165614617-%EC%88%98%EC%88%98%EB%A3%8C).COVEST may, in its discretion, update the fees at any time. Any updated fees will apply to any sales or other Transactions that occur following the effective date of the updated fees. You authorize COVEST to deduct from your account any applicable fees that you owe under these Terms.
d. Other Types of Crypto-to-crypto Trading
In addition to the Crypto-to-crypto Trading that allows users to directly place orders as mentioned in paragraph (a) above, COVEST may, in its discretion, provide technical and platform services for other types of Crypto-to-crypto Trading under its separately formulated COVEST Platform Rules, such as One Cancels the Other (OCO) and block trade. 3. Futures Trading a. You fully understand the high risks of Futures Trading, including but not limited to the risk of major fluctuations of Digital Assets in Futures Trading, and the risk of exacerbated adverse outcome when leverage is used;
b. You have sufficient investment knowledge and experience and the capacity to take risks arising from Futures Trading, and agree to independently assume all the risks arising from the investment of Futures Trading;
c. Before performing Futures Trading, you have read and understood all the contents of the COVEST Futures Service Agreement and the relevant COVEST Platform Rules, and have consulted relevant professionals to make informed decisions on whether and how to complete Futures Trading according to their recommendations and your own reasonable judgment;
d. You agree and authorize COVEST to take various reasonable measures in its discretion (including but not limited to forced liquidation and forced position reduction under specific circumstances) in accordance with the COVEST Futures Service Agreement and the relevant COVEST Platform Rules to protect the legitimate interests of you, COVEST and other Users.
IV. Liabilitys 1. Disclaimer of Warranties TO THE MAXIMUM EXTENT PERMITTED UNDER APPLICABLE LAW, COVEST SERVICES, COVEST MATERIALS AND ANY PRODUCT, SERVICE OR OTHER ITEM PROVIDED BY OR ON BEHALF OF COVEST ARE OFFERED ON AN “AS IS” AND “AS AVAILABLE” BASIS, AND COVEST EXPRESSLY DISCLAIMS, AND YOU WAIVE, ANY AND ALL OTHER WARRANTIES OF ANY KIND, WHETHER EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE OR NON-INFRINGEMENT OR WARRANTIES ARISING FROM COURSE OF PERFORMANCE, COURSE OF DEALING OR USAGE IN TRADE. WITHOUT LIMITING THE FOREGOING, COVEST DOES NOT REPRESENT OR WARRANT THAT THE SITE, COVEST SERVICES OR COVEST MATERIALS ARE ACCURATE, COMPLETE, RELIABLE, CURRENT, ERROR-FREE, OR FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS. COVEST DOES NOT GUARANTEE THAT ANY ORDER WILL BE EXECUTED, ACCEPTED, RECORDED OR REMAIN OPEN. EXCEPT FOR THE EXPRESS STATEMENTS, AGREEMENTS AND RULES SET FORTH IN THESE TERMS, YOU HEREBY ACKNOWLEDGE AND AGREE THAT YOU HAVE NOT RELIED UPON ANY OTHER STATEMENT OR AGREEMENT, WHETHER WRITTEN OR ORAL, WITH RESPECT TO YOUR USE AND ACCESS OF COVEST SERVICES. WITHOUT LIMITING THE FOREGOING, YOU HEREBY UNDERSTAND AND AGREE THAT COVEST WILL NOT BE LIABLE FOR ANY LOSSES OR DAMAGES ARISING OUT OF OR RELATING TO: (A) ANY INACCURACY, DEFECT OR OMISSION OF DIGITAL ASSETS PRICE DATA, (B) ANY ERROR OR DELAY IN THE TRANSMISSION OF SUCH DATA, (C) INTERRUPTION IN ANY SUCH DATA, (D) REGULAR OR UNSCHEDULED MAINTENANCE CARRIED OUT BY COVEST AND SERVICE INTERRUPTION AND CHANGE RESULTING FROM SUCH MAINTENANCE, (E) ANY DAMAGES INCURRED BY OTHER USERS’ ACTIONS, OMISSIONS OR VIOLATION OF THESE TERMS, (F) ANY DAMAGE CAUSED BY ILLEGAL ACTIONS OF OTHER THIRD PARTIES OR ACTIONS WITHOUT AUTHORIZED BY COVEST; AND (G) OTHER EXEMPTIONS MENTIONED IN DISCLAIMERS AND PLATFORM RULES ISSUED BY COVEST.
