Parties and Scope
Ultorex LLC (hereinafter referred to as “Ultorex”) is a company founded and registered under the jurisdiction of the St. Vincent and the Grenadines, with registration number 1512LLC2021 operating web service Ultorex Exchange (hereinafter referred to as “Ultorex Exchange”) provides trading opportunities of digital assets, mainly but not limited to cryptocurrencies, made by users and related services for the users.
Article 1 Application
- These Terms are based on Ultorex Exchange and Registered Users (defined in Article 2) on the use of this Service (defined in Article 2) and applies to all relationships related to the use of this Service between Ultorex and users.
- Rules, regulations and other information relating to this Service which Ultorex posts from time to time on the Ultorex Exchange website (defined in Article 2) constitute a part of these Terms.
Article 2 Definition
The following terms used in these Terms shall have the meanings specified below.
- "Intellectual Property Rights" refers to copyrights, patent rights, utility model rights, trademark rights, design rights, and all rights related to transaction prices that can be acquired by Ultorex or various APIs developed or provided by an affiliated company, including data, chats, documents (including contents written in Ultorex Exchange emails etc.), databases, websites, graphics, software, applications, programs, codes, other intellectual property rights (including the right to acquire or register those rights).
- “Ultorex Exchange website” refers to the website’s mobile, tablet, and desktop applications (including smartphone apps) and any other access points that enables Users’ direct access to Ultorex Exchange, which Ultorex Exchange provides. Functions such as APIs or mobile widgets, which provide preview of certain information from Ultorex Exchange, are not considered as a Ultorex Exchange website.
- “Registrant Applicant” refers to registrant applicants defined in Article 3.
- “Registered Information” refers to registered information defined in Article 3.
- “Registered User” refers to an individual or corporation registered as a user of this Services under Article 3.
- "Service" refers to services provided by Ultorex at Ultorex Exchange; the sales/purchase of Cryptocurrency through a “Bitcoin exchange" or "Altcoin (Cryptocurrencies other than Bitcoin) agency" (hereinafter referred to as "Agency"); a place to buy and sell Cryptocurrency between registered users; and other related services (including the changed service if the name or content of this service is changed regardless of reason).
- "Cryptocurrency" refers to virtual mediums of exchange mined and being used by cryptography technology listed by Ultorex Exchange.
Article 3 Registration
- Those who wish to use this Service (hereinafter referred to as "Registrant Applicant") agree to abide by these Terms. Sending requested information in the method Ultorex requires will allow you to register to Ultorex services (hereinafter referred to as "Registration Information").
- Registrant Applicants shall assert and commit that they do not fall under any of the following items in the past and present, nor in the future.
(1) Anti-social forces etc. such as but not limited to organized crime groups, organized crime group members, semi-constituent members of organized crime groups, organizations involved in organized crime groups, general meeting organizers, social movements, special intelligence violence groups, any individuals or groups aiming elimination of constitutional order or indivisible integrity of the St. Vincent and the Grenadines, or any groups/people equivalent to these).
(2) Interaction, engagement, cooperation or involvement in maintaining, operating or managing anti-social forces through funding or in any other way.
- According to Ultorex sole and unilateral power of discretion, Ultorex judges whether registration of a registrant is permitted, and when Ultorex approves registration, Ultorex notifies the applicant, and by this notification, registration as a Registered User is considered completed. Even if registration is not approved, Ultorex is not obliged to explain the reasons. In addition, in this case, Ultorex shall not be obligated to return documents or other information received from registrants.
- Upon completion of the registration described in the preceding paragraph, a contract for use of this Service pursuant to the provisions of these Terms is established between the registered user and Ultorex, and the Registered User can use this Service in the manner specified by Ultorex, which may be amended time to time unilaterally by Ultorex.
- Ultorex may refuse registration if a person applying for registration pursuant to paragraph 1 falls under any of the following events.
(1) In case of all or part of the registration information provided to Ultorex being incorrect, misleading or missing.
(2) The registrant being a minor or a ward and the consent of a parent or custodian, guardian or a legal representative has not been obtained, or lacking legal capacity.
(3) The Registrant Applicant acting as being a member of an anti-social forces or through cooperation or involvement in the maintenance, management of anti-social forces through funding or in any other ways, or if Ultorex determines that any kind of exchange or engagement with anti-social forces, etc., within the last five years has occurred.
(4) In the event that Ultorex judges that the registrant is conducting or has done the acts listed in Article 8 paragraph 1 or Article 12 paragraph 1.
(5) If the registrant lives in a country or region where this Service is not provided, or resides in a country or region for which use of this Service is prohibited, or if Ultorex cannot provide these Services due to arbitrary conditions.
