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Terms of Use

Effective Date: July 9, 2020

 

         

 

Article 1 Purpose

The purpose of this Terms of Use is to define the rights, obligations, responsibilities and other necessary matters of Way2Bit Co. Ltd.(hereinafter referred to as the Company) and its Members regarding the use of BORA and BORA related services (hereinafter referred to as the Service) provided by the Company.

 

Article 2. Specification, Effect and Modification of Terms of Use

The contents of this Terms of Use shall be effective after being posted on the initial screen of the website for individual Services of services provided by the Company or otherwise notifying Members and shall enter into force between the Company and Members that have consented hereto.

 

If necessary, the Company may change this Terms of Use within the scope not contravening the relevant laws and regulations.

 

In the event that the Company revises this Terms of Use, the amended contents shall be announced or notified by the Company at least seven (7) days prior to the effective date; or for thirty (30) days prior to the effective date if the foregoing modification is unavoidably operates to Members’ disadvantage.

 

Unless Members explicitly refuse to accept the aforementioned modification until the day before the effective date, the Company shall presume your consent thereto.

 

If the Member does not agree with the amended Terms of Use the Member may express his/her intention to refuse up until the day before the effective date and terminate the Terms of Use.

 

Article 3. Additional Terms

Any matters that are not prescribed in this Terms of Use shall be subject to the relevant laws and regulations or provisions of various operational policies publicly notified to Members by the Company, including, but not limited to, Terms of Use of individual Services, and Operation Policies on Service set forth by the Company.

 

Article 4. Definition of Terms

he Terms herein shall be defined as follows:

 

“Service” refers to any service related to BORA that a Member can use regardless of the terminal (including various wired and wireless devices such as PC and portable terminal)

 

“Member” refers to a person who uses BORA account, after having agreed to this Terms of Use in the individual Services associated with BORA account or on the BORA account website.

 

“Account (Email)” refers to an email address with a combination of letters, numbers and special characters set by the Member and approved by the Company for identification of the Member and for use of the Services after the Member agrees to this Terms of Use and the Privacy Policy.

 

“Password” refers to a combination of letters, numbers and special characters set by the Member to confirm that the person who uses the Account is indeed the Member who agreed this Terms of Use, and to protect the personal information of the Member.

 

“Nickname” refers to a unique name (a combination of letters and numbers) collected by the Company of a Member who has agreed to this Terms of Use and the Privacy Policy to use the Services.

 

“Digital Asset” refers to the information that exists electronically in BORA blockchain network, such as BORA, SHELL and NFT tokens (tentative name) which are the objects used in the Services.

 

“Content” refers to information or material in online digital formats such as symbols, letters, figures, colors, voices, sounds, images, videos, etc., provided by the Company to Members.

 

“Partner” refers to a company that provides some of the important features of the Services such as login features, digital asset trading and use, etc. by concluding partnership agreements with the Company.

 

Article 5. Conclusion of Service Agreement

A person who wants to become a Member shall agree to the Terms of Use provided by the Company and apply for membership in accordance with the procedures prescribed by the Company. This Terms of Use is concluded as soon as the Company accepts the application.

 

The Company may not accept the application of the applicant for the following reasons. Even after sign-up, the Company may cancel the acceptance or terminate the agreement for the following reasons:

 

If the Company has deleted the Account according to this Terms of Use

 

If the applicant has provided false or misleading information or has not provided the content requested by the Company

 

If the applicant has attempted to create an Account using personal information of others such as an other’s email address

 

If the applicant is under 16 years old at the time of applying for membership

 

If the applicant is in violation of other related laws or regulations set by the Company

 

The Company may reserve the Account creation in the following cases:

 

In case that there is either no availability in the Company’s facilities or technical hurdles

 

In case that it is judged that there is a technical issue detected in providing the Services

 

Other financial or technical cases where the Company deems it necessary to hold

 

Article 6. Modification of Member Information

A Member may view and modify his/her personal information through the Service at any time. However, modification of some information required for Service management may be limited.

 

Members must notify the Company of any changes made to the information entered at the time of signing up directly via the modification in Services or via the customer center.

 

The Company shall not be liable for the disadvantages caused by a Member not informing the Company of the changes as outlined in Paragraph 2.

