Dear Bitunix Users,
Please read this Risk Disclosure carefully.
This Risk Disclosure forms an integral part of the Bitunix User Agreement and constitutes part of the contractual documentation governing your access to and use of the Bitunix Services. By accessing or using any Bitunix service (the "Bitunix Services"), you acknowledge that you have read, understood and agreed to this Risk Disclosure.
A. How to Interpret this Risk Disclosure
All capitalised terms used in this Risk Disclosure, which are defined in the Bitunix User Agreement, shall have the same meanings ascribed to them in the Bitunix User Agreement unless otherwise defined herein.
B. Bitunix Services
This Risk Disclosure provides you with information about the risks associated with Bitunix Services. Each Bitunix Service has its own distinct risks.
Bitunix Services may include, without limitation, spot trading, margin trading, derivatives trading (including futures, perpetual contracts and other digital asset derivatives), card-related products, staking, earn products and other digital asset-related products and services that Bitunix may make available from time to time. Different products involve different risks. Before using any specific product or service, you should carefully read the applicable product terms, product disclosures, announcements and other relevant documentation.
This Risk Disclosure provides a general description of the risks when you use Bitunix Services.
This Risk Disclosure does not explain all of the risks or how such risks relate to your personal circumstances. It is important that you fully understand the risks involved before making any decision to use Bitunix Services.
C. No Personal Advice
We do not provide personal advice in relation to our products or services. We sometimes provide factual information, information about transaction procedures and information about potential risks. However, any decision to use our products or services is made solely by you.
No communication or information provided to you by Bitunix is intended as, or shall be considered or construed as, investment advice, financial advice, trading advice or any other form of professional advice.
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.
Bitunix does not act as your fiduciary, investment adviser, investment manager, portfolio manager or in any other similar capacity, and assumes no fiduciary or similar duties towards you unless expressly required under applicable law.
Any market commentary, research reports, market analysis, educational materials, price information, announcements, newsletters or other information made available by Bitunix are provided solely for general informational purposes and shall not constitute investment advice, investment recommendations or recommendations to enter into, hold or dispose of any Digital Asset or transaction.
D. No Monitoring
Bitunix 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 undertaken by you using Bitunix Services.
We do not monitor whether your use of Bitunix Services is consistent with your financial goals and objectives.
It is your responsibility to assess whether your financial resources are adequate for your financial activity with us, and whether the products and services you use are appropriate for your own risk appetite.
Bitunix does not undertake any ongoing assessment of whether any Digital Asset, transaction, product or service remains suitable or appropriate for you, nor does Bitunix continuously monitor your financial circumstances, investment objectives or risk tolerance, except where otherwise required by applicable law. You remain solely responsible for determining whether each transaction is appropriate for you.
E. No Tax, Regulatory or Legal Advice
The taxation of Digital Assets is uncertain, and you are responsible for determining what taxes you may be liable to, and how such taxes apply, when transacting through the Bitunix Services.
It is your responsibility to report and pay any taxes, duties, levies or other governmental charges that may arise from your use of the Bitunix Services, and you acknowledge that Bitunix does not provide legal, tax, accounting or regulatory advice in relation to such transactions.
If you have any doubts regarding your tax status, tax obligations, regulatory obligations, or the legal consequences of holding or transacting Digital Assets through Bitunix Services, you should seek independent professional advice.
You acknowledge that, when, where and as required by applicable law, Bitunix may report information relating to your transactions, transfers, distributions or payments to tax authorities, regulators, law enforcement agencies or other competent governmental authorities.
Similarly, where required by applicable law, Bitunix may withhold taxes or other amounts relating to your transactions, transfers, distributions or payments.
Applicable legislation may also require Bitunix to request additional tax information, declarations, certificates or supporting documentation from you. You acknowledge that failure to provide such information within the required timeframe may result in withholding taxes or taking other actions as required under applicable law.
