Term of use
Last update: 22 August 2022
The Terms constitute the agreement between You and Finandy.
As described in the Terms, You agree to be legally bound by these terms. If You do not agree to be bound by these terms, do not access or use the Services.
We reserve the right to change or modify the terms and conditions contained in the Terms, at any time and at our sole discretion. Any changes or modifications will be effective immediately upon posting the revisions to the Site. These changes will apply at that instant to all then current and subsequent uses or Services. We recommend our users to look through the information posted on our site. Your continued use of this platform acts as acceptance of such changes or modifications.
You should read the Terms, and any document referred to in them very carefully. If there is anything that You do not understand in the Terms and any document referred to herein, you should discuss this matter with us and seek the necessary clarification.
Any formal communication with You will be undertaken through electronic mail unless otherwise instructed. Documents will be sent to you by electronic mail and you should seek to send any documents to us by the same means. You will also be able to contact us through our Support Team.
Any formal communication with You will, unless otherwise agreed, be made in the English or Russian language.
1.1. The Services are intended solely for Users who are 18 years or older. By accessing or using our Services, You represent and warrant that You are at least 18 years old and have not previously been suspended or removed from the Site or Services. You also represent and warrant that You are not on 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 Treasury) or the denied persons or entity list of the US Department of Commerce nor restricted or prohibited from engaging in any type of trading by the European Union.
1.2. Also, we may not make the Services available for the residents of the following jurisdictions:
- Canada (Ontario)
- Democratic Republic of Congo
- South Sudan
1.3. If you become resident of these jurisdictions, you are obliged to stop using our Services.
1.4. We do not accept politically exposed persons (PEP). If you become PEP, please, close your account. If you doubt if you might be considered PEP, please contact Support Team.
1.5. The content of the Terms shall not be excluded from the laws of the country or region under which the User belongs. As a result, if You do not meet the local requirements, do not use our Services.
2.1. We provide an online trading platform to trade VFAs (or also known as virtual financial assets, cryptographic tokens or digital tokens or cryptographic currency) and derivatives linked to VFAs or indices thereof. Buyers and sellers conduct trading on our platform with each other; Finandy is not a buyer or seller in these transactions.
2.2. Finandy provides the User with trading services including:
- Trading platform Finandy You to trade one type of VFA for another type of VFA. You will not be able to predetermine or undertake a trade with a predetermined user. Similarly, an order may be partially filled or may be filled by multiple matching orders arising from different users.
- API-key Trading on Binance
- API-key Trading on OKX
- Additional Services You to trade derivative products linked to VFAs or indices composed of them. These trades are via an order matching platform that automatically, and according to pre-established criteria, match users’ trades with open orders from other users. You will not be able to predetermine or undertake a trade with a pre-determined user.
2.3. Additional services include:
Bots – we provide cryptobot marketplace for automatic trade.
Futures trade – we provide futures trade as said in Futures Trade Agreement.
2.4. By accepting the Terms, you expressly agree to the pooling of your VFAs with the VFAs of other Users. Individual User entitlements may not be identifiable by separate physical documents of title or other electronic record. You represent and warrant that you are, and shall remain at all times, the ultimate and effective legal and beneficial owner of any VFAs held by Finandy, that you shall not act as nominee or trustee for any other person and that you shall not transfer, assign, pledge, charge or otherwise create any security interest or encumbrance whatsoever over such VFAs without the prior written consent of Finandy.
2.5. Finandy, as applicable, shall not be obliged to accept orders unless sufficient VFAs are available on the account for (a) the settlement of the relevant order, (b) the provision of margin as may be required in respect of relevant transaction in derivatives, and (c) the payment of any related сharges and expenses as applicable.
2.6. While we have made every effort to ensure the accuracy of the information on our Site, the information on the Site is subject to change without notice and is provided for the sole purpose of assisting Users to make independent decisions. We have taken reasonable measures to ensure the accuracy of the information on the Site; however, we do not guarantee the accuracy, reliability, completeness, or fitness for using any Services available through the Site, and will not accept liability for any loss or damage that may arise due to the usage of this information. We will not have any liability for your interpretation of such information.
2.7. You acknowledge and consent that the Services are provided by us according to its current technological capacity and other conditions. While we have made every effort to ensure continuity and security of the Services, we are unable to completely foresee and hedge legal, technological and other risks including but not limited to:
- force majeure,
- hacker attack,
- system instability,
- flaw in third-party services,
- act of government, etc.
that may result in service interruption, data loss and other losses and risks.