THE DISCLAIMER OF IMPLIED WARRANTIES CONTAINED HEREIN MAY NOT APPLY IF AND TO THE EXTENT IT IS PROHIBITED BY APPLICABLE LAW OF THE JURISDICTION IN WHICH YOU RESIDE.
2. Disclaimer of Damages and Limitation of Liability THE COVEST IS NOT RESPONSIBLE FOR ANY DAMAGES TO MEMBERS CAUSED BY NATURAL DISASTERS, DDOS ATTACKS, IDC FAILURES, LINE FAILURES OF KEY TELECOMMUNICATION OPERATORS, OR EQUIVALENT FORCE MAJEURE.
TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT WILL COVEST, ITS AFFILIATES AND THEIR RESPECTIVE SHAREHOLDERS, MEMBERS, DIRECTORS, OFFICERS, EMPLOYEES, ATTORNEYS, AGENTS, REPRESENTATIVES, SUPPLIERS OR CONTRACTORS BE LIABLE FOR ANY INCIDENTAL, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR SIMILAR DAMAGES OR LIABILITIES WHATSOEVER (INCLUDING, WITHOUT LIMITATION, DAMAGES FOR LOSS OF DATA, INFORMATION, REVENUE, PROFITS OR OTHER BUSINESSES OR FINANCIAL BENEFITS) ARISING OUT OF COVEST SERVICES, ANY PERFORMANCE OR NON-PERFORMANCE OF COVEST SERVICES, OR ANY OTHER PRODUCT, SERVICE OR OTHER ITEM PROVIDED BY OR ON BEHALF OF COVEST AND ITS AFFILIATES, WHETHER UNDER CONTRACT, STATUTE, STRICT LIABILITY OR OTHER THEORY EVEN IF COVEST HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES EXCEPT TO THE EXTENT OF A FINAL JUDICIAL DETERMINATION THAT SUCH DAMAGES WERE A RESULT OF COVEST’S GROSS NEGLIGENCE, FRAUD, WILLFUL MISCONDUCT OR INTENTIONAL VIOLATION OF LAW. SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OR LIMITATION OF INCIDENTAL OR CONSEQUENTIAL DAMAGES, SO THE ABOVE LIMITATION MAY NOT APPLY TO YOU.
NOTWITHSTANDING THE FOREGOING, IN NO EVENT WILL THE LIABILITY OF COVEST, ITS AFFILIATES AND THEIR RESPECTIVE SHAREHOLDERS, MEMBERS, DIRECTORS, OFFICERS, EMPLOYEES, ATTORNEYS, AGENTS, REPRESENTATIVES, SUPPLIERS OR CONTRACTORS ARISING OUT OF SERVICES OFFERED BY OR ON BEHALF OF COVEST AND ITS AFFILIATES, ANY PERFORMANCE OR NON-PERFORMANCE OF COVEST SERVICES, OR ANY OTHER PRODUCT, SERVICE OR OTHER ITEM, WHETHER UNDER CONTRACT, STATUTE, STRICT LIABILITY OR OTHER THEORY, EXCEED THE AMOUNT OF THE FEES PAID BY YOU TO COVEST UNDER THESE TERMS IN THE TWELVE-MONTH PERIOD IMMEDIATELY PRECEDING THE EVENT GIVING RISE TO THE CLAIM FOR LIABILITY.