You are solely responsible for ensuring that your acquisition, holding, transfer and disposal of Digital Assets comply with all laws and regulations applicable to you, including without limitation those relating to taxation, foreign exchange controls, securities laws, sanctions, anti-money laundering requirements and any other applicable legal or regulatory obligations.
F. Market Risks
Digital Asset trading is subject to significant market risk and price volatility.
Changes in value may be substantial, rapid and may occur without prior notice.
Past performance is not a reliable indicator of future performance.
The value of your investments may rise or fall, and you may lose part or all of the value of your Digital Assets. There is no guarantee that you will recover the amount originally invested.
G. Liquidity Risk
Digital Assets may have limited liquidity, which may make it difficult or impossible for you to sell, transfer or otherwise dispose of your Digital Assets or close an open position when you wish to do so.
This may occur at any time, including during periods of significant market volatility or market disruption.
Under extreme market conditions, you may be unable to:
· execute a transaction in a timely manner;
· execute a transaction at your expected price;
· convert Digital Assets into fiat currency or other Digital Assets; or
· close all or part of your positions.
Bitunix does not guarantee that any order will be executed at your expected price, quantity, timing or otherwise in accordance with your expectations.
G-1. Leverage and Derivatives Risk
Futures, perpetual contracts, options, leveraged trading and other Digital Asset derivatives are high-risk financial products.
Leverage can magnify both profits and losses. Even relatively small market movements may result in substantial gains or losses.
You may lose all of your initial margin or collateral within a very short period of time. Your position may be partially or fully liquidated due to adverse market movements.
During periods of significant volatility, insufficient liquidity, market disruption or system risks, you may be unable to close your position before liquidation occurs. Liquidation prices and actual execution prices may differ due to market conditions.
H. Fees & Charges
Our applicable fees and charges are published on the Bitunix website or otherwise made available through the Bitunix Services.
Bitunix may, in its discretion, update such fees and charges from time to time.
Please ensure that you understand all applicable fees, commissions, funding fees, interest, spreads, conversion fees and other charges that may apply to your use of Bitunix Services, as these costs will affect your overall returns.
I. Availability Risk
We do not guarantee that the Bitunix Services will be available at any particular time or that the Bitunix Services will not be subject to unplanned service interruptions, outages, delays, maintenance, congestion or other operational disruptions.
Accordingly, you may not be able to buy, sell, transfer, withdraw, deposit, store, send or receive Digital Assets when you wish to do so.
I-1. Order Execution Risk
Bitunix does not guarantee that any order will:
be executed;
be executed at your specified price;
be executed at the prevailing market price;
be executed within any particular period of time; or
be executed in whole.
Due to market volatility, insufficient liquidity, network congestion, system latency, technical failures, communication interruptions or other unforeseen circumstances, the actual execution price of an order may differ materially from the price displayed at the time the order was submitted.
I-2. Platform Operational Risk
Bitunix may suspend, restrict, modify or terminate all or part of the Bitunix Services for reasons including, without limitation:
· system upgrades;
· routine or emergency maintenance;
· cybersecurity incidents;
· risk control measures;
· compliance or regulatory requirements;
· changes in applicable law;
· interruptions affecting third-party service providers;
· blockchain network failures;
· force majeure events; or
· any other circumstances reasonably considered necessary by Bitunix.
Bitunix does not guarantee that the Bitunix Services will operate continuously, uninterruptedly, securely or error-free.
I-3. Custody and Insolvency Risk
Bitunix is not a bank, deposit-taking institution or insured financial institution.
Digital Assets held in your Bitunix Account:
are not bank deposits;
are not protected by any deposit insurance scheme; and
are not protected by any investor compensation scheme, except where expressly required under applicable law.
In the event of insolvency, bankruptcy, restructuring, judicial enforcement, regulatory intervention or any other similar event affecting Bitunix or any relevant custodian or service provider, you may not be able to recover all or part of your Digital Assets, and any recovery may be delayed or subject to applicable law and insolvency proceedings.
E. No Tax, Regulatory or Legal Advice
The taxation of Digital Assets is uncertain, and you are responsible for determining what taxes you may be liable to, and how such taxes apply, when transacting through the Bitunix Services.