(6) If Ultorex determines that registrant is not appropriate.
Article 4 Change of Registration Information
- Registered users shall, without delay, notify Ultorex of the change according to the method specified by Ultorex and submit the materials requested by Ultorex if there is a change in the Registration Information.
- When a Registered User falls under or corresponds to an important public person or official, such as but not limited to politicians, ministers, heads of state authorities, a foreign government representatives and any other politically exposed person he/she shall surely notify the Ultorex to that effect.
Article 5 Management of User ID and Password
- Registered Users are responsible for setting and managing their own passwords, (including login password, API secret, secret key, authentication code, security code and any other passwords) and user ID’s (including login ID, account ID, API key and any other ID’s). These shall not be used by, lent to, given to, changed names to or sold to third parties.
- Ultorex has no responsibility whatsoever for any damage due to inadequate management, error is usage, leakage, use by third parties, theft of password or user ID, including in cases where the registered user himself or herself entered the user ID and password or not, Ultorex authenticates login as a result of password or user ID match, leading to the use of this Service (For example, if a password or user ID was stolen due to usage of a mail service used by the registered user).
- Registered users shall notify Ultorex immediately if the password or user ID is stolen or used by a third party and shall follow instructions from Ultorex.
Article 6 Prices and Payment Method
- Upon using this Service, the registered user will be required to pay for the fees specified in provided by Ultorex (Ultorex.io/exchange). Registered Users accept and declare that Ultorex is entitled to unilaterally change the Price List time to time, by providing a prior written notification by the relevant notification receiving medium indicated in the Registered Information.
- If payment is delayed by registered users, registered users shall pay a , in addition to the actual debt.
- Registered Users agree and declare that Ultorex, without notification, can offset any receivables, if a Registered User does not pay the necessary fee by the due date prescribed by Ultorex, and the debt to Ultorex continues.
- Registered Users accept and declare that, Ultorex in doing so, shall be entitled to rescind or suspend orders for withdrawal of digital assets at any time without prior notice.
Article 7 Use of Services
- Registered Users can use this Service, registered as a valid user, within the purpose of these Terms and shall not violate these Terms. In using this Service, Registered Users agree and commit to carefully reading the explanatory documents, information on risks provided on Ultorex Exchange Website, including but not limited to the sale, purchase, and staking of Cryptocurrency. Registered Users agree and declare hereby to use this Service at your own judgment and responsibility.
- Preparation and maintenance of computers, mobile devices, software and other equipment, communication lines and other communication environments necessary to use this Service shall be made at the expense and responsibility of Registered Users.
- Registered Users shall take all necessary security measures such as measures preventing computer virus infection, unauthorized access and prevention of information leakage at their own expense and responsibility to use this Service.
(1) The Ultorex Exchange provides a place to match registered users who want to sell Cryptocurrencies (hereinafter referred to as "Sellers") with Registered Users who want to buy Cryptocurrencies (hereinafter referred to as "Buyers"). If Ultorex deems necessary by its own sole discretion, it may be a party in buying and selling. Ultorex does commit or guarantee merchantability, performance, fitness to purpose and volatility or stability for Cryptocurrency trading between Registered Users.
(2) Sellers and Buyers can make a transaction to buy or sell Cryptocurrency according to the terms and procedures defined by Ultorex by its sole discretion. The price to buy and sell Cryptocurrency is determined by a realized match in the price offered by the Seller and accepted by the Buyer; Registered Users agree and declare that Ultorex Exchange has no responsibility for setting of Cryptocurrency buying or selling prices whatsoever.
(3) When the price matches and a trade is executed, it is deemed a contract concerning the sale and purchase of the relevant cryptocurrency has been concluded between the Seller and Buyer. Registered users accept and acknowledge they cannot cancel a transaction after such contract has been concluded.
- Terms and conditions for buying and selling cryptocurrency in this Service are as follows:
(1) Registered Users can make transactions to sell or purchase Cryptocurrency according to the terms and procedures set by Ultorex by its sole discretion. The price to buy and sell Cryptocurrency is based on the price determined by the terms and procedures prescribed by Ultorex by its sole discretion. Registered Users agree and acknowledge they cannot file objections against terms and procedures set by Ultorex on price determination . Ultorex does not commit or guarantee merchantability for Cryptocurrency trading between Registered Users.
(2) When the price is determined pursuant to the provisions of the preceding paragraph, it is deemed that a contract concerning the sale and purchase of cryptocurrency between the Registered User and Ultorex has been concluded. Registered Users accept and acknowledge they cannot cancel a transaction after such contract is concluded.
