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BlockFin Earn Service Agreement

Updated

1. Overview

 

1.1. This BlockFin Earn Service Agreement (hereinafter as the “Agreement”) is a contract between you (“you”, “your” or “User”) and BlockFin (“we”, “our”, “us” or “BlockFin”). It sets out the terms and conditions that governs your use of Earn Services (the “Earn Terms”) and related Products (the “Services”, "Service", or "BlockFin Earn Service") through BlockFin.com or any of our associated websites, application programming interfaces or mobile applications (collectively the "Platform").

 

BlockFin Earn Services is a saving product that BlockFin offers as a digital asset value-added services to users for flexible returns. Users shall be able to earn market-based interests from subscribing and/or participating in the Service. The terms and conditions in this Agreement are to be read in conjunction with the Terms of Use and Privacy Policy. If the terms in this Agreement varies from that of the Terms of Use, Privacy Policy or such other agreement or publication pertaining to the Services as may be published by BlockFin from time to time (the “Legal Documents”), the terms in this Agreement shall prevail. Before you use our Earn Services, you should carefully read and make sure you understand the provisions of this Agreement and the Earn Terms.

 

1.2. By using the Services, you acknowledge that you have read, understood, and agree to be legally bound by the Earn Terms of this Agreement and the terms set out in the Legal Documents, including any revisions as may be published by us at any time and from time to time.

 

1.3. This Agreement and any applicable terms or Legal Documents constitute the entire agreement and understanding regarding the use of any or all of the Services, and any manner of accessing them, between: You and BlockFin, depending on your location, nationality, services used, and your level of KYC completed.

 

1.4. BlockFin does not provide any tax, legal, insurance or investment advice, and nothing on BlockFin shall be construed as an invitation to treat, an offer to sell or buy, or recommendation to purchase any crypto asset or security by BlockFin. You should consult a professional regarding your needs and investments.

 

2. Eligibility of Using the Service

 

2.1  You are aware of and assume the risks of using the Service, which include but are not limited to:

  • high price volatility of the Digital Assets and their derivatives could incur severe or total loss in a short period of time;
  • the insufficiency of Digital Assets deposited as margin or collateral could incur immediate liquidation of your Positions, and you could lose all Digital Assets you have deposited with the Service;
  • technology outrage could happen, which may delay or block your use of the Service;
  • market anomaly could happen, which may incur severe or total loss of your Digital Assets; and
  • from time to time and at any time, in order to maintain the overall stability of the market, BlockFin may need to add, remove, or change policies. Such action may be in favor or against an individual User.

2.2 You acknowledge and agree that:

  • you have agreed to “Terms of Use for BlockFin.com”, and you are eligible for and not prohibited from using the “Services” defined therein;
  • this Agreement does not contradict with the laws of the country or region of your residence;
  • you are the legal owner of the Digital Assets you have deposited with the Service and aforesaid Digital Assets are obtained from legitimate sources;
  • you must be at least 18 years old, with full civil rights and civil capacity, and have all the necessary authorities and abilities to understand and execute this Agreement;
  • If you are registering to use the Service on behalf of a legal entity, in order to effectively accept this Agreement, you declare and guarantee that (i) such legal entity is legally established and valid in accordance with applicable laws; (ii) you are duly authorized by the legal entity to have the right to act on their behalf;
  • You have the experience and risk tolerance of using the service, and have the experience and knowledge to invest in non-guaranteed digital currency products;
  • In order to use the Service, you have the ability to perform operations on the Internet; and
  • BlockFin has the sole discretion to charge any fees or charges for the Service.

2.3 You acknowledge and agree that:

  • You will not use the Service for any illegal purpose.
  • You will not initiate or facilitate any form of market manipulation.
  • You will not act in a manner which is contradictory to this Agreement, the Legal Documents, or other BlockFin community values.

3. Definitions

 

3.1 BlockFin Earn is a saving product that BlockFin offers as a digital asset value-added service to users for flexible returns. Users may be able to earn market-based return from subscribing and/or participating in the Service.

 

3.2 “Service Fee” refers to the fees a user may pay to BlockFin when subscribing or participating in the Service.

 

3.3 Other definitions relating to the Services include:

 

T hour: An hour on a normal trading day based on London time (UTC+0).

T day: A natural day based on London time (UTC+0).

Principal: Certain amount of Digital Assets being deposited in the User’s Account for the purpose of using the Service.

Redemption: The closing of a position of the Digital Asset deposited in the Service and transfer back to the User’s Account.

