Terms and Conditions
Notice the main contents of the Terms and Conditions
1. This terms and conditions of membership define the general requirements between member and CoinBin (hereinafter “company”).
The company provides the separate terms and conditions for corporate membership. The terms and conditions for corporate membership can be found in Article 22.
2. In terms of the transaction occurred by member and the company, the cryptocurrency is not the legal tender of Republic of Korea, so that no agencies resides in the country and abroad including the company has responsibility to guarantee the value or payment. Furthermore, the value of cryptocurrency may get negative effects from the change of government’s regulation and market environment. The financial concerns and interests occurred to member during the cryptocurrency transaction is all on individual member so that the company recommend member to be careful for the transaction and to avoid an immoderate transaction and investment.
(The caution of use of cryptocurrency and notice about the danger – partial revision).
3. The company’s service is provided with limit to underage user and/or foreign user. If a person who are underage or foreigner signed up CoinBin while the company limits the service against those users, the company can revoke membership without agreement.
(Reconfirmation of limited service to underage and/or foreign user – partial revision)
4. The company regards that all of transaction and activity are made by user’s will and decision when the logging-in information corresponds to data that user provided including User ID, password and etc. Therefore, member shall protect his/her own information such as User ID, password and security card and prevent the damage from financial incident or crime followed by the personal information leakage placed by member.
5. Coinbin applies with the company’s personal information protection policy for member’s personal information. The company regards that member agrees with providing personal information to the company and letting the company to collect and use personal information that member filled in the sign-in application by the terms and conditions of membership.
6. Coinbin can provide the personal information which are provided by member, including the real name, birth year and date, account data and contact, and transaction records to third party without the agreement by member for avoiding the money laundering. If member deny this requirement, member can quit using the service from the company.
(The agreement of providing data to third party for the money laundering avoidance – added)
7. In recent, the electronic and telecommunications financial frauds by mentioning and/or abusing the cryptocurrency frequently occur. Therefore, member must be careful to not being faced with the damage from electronic and telecommunications financial frauds. The company can lock the member’s account, electronic wallet and others and provide personal information without member’s agreement when the company is required to lock the account, electronic wallet and others and to provide information for the investigation of electronic and telecommunications financial frauds by the investigative agency, judicial agency, administrative agency and/or other governmental authorities.
(The caution of use of cryptocurrency and notice about providing the personal information – partial revision)
8. The company doesn’t have responsibility to compensate and/or pay for damage which are occurred by causes unrelated with the company such as the damage by any business including key telecommunications service provider defined by The Telecommunications Business Act, the failure occurred by the member, and the error of block chain based cryptocurrency and others.
9. The company can examine server or stop the service anytime for providing stable service and member can trade of cryptocurrency after re-opening the service. In particular, when Coinbin has concerns of damage to member by occasions such as system error caused by exploding order, the company can execute the urgent server examination over the required range and prevent the damage resulted from the failure of transaction system.
Chapter 1 General
[Article 1 (Objective)]
These Terms and Conditions aim to clearly define the right, responsibility, requirement and others of/between Coinbin (“the company”) and member regarding the condition and process to use the cryptocurrency related service (“Service”) through the Coinbin Exchange and Mobile Application (“Mobile Service”) that are provided with telecommunication devices such as Coinbin Exchange and smartphone by the company.
[Article 2 (Introduction, Explanation and Revision of Terms and Conditions)]
1. These Terms and Conditions and descriptions are informed to the user by various methods and channels including the website, and being effective after user signing-up as member an agreeing with these Terms and Conditions.
2. The company can revise these Terms and Conditions in range of not violate the related regulations such as the Regulation of Standardized Contracts Act and The Law Regarding the Promotion of Information and Communication Network Use and Protection of Information.
3. When the company revise these terms and conditions, the company shall notify the revision at the initial page of website, pop-up windows or notice section with the reason of revision and effective date from 7 days before to a day before effective date.
4. The company regards that member agree with revision if member doesn’t express the disagreement even the company notifies the revision described as above (3.) and mentions that the company will regard that member agrees with the revision if member doesn’t express the disagreement.