2.8. When the system platform is unable to operate properly because of the following circumstances and the User is unable to access the Services or place or cancel an order, we assume no liability for damages. These circumstances include, but are not limited to:
- System downtime during maintenance as announced by our platform;
- Telecom or Networking equipment issues;
- Force majeure,
- Hacker attacks, computer virus intrusion or attack, Site or backend maintenance and upgrade, banking related issues and any other third party issues;
- Government actions;
- Damages to Users caused by third parties.
2.9. For abnormal transactions, market interruption and other abnormal conditions caused by system failure, network failure, distributed denial of service attacks (DDos) and other hacker attacks and other unexpected factors, we have the right to cancel the abnormal transaction results.
2.10. Users shall make sure to provide only correct information. Finandy does not assume any responsibility of any losses caused by the aforementioned situations due to your providing incorrect information that results our inability reaching out and explaining to You the handling procedures.
3.1. Trading of VFAs involves significant risk. The risk of loss in trading or holding VFAs can be substantial. You should therefore carefully consider whether using any of the Services provided by Finandy is suitable for You in light of your financial condition.
3.2. There is no assurance that our trading market for VFAs will be orderly and stable. You should exercise prudence in trading in VFAs (as well as any other assets). Prices can and do fluctuate at any given moment for any reason. Due to such price fluctuations, You may gain or lose value in your assets at any given moment. Any VFA or trading position may be subject to large swings in value and may even become worthless.
3.3. The User shall bear any loss resulted in his/her own fault or error, including but not limited to: not timely trading operations, loss of passwords, passwords are cracked, and/or the Users computer is invaded or hacked by others.
3.4. In the event of a potential loophole in the trading rules that unjustly enriches the User, we will contact the User to recover the gains. The User must effectively cooperate, otherwise, we will take actions, including, but not limited to restrictions on account transactions, freezing account funds, prosecution of the User in a court and other measures. In the event that the User does not cooperate, the User will also bear recourse costs.
4.1. Account Registration and Identity Verification: In order to use any of the Service, you must first register by providing personal information to verify your identity, along with affirming this Terms of Service. You agree to provide us accurate and authentic information we request at registration and on an ongoing basis for the purposes of identity verification and the detection of money laundering, terrorist financing, fraud, or any other financial crime, including without limitation a copy of your government issued photo ID or evidence of residency such as a lease agreement or utility bill. If any such information changes, it is your obligation to update such information as soon as possible. In addition to providing such information, you agree to allow us to keep a record of that information during the period for which your account is active and within five (5) years after your account is closed, in compliance with global industry standards on data storage. You also authorize us to conduct necessary investigations directly or through a third party to verify your identity or protect you and/or us from financial crimes, such as fraud. The information we require to verify your identity may include, but is not limited to, your name, email address, contact information, phone number, username, government-issued ID, date of birth, and other information collected during account registration. When providing the required information, you confirm it is true and accurate.
4.2. Protecting Your Account: You agree to not enable anyone to use or direct your account. You are responsible for keeping, protecting and safeguarding any keys, certificates, passwords, access codes, user IDs, API Key or other credentials and login information (collectively "Passwords") that have been provided to you or that are generated in connection with your use of the Service. If you lose your Passwords, you may not be able to access your account. You agree to notify Finandy immediately of any unauthorized use of your Passwords. We will not be responsible for any liabilities, losses, or damages arising out of the unauthorized use of your Account. You understand and agree that if you authorize any third party or third-party platform to use the Passwords information of your account, the third party or third-party platform will know your account information (including without limitation, information in relation to your assets, transactions, operating authority for trading and account information, etc.), your account will be exposed to certain risks and may suffer loss or damage. You agree to be solely responsible for any loss or damage caused by you authorizing any third party or third-party platform to use your Passwords information, and any loss or damage caused to you by the third party or third-party platform using your account Passwords information.
4.3. Password Recovery: Users who lose their passwords can reset it after being verified through their registered email addresses or phone numbers. You shall immediately report to Finandy if any unauthorized operations or security breaches are found.
4.4. Account Balance: If your account shows a credit balance, you may request us to return available VFAs. However, we may at our discretion elect to withhold your VFA or if applicable reduce its amount:
- Your open derivatives transactions show notional losses;
- We consider that additional VFAs may be required to meet any current or future margin requirement on open derivative positions due to underlying market conditions;
- You have any actual or contingent liability towards us under the Terms; and/or
- We reasonably determine that there is an unresolved dispute between us;
- We have grounds to suspect that you dealt with money laundering.