3. Indemnification You agree to indemnify and hold harmless COVEST Operators, their affiliates, contractors, licensors, and their respective directors, officers, employees and agents from and against any claims, actions, proceedings, investigations, demands, suits, costs, expenses and damages (including attorneys’ fees, fines or penalties imposed by any regulatory authority) arising out of or related to (i) your use of, or conduct in connection with, COVEST Services, (ii) your breach or our enforcement of these Terms, or (iii) your violation of any applicable law, regulation, or rights of any third party during your use of COVEST Services. If you are obligated to indemnify COVEST Operators, their affiliates, contractors, licensors, and their respective directors, officers, employees or agents pursuant to these Terms, COVEST will have the right, in its sole discretion, to control any action or proceeding and to determine whether COVEST wishes to settle, and if so, on what terms.
V. Announcements Please be aware that all official announcements, news, promotions, competitions and airdrops will be listed on https://covesthelp.zendesk.com/hc/ko. USERS UNDERTAKE TO REFER TO THESE MATERIALS REGULARLY AND PROMPTLY. COVEST WILL NOT BE HELD LIABLE OR RESPONSIBLE IN ANY MANNER OF COMPENSATION SHOULD USERS INCUR PERSONAL LOSSES ARISING FROM IGNORANCE OR NEGLIGENCE OF THE ANNOUNCEMENTS.
1. The COVEST Account is subject to a governmental proceeding, criminal investigation or other pending litigation;
2. We detect unusual activities in the COVEST Account;
3. We detect unauthorized access to the COVEST Account;
4. We are required to do so by a court order or command by a regulatory/government authority. 2. Cancellation of COVEST Accounts In case of any of the following events, COVEST shall have the right to directly terminate these Terms by cancelling your COVEST Account, and shall enjoy the right but not the obligation to permanently freeze (cancel) the authorizations of your COVEST Account on COVEST and withdraw the corresponding COVEST Account thereof:
1. after COVEST terminates services to you;
2. you allegedly register or register in any other person’s name as a COVEST User again, directly or indirectly;
3. the information that you have provided is untruthful, inaccurate, outdated or incomplete;
4. when these Terms are amended, you state your unwillingness to accept the amended Terms by applying for cancellation of your COVEST Account or by other means;
5. you request that COVEST Services be terminated; and
6. any other circumstances where COVEST deems it should terminate COVEST Services. Should your COVEST Account be terminated, the account and transactional information that meet data retention standards will be securely stored for 5 years. In addition, if a transaction is unfinished during the account termination process, COVEST shall have the right to notify your counterparty of the situation at that time. You acknowledge that a user-initiated account exit (right to erasure under GDPR or other equivalent regulations) will also be subjected to the termination protocol stated above.
If COVEST is informed that any Digital Assets or funds held in your COVEST Account are stolen or otherwise are not lawfully possessed by you, COVEST may, but has no obligation to, place an administrative hold on the affected funds and your COVEST Account. If COVEST does lay down an administrative hold on some or all of your funds or COVEST Account, COVEST may continue such hold until such time as the dispute has been resolved and evidence of the resolution acceptable to COVEST has been provided to COVEST in a form acceptable to COVEST. COVEST will not involve itself in any such dispute or the resolution of the dispute. You agree that COVEST will have no liability or responsibility for any such hold, or for your inability to withdraw Digital Assets or funds or execute trades during the period of any such hold.
3. Remaining Funds After COVEST Account Termination Except as set forth in paragraph 4 below, once a COVEST Account is closed/withdrawn, all remaining account balance (which includes charges and liabilities owed to COVEST) will be payable immediately to COVEST. Upon payment of all outstanding charges to COVEST (if any), Users will have 5 business days to withdraw all Digital Assets or funds from the account.
4. Remaining Funds After COVEST Account Termination Due to Fraud, Violation of Law, or Violation of These Terms COVEST maintains full custody of the Digital Assets, funds and User data/information which may be turned over to governmental authorities in the event of COVEST Accounts’ suspension/closure arising from fraud investigations, investigations of violation of law or violation of these Terms.