It is your responsibility to report and pay any taxes, duties, levies or other governmental charges that may arise from your use of the Bitunix Services, and you acknowledge that Bitunix does not provide legal, tax, accounting or regulatory advice in relation to such transactions.
If you have any doubts regarding your tax status, tax obligations, regulatory obligations, or the legal consequences of holding or transacting Digital Assets through Bitunix Services, you should seek independent professional advice.
You acknowledge that, when, where and as required by applicable law, Bitunix may report information relating to your transactions, transfers, distributions or payments to tax authorities, regulators, law enforcement agencies or other competent governmental authorities.
Similarly, where required by applicable law, Bitunix may withhold taxes or other amounts relating to your transactions, transfers, distributions or payments.
Applicable legislation may also require Bitunix to request additional tax information, declarations, certificates or supporting documentation from you. You acknowledge that failure to provide such information within the required timeframe may result in withholding taxes or taking other actions as required under applicable law.
You are solely responsible for ensuring that your acquisition, holding, transfer and disposal of Digital Assets comply with all laws and regulations applicable to you, including without limitation those relating to taxation, foreign exchange controls, securities laws, sanctions, anti-money laundering requirements and any other applicable legal or regulatory obligations.
F. Market Risks
Digital Asset trading is subject to significant market risk and price volatility.
Changes in value may be substantial, rapid and may occur without prior notice.
Past performance is not a reliable indicator of future performance.
The value of your investments may rise or fall, and you may lose part or all of the value of your Digital Assets. There is no guarantee that you will recover the amount originally invested.
G. Liquidity Risk
Digital Assets may have limited liquidity, which may make it difficult or impossible for you to sell, transfer or otherwise dispose of your Digital Assets or close an open position when you wish to do so.
This may occur at any time, including during periods of significant market volatility or market disruption.
· Under extreme market conditions, you may be unable to:
· execute a transaction in a timely manner;
· execute a transaction at your expected price;
· convert Digital Assets into fiat currency or other Digital Assets; or
· close all or part of your positions.
Bitunix does not guarantee that any order will be executed at your expected price, quantity, timing or otherwise in accordance with your expectations.
G-1. Leverage and Derivatives Risk
Futures, perpetual contracts, options, leveraged trading and other Digital Asset derivatives are high-risk financial products.
Leverage can magnify both profits and losses. Even relatively small market movements may result in substantial gains or losses.
You may lose all of your initial margin or collateral within a very short period of time. Your position may be partially or fully liquidated due to adverse market movements.
During periods of significant volatility, insufficient liquidity, market disruption or system risks, you may be unable to close your position before liquidation occurs. Liquidation prices and actual execution prices may differ due to market conditions.
H. Fees & Charges
Our applicable fees and charges are published on the Bitunix website or otherwise made available through the Bitunix Services.
Bitunix may, in its discretion, update such fees and charges from time to time.
Please ensure that you understand all applicable fees, commissions, funding fees, interest, spreads, conversion fees and other charges that may apply to your use of Bitunix Services, as these costs will affect your overall returns.
I. Availability Risk
We do not guarantee that the Bitunix Services will be available at any particular time or that the Bitunix Services will not be subject to unplanned service interruptions, outages, delays, maintenance, congestion or other operational disruptions.
Accordingly, you may not be able to buy, sell, transfer, withdraw, deposit, store, send or receive Digital Assets when you wish to do so.
I-1. Order Execution Risk
Bitunix does not guarantee that any order will:
· be executed;
· be executed at your specified price;
· be executed at the prevailing market price;
· be executed within any particular period of time; or
· be executed in whole.
Due to market volatility, insufficient liquidity, network congestion, system latency, technical failures, communication interruptions or other unforeseen circumstances, the actual execution price of an order may differ materially from the price displayed at the time the order was submitted.
