PREAMBLE
The WOO X Swap is a digital asset swap service available within the WOO X platform (the “Platform”), allowing users to initiate and execute a request for a quote (RFQ) to swap specific types and quantities of Digital Assets (the “Services”).
- General Terms
(1) These Terms, as updated from time to time and supplemented by any other guidelines, rules, instructions, materials and official communication on the Platform, constitute an agreement between you and WOOTECH Limited and apply to your use of the Services.
(2) By using the Services, you acknowledge that you have read, understood and accepted the Terms and acknowledge that you will be bound by and will comply with the Terms. If you do not understand and accept the Terms in their entirety, you cannot participate in the Services. You are deemed to have read, understood and accepted the Terms by clicking the consent button prior to your first use of the Services.
(3) The generally applicable WOO X Terms of Service and product-specific terms shall apply accordingly. In case of conflict between such terms and these Terms, these Terms shall prevail.
- Definitions
For the purposes of these Terms, the following words shall have the following definitions:
“Participating User”, “you”, “your” – a registered and KYC-ed user of the Platform (minimum Level 1 KYC unless indicated otherwise) that is to accept these Terms to participate in and use the Services.
“WOOTECH Limited”, “we”, “us”, “our” – WOOTECH Limited.
“Terms” – these terms of service, along with applicable general terms they incorporate, as updated from time to time and supplemented by any other guidelines, rules, instructions, materials and official communication on the Platform.
“WOO X Terms of Service” – the general terms of service of the Platform, which can be accessed on the Platform’s website.
“Digital Assets” – Digital Assets as described in the WOO X Terms of Service.
“Early Tokens” – sub-category of Digital Assets: early-stage Digital Assets introduced on the Platform, tradeable using the Service.
“Swap Transaction” – transaction of the Participating User made in the Service, which is concluded upon accepting the Quotations.
“Regular Swap” – part of the Service allowing you to execute a Swap Transaction between Digital Assets that are not Early Tokens.
“Spotlight Swap” – part of the Service allowing you to execute a Swap Transaction between Digital Assets and Early Tokens.
“Request” – a request for a quote made in the Service by the Participating User by inputting the Digital Asset.
“Quotation” - the quotation received within the Service as follows:
- for Regular Swaps: estimated total Digital Asset amount to be received at the latest available market price,
- for Spotlight Swaps: total Digital Asset amount to be received at a corresponding exchange rate, valid only for the Refresh Duration for each Request, unless accepted by the Participating User.
“Refresh Duration” – a duration of at least 5 (five) seconds, indicated on the Early Token swap Service interface.
- Assumption of Risks
Please be advised that by using the Services, you accept the following associated risks:
(1) The Services are commenced at the Participating User’s own, exclusive initiative. Before engaging in the Services, you agree to carefully assess your financial situation, all the necessary risks, and to always do your own research.
(2) When using Regular Swaps, we cannot guarantee that if you accept the Quotation, the Swap Transaction will be carried out at the exact price from the Quotation. Since the prices of the Digital Assets are subject to fluctuations, the Swap Transaction may be carried out at a price different from the price quoted. However, the final price at which the Swap Transaction is carried out will correspond to the current market price at the time of the Swap Transaction. We will make our best effort for the Quotation to reflect the final price of the Regular Swap Transaction, but we cannot guarantee it. Similarly, we cannot guarantee that the Regular Swap Transaction will ultimately return the exact Digital Asset amount indicated in the Quotation.
(3) All Quotations are provided on an “as is” and “as available” basis, with no further promises made by us regarding the accuracy of the information or the availability of Services. We are not liable to compensate you for any price differences between the Quotation and the prices at which the Regular Swap Transaction is carried out.
(4) Past performance of any Digital Asset is not an indicator of future results.
(5) Digital Assets in general are subject to additional risks related to: high price volatility, lack of regulation and rapidly changing regulatory environment, improper methods of management or operation of Digital Asset projects, forks, rollbacks, exploits, hacks or network attacks.
- General Rules for Swap
(1) The Service provides you with an interface allowing you to enter values to initiate and execute a request for a quote Swap Transaction. The price mechanism varies whether you’re engaging in a Regular Swap or Spotlight Swap. The Platform may provide you with information about the Digital Asset, its details, price history, your balances and any additional information as amended.
(2) Regular Swap fetches the Quotation based on the latest available market price in the order book.
(3) Spotlight Swap fetches the Quotation based on the best pricing available from the market makers.