VII. No Financial Advice COVEST is not your broker, intermediary, agent, or advisor and has no fiduciary relationship or obligation to you in connection with any trades or other decisions or activities effected by you using COVEST Services. No communication or information provided to you by COVEST is intended as, or shall be considered or construed as, investment advice, financial advice, trading advice, or any other sort of advice. Unless otherwise specified in these Terms, all trades are executed automatically, based on the parameters of your order instructions and in accordance with posted trade execution procedures, and you are solely responsible for determining whether any investment, investment strategy or related transaction is appropriate for you according to your personal investment objectives, financial circumstances and risk tolerance, and you shall be solely responsible for any loss or liability therefrom. You should consult legal or tax professionals regarding your specific situation. COVEST does not recommend that any Digital Asset should be bought, earned, sold, or held by you. Before making the decision to buy, sell or hold any Digital Asset, you should conduct your own due diligence and consult your financial advisors prior to making any investment decision. COVEST will not be held responsible for the decisions you make to buy, sell, or hold Digital Asset based on the information provided by COVEST.
VIII. Compliance with Local Laws It is Users’ responsibility to abide by local laws in relation to the legal usage of COVEST Services in their local jurisdiction as well as other laws and regulations applicable to Users. Users must also factor, to the extent of their local laws all aspects of taxation, the withholding, collection, reporting and remittance to their appropriate tax authorities. ALL USERS OF COVEST SERVICES ACKNOWLEDGE AND DECLARE THAT THEIR FUNDS COME FROM LEGITIMATE SOURCES AND DO NOT ORIGINATE FROM ILLEGAL ACTIVITIES; USERS AGREE THAT COVEST WILL REQUIRE THEM TO PROVIDE OR OTHERWISE COLLECT THE NECESSARY INFORMATION AND MATERIALS AS PER RELEVANT LAWS OR GOVERNMENT ORDERS TO VERIFY THE LEGALITY OF THE SOURCES AND USE OF THEIR FUNDS. COVEST maintains a stance of cooperation with law enforcement authorities globally and will not hesitate to seize, freeze, terminate Users’ accounts and funds which are flagged out or investigated by legal mandate.
X. Resolving Disputes: Forum, Arbitration, Class Action Waiver PLEASE READ THIS SECTION CAREFULLY, AS IT INVOLVES A WAIVER OF CERTAIN RIGHTS TO BRING LEGAL PROCEEDINGS, INCLUDING AS A CLASS ACTION.
1. Notice of Claim and Dispute Resolution Period. Please contact COVEST first! COVEST wants to address your concerns without resorting to formal legal proceedings, if possible. If you have a dispute with COVEST, then you should contact COVEST and a ticket number will be assigned. COVEST will attempt to resolve your dispute internally as soon as possible. The parties agree to negotiate in good faith to resolve the dispute (which discussions shall remain confidential and be subject to applicable rules protecting settlement discussions from use as evidence in any legal proceeding).
In the event the dispute cannot be resolved satisfactorily, and you wish to assert a legal claim against COVEST, then you agree to set forth the basis of such claim in writing in a “Notice of Claim,” as a form of prior notice to COVEST. The Notice of Claim must (1) describe the nature and basis of the claim or dispute, (2) set forth the specific relief sought, (3) provide the original ticket number, and (4) include your COVEST account email. The Notice of Claim should be submitted to an email address or hyperlink provided in your correspondence with COVEST. After you have provided the Notice of Claim to COVEST, the dispute referenced in the Notice of Claim may be submitted by either COVEST or you to arbitration in accordance with paragraph 2 of this Section, below. For the avoidance of doubt, the submission of a dispute to COVEST for resolution internally and the delivery of a Notice of Claim to COVEST are prerequisites to commencement of an arbitration proceeding (or any other legal proceeding). During the arbitration, the amount of any settlement offer made by you or COVEST shall not be disclosed to the arbitrator.