(1) Registered Users shall be entitled to deposit legal tender or Cryptocurrency into the Registered User’s account by the methods prescribed by Ultorex for using this Service. Deposit of legal tender or Cryptocurrency shall be deemed entrusted at the time of acceptance by Ultorex after checking the legal tender or Cryptocurrency, not at the time of ordering or completion of the relevant transfer or other procedures by the Registered User or the third party transferring legal tender or Cryptocurrency on behalf of the Registered User, such as but not limited to banks, payment service providers, electronic money providers, virtual currency exchange markets or virtual currency issuers. In addition, in the event, without prior consent of Ultorex, currencies, tokens and any other forms of medium of exchange (hereinafter referred to as "Non-Service Currency") that Ultorex does not list or accept is deposited to the Registered User’s account, the Registered User agrees and acknowledges that Ultorex shall have no responsibility of the Registered Users or any third party’s losses or whatsoever due to sending, depositing, refunding or other processes of it. Regardless of refusing to refund or refunding a non-serviced currency, Ultorex shall be entitled to charge a fee with respect to the depositing of the non-service currency.
(2) Ultorex shall fulfill requests of legal tender withdrawal from Registered User account or transfer of Cryptocurrency in accordance with the method preferred by the Registered Users among the options, which Ultorex shall be entitled to provide with its sole discretion, according to the request of Registered User. Registered Users shall designate withdrawing or paying destinations at their own risk and Ultorex shall not be held liable for any such monetary or Cryptocurrency losses, in the event of payment or withdrawal of legal tender or Cryptocurrency has been realized in accordance with the order of Registered Users. Ultorex shall not be responsible for the accuracy and effectiveness of the information on the destination or destination provided by Registered Users.
(4) If a blockchain incident such as but not limited to a hard fork, other changes in the specification of the Cryptocurrency, or if an air drop occurs, Ultorex will decide how to handle the situation on a case by case basis. For such cases, Registered Users accept and acknowledge that Ultorex has no responsibility even if Ultorex does not take countermeasures for damages and losses of Registered Users or third parties.
- Registered Users hereby consent Ultorex to borrow Cryptocurrency without placing any bonds on their accounts.
- Registered User agrees and acknowledges that the Services will be provided through blockchain technology; therefore Ultorex shall not be responsible for occasional and reasonable lagging, delays and similar other service level deficiencies, occurred due to the intrinsic features of blockchain technologies.
- The following country's citizens are restricted from using services on Ultorex Exchange; therefore, Registered Users who are citizens of such countries agree, acknowledge and commit that Ultorex is not responsible from its obligations arising from this Terms or as a result of provision of Ultorex Exchange for them, and to compensate all direct or indirect losses of Ultorex, which it suffers due to such citizens’ usage of Ultorex Exchange, including but not limited to fines paid or expenses made for administrative sanctions and penalties, court decisions, criminal charges, or compensations paid to third parties:
(1) United States of America
(2) People's Republic of China
(3) North Korea
(8) St. Vincent and the Grenadines
Ultorex will from time to time launch Staking Programs for specific types of Cryptocurrencies to reward, as per certain rules, users who hold such Cryptocurrencies in their Ultorex wallets. When participating in Staking Programs, you should note that:
(1) Unless otherwise stipulated by Ultorex, Staking Programs are free of charge and Users may trade during the staking period;
(2) Ultorex does not guarantee Users’ proceeds under any Staking Program;
(3) Ultorex has the right to initiate or terminate a Staking Program for any Cryptocurrency or modify rules on such programs in its sole discretion;
(4) Users shall ensure sources of the Cryptocurrency they hold in Ultorex wallets are legal and compliant and undertake to observe related laws and regulations. Otherwise, Ultorex has the right to take necessary steps in accordance with these Terms or Ultorex Platform Rules, including, without limitation, freezing Ultorex Accounts or deducting the Cryptocurrency awarded to Users who violate the rules of respective Staking Programs.
Article 8 Prohibited Acts
- Registered users shall not perform any act that falls under any of the following when using this Service:
(1) Acts that infringe the Intellectual Property Rights of Ultorex or Ultorex Exchange or other Registered Users of this Service (including acts directly or indirectly induce such infringement).
(2) Without prior consent of Ultorex, all and any Intellectual Property Rights, such as copyrights, trademark, design, which belong to Ultorex, shall not be used, duplicated or provided to a third party.
(3) Commercial secrets and privacy rights, honor and other rights or interests of privacy of Ultorex, Ultorex affiliates, others related to Ultorex, or other Registered Users of this Service must not be infringed directly or indirectly.
(4) Acts of fraud, starting or inviting to infinite chain lectures such as but not limited to Ponzi schemes, selling or purchasing goods or services that are illegal or constitute crime, transferring or laundering revenue generated from crimes or utilizing services based on it.