 

Article 7. Managing Member Information

The Company may limit the use of a Nickname if the Nickname has an associated risk of personal information leakage, if it has the possibility of being mistaken as the Nickname of another person who is not the Member, if it is anti-social or commits a moral violation, if it violates the rights of a third-party, or it if has the possibility of being mistaken as the Company or the Company operator. In addition, the Company may also otherwise restrict the use of the Nickname if the Company deems it necessary by reasonable judgement.

 

Members are fully responsible for the management of their Account and Password. The Members are responsible for all the consequences resulting from negligent management of the Account and Password they receive, fraudulent use, and acceptance of the use of the account by a third-party, and the Company shall not be liable for it. However, this shall not apply in cases where the consequences are the result of the intention or negligence of the Company.

 

Members are responsible for keeping all information required for accessing the account secure, including Password, to prevent unauthorized third parties from unauthorized access to their account.

 

The Members shall notify the Company immediately if they lose access information to their account or recognize that it has been stolen or disclosed to a third-party. The Company may immediately take measures to suspend the use of the account.

 

Article 8. Privacy Protection

The Company strives to protect the personal information of its Members as stipulated by related laws such as the Act on Promotion of Information and Communications Network Utilization and Information Protection, etc., and the Personal Information Protection Act. The protection and use of personal information is subject to the related laws and the Company’s Privacy Policy.

 

Except for the individual Services provided as part of the Services, the Company’s Privacy Policy does not apply to services provided by third parties that are simply linked to the Services.

 

The Member must manage his/her personal information in good faith for the use of the Service and make any necessary personal information changes. Members are responsible for damages caused by delays or omissions of personal information changes. The Company shall not be liable for any information, including the Members’ membership information, exposed due to the fault of the Members.

 

Article 9. Company Obligations

The Company shall not engage in acts prohibited by the related laws and this agreement, or that are socially unacceptable, and shall do its best to provide the Service continuously and stably.

 

The Company shall have a security system to protect the Member’s personal information (including credit information) so that the Member can use the Service safely and shall disclose and comply with its Privacy Policy. The Company shall not disclose or provide any personal information of any Members to any third-party excepts as provided in this Terms of Use and the Privacy Policy.

 

The Company shall deal with any suggestions or complaints from Members regarding the use of the Service if it is found to be justified. For suggestions or complaints submitted by Members, the process and results shall be notified to the Members via board or email.

 

In the event of a failure of equipment or loss of data or damage during the course of Service improvement to provide continuous and stable service, the Company shall make every effort to repair or restore it without delay, unless there are unavoidable reasons such as natural disasters, emergencies, defects or obstacles that cannot be resolved by current technologies.

 

Article 10. Member Obligations

Members shall not commit the following acts:

 

Stealing another person’s information

 

Impersonating an employee of the Company

 

Changing information posted by the Company

 

Transmission of or posting information (computer programs, etc.) other than information set by the Company

 

Infringing Company’s intellectual property rights or those of a third-party, including copyrights

 

Defaming or causing business obstruction of the Company or a third-party

 

Disclosing or posting obscene or violent messages, images, recordings, false facts, or other socially unacceptable information while using the service

 

Using the Service for commercial purposes without the Company’s prior consent

 

Accessing the Service via automated means such as Agent, Script, Spider, Spyware, Toolbar, or other fraudulent means without the Company’s prior consent, creating or increasing the number of exposures and clicks illegally, requesting use of the Service, or causing a load on the Company’s server

 

Collecting personal and account information from other Members

 

Disturbing the sound trading order such as by unfairly affecting the market price of Digital Asset

 

Other illegal or unlawful act

 

Violating the current laws, the Terms of Use and operational policies provided by the Company, and other regulations related to the use of Service

 

he Company may delete or temporarily delete relevant posts, restrict the use of the Service, or unilaterally terminate this agreement if the Member conducts any of the acts outlined in Paragraph 1.

 

Article 11. Ownership Rights

Copyright and intellectual property rights in the Service shall belong to the Company.

 

The Company grants to the Members only the right to use the Services in accordance with the terms and conditions set by the Company in connection with the Service, and the Member cannot conduct any disposition such as transfer, sales, or providing any collateral.