2. Agreement to Arbitrate and Governing Law. You and COVEST Operators agree that, subject to paragraph 1 above, any dispute, claim, or controversy between you and COVEST (and/or COVEST Operators) arising in connection with or relating in any way to these Terms or to your relationship with COVEST (and/or COVEST Operators) as a user of COVEST Services (whether based in contract, tort, statute, fraud, misrepresentation, or any other legal theory, and whether the claims arise during or after the termination of these Terms) will be determined by mandatory final and binding individual (not class) arbitration, except as set forth below under Exceptions to Agreement to Arbitrate. You and COVEST Operators further agree that the arbitrator shall have the exclusive power to rule on his or her own jurisdiction, including without limitation any objections with respect to the existence, scope or validity of the Agreement to Arbitrate, or to the arbitrability of any claim or counterclaim. Arbitration is more informal than a lawsuit in court. THERE IS NO JUDGE OR JURY IN ARBITRATION, AND COURT REVIEW OF AN ARBITRATION AWARD IS LIMITED. There may be more limited discovery than in court. The arbitrator must follow this agreement and can award the same damages and relief as a court (including, if applicable, attorney fees), except that the arbitrator may not award declaratory or injunctive relief in favour of anyone but the parties to the arbitration. The arbitration provisions set forth in this Section will survive termination of these Terms. Arbitration Rules. The arbitration shall be subject to the HKIAC Administered Arbitration Rules (HKIAC. Rules) in force when the Notice of Arbitration is submitted, as modified by this Section X. The arbitration will be administered by the Hong Kong International Arbitration Centre (HKIAC). Unless the parties agree otherwise, there shall be only one arbitrator appointed in accordance with the HKIAC Rules. Any arbitration will be conducted in the English language. Regardless of the manner in which the arbitration is conducted, the arbitrator shall issue a reasoned written decision sufficient to explain the essential findings and conclusions on which the decision and award, if any, are based. JUDGMENT ON ANY ARBITRAL AWARD MAY BE GIVEN IN ANY COURT HAVING JURISDICTION OVER THE PARTY (OR OVER THE ASSETS OF THE PARTY) AGAINST WHOM SUCH AN AWARD IS RENDERED. Time for Filing: ANY ARBITRATION AGAINST COVEST OPERATORS MUST BE COMMENCED BY FILING A REQUEST FOR ARBITRATION WITHIN ONE (1) YEAR, AFTER THE DATE THE PARTY ASSERTING THE CLAIM FIRST KNOWS OR REASONABLY SHOULD KNOW OF THE ACT, OMISSION OR DEFAULT GIVING RISE TO THE CLAIM; AND THERE SHALL BE NO RIGHT TO ANY REMEDY FOR ANY CLAIM NOT ASSERTED WITHIN THAT TIME PERIOD. THIS ONE YEAR LIMITATION PERIOD IS INCLUSIVE OF THE INTERNAL DISPUTE RESOLUTION PROCEDURE SET FORTH IN PARAGRAPH 1 OF THIS SECTION, ABOVE. THERE SHALL BE NO RIGHT TO ANY REMEDY FOR ANY CLAIM NOT ASSERTED WITHIN THAT TIME PERIOD. If applicable law prohibits a one-year limitation period for asserting claims, any claim must be asserted within the shortest time period permitted by applicable law. Process; Notice: The party who intends to seek arbitration after the expiration of the Dispute Resolution Period set forth in paragraph 1, above, must submit a request to the HKIAC in accordance with the HKIAC Rules. If we request arbitration against you, we will give you notice at the email address or mailing address you have provided. You agree that any notice sent to this email or mailing address shall be deemed effective for all purposes, including without limitation to determinations of adequacy of service. It is your obligation to ensure that the email address and/or mailing address on file with COVEST is up-to-date and accurate. Seat of Arbitration: The seat of the arbitration shall be Hong Kong. Place of Hearing: The location of any in-person arbitration hearing shall be Hong Kong, unless otherwise agreed to by the parties. Governing Law: These Terms (including this arbitration agreement) shall be governed by, and construed in accordance with, the laws of Hong Kong. Confidentiality. The parties agree that the arbitration shall be kept confidential. The existence of the arbitration, any nonpublic information provided in the arbitration, and any submissions, orders or awards made in the arbitration (together, the “Confidential Information”) shall not be disclosed to any non-party except the tribunal, the HKIAC, the parties, their counsel, experts, witnesses, accountants and auditors, insurers and reinsurers, and any other person necessary to the conduct of the arbitration. Notwithstanding the foregoing, a party may disclose Confidential Information to the extent that disclosure may be required to fulfill a legal duty, protect or pursue a legal right, or enforce or challenge an award in bona fide legal proceedings. This confidentiality provision shall survive termination of these Terms and of any arbitration brought pursuant to these Terms.