 

4. Use of the Services

 

4.1 You can make commands, such as subscribe, deposit, lock up, redeem, etc. through the Platform. Once the command is set, you will not be able to cancel, revoke or edit it.

 

4.2 When your Digital Assets are successfully deposited and locked up, you agree to entrust and authorize BlockFin as an intermediary to perform certain actions to certain amount of Digital Assets in your account, including but not limited to node voting and Digital Asset gain.

 

4.3 You may choose “fixed” or “flexible” term for subscribing the Service.

 

4.4 Flexible Term

 

a. Once your Digital Assets have been deposited upon subscription to the Service, you will earn interest from your Digital Assets deposited at the Platform with the interest rate displayed and varied every hour thereon.

 

b. If a User deposits the Digital Asset and the bid is successfully matched on the T hour, the hourly interest for the deposited Digital Asset shall be from T hour to T+1 hour and will be distributed on T+1 hour. All interests will be distributed to your Account.

 

c. Redemption rules: If a User selects “flexible” term for the Service, the User can redeem after entering the redemption command at any time. The redeemed Digital Asset may arrive at the User’s Account immediately depending on the token type.

 

4.5 Fixed Term

 

a. Once your Digital Assets have been deposited upon subscription to the Service, you will earn interests from your Digital Assets deposited at the Platform with the interest rate so displayed thereon at the time of deposit.

 

b. Interest will be calculated starting from the next 08:00 hours on T or T+1 day. The returns will be settled and distributed on a daily basis therefrom. All interests will be distributed to your Account.

 

c. If a User selects “fixed” term for the Service, the User is recommended to redeem after the term expires. The redeemed Digital Assets' arrival at the User’s account may not be instantaneous, depending on the token type. You understand and agree that between the redemption time and the actual arrival time, you will not be able to make any returns, transfer or other commands to the redeemed Digital Assets. You understand and accept that the actual time for the redeemed Digital Assets to arrive at your Account may vary. The arrival time shown on the website is final.

 

d. Auto-subscribe: The User may select the 'Auto-Subscribe function' when subscribing for a fixed term for the Service. When selected, as soon as the current term ends, your Digital Assets deposited will be automatically locked up for another term of the same duration, on the same underlying Digital Assets. You can also disable the Auto-Subscribe function at any time. Once the Auto-Subscribe function is disabled, your Digital Assets deposited will be sent to your funding account on expiration date and will not be automatically locked up for another term. BlockFin reserves the right to enable or disable this auto-renewal function for any fixed term Service in its sole discretion.

 

e. Default settlement: If a User requests to redeem the Digital Assets deposited before the expiration of the current fixed term, BlockFin may deduct all the interests earned in the current term that are distributed to the User under relevant order from the User’s Account. Notwithstanding the foregoing, the User shall not be entitled to any interests if Service is redeemed before the interest calculation begins.

 

 

4.6 Auto-Earn

a. As an alternative to inputting a manual order on the BlockFin Platform, you may opt-in to an auto earn program using idle Digital Assets in your funding account, spot account and unified trading account whereby idle assets in a User’s funding account, spot account and unified trading accounts are automatically used to create a subscription in the BlockFin Earn Service for a Flexible Term at the available interest rate set by BlockFin.

 

b. Upon opting-in, Eligible Funds (defined below) in your funding account, spot account and unified trading account may be used to create subscriptions to the BlockFin Earn Service. Subscriptions in the BlockFin Earn Service will be created for a Flexible Term, at the interest rate set by BlockFin (“Auto-Earn”).

 

c. By default, Auto-Earn is not enabled in Users’ accounts. In order to enable Auto-Earn, a User must opt-in on the BlockFin Platform. Upon opting-in, Eligible Funds (defined below) will (i) subscribe to BlockFin Earn Service (Flexible Term) in the same cryptocurrency and (ii) can continue to be used for trading or other services on BlockFin Platform.

 

d. "Eligible Funds" are:

 

  • Digital Assets in a User’s funding account which (i) are supported by the BlockFin Earn Service (Flexible Term), and (ii) exceed the minimum amount for BlockFin Earn Service (Flexible Term) eligibility and do not exceed the maximum subscription amount in the BlockFin Earn Service (Flexible Term) eligibility (both as displayed on the BlockFin Platform from time to time), will automatically be used to create a subscription order.

 

  • Digital Assets in a User’s spot account which (i) are supported by the BlockFin Earn Service (Flexible Term) and (ii) exceed the minimum amount for BlockFin Earn Service (Flexible Term) eligibility and do not exceed the maximum subscription amount in the BlockFin Earn Service (Flexible Term) eligibility (both as displayed on the BlockFin Platform from time to time).