 

Article 12. Service Provision

The Company, either alone or in partnership with other companies, provides Members with the following services:

 

Services that send Digital Assets owned by Members to other Members or non-Members via an electronic wallet

 

DApp portal service for content application distribution and user activity promotion

 

Providing blockchain infrastructure services and all Services for DApp service operation

 

Other management services that aid in the use of services

 

The types of services provided by the Company may be changed or terminated at any time according to the circumstances of the Company.

 

Article 13. Modification of Service

The Company may change the Contents, and operational or technical matters of the Service in order to provide a stable Service.

 

The Company shall notify Members of the characteristics, procedures, and methods for each Service according to the type of service via the Service screen, and the Member shall understand the matters related to each Service announced by the Company and use the Service.

 

Modification of the Service shall be notified via the registered email address of the Member and the notice page of the Services no later than seven (7) days before the change. Unless otherwise stipulated by applicable laws, the Company shall not be liable for any damages cased by the failure of the Member to inquire about the contents of the announcement or the failure of the email service unless there is intention or negligence by the Company.

 

Article 14. Maintenance and Suspension of Service

The use of the Service is available 24/7 in principle, unless there is a special obstacle inhibiting Company business or technology. However, this shall not be the case on the date and time set by the Company due to the necessity for Service check.

 

The Company may divide the Services into a certain range so that the available time for each range can be set separately. In this case, such details will be announced in advance.

 

The Company may limit or suspended all or any part of the Services without prior notice in the following cases:

 

In unavoidable cases due to failure or repair of equipment for Service

 

In case a common telecommunications business operator under the Telecommunications Business Act terminates telecommunication services

 

In case the financial institution of the Company or Member’s financial institution has a failure

 

In the case of the stopping to a service provided by a third-party, such as a partner that provides a service that is not provided directly by the Company

 

Force majeure

 

The Company may limit or suspend all or part of the Service in case of any disruption in the normal use of the service due to national emergency, power failure, failure of the service facility, or excessive use of the service.

 

The Company may discontinue all Services if it is no longer possible to maintain them, due to relevant business reasons such a s business transfer, division, merger, etc., expired agreement with partners, or significant profit deterioration of the service. In this case, Members shall be notified with the suspension date, reason for suspension, and how to transfer their digital assets by thirty (30) days before the suspension unless there are other unavoidable reasons.

 

Article 15. Service Fee

Members shall pay fees when using services provided by the Company, such as digital asset trading and withdrawal services. The service fee is stated on the service website or application and may change depending on the situation of the Company and the market.

 

Service fees may vary depending on the nature of the Services.

 

Article 16. Use of Digital Asset

Members can deposit and withdraw digital assets through an external electronic wallet at any time.

 

The amount of withdrawals paid by the Company upon withdrawal request of a Member shall be limited to the balance of the Member’s Digital Assets.

 

If a Member wishes to withdraw his/her SHELL, he/she can switch it to BORA tokens and withdraw to the external electronic wallet. However, BONUS BORA and BONUS SHELL paid for events are only available within the service and are limited in external withdrawals and transfer between users.

 

The one-day limit and procedure for withdrawals will be as specified on the Service website.

 

Despite withdrawal requests from Members, withdrawals may not be available due to the following reasons:

 

If the balance is less than the withdrawal fee

 

If a Member wants to withdraw more than the daily trading limit

 

Member is responsible for the accuracy of the external electronic wallet address that he/she provides, and the Company shall not be responsible for sending Digital Assets to an external electronic wallet address which the Member has misrepresented.

 

The Company shall suspend the Service if the request for withdrawal by the Member is deemed to be money laundering, financing of terrorism, or suspicious transaction under the Act on Reporting and Using Specified Financial Transaction

 

Information. The Company shall not be responsible for any losses or damages incurred by the Member requesting withdrawal unless there is intention or negligence of the Company.

 

The Company may set a minimum unit amount for all transactions using the Services and may deduct Digital Assets less than that amount. In this case, the Company will not pay any compensation for the amount that is deducted.

 

The Company may add or exclude individual digital assets available to Members in the Service if there are unavoidable reasons for discontinuing service such as the defect of the digital asset itself, bankruptcy and dissolution of important partners or termination of digital asset service, government policy such as related laws and supervisory authorities, or reasons similar. The Company will make reasonable efforts to notify Members in advance of the removal of digital assets. If certain digital assets are excluded from the Services provided by the Company, the Company will support transfer (withdrawal) of digital assets to a personal wallet issued by an external exchange for a period at least 30 days from the date of notice of discontinuance of the digital asset’s service.