4.5. Account Closure: You may close your account at any time. Closing an account will not affect any rights and obligations incurred prior to the date of account closure. You may be required to either cancel or complete all open orders and, in accordance with the provisions of this Terms of Service, provide transfer instructions of where to transfer any VFA remaining in your account. You may not close any of your accounts to avoid paying any fees or to avoid any examination related to our AML Policy.
4.6. Account Suspension and Investigation: You agree and acknowledge that Finandy has the right at any moment to suspend your account. Also, you agree that Finandy can freeze/lock the funds and assets in all such accounts, and suspend your access to the Site until a decision has been made, if we suspect any such accounts to be in violation of:
- Finandy Terms;
- Any applicable laws or regulations;
- AML Program of Finandy or Binance or OKX;
- Regulatory authority requirement, court order;
- The account is, or is related to any account that is, subject to any pending litigation, investigation, or governmental proceeding;
- The account has a balance that needs to be reconciled for any reason;
- If we believe that an unauthorized person is attempting to gain access to your account;
- The account has not been accessed in over one year.
In this occasion we may also cancel any open order without any reimbursement of lost profit.
You are entitled to have only one account.
4.8. Dormant Accounts
Finandy may provide a written notice requiring you to close all of your open positions and withdraw all of your VFA from your Account within 30 days of the notice. In the event that you fail to do so, Finandy may in its absolute discretion and without prior notice to you:
(a) deem your Account as a dormant account;
(b) close any open positions in any Finandy products;
(c) convert the VFA to a different type of Digital Asset (e.g., from BTC to BUSD).
(d) transfer such dormant account (including any VFA contained therein) to any third-party custodian or an isolated wallet where it is deemed reasonably necessary by Finandy to do so. In the event that such transfer has taken place, you have the right to retrieve your digital assets from subject to satisfying Finandy’s verification requirements, including completing KYC;
(e) charge a dormant account fee to cover the cost of maintaining the assets; and
(f) close a dormant account at any time, and Finandy will not be liable for any loss, damage or expense incurred by you as a result of the closure of a dormant account unless there was fraud or willful default by Finandy. Any assets in these dormant accounts will be transferred to your wallet as said in point 4.5. After a dormant account is closed, it cannot be reactivated by you (i.e. you will need to register a new Finandy account if you wish to continue to use Finandy Services).
5.1. We grant You a limited, nonexclusive, nontransferable license, subject to the Terms, to access and use our Site and Services, solely for approved purposes. You agree that You will not copy, transmit, distribute, sell, license, reverse engineer, modify, publish, or participate in the transfer or sale of, create derivative works from, or in any other way, exploit any of our products and Services.
5.2. You agree that:
- All rights concerning the Service and associated software, Site and technology, including all intellectual property rights therein, are and shall remain with Finandy;
- No intellectual property rights is conveyed other than the limited licenses granted herein;
- The Services are protected by the copyright and other intellectual property laws.
6.1. Users shall not register multiple accounts for any purpose.
6.2. User may not use another User’s accounts.
6.3. Users must not use this Site or Services in any way that causes or may cause damage to Finandy, impair the availability of the Site, as well as carry out illegal transactions
6.4. Users agree to indemnify and hold Finandy and their officers, directors, shareholders, predecessors, successors in interest, employees, agents, subsidiaries and affiliates, harmless from any demands, loss, liability, claims or expenses (including attorneys’ fees), made against Finandy by any third party due to or arising out of or in connection with Users’ use of this Site or Services.
6.5. Users are prohibited in any form from utilizing the Site to engage in illegal activities. Without the authorization or permission of Finandy, the User shall not use any of the commercial activities in the name of Finandy or use the Site as a place, platform or medium for engaging in commercial activities.
6.6. 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).
6.7. Users shall comply with all laws and regulations, and bear the responsibility and legal consequences of any their own actions involving the Site and Services. In addition, Users shall not infringe the legitimate rights and interests of any third party.
6.8. If a User violates any obligation above, Finandy has the right to take all necessary measures directly.
7.1. Fees are incurred for part of the Services provided by us to the Users.
7.2. Finandy has the right to set and modify our fees and at our own discretion. We may also start charging fees on free services. Any fee changes shall be announced in advance.