 

  • Digital Assets in a User’s unified trading account which (i) constitute the user's available, margin free Digital Assets net Equity in a particular cryptocurrency; (ii) are supported by the BlockFin Earn Service (Flexible Term) and (iii) exceed the minimum amount for BlockFin Earn Service (Flexible Term) eligibility and do not exceed the maximum amount in the BlockFin Earn Service (Flexible Term) eligibility (both as displayed on the BlockFin Platform from time to time) ("Eligible Funds").

 

e. “Earn-Flexible Assets” are Digital Assets subscribed under the BlockFin Earn Service (Flexible Term), including via the Auto-Earn function or manual inputting of order.

 

f. If you opt-in to Auto-Earn, Auto-Earn subscriptions are not created in real time upon a relevant Digital Assets meeting the above criteria. Instead, BlockFin scans all users’ funding account, spot account and trading accounts for potential creation of Auto-Earn subscriptions at 00:00 UTC on a daily basis.

 

g. Redemptions of any Digital Assets already deposited into the BlockFin Earn Service through Auto-Earn can be carried out at any time. Users may select and utilise Earn-Flexible Assets in trading or using other services provided by BlockFin Platform.

 

h. In the event that Digital Assets cease to be Eligible Funds, Redemptions are carried out automatically and transferred to your spot account. No further returns are earned from the time of Redemption.

 

i. Upon opting-out of Auto-Earn, further Auto-Earn subscriptions will no longer be created. Redemptions of any Digital Assets already deposited into the BlockFin Earn Service through Auto-Earn must be carried out manually.

 

j. BlockFin reserves the right to decline to act or to cease acting on your instructions to Auto-Earn, at any time in its sole discretion and without prior notice, including that if the subscription limit for a particular Digital Assets has been reached.

 

4.7 HISTORICAL RETURNS ARE NOT INDICATIVE OF FUTURE RETURNS. BlockFin does not guarantee that you will receive repayment of the Principal or the interests as shown on the Platform at the time you subscribe. Any representation concerning possible return at the time you subscribe is an indicative estimation ONLY and is not guaranteed in any way.

 

4.8 BlockFin may charge a Service Fee for processing subscription and redemption, and such Service Fee may be published on the Platform, and may be modified by BlockFin at any time and from time to time.

 

4.9 You will be able to view your account history on the Platform. You must review your account history carefully and let us know if you see any entries or transactions that you do not recognize or you think are incorrect as soon as possible. BlockFin may rectify any error in your account history at any time, and reserve the right to void or reverse any transaction:

 

a. involving or deriving from a manifest error (that is, any error, omission, or misquote (whether an error of BlockFin or any third party) which is manifest or palpable, including a misquote by any representative of BlockFin taking into account the current market and currently advertised quotes, or any error of any information, source, official, official result or pronunciation); or

 

b. to reflect what we reasonably consider to be the correct or fair particulars of the transaction.

 

5. Suspension or cancelling your subscription of the Service

 

5.1. In addition to our Terms of Use, BlockFin may stop, suspend or cancel your access to the Platform, impose limits on any BlockFin accounts, suspend or cancel your ability to participate in the Service, or delay certain transactions where:

 

a. You do not provide additional information to verify your identity or source of funds as may be requested by BlockFin from time to time;

 

b. BlockFin is required to do so by court order, to comply with any Applicable Laws and Regulations (including anti-money laundering or sanctions laws);

 

c. BlockFin is required to do so to comply with any direction or instruction from a government body or agency;

 

d. BlockFin reasonably determines that any information you have provided to BlockFin is wrong, untruthful, outdated or incomplete; or

 

e. You do not provide additional information that we request for our reasonable satisfaction or in a timely manner.

 

6. Liabilities

 

6.1 You agree and accept that the User’s estimated returns displayed on BlockFin website is an estimation but not a guaranteed or promised actual yield. The actual returns may not meet or may be lower than the estimated yield. Your final returns will be based on your actual yield. BlockFin does not promise or guarantee your estimated returns or actual returns you will receive.

 

6.2 You agree and accept that when you redeem your assets, the time it takes for the digital assets to arrive at your account may vary and the arrival time displayed on the website is final. BlockFin shall not be liable for any losses caused by any difference in the arrival time of digital assets redemption.

 

6.3 You agree and accept that BlockFin reserves the right to amend the content of this Agreement anytime in its absolute sole discretion. BlockFin shall not be liable to any losses due to your misunderstanding of this Agreement, or your delay of reading the amendments to this Agreement.