5. When a member expresses disagreement with the revised Terms and Conditions, the company cannot apply the revised Terms and Conditions to that member. In this situation, that member can cancel the contract to use service provided by the company. If the company cannot provide service to member without applying the revised Terms and Conditions, the company also can cancel the contract to use service between the company and that member.
[Article 3 (Outside Contract Rules)]
The interpretation of these Terms and Conditions and other matters which are not described in these Terms and Conditions depend on the Act of the Consumer Protection in the Electronic Commerce Transactions Etc., Regulation of Standardized Contracts Act, Electronic Commerce Consumer Protection Act and related regulations by FTC (Fair Trade Commission) and the general commercial practice. However, for the transaction between members through the service by the company, Door to Door Selling Act, Framework Act on Electronic Commerce, Consumer Protection Law and other related regulations are preferentially applied and member cannot claim the exemption from responsibility to the counterpart of transaction by citing the regulation.
[Article 4 (Definition of Terminologies)]
The definition of terminologies for these Terms and Conditions and for the use of service provided by the company is as below. However, the cryptocurrency is not the legal tender guaranteed by the government and there is no definition of the cryptocurrency in the legislation of Republic of Korea so that the company’s definitions do not have the force of law and follow and conform to the definitions of terminologies that are commonly used in the same industry. Therefore, even for the dispute between persons which are under these Terms and Conditions, the government agency and the machinery of law in Republic of Korea may have different opinions and definitions from the definition of terminologies in these Terms and Conditions.
1. Cryptocurrency Transaction : The automated transaction without the face-to-face or direct communications between the company and user by using the cryptocurrency transaction service provided by the company with electronic devices.
2. Service : The service provided by the company for member to execute sale and brokerage of the device, system establishment and maintenance, investment information, customer information, order, contract, transfer, payment and other processes through electronic devices such as PC and mobile with the access of system provided by the company.
3. Member : The person who agree these Terms and Conditions, sign-in as member and sign a contract of the use of service with the company.
4. ID : The unique index composed of English letter or numbers that member assigned by himself/herself to check the identification of member and to access the service.
5. Password : A secret word, phrase, or sequence of characters to verify the identification of member, to protect member’s information and to manage service security level.
6. Nickname : A unique name for easy member identification on the sidelines of e-mail. Nickname can be a sequence of characters, numbers and/or symbols.
7. Website : CoinBin website which is provided by the company for better use of service by member.
8. Seller : The member who registered or applied the component of computer and/or cryptocurrency in accordance with the format provided by the company online with the intention to sell the component of computer and/or cryptocurrency.
9. Purchaser : The member who registered or applied the component of computer and/or cryptocurrency in accordance with the format provided by the company online with the intention to purchase the component of computer and/or cryptocurrency.
10. Affiliate : A individual business or corporate body signed the contract with the company to proceed the payment.
11. Cryptocurrency: Information of digital block chain network such as BitCoin(BTC) and Ethereum(ETH) that is the transaction object of the company’s transaction service.
12. Wallet : A program to store cryptocurrency such as BitCoin. Users can transfer cryptocurrency from wallet to wallet like the way people send an e-mail to an e-mail address.
13. Address : A person can send cryptocurrency including BitCoin to another person via address. An address is public. Every people can send cryptocurrency to an address, however, the owner of this address MUST know the passcode of that address to send cryptocurrency from that address.
14. Block Chain : Cryptocurrencies have public block chain which is readable by the public. Block chain records all of transactions so that prevents fraud using cryptocurrency and ultimately secures security level of cryptocurrency.
15. Mininig : Cryptocurrency mining, or cryptomining, is a process in which transactions for various forms of cryptocurrency are verified and added to the block chain digital ledger. Miners solve complicated mathematical problems called proof of work.
16. Other terminologies that these Terms and Conditions do not provide definitions follow the definitions of the Regulation of Standardized Contracts Act and the Law Regarding the Promotion of Information and Communication Network Use and Protection of Information.