7.3. If you do not agree with any fees charged, You should stop using the Service immediately. You are still responsible for any fees previously incurred.
7.4. Unless otherwise stated or agreed, the User agrees that we have the right to automatically and without prior notice deduct the above-mentioned service fees directly from the assets of the User account.
7.5. If You do not pay the fees in full and on time, we reserve the right to interrupt, suspend or terminate the Services.
8.1. Service Change and Interruption: We may change the Service and/or may also interrupt, suspend or terminate the service at anytime with or without prior notice.
8.2. Service Discontinuance and Termination: we reserve the right, in our sole discretion, to discontinue or terminate the services provided to you without notice, temporarily or permanently, including, but not limited to, the following cases:
- If the personal information you have provided is not true, or inconsistent with the information at the time of registration and you have failed to provide reasonable proof (please remember, according to the laws or regulations you should submit true information);
- If required by any provisions of the laws and regulations, as well as by the requirements of relevant government authorities;
- If we receive the information (from reliable sources), that your funds may have relation to money-laundering or any kind of criminal activity,
- For security reasons or other necessary circumstances.
8.3. Finandy has the right to freeze or debit the VFA from the User’s account according to the requirements of any applicable judicial organizations, administrative organizations, including but not limited to public security organizations, procuratorial organizations, courts, customs, tax authorities and so on.
9.1. It is your sole responsibility to determine whether, and to what extent, any taxes apply to any transactions You conduct through the Services, and to withhold, collect, report and remit the correct amounts of taxes to the appropriate tax authorities. Additionally, You agree to comply with all relevant laws of Seychelles as applicable. Regarding the prevention of terrorist financing and anti-money laundering (AML), we will work with local authorities. When using our Services, You acknowledge that your actions are in a legal and proper manner and your sources of VFAs are not from illegal activities.
11.1. You agree to indemnify and hold harmless Finandy, its 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, 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 Services. If you are obligated to indemnify Finandy, its affiliates, contractors, licensors, and their respective directors, officers, employees or agents pursuant to these Terms, Finandy will have the right, in its sole discretion, to control any action or proceeding and to determine whether Finandy wishes to settle, and if so, on what terms.
12.1. Disclaimer of Warranties To the maximum extent permitted under the applicable law, the Services are provided “as is” and “as available” basis, and Finandy 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 the course of performance, course of dealing or usage in trade.
12.2. Service Interruption: Based on the special nature of the Internet, we do not guarantee that the service will not be interrupted; the timeliness and security of the service are also not guaranteed, and we do not bear the responsibility which is not caused by Finandy.
12.3. Safety of the Network: We try to provide a safety network environment to the users; however, we do not guarantee that the Site or its servers are free of viruses or other potentially harmful factors; therefore, the user should use the industry’s recognized software to check and kill any virus in the files downloaded from the Site.
12.4. Announcements: We deliver announcements to the Users by publishing them on the Site or by e-mail.
12.5. Copytrading: We bear no responsibility for the actions of traders and thus bear no responsibility for Your losses.
12.6. No financial advice: Finandy 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 Services. No communication or information provided to you by Finandy 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. Finandy does not recommend that any VFA should be bought, earned, sold, or held by you. Before making the decision to buy, sell or hold any VFA, you should conduct your own due diligence and consult your financial advisors prior to making any investment decision. Finandy will not be held responsible for the decisions you make to buy, sell, or hold VFA based on the information provided by Finandy.
13.1. The Terms, your use of the Services, any claim, counterclaim or dispute of any kind or nature whatsoever arising out of the Terms, directly or indirectly, shall be governed by, and construed in accordance with the laws of Seychelles.
14.1. Unless otherwise agreed by other rules under this Agreement, both parties agree that any claims or lawsuits arising from or related to this Agreement shall be submitted to the Singapore International Arbitration Commission for arbitration. Its decision shall be final and obligatory for performance.
15.1. Severability: If any provision of these Terms is deemed to be unlawful or invalid for any reason, such provision shall not affect the legal effect of any other provision.
15.2. Complaints: If you have any complaints, feedback, or questions, please contact our Customer Service at Support Team. When you contact us, please provide us with your name and email address and any other information we may need to identify you, and the transaction on which you have feedback, questions, or complaints.
15.3. Language. These Terms are executed in English language. For the clients’ convenience we may translate these terms in other languages. In case of discrepancies English version shall prevail.
15.4. Independent Parties. Finandy 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.