(4) When you initiate a Request, you are provided with a Quotation within the Service. By pressing Buy/Sell after making the Request, you carry out the Swap Transaction, provided you have the correct balance.
(5) When you use Regular Swap, your Request will be executed at the best available market price in the order book. When you use Spotlight Swap, your Request will be executed at the Quotation.
(6) We reserve the right to limit the maximum Request size for any Digital Asset. You hereby authorize us to apply these limits to the Services.
(7) The Platform reserves the right to increase the Refresh Duration for any given Digital Asset depending on market conditions and liquidity.
(8) The Platform has the exclusive authority to determine which Digital Assets are available in the Services and may add or remove them at their sole discretion, from time to time and without prior notice.
(9) We reserve the right to cancel or roll-back any Swap Transaction, if any of them (i) has the potential to cause unforeseen damage or loss to any user of the Platform or us, or (ii) constitutes misrepresentation, fraud or any illegal act under these Terms or any applicable laws, or (iii) is used in any kind of exploit or hack.
(10) The Services are a constantly developed product and are subject to change.
- Delisting Rules
(1) For Digital Assets available in Regular Swaps, the delisting process is subject to the general Terms of the Platform.
(2) For Early Tokens available in Spotlight Swap, the delisting process is subject to the following rules:
(A) The Platform will send to all Participant User holders of the Early Token to be delisted an announcement seven (7) days before the delisting.
(B) Within the delisting period, Participating Users are able to withdraw or swap the Early Tokens to be delisted.
(C) When the term indicated in (A) above, the Platform will automatically swap the delisted Early Tokens to USDT based on the best pricing available from the market makers. This process will take up to five (5) working days after the delisting.
(D) If the value of the Early Tokens is less than 0.00000001 USDT, the swap is not supported.
(E) As an exception to the delisting procedure indicated in point A-B, in extraordinary cases, Early Tokens may be delisted without any prior announcement. In such cases, if technically possible, Participating Users will be able to withdraw token for at least 24 hours before the tokens are automatically swapped for USDT in accordance with points C-D above.
- Eligibility
(1) The Services are not available to persons who are not eligible to use the Platform in accordance with the WOO X Terms of Service.
(2) In addition, you are not eligible to use the Services if you are incorporated or otherwise established in, or a citizen or a resident of, including but not limited to, one of the unsupported countries/regions for this Service listed here.
We reserve the right to update this list at any time, in particular if it is assessed that publication or availability of the Services is restricted or contravenes applicable local laws.
(3) We reserve the right to suspend or terminate you from the Services at our discretion at any time in case of your non-compliance with these Terms, applicable laws or instructions issued by our representatives.
- General Disclaimers
(1) We are not responsible or liable for any losses (including, without limitation, any direct or indirect damages, including loss of profits) resulting or arising directly or indirectly from your participation in the Services.
(2) To the maximum extent permitted under applicable laws, the Services are not intended to amount to securities of any form, collective investment schemes, portfolio or asset management services, investment services or any form of investment in any jurisdiction. We do not offer any investment, tax or financial advice and any information provided on the Platform is solely for informational purposes.
(3) The Services are commenced at the Participating User’s own, exclusive initiative. Any information provided within the Services does not constitute investment advice or any marketing, promotion or offer of any Digital Asset, investment, personal brand or person.
(4) All information in the Services are provided on an “as is” and “as available” basis, with no further promises made by us regarding the accuracy of the information or the availability of Services.
(5) You are responsible for complying with applicable laws. You agree that we are not responsible for determining whether or which laws may apply to any of your Swap Transactions, including but not limited to tax law. You are solely responsible for reporting and paying any taxes arising from your use of the Services or from receiving any incentives.
(6) You agree that you shall not use the Services for any illegal purposes, nor conduct, initiate or promote any forms of market manipulation, including but not limited to wash trading, pump-and-dump, illegal gambling, money laundering, fraud, extortion, data breaches, terrorist financing, and any other violent activities or any business activities prohibited by these Terms or applicable laws.
- Miscellaneous
(1) These Terms constitute a part of the WOO X Terms of Services and it is each Participating User’s responsibility to abide by any laws and enforcement regulations applicable in the jurisdiction where they access the Services.
(2) We may modify these Terms from time to time without prior notice. Your continued usage of the Services means you agree with any such changes, and all subsequent actions by you shall be subject to the amended Terms.
(3) The headings in these Terms are for convenience only and shall not govern the meaning or interpretation of any provision.