(5) Acts related to criminal acts or acts contrary to public order and morals.
(6) Acts of sending messages on dating to the opposite or same sex.
(7) Sales promotion acts to other registered users such as advertisement distribution (unless Ultorex gives prior approval).
(8) Acts that violate laws or regulations, or the internal rules of Ultorex or other trade associations to which Registered Users belong.
(9) Act related to double handover of cryptocurrency or act of trying it.
(10) Acts of sending information including computer viruses and other harmful computer programs or software, or acts of destroying or obstructing the system, server, network or other functions managed by Ultorex or unnecessarily giving excessive burdens.
(11) Acts that defect systems, servers, networks managed by Ultorex or this Service to cause bugs, security holes and other errors.
(12) Act to tamper with usable information about this Service.
(13) Act of transmitting data exceeding a certain data capacity specified by Ultorex.
(14) Act that may interfere with the operation of this Service by Ultorex.
(15) Act of intentionally stealing assets of Registered Users, Ultorex or Ultorex affiliates by replay attack or any other network attacks or techniques.
(16) Act of distributing false information, act of affecting the trust of Ultorex using spoofing or power or extortion.
(17) Creation of multiple accounts by the same person.
(18) One account used by multiple people or third parties.
(19) An act of opening an account with the name of another person (including a hypothetical person), or an act of providing false information to Ultorex Exchange pertaining to all or a part of the Registration Information.
(20) Transfer and assignment of an account to third parties.
(21) Except in the case of obtaining written consent from Ultorex in advance, the act of providing information obtained by this Service to a third party, or providing the same or similar services such as but not limited to selling and purchasing of Cryptocurrency, transfer of Cryptocurrency, or providing payment or price information, for commercial purposes, or to control subsidiaries or third parties under your control.
(22) Acts that impede market price action or fair price formation in the exchange.
(23) Depositing or acceptance of legal tender to a Registered User account from a third party or from bank or payment service accounts or cards under the name of a third party other than the Registered User himself or an act of paying money from a Registered User account to a third party. (Except when explicitly permitted from Ultorex in advance.)
(24) Depositing or acceptance of legal tender from card-less transactions through ATMs or similar other mechanisms.
(25) Other acts that Ultorex deems inappropriate.
- Registered Users agree and acknowledge that, if Ultorex decides that a Registered User in this Service falls under any of the items of the preceding paragraph or if there is a risk of it being applicable, Ultorex may, at Ultorex's sole discretion, delete all or part of the information transmitted by the Registered User, delete or suspend the account, Cryptocurrency or others possessed by the Registered User (in the case of Cryptocurrency, suspension shall be realized through exchanging the Cryptocurrency to a legal tender with a rate solely determined by Ultorex). Further, Ultorex shall not be obligated to return documents etc. received from Registered Users. Ultorex shall have no responsibility for any damages or losses the Registered Users suffered due to the measures taken by Ultorex under this article.
- In the case of conducting any of the acts in paragraph 1, Registered Users agree and commit to pay a contractual penalty of 1,000 Bitcoin Cash (BCH), priced at full market price based on CoinMarketCap.com’s Bitcoin Cash price webpage.
Article 9 Termination of Services
- Ultorex shall be able to suspend all or part of the use of this Service by some or all Registered Users without prior notice to Registered Users if any of the following apply.
(1) In case of periodic or urgent inspection or maintenance of the computer or system related to this Service
(2) Ceasing of computer or communication lines etc. due to an accident
(3) When the Service cannot be operated due to force majeure such as fire, power outage, natural disasters, war, political change, strikes, pandemics, changes in laws and regulations etc. and sudden change of statutory currency or Cryptocurrency circumstances
(4) Hacking or other cases of Ultorex Exchange’s assets being stolen
(5) A fault in the system or other systems necessary for providing this Service
(6) When investigating unauthorized use of accounts etc.
(7) In the case that Ultorex deems necessary to investigate based on laws and regulations, Ultorex’ internal regulations or policies or internal rules of trade associations to which Registered Users belong.
(8) If Ultorex decides or suspects, with its sole discretion, that all or a part of the legal tender or Cryptocurrency in the Registered User’s account is related to crime proceeds.
(9) When the liquidity of the Cryptocurrency declines significantly.
(10) In the case that Ultorex determines that Ultorex does not list part or all of the Cryptocurrency or provide related services as a result of a blockchain branching such as hard fork but not limited to other changes of cryptocurrency specification etc.
(11) In the event that Ultorex decides, with its sole discretion, that continuation of service provision cannot be continued due to acceptance of or changes in applicable laws, regulations, presidency decisions, presidency decrees, communiqués, administrative or court decisions, administrative or governmental policies and political or economic or social conditions, etc.
