EXMO Staking Service Agreement

August 11, 2022

Last updated:  August 11, 2022

 

  1. Overview

1.1 The Staking Service (the “Service”) is offered by EXMO TRADING LTD, a British Virgin Islands company (EXMO, we, us) that allows one to earn rewards by staking Cryptocurrencies. In order to use the Service, you must read and abide by the Staking Service Agreement (“Agreement”). Please  ensure to read carefully and fully understand the terms and conditions before choosing to accept or not accept this Agreement.

 

1.2 Unless you have read and accepted all the terms of this Agreement, you are not authorized to use the Staking Services. Your acceptance of this Agreement and your use of the Service represents that you have read and agreed to this Agreement and that this Agreement is legally binding on you.

 

  1. Definition

“Business Day”: means any calendar day other than Saturday, Sunday or any other day on which banks are closed in London (UK).

 

“On-Chain Staking Service”: when a User buys or holds one of the Cryptocurrencies eligible for Staking and consents to such Cryptocurrencies being staked in part or in entirety by EXMO. Staking Rewards are calculated and initiated by the dedicated PoS blockchain. EXMO is not responsible for the conditions and results of the Staking process of the relevant PoS blockchain. Staking Reward earned by the Users is determined by, and subject to the rules of the PoS blockchain, which may be changed or modified by such PoS blockchain at their sole discretion. EXMO shall remit to you the applicable percentage of Staking Rewards received from the supported token protocol attributable to your staked Cryptocurrencies. EXMO has no control over, nor will EXMO be liable for, any change made by any PoS blockchain.

 

“Off-chain Staking Service”: allows you to contribute available EXM Coin (“EXM”) to us in exchange for the opportunity to earn Staking Rewards (as defined herein). The Off-chain Staking Service may be made available by EXMO to users who fulfill the eligibility criteria of the Agreement; provided, however, that you may not use the Off-chain Staking Service if you are located in or a national or resident of: the United Kingdom or the United States.

 

“Staking”: the User will stake and freeze a certain amount of an agreed Cryptocurrency in the  EXMO Pool. After Staking, the User will not be able to trade the staked and frozen Cryptocurrency in the User’s Account.

 

“Staking Period”: the time period for the User to stake the Cryptocurrency.

 

“Staking Rewards”: the User may earn rewards on staked Cryptocurrencies. Staking Rewards are not guaranteed and the rates and timing of Staking Rewards may vary. EXMO reserve the right to adjust Staking Reward rates in its sole discretion. All Staking Rewards will be paid to your EXMO Account in the same Cryptocurrency as the applicable staked Cryptocurrency.

 

  1. Eligibility to Use the Service

3.1 You understand and confirm:

You have agreed to abide by the EXMO Staking Service Agreement and you are eligible and not to be prohibited from using the Services defined therein;

If you are registering the Service in your personal capacity, in order to effectively accept this Agreement, you must be at least 18 years old, with full civil rights and civil capacity, and have all the necessary authorities and abilities to sign this Agreement. Once signed, it is binding on you;

If you are registering to use the Service on behalf of a legal entity, in order to effectively accept this Agreement, you declare and guarantee that (i) such legal entity is legally established and valid in accordance with applicable laws; (ii) you are duly authorized by the legal entity to have the right to act on their behalf.

You have the experience and risk tolerance of using the service, and have the experience and knowledge to buy/sell Cryptocurrencies;

In order to use the Service, you have the ability to perform operations on the Internet;

This Agreement does not conflict with the laws of your country or region, and you promise that you will comply with the laws of your country or region;

You are the legal owner of the Cryptocurrencies in your Account and guarantee that the sources of these Cryptocurrencies are legal.

 

3.2 You agree and promise:

You will not use the Service for any illegal purposes, including but not limited to illegal gambling, money laundering, fraud, extortion, data breaches, terrorist financing, and any other violent activities or any businesses prohibited by the law.

You will not conduct, initiate or promote any forms of market manipulation or other forms of illegal conduct, including but not limited to illegal gambling, money laundering, fraud, extortion, data breach, terrorist financing, and any other violent activities or businesses prohibited by the law.