 

6.4 You agree and accept that if the Platform cannot function properly or the Service is interrupted due to the following conditions, such that you are unable to use the Services or cannot make commands or perform related trading operations, including but not limited to failure, delay, interruption, no system response, delayed system response or any other abnormal circumstances, BlockFin shall not be liable for any direct or indirect losses or damages. These circumstances include but limited to:

 

A. Service suspension for maintenance as announced by BlockFin;

B. System failure to transmit data;

C. Force majeure or accidents, such as typhoon, earthquake, tsunami, flooding, plague, power outage, war, turmoil, government actions, terrorist attacks, etc., that lead to the suspension of the Platform or the Service;

D. Service interruption or delay due to hacking, computer virus, technical adjustment or failure, website upgrade, banking issues, temporary closure due to government regulations, etc.;

E. Service interruption or delay caused by the computer system being damaged, defective or unable to perform normally;

F. Losses due to technical issues that can not be predicted or solved by existing technical solutions in the industry;

G. Losses to you or other third parties due to the fault or delay of the third party;

H. Losses to you or other third parties due to changes in any Applicable Laws and Regulations, or government, regulatory or law enforcement orders;

I. Losses to you or other third parties due to force majeure or accidents caused by other unforeseeable, unavoidable and unsolvable objective circumstances.

 

You agree and accept that the above reasons may lead to abnormal transactions, abnormal market and price fluctuations, market interruptions and other possible abnormal circumstances, BlockFin reserves the right to refuse to execute your commands based on the actual circumstances. You understand and agree that BlockFin shall not be liable to any of your losses (including but not limited to direct or indirect losses, actual losses or loss of possible yield, etc.).

 

6.5 BlockFin reserves the absolute right and sole discretion to refuse to execute or void any of your actions or cancel any of your commands.

 

6.6 You agree and accept that BlockFin shall not be liable for any losses caused by the risks described in Section 2 of this Agreement (including but not limited to any direct or indirect losses, actual losses or possible loss of profits).

 

7. Technology disclaimers

 

7.1 BlockFin may, from time to time, suspend access to your Accounts, the Platform, the Service and/or any other BlockFin services, for both scheduled and emergency maintenance. BlockFin will make reasonable efforts to ensure that transactions on the Platform are processed in a timely manner, but BlockFin makes no representations or warranties regarding the amount of time needed to complete processing, which is dependent upon many factors outside of our control.

 

7.2 Although BlockFin makes reasonable efforts to update the information on the Platform, BlockFin makes no representations, warranties, or guarantees, whether express or implied, that the content on the Platform, including information in relation to the Services and any other BlockFin services, is accurate, complete, or up to date.

 

7.3 You are responsible for obtaining the data network access necessary to use the Services or any other BlockFin services. You are responsible for acquiring and updating compatible hardware or devices necessary to access and use the Service, any BlockFin services, the Platform, and any updates thereto. BlockFin does not guarantee that any of the BlockFin services, or any portion thereof, will function on any particular hardware or devices. BlockFin services may be subject to malfunctions and delays inherent in the use of the internet and electronic communications.

 

7.4 With rapid evolvement, BlockFin may make technological changes or adjustments to the Services. BlockFin reserves the absolute right and discretion to modify or change any technology used, features provided or Service requirements without prior notice to the User.

 

7.5 BlockFin is not immune to hacks or unauthorized access to the Service. You acknowledge, absolutely and irrevocably agree to bear the risks of any security breaches, hacks and/or unauthorized access and the outcome thereof. You understand and agree that BlockFin shall not be liable for any losses (including but not limited to any direct or indirect losses, actual losses or losses of possible profits) incurred by you.

 

8. Mandatory Measures

 

You agree and accept that BlockFin exercises strict prohibitions on unfair trading practices. Notwithstanding the foregoing and any related provisions under the Terms of Use, BlockFin reserves the right to exercise control over your account or shut down your account if you perform the following actions:

 

A. Market manipulation, price manipulation, insider dealing, market distortion, or any other malicious wrongdoings or behaviours;

B. Harming other Users or BlockFin using the loopholes of the Service or other unreasonable means;

C. Participation in any activities that BlockFin regards as harmful to the market;

D. Violation of laws or regulations.

 

In order to eliminate any adverse effects on the overall market, BlockFin reserves the right to take the following measures in its absolute sole discretion, including, but not limited to, the termination of your Account, restricting or cancelling your commands, clawback on any transactions already done, and termination of the Service to you. You understand and agree that BlockFin shall not be liable for any losses (including but not limited to any direct or indirect losses, actual losses or losses of possible profits) incurred by you in connection with the above measures.