(12) In the event courts or administrative authorities of St. Vincent and the Grenadines, such as but not limited to Financial Crimes Investigation Board, Capital Markets Board, Banking Regulation and Supervision Agency, requests or orders suspension or termination of Services for all or part of the Registered Users. Termination or suspension under this paragraph shall be interpreted broadly and include, without limitation, ceasing of transfers of legal tender or Cryptocurrencies, canceling buying, selling or position opening orders, closing open orders or transferring assets of Registered Users’ or third parties’ legal tender or Cryptocurrency assets to the recipients and with the methods specified by such administrative authorities or courts.
(13) In the case that Ultorex judges, with its sole discretion, that discontinuance or suspension is necessary,
- Ultorex shall be entitled to temporarily suspend of some or all Registered Users’ accounts in Ultorex Exchange and Registered Accounts to any transactions, including but not limited to depositing, withdrawing, placing orders, opening and closing positions, in the event Ultorex, with its sole discretion, decides or suspects of suspicious transactions, login attempts or any actions with regards to the use of Service, particularly for ensuring security of Ultorex Exchange operations and relevant software and information systems.
- Ultorex can terminate the provision of this Service at the convenience of Ultorex Exchange. In this case, Ultorex will inform registered users in advance.
- Ultorex can suspend the provision of this Service without providing a prior notice to Registered Users due to lack of sufficient inventory, either in terms of amount or variety, for Ultorex’s Cryptocurrency.
- Registered Users agree and acknowledge that Ultorex shall have no responsibility for any damages or losses suffered by Registered Users based on measures taken by Ultorex under this section.
Article 10 Deposits and Withdrawals of Cryptocurrency using registered currency accounts
- In using this Service, when Ultorex carries out an identity verification in accordance with the prescribed method of Ultorex, which is under sole discretion of Ultorex and Ultorex will post on the Ultorex Exchange website, the Registered User can register his/her own Cryptocurrency account (hereinafter referred to as "Registered Account"). Registered Accounts are of public keys comprising alphanumeric characters.
- Registered Users send Cryptocurrency to Ultorex for using this Service and Ultorex reflects the balance in the Registered Account in the prescribed manner under sole discretion of Ultorex.
- In using this Service, Registered Users can ask Ultorex to transfer Cryptocurrency in the Registered User’s account to the Registered Account. Such Registered user accepts and commits to pay the transfer fee, which Ultorex determines with its sole discretion.
- In case of requesting Ultorex to transfer as in the preceding paragraph, the Registered User will follow Ultorex’s prescribed method, which is under sole discretion of Ultorex and Ultorex will post on the Ultorex Exchange website. Otherwise, Ultorex is not obliged to realize the requested transfer.
- When requested by the Registered User as in the paragraph 3, Ultorex will deduct the prescribed transfer fee on the Ultorex Exchange website from the user’s assets.
- Management of account information is under sole responsibility of the Registered User. Ultorex shall have no responsibility, even if there is an error in the requested information to transfer. In addition, if requested to undo a transfer, the Registered User shall not be entitled to refund the transfer fee he/she paid under the preceding paragraph and shall pay for another transfer fee as prescribed under the preceding paragraph, along with any costs of undoing required for the procedure.
Article 11 Rights Attribution
- All ownership rights and Intellectual Property Rights relating to Ultorex Exchange Website and this Service belong to Ultorex, those who give license to Ultorex, this Terms and any other terms and conditions based on the registration of this Service does not mean the Registered Users license Ultorex, the Intellectual Property Right of Ultorex Exchange Website or anyone licensing Ultorex, beyond the scope. Registered Users shall not infringe the Intellectual Property Rights of Ultorex or any person licensing Ultorex whatsoever (including duplication, modification, disassembling, adaptation, compiling, reverse compiling, reverse engineering, publishing, transmitting to public through sign, audio and video mediums, representing but not limited to these.).
- With respect to texts, images, movies and other data and items subject to Intellectual Property Rights transmitted by Registered Users on Ultorex Exchange Website or this Service, Registered Users hereby grants license to use and benefit from them in any commercial means, separately for each of them, to Ultorex including but not limited to right to copy, modify, develop, design, sub-license, adapt, compile, publish, transmission through sign, audio and video mediums, disclosing to public to a third party including all other usages).
Article 12 Registration Cancellation
- If a Registered User falls under any of the following, Ultorex may suspend or cancel the use of this Service for that Registered User without providing any notice.
(1) If Ultorex judges with its sole discretion that a Registered User violates or has a risk of violation of these Terms.