Chapter 2. Information About Risk and Caution
[Article 5 (Information about risk of transaction and caution)]
Member must read the following information about risk of cryptocurrency transaction and caution, and use the service with the obligation and the expense of assets.
1. Almost of cryptocurrencies including BitCoin have security problem by nature. Therefore, there are 51% of risk of attacking and allocation of block chain. The company notifies that there are risks and potentiality described as above. Not only the company but also every exchanges and traders are exposed to and can be affected from those risks.
2. There is no limit on the price of cryptocurrencies not like stock and the trade of cryptocurrencies occurs 24/7 in worldwide. The protection mechanisms of stock market cannot be applied to cryptocurrency transaction so that the volatility maybe amplified when the price rapidly raises or drops, and the huge loss may occurs as the value change in cryptocurrency is not limited and rapid.
3. Cryptocurrency is not the legal tender and not guaranteed by government. Therefore, the value of cryptocurrency maybe affected negative effect up to the change of regulation and/or market environment. All responsibilities of financial interest from the cryptocurrency transaction shall be on member so that the company recommend member to be careful for the transaction and to avoid an immoderate transaction and investment.
4. Cryptocurrencies that technology and safety are not proved are indiscriminately jumbled in cryptocurrency market. Those cryptocurrencies embed risks of hacking and delisting as results of flawed technology and etc.
5. The company selectively lists cryptocurrencies that technology and safety are proved, however, the company can delist specific cryptocurrency when the specific cryptocurrency or the cryptocurrency issuer have issues and has no obligations about delisting.
6. The transaction of cryptocurrency can be abused by some people doing speculative and abnormal transactions such as price manipulation. Member must be cautious about this and prevent damages and spread of damage.
7. The transaction of cryptocurrency is impossible to be canceled by nature. Although the company provides measures such as re-confirmation of order, member must pay particular attention to order the transaction.
8. The transfer of cryptocurrency is managed by block chain and it cannot be restored once it begins. Member must pay particular attentions when makes the transfer.
9. The company does not guarantee the reliability of members’ personal information while the company stores them. The company only has the obligation to immediately take appropriate actions including stop using services of the member when the company finds that specific member provided personal information that are not truth.
10. Member shall provide correct details of return address and withdrawal of cryptocurrency and KRW (real cash) to the company. The company has no obligation regarding any damage caused by member providing inaccurate information to the company, such when the company makes withdrawal based on the information that member provided.
11. The member has responsibility required by legislation when the member’s account is illegally used by the third party/person.
12. The company can put limit of the minimum amount for every transactions occur in the company’s transaction service and trim the amount below the limit. The company has no responsibility to compensate the trimmed amount at all for this case.
13. The telecommunication service that member is using is not related with the company’s transaction service. Member must be aware of the stability, speed and other features of telecommunication service that member is using. The company has no responsibility of the damage caused by the unstable network or telecommunication service status. Member must be aware of the network and telecommunication service status when making transaction, transfer and other orders and control the use of services.
14. The organizations providing service related with the transaction of cryptocurrencies are being target of high-tech crimes. The company is putting utmost efforts to protect the transaction and asset of member, however, cannot make the whole guarantee of not being attacked by the hacking or cybersecurity accidents. On the other hand, when it comes to member’s personal information leakage, the secondary accidents are frequently occur resulted by negligence of account management such as password leakage and photo of security card and hacking of cloud storage where member store his/her personal information. Member must prevent crimes by referring these statements.
15. The company provides transaction service for 24X7, however, at the same time, execute the regular server examination process for stabilization of transaction system. Although the company gives utmost efforts to minimize the inconvenience of use for members by posting the notice before the server examination, the urgent service disruptions may occur caused by unexpected situation and in this situation, the company can notify this after the situation closed.
16. The company can minimize damages to members by taking actions such as suggesting member to cancel the order when the company finds the possibility of damage to member caused by urgent server examination or other unexpected issues.