 

Article 17. Digital Asset Price

The prices of Digital Assets shall be based on the standards provided by CoinMarketCap (https://coinmarketcap.com).

 

Members shall not require the Company to assume responsibility for profit or loss due to the difference in the market price of digital assets when using the Service.

 

Members cannot claim the increase and decrease of difference according to the difference in the market price, and the Company shall not return the difference based on the market price.

 

Article 18. Operation Policy and Principle

In order to apply this Terms of Use, protect the rights and interests of the Members, and maintain the order within the Service, the Company may set a separate service operational policy.

 

Members shall confirm and comply with the service operational policy set forth by the Company.

 

Article 19. Restriction on Use

The Company may limit the Service use and login of Members in accordance with the following criteria:

 

In the case of consecutive password errors

 

In the event of hacking or fraud incident

 

In the case of suspected identity theft

 

In the case of impersonating a Company employee

 

In the case a government agency requests restriction of services in accordance with related laws

 

In the case of involvement or reasonable suspicion of involvement in market price adjustment, money laundering, unfair trade, or criminal activity

 

In the case that a registered Member is identified as under 16 years old

 

In the case that there is a request to unsubscribe

 

In the case of a significant circumstance that is suspected to be a fraudulent activity, such as rejecting a request for verification of error information generated during the transaction process

 

In the case of suspicion that the name of the actual Member does not match the name of the Member as entered, such as if the Member allows a third-party to use the account or rents the account

 

In the case of breach of the Terms of Use or service operational policy

 

Other cases where the administrator determines that serious disruption is being caused to normal service provision

 

The Company may suspend or limit the use of a Member’s wallet in case of any of the following:

 

In the event of hacking or fraud incident or a suspected hacking or fraud incident

 

In the case of suspicion that the name of the actual Member does not match the name of the Member as entered, such as if the Member allows a third-party to use the account or rents the account

 

In the case that provision of Services to Members by the Company is discontinued due to court judgments, decision, orders and/or cooperation with investigations by investigative agencies

 

In the event that the use of the Service is restricted, or the agreement is terminated pursuant to this Article, the following shall be communicated to the Member in advance. However, if it is necessary to take urgent action, it may be communicated later.

 

Reason for the restriction on use

 

Type and duration of the restriction on use

 

How to file an appeal against the restriction on use

 

Members may file an appeal against the restriction on use in accordance with this Article through the BORA Customer Center. In such case, if the Company admits that the objection is justified, the Company will resume use of the Service immediately.

 

Article 20. Termination of Service Agreement

If a Member intends to terminate a service agreement, he/she may at any time submit a request to unsubscribe to Account Management or customer center according to the procedures set by the Company. In case of unsubscribing, the processing of personal information is subject to the Company’s Privacy Policy.

 

The Company may restrict the use of the Service and request corrective actions in the event of any of the following. If it is not corrected within a reasonable period despite the request for corrective action, or if the same violation is repeated more than once, the service agreement may be terminated.

 

In the case of Member Obligations set forth in Article 10 of this Term and reason for Restriction on Use set forth in Article 19

 

In case of violation of related laws, such as providing illegal programs in violation of copyright law or interfering with operation, illegal communication or hacking violating the Act on Promotion of Information and Communications

 

Network Utilization and Information Protection, etc., deployment of malicious programs, or exceeding access rights

 

In case of committing or attempting acts that interfere with the smooth progress of the services provided by the Company

 

Other cases where there are reasons like those listed above such that this agreement cannot be maintained

 

The Company may destroy the personal information of an Account without service use for more than one(1) year, and terminate the service agreement or manage the personal information of the account separately from that of other Members, and restrict the use of the Service in order to protect the personal information of the Member and to prevent account theft.

 

Upon termination, all benefits acquired by using the Service will be terminated and the Company will not compensate for them.

 

In case of termination of the service agreement pursuant to this Article, the Company shall notify the Member in the manner pursuant to Article 21.

 

When the termination of the service agreement is completed, all information will be deleted, except for the information that the Company must retain in accordance with the related laws and its Privacy Policy.