 

3.3 You understand and accept the risks that may arise and the related losses you may suffer from using the Service, including but not limited to:

The risks you may suffer from the risks associated to the inability to trade the staked Cryptocurrencies. You are willing to bear the funding risks and potential financial losses caused by Staking;

High price fluctuations of Cryptocurrencies  may cause significant or total losses in a short period of time;

Technical anomalies may occur, which may delay or prevent you from using the Service and result in losses of your Cryptocurrencies;

Market anomalies and unforeseen events may occur, which may result in losses of your Cryptocurrencies;

User hereby warrants that the User has the necessary experience and knowledge to use Staking and understands and acknowledges the potential risks of using Staking. Users should carefully consider and evaluate their financial condition along with the above-mentioned risks before making any decision to use Staking.

 

  1. Use of this Service

4.1 To start Staking you need to have available to Staking Cryptocurrency on your Account.

 

4.2 Staking rules: You need to create Staking contract. Each Staking contract has its own Staking Period depending on the Cryptocurrency. The beginning of Staking Period is 00:00 UTC following the day when Staking contract started.

 

4.3 At the end of the Staking Period, the amount of frozen Cryptocurrency is returned to the Account. The Staking Reward is credited within 24 hours after the end of the Staking  Period, starting from 00:00 UTC the next day.

 

4.4 Default Settlement: If a User requests to terminate Staking contract  before the expiration of the Staking Period, the User will not be entitled for Staking Rewards.

 

4.5. EXM holders can increase their Staking Rewards with special staking packages:

  • Standard Staking
  • Advanced staking.

In order to qualify for one of the special Staking packages and receive an increased Staking Rewards, you need to hold the required amount of EXM in your Account for the entire Staking Period. In the event of a decrease in the number of EXM, your annual rate will be reduced to the terms of Standard Staking.

 

4.6 You grant us the right, to the fullest extent that we may effectively do so under applicable law and without further notice to you, to utilize Staked Cryptocurrencies at our discretion; provided, that the quantity and type of your Staked Cryptocurrencies will be returned to you when you terminate the Staking contract or at the end of the Staking Period, whichever date comes first.

 

  1. Liabilities

5.1 You agree and accept that the User’s estimated Staking Reward displayed on EXMO Platform is an estimation but not a guaranteed or promised actual Staking Reward. The actual Staking Reward may not meet or may be lower than the estimated Staking Reward. Your final Staking Reward will be based on your actual Staking Reward. EXMO does not promise or guarantee your estimated Staking Reward or actual Staking Reward you will receive.

 

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

 

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

Service suspension for maintenance as announced by EXMO;

System failure to transmit data;

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

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

Losses due to technical problems that cannot be predicted or solved by existing technical forces in the industry;

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

Losses to you or other third parties due to changes in laws and regulations or government orders;

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

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

 

5.4 You agree and accept that EXMO shall not be liable for any losses caused by the risks described in Section 3.2 of this Agreement (including but not limited to any direct or indirect losses, actual losses or possible loss of profits).

 

5.5. NO EXMO ENTITY IS A BANK OR OTHER DEPOSITORY INSTITUTION. YOUR EXMO ACCOUNT IS NOT A DEPOSIT ACCOUNT OR A BANK ACCOUNT. THE OFF-CHAIN STAKING SERVICE IS NOT A DEPOSITORY OR BANK PROGRAM.

 

5.6 You agree and accept that staked Cryptocurrencies are not covered by insurance against losses or the protections of any comparable organization anywhere in the world.

 

  1. Mandatory Measures

You agree and accept that EXMO strictly prohibits unfair trading practices. EXMO reserves the right to exercise control over your Account or shut down your Account if you perform the following actions:

Price manipulation or any other malicious market behaviors;

Harming other Users or EXMO using the loopholes of the Service or other unreasonable means;

Participation in any activities that EXMO regards as harmful to the market;

Violation of law and regulations.