Chapter 3 Terms and Conditions of Use (Registration and Withdrawal of Membership)
[Article 6 (Validation of Service Agreement)
A user shall apply for membership registration by indicating his/her intent to consent to these Terms and Conditions after providing membership information in accordance with the registration form prescribed by the company.
2. A membership registration shall be constituted at the time when the approval of the Company arrives at the member.
3. A service agreement shall be executed by each member's ID. Once a service agreement is concluded, the applicant for the service shall be registered as a member.
4. Legal protection shall not be guaranteed to any member who provides his/her name that is not real or someone else's personal information, such as name and phone number; and those members shall be held fully accountable for both civil and criminal liabilities.
5. Any person who is under 19 years old shall be limited to the access of the service related to cryptocurrency provided by the company.
6. Person who has foreign nationality shall be limited to the access of the service related to cryptocurrency provided by the company. However, a person who applies identification verification process required by the company including e-mail authentication, registration of mobile phone and bankbook of own real name, and passport authentication may use the service.
7. Upon applications under Paragraph 1 above, the company may, when deemed necessary, request for real name verification and personal authentication through specialized institutions depending on the types of users pursuant to applicable laws and regulations. The company shall not be held liable for any disadvantages which may arise from failure to verify user's personal identification due to the user's refusal to respond to the request made by the company.
[Article 7 (Request for Use of the Service)
1. Those who wish to access the Service shall make a request for use of the service by submitting the information requested on a prescribed form provided by the company.
2. All membership information filled out on the application form via online shall be deemed as actual data; and any member who fails to provide real name or actual information shall not be legally protected and may be limited to the use of the Service.
3. When a member provides or is found later in time to have provided false or incorrect information, the company may temporarily or permanently suspend the member concerned from the use of the service and terminate the service agreement. All damages or losses caused to the company or third party arising from the above shall be fully borne by the member concerned.
[Article 8 (Approval for Use of Service)]
1. The company may approve the membership registration of the member concerned: Provided that when falling under Subparagraph 2 or Subparagraph 3, the Company may suspend the approval or refuse to approve.
2. When falling under any of the followings, the company may suspend its approval upon the request for the use of the service:
A. When the resource of the facility is limited; or technical issue arises;
B. When other circumstances arise for the company to be unable to approve the request;
3. When falling under any of the followings, the company may refuse to approve the request for the use of the service:
A. When the name provided by a member is not a real name;
B. When a member submits an application under someone else's name;
C. When required items upon request for the use of the service are falsely listed;
D. When application is made for the purpose of obstructing public peace and order or good social morals customs;
E. When requirements for the use of the service prescribed by the company are unsatisfactorily fulfilled;
[Article 9 (Consent to Use of Membership Information)]
1. The company shall use personal information of members for the purpose of fulfilling a service agreement and providing the service under the service agreement.
2. Membership information may be provided to business partners of the Company in order for members to easily access and use the Service of the Company and affiliated services: Provided that the Company shall notify members of the business partners, purpose of provision of membership information and details of membership information to be provided and obtain consent from members before providing membership information to the business partners.
3. The company can provide the personal information which are provided by member, including the real name, birth year and date, account data and contact, and transaction records to third party without the agreement by member for avoiding the money laundering. If member deny this requirement, member can quit using the service from the company.
4. The company can provide service information related with the service to member via e-mail, SMS, post, call and etc.
5. The company shall not transmit advertising information related with the service by the company and affiliated company when the member chose unsubscribing those information. However, the company still can transmit non-advertising information about the service by the company and affiliated company for ease-of-use of member via SMS or SMS URL and member can cancel the membership to not subscribe these information.
6. Members may, at any time, access and modify personal information through modification of membership information.
7. When a member provides membership information through an application for the Service and request the Company for the use of the Service in accordance with these Terms and Conditions, the member shall be deemed to have consented to collection, use and provision of membership information listed in the application for the Service pursuant to these Terms and Conditions.
8. The company shall use members’ mobile phone number which is authenticated by Nice Information Service.
[Article 10 (Suspension and Cancellation of Service Agreement)]
1. A service agreement shall be terminated through cancellation by a member or the company. The responsibility of damage caused from the cancellation by member is all on that member who made the cancellation and the company has no responsibility at all.