(2) If Ultorex finds out that the Registration Information consisted of incorrect or deficient information.
(3) When Ultorex judges that the Registered User’s purpose or method of usage of the this Service will cause damage to this Service, Ultorex, Registered Users, or others who intend to use this Service, based on reports, opinions, decisions etc. through public agencies, self-regulatory bodies, or other third parties.
(4) If a Registered User conducts interference with the operation of this Service, regardless of means.
(5) In case of insolvency or petition for bankruptcy, concordat or reconstruction procedures
(6) In case of receiving a disposition of dishonored bills or checks handed down or underwritten by themselves or when receiving a disposition of suspension of transactions at the clearing house or similar measures.
(7) In case of seizure, provisional seizure, provisional disposition, compulsory execution or a petition for auction.
(8) When any necessary payments or fees etc. arisen from this Terms is not paid by the prescribed deadline by Ultorex. Ultorex may also impose the measures specified under Article 9(2) temporarily until the expiration of a deadline provided for refunding.
(9) In case of receiving tax delinquency in taxes and duties.
(10) In the case of death or receiving a judgment on the commencement of guardianship, the commencement of conservation or the commencement of subsidy.
(11) If there is no use of this Service for more than 3 months and there is no response to contact attempts from Ultorex.
(12) In the case where Ultorex judges that there is a possibility of falling under or corresponding to items of Article 3 and Article 5.
(13) When a Registered User shows a bad attitude to an extreme extent to Ultorex or Ultorex employees through communication means such as telephone, fax, mail, message or support chat.
(14) When instructed or requested from a public agency or self-regulatory agency, court or a tribunal etc.
(16) When the circumstances defined under Article 22 occurs and the Registered Users fail to agree, commit and abide with the amended Terms or newly proposed contract, or fulfill the updated obligations for provision of this Service, such as but not limited provision of additional information or documents, within the deadline specified by Ultorex.
(17) If Ultorex determines that continuation of registration as a Registered User is not appropriate, under its sole discretion.
- If a Registered User falls under any of the circumstances listed in each item of the preceding paragraph, the Registered User accepts and acknowledges that any deadline for any obligation it owes to Ultorex shall be abolished and he/she must immediately pay all the debts to Ultorex.
- Registered Users accept and acknowledge that Ultorex assumes no responsibility for any damages or losses suffered by Registered Users due to the acts performed by Ultorex under this section.
- Registered users can cancel registration by notifying Ultorex by the method specified by Ultorex.
- Registered Users agree and acknowledge that, in the case of cancellation of registration, after cancellation of registration, all accounts can be settled at any timing by Ultorex without prior notice to registered users or consent of registered users.
- In the case of cancellation of registration when the Registered User holds margin to Ultorex and the obligation to Ultorex of the Registered User remains, the remaining shall be reversed by the calculation of Ultorex and by settling the obligation between Ultorex and the Registered User. Registered Users shall bear any expenses arising in that case. Registered Users shall immediately pay Ultorex when there is a deficit to Ultorex.
Article 13 Disclaimers
- Ultorex does not guarantee nor have any responsibility (including defect warranty liability) for the sale/purchase of Cryptocurrency, other related services and the value, function, stability, volatility, merchantability, performance, fitting to purpose, trading volume, liquidity and usage etc. of Cryptocurrency. In addition, even if a Registered User obtains information on this Service or other registered user directly or indirectly from Ultorex, Ultorex has no responsibility to any Registered User beyond what is stipulated in these Terms.
- Ultorex provides services to sell and buy Cryptocurrency and to provide a place to buy and sell Cryptocurrency among Registered Users and is not obliged to establish or fulfill an order for Registered Users. Therefore, even if the Registered User's order has not been fulfilled, or in the case of invalidation, cancellation, or other reasons that hinder the establishment or validity of sales contract between the Registered Users, Ultorex has no responsibility for compensating any damages or losses of Registered User, due to Registered User’s input error or error in any other action, or failure in Registered Users, Ultorex or a third party’s communication equipment or system equipment, operation, natural disaster, cyber-attack or any other cause, if Ultorex suspends or restricts all or part of the Service, orders of Registered Users become invalid, unintentional results or promising results do not occur, trade execution of Registered User's order is delayed or unintended orders are placed, Ultorex has no responsibility in the event of a case such where a Registered User or a third party is damaged. In addition, the Registered User understands and agrees in advance that there is a possibility that a transaction result that is not intended by the Registered User may occur depending on the type of order, market situation, etc. Ultorex has no responsibility if damages or losses occurs to registered users or third parties due to transactions and such results.