 

9. Indemnification

 

9.1 You shall take every possible measure to protect BlockFin from any damages arising out of your use of the Service or other actions related to your BlockFin Account, otherwise you will be deemed liable to BlockFin.

 

9.2 You hereby agree to defend, indemnify and hold BlockFin harmless from any claim or demand (including reasonable legal fees) made or incurred by any third party against BlockFin due to or arising out of your breach of this Agreement, your improper use of the Service, your violation of any law or the rights of a third party and/or the actions or inactions of any third party to whom you grant permissions to use your BlockFin Account or access our website, software, system (including any network and servers used to provide any of the Service) operated by us or on our behalf, or any of the Services on your behalf.

 

 

10. Miscellaneous

 

10.1 The contents of this Agreement also include BlockFin's various system specifications, other agreements or rules in the connection with this Agreement, and other relevant agreements and rules regarding the Service that BlockFin may issue from time to time. Once the aforementioned content is officially released, it shall become an integral part of this Agreement and the corresponding Legal Documents, and you shall also abide by it. In the event of any conflict between the aforementioned content and this Agreement, this Agreement shall prevail.

 

10.2 BlockFin reserves the right to unilaterally modify this Agreement (including the aforementioned contents) if necessary. Such modification may happen at any time without prior notice. If any changes are made, the revised contents may be posted on the BlockFin's website or other application of the Platform. Please regularly check the latest information posted therein to inform yourself of any changes. Your continued use of or access to the Service following the posting of any changes constitutes acceptance of those changes. If you do not accept the revised content, please stop using the Services.

 

10.3 You shall carefully read this Agreement and applicable Legal Documents. If there is anything that you do not understand in the Agreement and/or any document referred to herein, you should contact BlockFin and seek clarification. Unless otherwise instructed by BlockFin, any formal communication and document transfer between you and BlockFin shall be undertaken through email. You may also be able to contact BlockFin though online customer service portal as a form of informal communication. Any formal communication between you and BlockFin should, unless otherwise agreed, be made in the English language. In the event of any discrepancy between the communication in English and that in a foreign language, the English version shall prevail. In the event of any discrepancy between any formal and/or informal communications and the Agreement, the Agreement shall prevail.

Please address emails to “BlockFin” at the following email: support@blockfin.com

 

10.4 If any provision of this Agreement is held by a judicial body with competent jurisdiction to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not be affected or impaired in any way. However, if any provisions of this Agreement shall be invalid, illegal or unenforceable under any such applicable law in any jurisdiction, it shall, as to such jurisdiction, be deemed modified to conform to the minimum requirements of such law, or if for any reason it is not deemed so modified, it shall be invalid, illegal or unenforceable only to the extent of such invalidity, illegality or limitation on enforceability without affecting the remaining provisions of these terms, or the validity, legality or enforceability of such provision in any other jurisdiction.

 

10.5 This Agreement is construed with, and governed by, the laws of the Hong Kong Special Administrative Region of People’s Republic of China (“Hong Kong”). Should any dispute arise between the parties, the parties shall negotiate bona fide privately through customer service channels identified under Clause 10.3, above.

 

10.6 Any dispute, controversy, or claim—including those regarding the existence, validity, interpretation, performance, breach, or termination of these Earn Terms or related to them—after completing the terms in 10.3, will be resolved by arbitration administered by the Hong Kong International Arbitration Centre ("HKIAC") under its Administered Arbitration Rules in effect when the Notice of Arbitration is submitted. The arbitration clause is governed by the laws of Hong Kong. The seat of arbitration shall be in Hong Kong, the number of arbitrators shall be three (3), and the arbitration language shall be English. Arbitral Award shall be final and binding onto the parties.

 

10.6 No failure or delay by BlockFin in exercising any right, power or remedy it is entitled to under this Agreement or by stipulation of law or regulation shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise of such rights, power or remedies.

 

10.7 You shall not transfer, novate or assign these Earn Terms, and the rights and obligations hereunder, in whole or in part, without the prior written consent of BlockFin. BlockFin has the right to transfer, novate or assign any rights or obligations under this Agreement by serving notice on you, which takes effect upon the delivery of such notice.

 

10.8 The headings of all this Agreement are for reading convenience only and have no actual meaning and shall not be used as a basis for interpretation of the meaning of these Earn Terms.

 

10.9 If there is a discrepancy between the English version of these Earn Terms and the translation of other languages version, the English version of these Earn Terms shall prevail.

 

10.10 BlockFin has the sole and final discretion of interpretation of this Agreement.

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