A) When a member intends to cancel the service agreement, he/she shall request the company for cancellation.
B) When a member falls under any of the followings, the company may restrict the member from the use of the service or terminate the service agreement.
i. When a member falls under any of the following offense;
- When a member fraudulently uses someone else's ID and password;
- When the name given by a member is not a real name;
- When a member spreads information in order to obstruct social and public interests;
- When a member engages in acts to damage someone else's reputation or cause disadvantages to others
- When a member transmits massive information or advertising information in order to obstruct stable operation of the Service
- When a member distributes computer virus programs causing malfunction of information communication equipment or destruction of information;
- When a member reproduces, distributes or commercially use the information acquired from the use of the Service without prior consent from the company
- When a member commits dual registrations with different ID's
- When a member infringes intellectual property rights of the Company, other members or third party
- When a member registers the product which is not appropriate to sell at the company or trades, tries to trade or advertises the product which obstructs social and public interests
- When personal information of users is collected, saved or disclosed without acquiring proper consent
ii. When a member falls under any of the following descriptions;
- When a member intentionally obstructs operation of the service
- When a member does not express the intention to use the service while the company notified the use of the service to the dormant account after the long-term dormant.
- When an operator or manager decides that a member is not suitable to use the service
- When an objective decision is made that the use of the Service by a member is connected to criminal acts
- When a member commits an act which violates other applicable laws and regulations
- When the company necessarily to suspend or cancel the use of the service for service improvement.
2. Procedure to Suspend or Restrict the Use of Service
i. When the company intends to restrict the use of the service, the cmpany shall specify the grounds, time and duration and notify the member concerned or his/her representative of the above in writing (including electronic mail) or by means of telephone and messenger function at the official website.
ii. Notwithstanding the above, when the company deems necessary to immediately suspend the use of the service, the company may restrict the use of the Service without the procedures prescribed in the previous Paragraph.
iii. A member who receives the notice of service suspension or his/her representative may file an appeal when he/she objects to the suspension.
iv. The company shall immediately lift the measure of suspension only when it is confirmed the grounds for suspension are resolved during the period of suspension.
3. Cancellation of Service Agreement
i. The company may terminate the service agreement when an identical act is repeated for twice or more, when the grounds for suspension are not relieved within 30 days after the use of the service is suspended or restricted, or when a member falls under any of offenses described in 1. ii..
ii. When the company terminates the service agreement, membership registration shall be cancelled. Upon such occasion, the company shall notify the member of the above and grant the member an opportunity for exculpation.
[Article 11 (Modification of Membership Information)]
1. Members may, at any time, access and modify personal information of their own through modification screen of membership information: Provided that modification of the real name, date of birth, gender and ID shall not be allowed for the purpose of the service management.
2. When changes are made to the information submitted by a member during membership registration, the member shall modify the information concerned via online or notify the company of the changes through electronic mail or other means.
3. The company shall not be held liable for any disadvantages caused because the changes under Paragraph 2 are not notified to the company.
Chapter 4 (Obligation of Members)
[Article 10 (Obligation of Members Concerning Management of Member ID, Password and OTP)]
1. All responsibilities to manage ID, password and OTP shall be borne by a member. A member shall be held liable for all consequences arising from negligent management or illegal use of ID and password granted to the member, and the company shall be completely relieved from any liabilities: Provided that the above shall not apply when the consequences arise from the intent or negligence of the company.
2. When a member learns that his/her ID is illegally used, the member must notify the company of the above and follow the guideline given by the company.
3. In the event of Paragraph 2, the company shall not be held liable for any disadvantages arising from the member's failure to notify the company of the above or to comply with the guideline given by the company after notifying the company.
[Article 11 (Provision of Information)]
The company may provide information on the use of the service and products for the members' convenience to use the Service as follows by means of wired/wireless telephone, electronic mail, text message (LMS/SMS) or SNS. Upon such occasion, members may refuse to receive the above at any time.