- Registered Users shall investigate whether the use of this Service violates laws applicable to Registered Users, internal rules of industry organizations etc. and whether the use of this Service triggers tax liabilities for Registered Users, based on their own responsibility and expenses, Ultorex does not guarantee that the use of this Service by the Registered Users conforms to laws, regulations, court decisions, administrative policies applicable to Registered Users, internal regulations of industry organizations, etc. and shall not be held responsible for Registered User’s tax debts, tax interest payments or penalties or damages arising from non-monetary sanctions due to noncompliance with the applicable laws, including but not limited to tax laws.
- For transactions, communications, disputes, etc. arising between Registered Users and other Registered Users or third parties in relation to this Service or Ultorex website, they shall be resolved at the responsibility of Registered Users, and Ultorex has no responsibility for such matters.
- Registered users shall use these Services and the Ultorex Exchange website at their own risk. Ultorex does not guarantee the validity or compatibility of Ultorex Exchange Website and Service to Registered User's computer equipment and environment and Ultorex shall not be held responsible for Registered Users’ and Registered Applicants’ damages and losses arisen due to faults, bugs, troubles on Registered User’s or Registered Applicant’s hardware, software, information systems, online access point and network etc. errors of design, interface, linking, virus infection, disconnection from network, power outages and voltage volatility.
- Registered Users agree and acknowledge that Ultorex has no responsibility for any damages or losses suffered by registered users related to this Service for the suspension, termination, unavailability or modification of the provision of this Service by Ultorex.
- Even if a link from the Ultorex Exchange Website to another website or a link from another website to the Ultorex Exchange website is provided, Ultorex has no responsibility for promotion, advertisement, instructions, guidance or any content published on the website other than Ultorex Exchange Website or other information obtained from it.
- Ultorex can arbitrarily regulate or limit transactions according to Article 9(2) of this Terms, applicable laws and regulations, administrative or court decisions or security reasons, or to prevent or investigate abnormal transactions or illegal transactions, etc. Ultorex shall not be liable for any loss or the like caused directly or indirectly by this.
- In the event that Ultorex rationally judges that the presented price is an error or abnormal value, or based on unfair price information, such as the system's abnormality or any other reason, the presented price greatly deviates from the prevailing market price, the offering price may be invalidated and the Registered User's contract based on the presenting price may be canceled, by sole discretion of Ultorex. Registered Users agree and acknowledge that Ultorex has no responsibility to compensate for damages or losses etc. directly or indirectly Registered Users suffered.
- In the event Registered User’s Cryptocurrency or legal tender assets becomes subject to theft or fraud of third parties, regardless of Ultorex’s utmost efforts to ensure facility, hardware, software, network or cyber security, such as but not limited to through theft of cold storage wallets, cyber-attacks to banking or payment service systems or networks, which Ultorex is engaged, and to Ultorex’s own network and information systems, Ultorex shall not be held responsible for Registered Users’ or third parties’ losses or damages.
- Due to future acceptance of or changes in Laws, Presidency Decisions, Presidency Decrees, Regulations, By-laws, Communiqués, Circulars, Ordinances, Guidelines on Cryptocurrencies or other forms of digital virtual mediums of exchange other than legal tender, and other regulations or tax systems including consumption tax (hereinafter referred to as "Laws and Regulations"), whether retroactively or not, which incurs damages to Registered Users occurs, Ultorex has no responsibility for compensation, business model change or support for mitigation of losses or whatsoever.
- Registered Users accept and acknowledge that trading, investment and any other transactions that Ultorex Exchange and the Agency provides with Cryptocurrencies are risky by nature, and they are aware of such risks and will not hold Ultorex responsible for any losses, damages or profits they have become subject to price changes, volatility and relevant other intrinsic features or Cryptocurrency trading.
- The provisions of each of the preceding paragraphs under Article 13 shall not apply if there is intention or gross negligence on Ultorex.
- Even in the case where the preceding paragraph is applied, Ultorex shall not be held liable to compensate any damages arising from special circumstances out of damages caused to Registered Users by acts of negligence (excluding gross negligence).
- If Ultorex assumes liability for damages concerning the use of this Service, Ultorex’ compensation shall be limited with the amount of legal tender received from the user in the month in which the damage occurred. In the event Ultorex suspends or terminates the Services or transfer legal tender or Cryptocurrency assets to recipients as specified by the courts or administrative authorities as under Article 9(12) of these Terms, such Registered Users agree and declare that Ultorex shall not be held liable for any losses of damages, which the Registered Users suffered, even though they may become deprived of their legal tender or Cryptocurrency assets.
- In the event Ultorex does not enforce or claim rights arising from these Terms, such circumstance shall not be interpreted as Ultorex waived such right.