I-2. Platform Operational Risk
Bitunix may suspend, restrict, modify or terminate all or part of the Bitunix Services for reasons including, without limitation:
· system upgrades;
· routine or emergency maintenance;
· cybersecurity incidents;
· risk control measures;
· compliance or regulatory requirements;
· changes in applicable law;
· interruptions affecting third-party service providers;
· blockchain network failures;
· force majeure events; or
· any other circumstances reasonably considered necessary by Bitunix.
Bitunix does not guarantee that the Bitunix Services will operate continuously, uninterruptedly, securely or error-free.
I-3. Custody and Insolvency Risk
Bitunix is not a bank, deposit-taking institution or insured financial institution.
Digital Assets held in your Bitunix Account:
· are not bank deposits;
· are not protected by any deposit insurance scheme; and
· are not protected by any investor compensation scheme, except where expressly required under applicable law.
In the event of insolvency, bankruptcy, restructuring, judicial enforcement, regulatory intervention or any other similar event affecting Bitunix or any relevant custodian or service provider, you may not be able to recover all or part of your Digital Assets, and any recovery may be delayed or subject to applicable law and insolvency proceedings.
J. Third Party Risk
Third parties, including payment service providers, custodians, banking partners, liquidity providers, market makers, blockchain networks and other service providers may be involved in the provision of Bitunix Services.
You may be subject to the terms and conditions of such third parties, and Bitunix may not be responsible or liable for any loss, damage, delay, failure or interruption caused by such third parties, except to the extent otherwise required under applicable law.
Bitunix does not control and is not responsible for the availability, security, functionality or performance of any third-party services, products, blockchain networks or protocols.
K. Security Risk
It is not possible for Bitunix to eliminate all security risks.
You are responsible for maintaining the security and confidentiality of your Bitunix Account, password, authentication credentials, devices and other security information.
You may be responsible for all transactions conducted through your Bitunix Account, whether authorised by you or not, to the extent permitted under applicable law.
Transactions involving Digital Assets may be irreversible, and losses resulting from fraudulent, mistaken or unauthorised transactions may not be recoverable.
Losses arising from account compromise, password disclosure, loss of private credentials, device theft, phishing attacks, malware, social engineering attacks, SIM-swap attacks or other security incidents affecting your own devices, accounts or communications shall be borne by you unless otherwise required by applicable law.
L. Risks Related to Digital Assets
Given the nature of Digital Assets and their underlying technologies, there are a number of inherent risks, including but not limited to:
· faults, defects, bugs, exploits, hacks, protocol failures, coding vulnerabilities, design defects or unforeseen circumstances affecting a Digital Asset or the technologies or economic systems on which it relies;
· Digital Asset transactions being irreversible. Consequently, losses resulting from fraudulent, mistaken or accidental transactions may not be recoverable;
· technological developments leading to the obsolescence or loss of value of a Digital Asset;
· delays causing transactions not to be settled on the expected or scheduled settlement date;
· attacks on the protocols, blockchain networks or technologies upon which a Digital Asset depends, including but not limited to:
· distributed denial-of-service (DDoS) attacks;
· Sybil attacks;
· phishing attacks;
· social engineering attacks;
· hacking;
· smurfing attacks;
· malware;
· double-spending attacks;
· majority attacks, consensus attacks or other mining attacks;
· misinformation campaigns;
· blockchain forks; and
· spoofing attacks.
In addition, Digital Assets may also be affected by:
· blockchain network congestion;
· blockchain reorganisations or forks;
· smart contract vulnerabilities;
· consensus mechanism failures;
· software defects or coding errors;
· wallet failures;
· API failures;
· communication failures;
· internet outages;
· power failures;
· failures or interruptions of third-party infrastructure;
· validator failures;
· oracle failures;
· bridge failures;
· force majeure events; and
· any other technological or operational events beyond Bitunix's reasonable control.
Bitunix does not guarantee the security, stability, functionality, availability or continued operation of any blockchain network, Digital Asset, protocol, smart contract or third-party project.
M. Monitoring Risks
Digital Asset markets operate twenty-four (24) hours a day, seven (7) days a week.