In order to eliminate any adverse effects on the overall market, EXMO reserves the right to take the following measures at its sole discretion, including but not limited to the closing down of your account, restricting or canceling your commands. You understand and agree that EXMO shall not be liable for any losses (including but not limited to any direct or indirect losses, actual losses or losses of possible profits) incurred by you in connection with the above measures.

 

  1. Indemnification

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

 

7.2 You hereby agree to defend, indemnify and hold EXMO not liable from any claim or demand (including reasonable legal fees) made or incurred by any third party against EXMO due to or arising out of your breach of this Agreement, your improper use of the Service, your violation of any law or the rights of a third party and/or the actions or inactions of any third party to whom you grant permissions to use your EXMO Account or access our Website, software, system (including any network and servers used to provide any of the Service) operated by us or on our behalf, or any of the Services on your behalf.

 

  1. Miscellaneous

8.1 The contents of this Agreement also include EXMO’s various system specifications, other agreements or rules, and other relevant agreements and rules regarding the Service that EXMO may issue from time to time. Once the above content is officially released, it is an integral part of this Agreement, and you should also abide by it. In the event of any conflict between the above content and this Agreement, this Agreement shall prevail.

 

8.2 EXMO has the right to change the terms of the Agreement. The changes take effect 1 (one) Business day after the new version of corresponding documents is published on the Website.

 

In accordance with the Consumer Protection Act, we will provide you with a supporting notification of such changes or updates to our public documents or policies on the Website at the earliest opportunity with reasonable notice via message on User Account Data indicated email and/or a pop-up notification on this Website. Given such notification you will have the right to either accept and use our Services, or, upon declining to accept it, you are able to withdraw from the Agreement and close your Account.

If you do not accept the new version of the Agreement, the Staking Services will be terminated.

 

You agree that regardless of any statute or law to the contrary, any claim or cause of action arising out of or related to use of the Agreement must be filed within 1 (one) year after such claim or cause of action arose or be forever barred.

 

8.3 You should carefully read the Agreement, and any document referred to in Section 8.1 and 8.2 of this Agreement that constitute the contents of this Agreement. If there is anything that you do not understand in the Agreement and any document referred to herein, you should contact EXMO and seek for clarification. Unless otherwise instructed by EXMO, any formal communication and document transfer between you and EXMO should be undertaken through email. You are also able to contact EXMO telephonically as informal communication. Any formal communication between you and EXMO should, unless otherwise agreed, be made in the English language. In the event of any discrepancy between the communication in English and that in a foreign language, the English version shall prevail. In the event of any discrepancy between any formal and/or informal communications and the Agreement, the Agreement shall prevail.

 

To EXMO: Email: [email protected]

 

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

 

8.5 The failure of our enforcement of any right or provision of this Agreement will not be deemed a waiver of such right or provision.

 

8.6 This Agreement, your use of the Services, any claim, counterclaim or dispute of any kind or nature whatsoever arising out of this Agreement, directly or indirectly, shall be governed by, and construed in accordance with the laws of England and Wales without regard to the principles of conflicts of laws thereof.

 

8.7 Jurisdiction and Dispute Resolution

Should there be any disputes regarding matters stipulated herein, the Parties shall take all measures possible to resolve them by negotiations.

Should the Parties fail to reach an agreement by means of negotiations, any dispute arising from this Agreement or related hereto, including any matters concerning essence, existence, validity or termination of this Agreement shall be considered and finally resolved in accordance with the Rules of London Court of International Arbitration (LCIA) in the wording effective as of the moment of consideration, deemed to be part of this Agreement. The number of arbiters shall be 3 (three), elected in accordance with the LCIA Rules. The place of arbitration shall be London, United Kingdom. The arbitration shall be held in English, the decision shall be executed in English. The Parties shall agree that the information of arbitration, including but not limited to the information of any arbitration decision, shall be deemed confidential and not disclosed to any third parties without the written consent of the Parties, unless required by Law. This decision shall be final and binding for both Parties,

Any arbitral award shall be final and binding upon the parties hereto and shall be enforceable in any competent court which has jurisdiction.

 

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