Article 14 Dispute Handling and Damages
Registered Users must compensate the damage to Ultorex if they violate these Terms or damage Ultorex in connection with the use of this Service.
Article 15 Confidentiality
- In these Terms "Confidential Information" means any information relating to these Terms, or this Service provided, disclosed in writing, verbal or recording media by Ultorex, or technology, sales, operations, finance, organization, and other matters. However, when (1) provided or disclosed by Ultorex to public or already known, or the information was already publicly known, (2) information that became publicly known by publications and others due to reasons not attributable to your responsibility after being provided, or disclosed by Ultorex (3) properly obtained from a third party authorized to provide or disclose (4) developed independently without Confidential Information, (5) anything confirmed in writing that the confidentiality is not required from Ultorex shall be excluded from Confidential Information.
- Registered Users shall use confidential information only for using this Service and shall not disclose Confidential Information of Ultorex to third parties without the written consent of Ultorex.
- Notwithstanding the provisions of paragraph 2, Registered Users may disclose Confidential Information based on orders received by courts or administrative authorities, or when an applicable law explicitly requires so. However, when such a circumstance occurs,, Registered Users shall promptly notify Ultorex to that effect.
- Registered users shall return or discard any written or other recording material that contains Confidential Information, without delay, when requested by Ultorex.
Article 16 Validity Period
Article 17 Changes to these Terms
- Registered Users agree and acknowledge that Ultorex shall be entitled to and can freely revise the contents of this Service.
- Registered Users agree and acknowledge that Ultorex shall be entitled modify these Terms (including rules and regulations concerning this Service to be posted on Ultorex Exchange Website, the same shall apply hereinafter in this section) without notifying the registered user in advance. When Ultorex modifies these Terms, Ultorex considers it to have been delivered when posted on the Ultorex Exchange website. Please note that notices may be delivered via email, SNS, etc. After notification of the change, if the registered user uses this Service or does not take the registration cancellation procedure within the period specified by Ultorex, the registered user agrees to the changes of these Terms.
Article 18 Contact/Notification
- Inquiries about this Service, or contact from Registered Users to Ultorex, and notification of changes of these Terms and other contacts or notifications to Registered Users from Ultorex Exchange, whether prescribed in this Terms or not, will be done by the method specified by Ultorex, which Ultorex is entitled to specify with its sole discretion.
Article 19 Handover of these Terms
- Registered Users may not transfer, assign, set a bond, or dispose of the rights or obligations under these Terms without prior written consent of Ultorex to a third party.
- In the event that Ultorex transfers the business of this Service to a third party, it shall be stated on the contract that the rights and obligations under these Terms, Registered Users, information on Registered Users, and other information or the like will be transferred to the assignee of the business transfer, and the Registered User agrees in advance with respect to such assignment. In addition, the business transfer prescribed in this section shall include any type of business transfer, including the cases where the company splits, divests, or other types of business transfers occur.
Article 20 Severability
Even if any provision of these Terms or any part thereof is determined to be invalid or unenforceable by laws and regulations or decisions of court or administrative authorities etc., the remaining provisions or some of these Terms shall remain valid or enforceable and fully effective, and Ultorex and Registered Users agree and commit to modify the invalid or unenforceable provision or part to ensure that the modified provision or part to be legally and economically effective and secured equivalently.
Article 21 Governing law, dominant language, jurisdiction
Ultorex and Registered Users shall resolve promptly upon consultation pursuant to the principle of good faith and mutual respect mutually in case any matter not stipulated in this Agreement or interpretation of these Terms arises.
Article 22 Potential Legislative Changes
The Registered Users agree and acknowledge that Ultorex, due to future acceptance of or changes in Laws and Regulations or judicial or administrative decisions or policies, whether retroactively or not, which incur consequences for Ultorex, Ultorex shall be entitled to amend all or part of this Terms, form a new contract with Registered Users, request additional information and documents from or impose additional obligations to Registered Users and Registered Applicants, suspend and terminate Services for Registered Users, including, without limitation, ceasing of transfers of legal tender or Cryptocurrencies, canceling buying, selling or position opening orders, closing open orders.
Article 23 Miscellaneous
- In any case, the final interpretive authority of these Terms is owned by Ultorex. The relevant provisions of these Terms the relevant pages of the platform shall be referred to by each. However, if the contents are different, these Terms will rule.
- Registered User agrees, declares, and commits to Ultorex’ databases, logs and records stored in its servers, webpages, any electronic file and document, commercial records, commercial books, invoices, slips shall constitute respectable, exclusive, conclusive and binding evidences and this article here in shall constitute an evidence agreement within the scope Article 193 of Civil Procedure Code numbered 6100.