 

Article 21. Notification to Members

The Company may notify its Members via an email address which they provide, unless there is a separate regulation in this Terms.

 

In case of notification to all Members, the Company may substitute for the notification in the preceding Paragraph by publishing on a board in the Service for seven (7) days or more.

 

Article 22. Payment

The price of paid content shall be the price displayed in the store on the service. However, the estimated payment amount at the moment of purchase and the actual payment amount may differ due to the exchange rate and the fee at the time of payment.

 

Members shall pay the payment amount in accordance with the policies and methods set by the Partners.

 

Payment limits may be adjusted according to the Company and Partner policies and government policies.

 

Article 23. Withdrawal

Paid content purchased by Members is divided into content that can be withdrawn and content that cannot be withdrawn. Content that can be withdrawn can be withdrawn within seven (7) days of purchase. In case of content that exceeds this period or content that falls under the reasons for restrictions on withdrawal stipulated in related laws such as the Act on the Consumer Protection in Electronic Commerce, etc., the withdrawal will be limited. Content that cannot be withdrawn shall have an indication that the content is restricted or is provided as free content for trial use.

 

In the case of paid content that can be withdrawn, the withdrawal may be restricted if the paid content is consumed, seven (7) days have passed after the purchase, if the value of the goods is significantly reduced, or owing to the occurrence of other reasons that restrict the withdrawal of the Member.

 

Content that was not purchased directly by the Member, such as the content that the Company provided free to Members (including paid and free contents) and paid contents received as gifts, will not be subject to withdrawal.

 

Article 24. Limitations of Liability

Both the Company the Members are liable for any damages to the other party in violation of this Terms of Use. However, this shall not apply if there is no intention or negligence of the actor.

 

The damage caused by the Partners shall be governed in accordance with the terms of the partners, and it shall be the principle to resolve any disputes between the Partners and the Members.

 

The Company shall not be liable for any damages to the Member caused by any of the following reasons, if the Company proves that it has taken the necessary precaution as administrator to prevent the loss of the Member.

 

In case of force majeure such as a war, an incident, natural disasters, or a national emergency

 

In case of compliance with government agencies' actual or legal administrative disposition and orders

 

In case of the service failure of a telecommunication service provider, including a common telecommunications business operator under the Telecommunications Business Act

 

In case of service failure due to fault of the outsourcing system that cannot be managed by the Company or cause of Member's fault

 

In case of failure or error of an in-service trading system, deposit and withdrawal system, or mainnet network

 

In case of a service failure caused by the fault of the Member

 

In case of damages caused by intention or negligence of the Member

 

The required administrator’s precautions as outlined in Paragraph 3 of this Article include the following:

 

Appointing and managing Chief Information Officer

 

Training session on Information Security

 

Protection measures in computer room (place where computer equipment, communication and security equipment are installed, which is essential or contains important information for the Company’s essential business, digital asset transaction), facilities in the building where the computer room is located, information protection system (equipment and programs for protecting information from information leakage, forgery, corruption, or otherwise interfering with the normal service of an information processing system), and information processing system (hardware, software and related equipment used in the information technology sector, including digital asset transactions)

 

Management scheme for encryption key (a private key for signing required to prove disposition rights to digital assets)

 

Establishing information security incident response plan

 

Article 25. Governing Law and Jurisdiction

The laws of the Republic of Korea shall govern this Terms of Use, the Service provided by the Company, and disputes between the Company and the Member.

 

If any dispute arises in connection with this Terms of Use or the Services provided by the Company between the Company and the Members, the Company shall negotiate in good faith to resolve the dispute. Nevertheless, if not resolved, the dispute shall be resolved in accordance with the procedures stipulated in the Civil Procedure Act in the Republic of Korea.

 

For EU users, in the event of a dispute relating to the interpretation, the performance or the validity of the Agreement, an amicable solution can be sought before any legal action. You can file your complaint by sending a message via email to cs@zendesk.way2bit.com. In case of failure, you can, within one year of the failed request, have recourse to an Alternative Dispute Resolution procedure by filing an online complaint on the European Commission’s Online Dispute Resolution website:

https://webgate.ec.europa.eu/odr/main/index.cfm?event=main.home.chooseLanguage

 

© Way2Bit Co. Ltd. All Rights Reserved.

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