3. Class Action Waiver. You and COVEST agree that any claims relating to these Terms or to your relationship with COVEST as a user of COVEST Services (whether based in contract, tort, statute, fraud, misrepresentation, or any other legal theory, and whether the claims arise during or after the termination of these Terms) shall be brought against the other party in an arbitration on an individual basis only and not as a plaintiff or class member in a purported class or representative action. You and COVEST further agree to waive any right for such claims to be brought, heard, or arbitrated as a class, collective, representative, or private attorney general action, to the extent permissible by applicable law. Combining or consolidating individual arbitrations into a single arbitration is not permitted without the consent of all parties, including COVEST.
5. Severability. If any portion of these Terms are adjudged to be invalid or unenforceable for any reason or to any extent, the remainder of these Terms will remain valid and enforceable and the invalid or unenforceable portion will be given effect to the greatest extent permitted by law. pending closure of your account.
XI. Miscellaneous 1. Independent Parties. COVEST is an independent contractor but not an agent of you in the performance of these Terms. These Terms shall not be interpreted as facts or evidence of an association, joint venture, partnership, or franchise between the parties.
2. Entire Agreement. These Terms constitute the entire agreement between the parties regarding use of COVEST Services and will supersede all prior written or oral agreements between the parties. No usage of trade or other regular practice or method of dealing between the parties will be used to modify, interpret, supplement, or alter the terms herein.
3. Interpretation and Revision. COVEST reserves the right to alter, revise, modify, and/or change these Terms at any time. All changes will take effect immediately upon being published on COVEST websites. It is your responsibility to regularly check relevant pages on our websites/applications to confirm the latest version of these Terms. If you do not agree to any such modifications, your only remedy is to terminate your usage of COVEST Services and cancel your account. You agree that, unless otherwise expressly provided in these Terms, COVEST will not be responsible for any modification or termination of COVEST Services by you or any third party, or suspension or termination of your access to COVEST Services.
4. Force Majeure. COVEST will not be liable for any delay or failure to perform as required by these Terms because of any cause or condition beyond COVEST’s reasonable control.
5. Severability. If any portion of these Terms is held invalid or unenforceable, such invalidity or enforceability will not affect the other provisions of these Terms, which will remain in full force and effect, and the invalid or unenforceable portion will be given effect to the greatest extent possible.
6. Assignment. You may not assign or transfer any right to use COVEST Services or any of your rights or obligations under these Terms without prior written consent from COVEST, including any right or obligation related to the enforcement of laws or the change of control. COVEST may assign or transfer any or all of its rights or obligations under these Terms, in whole or in part, without notice or obtaining your consent or approval.
7. Waiver. The failure of one party to require performance of any provision will not affect that party’s right to require performance at any time thereafter. At the same time, the waiver of one party to seek recovery for the other party’s violation of these Terms or any provision of applicable terms shall not constitute a waiver by that party of any subsequent breach or violation by the other party or of the provision itself.
9. Matters Related to Apple Inc. If you use any device manufactured by Apple Inc. to participate in any commercial activities or reward programs through COVEST Services, such activities and programs are provided by COVEST and are not associated with Apple Inc. in any manner.
10. Contact Information. For more information on COVEST, you may refer to the company and license information found on COVEST websites. If you have questions regarding these Terms, please feel free to contact COVEST for clarification via our Customer Support team at 10. Contact Information. For more information on COVEST, you may refer to the company and license information found on COVEST websites. If you have questions regarding these Terms, please feel free to contact COVEST for clarification via our Customer Support team at https://covesthelp.zendesk.com/hc/ko/requests/new