Rapid and significant price movements may occur at any time, including outside normal business hours, weekends and public holidays.
You may therefore be exposed to substantial gains or losses before you are able to monitor or respond to market movements.
N. Communication Risks
When communicating with Bitunix through electronic communications, including email, website functions, mobile applications or other electronic means, you acknowledge that such communications may fail, be delayed, intercepted, corrupted, lost, altered or otherwise not reach their intended destination.
Bitunix does not guarantee the security, integrity, authenticity or timely delivery of any electronic communication.
O. Currency Risk
Where your transactions involve more than one currency or fiat currency, exchange rate fluctuations may affect the value of your Digital Assets, profits, losses, deposits, withdrawals or other amounts payable or receivable by you.
Foreign exchange movements may significantly increase your losses or reduce your returns.
P. Legal and Regulatory Risk
Changes in laws, regulations, regulatory policies, enforcement practices, judicial decisions or governmental actions may materially affect the value, legality, availability or transferability of Digital Assets.
Such risks are inherently uncertain and may differ across jurisdictions.
P-1. Regulatory and Compliance Risk
The Digital Asset industry is rapidly evolving, and applicable laws, regulations and regulatory expectations may change at any time without prior notice.
Regulatory developments may result in, among other things:
· certain Digital Assets becoming prohibited or restricted;
· certain products or services being suspended or discontinued;
· restrictions on trading, transfers, deposits or withdrawals;
· changes to the jurisdictions in which Bitunix Services are available;
· restrictions, suspension or closure of user accounts;
· additional identity verification or compliance requirements;
· reporting obligations to governmental authorities; or
· significant changes in the value or liquidity of Digital Assets.
You are solely responsible for ensuring that your access to and use of Bitunix Services complies with all laws and regulations applicable to you.
Bitunix reserves the right, at any time and without prior notice where permitted by applicable law, to suspend, restrict, modify or terminate any Bitunix Service, or restrict, suspend or terminate your Account, where required by applicable law, regulatory requirements, sanctions obligations, court orders, governmental requests or Bitunix's internal compliance and risk management policies.
P-2. Government Orders, Judicial Proceedings and Law Enforcement Risk
Bitunix may be required, pursuant to applicable law, court orders, judicial proceedings, law enforcement requests, regulatory directions or other legally binding governmental requirements, to freeze, suspend, restrict, hold, transfer, seize, confiscate, return or otherwise deal with your Account or any Digital Assets held in connection with your Account.
Where permitted or required by applicable law, Bitunix may take such actions without prior notice to you. During the relevant period, you may be unable to access, withdraw, transfer, trade or otherwise deal with all or part of your Digital Assets.
Bitunix may also be required to disclose information relating to your Account, Digital Assets or transactions to competent governmental authorities, courts, regulators or law enforcement agencies in accordance with applicable law.
To the fullest extent permitted by applicable law, Bitunix shall not be liable for any loss, delay, restriction, inability to access Digital Assets, or any other consequences arising from its compliance with applicable law, court orders, judicial proceedings, regulatory requirements or legally binding governmental requests.
Q. Language
This Risk Disclosure may be translated into multiple languages for your convenience. The translated versions are provided for convenience only. In the event of any inconsistency, discrepancy or conflict between the English version and any translated version, the English version shall prevail to the fullest extent permitted by applicable law.
User Acknowledgement
By accessing or using any Bitunix Service, you acknowledge and confirm that:
· you have carefully read and fully understood this Risk Disclosure;
· you understand the nature and risks associated with Digital Assets and Bitunix Services;
· you possess sufficient knowledge, experience and ability to assess the risks associated with your transactions, or have obtained independent professional advice where appropriate;
· you are capable of bearing partial or total loss arising from your transactions, including the possible loss of all Digital Assets, margin, collateral and other assets held in connection with your use of Bitunix Services;
· all investment decisions and transactions are made independently by you at your own discretion and risk; and
· you voluntarily assume all risks associated with your access to and use of Bitunix Services.
Thank you for your trust and support.
Bitunix Team