1. Services related to the trade of cryptocurrency
2. Services related to events and promotions
3. Other services which the Company frequently determines and provides members
Chapter 5 General Provisions on Use of Service
[Article 14 (Types of Service)]
1. The service provided by the company includes trade of cryptocurrency (Bitcoin (BTC), Ethereum (ETH), and others) (sale-related, purchase-related, provision of trade API, and services related to search of market price) and contents (gift certificate mall and pre-paid cards).
2. The types of service provided by the company may frequently change subject to the circumstances which the company is under.
[Article 15 (Notice and Modification of Service)]
1. The company shall service notices concerning characteristics, procedures and methods of each service based on the type of services through a service screen, and members shall use the service after understanding the notices concerning each service notified by the company.
2. The company may make changes to a specific service for fair operational and technical reasons. In this case, the company is required to make an announce ment at least 7 days in advance.
[Article 16 (Suspension of Service)]
1. The use of service shall be allowed for 24 hours a day in principle unless special circumstances arise based on operational or technical grounds for the company: Provided that the above shall not apply to the day or time specified by the company for the purpose of regular maintenance.
2. The company may separately determine the time for the use of service by each scope of service after dividing the Service into specific scopes. Upon such occasion, the company shall notify the details of the above in advance.
3. When falling under any of the followings, the company may suspend the service:
i. When it is unavoidable due to construction or maintenance of equipment for the service
ii. When telecommunications service is suspended by a common telecommunications business operator prescribed by the Telecommunications Business Act
iii. When the Service not directly provided by the Company but provided by using third party, such as business partners, is suspended by the third party
iv. When other unavoidable causes occur
3. The company may terminate or limit the entire or partial services in the events where provision of normal service is unachievable due to a state of national emergency, power outage, and problems with service facilities or overwhelming traffic to the service.
4. The company may terminate the service in the events where the replacement of new service or other unavoidable causes occur that the company cannot provide the service.
[Article 17 (Restriction on Member's Use of Transaction)]
1. When falling under any of the followings, the company may restrict members from using transaction.
- When the company determines that a seller and a buyer are an identical person
- When the transaction affects negative effect to the fair trade action between members
- When a request is made by a provider and issuer of payment service
- Other occasions where the company shall limit the use of transaction in accordance with the company’s policies.
2. Upon occasions above, the company shall notify members of the details concerning the above through e-mail or the messenger at the official website.
3. When the grounds for restriction repeat, the company may relieve the restriction only when conditions to relieve the restriction are fulfilled.
Chapter 6 Use of Service Related to Trade of Cryptocurrency
[Article 18 (Registration of Sale/Purchase of Cryptocurrency)]
1. A member who intends to sell or buy cryptocurrency through the service provided by the company shall register the trade in accordance with a registration form provided by the company.
2. Modification of information related with the cryptocurrency or the cryptocurrency-related product transaction
ii. The modification of registered information of cryptocurrency and the cryptocurrency-related product can be executed before the trade made.
ii. The partial modification of the traded cryptocurrency and the cryptocurrency-related product transaction can be executed only for the non-traded part.
3. Income without Fees
The income that the company earns during a member uses the service by the company is the return for providing the service of cryptocurrency transaction price and payment and a member cannot claim the return of those income to the company.
Article 19 (Suspension and Cancellation of Transaction Service)
1. Suspension of the Use of Service (suspension of the use of service without log-in)
i. When a member falls under any of the followings, the company may limit the use of service of a member.
- When the identification (Contact information) is unconfirmed
- When the cyber security attack/hacking/incidents occurs.
- When the personal information (including contact information) corresponds to a member who is related with the cyber security attack/hacking/incidents.
- Continuous errors of transaction security
- When a member requests the cancellation of membership
- Others: When the manager decides that the request of a member occurs the serious failure to continue the seamless service
ii. Upon applications above, a member cannot make trade, deposit and withdrawal and only can log in the service. When the grounds for restriction are solved, block of the use of service shall be lifted.
2. Blocking of log-in
i. When a member falls under any of the followings, the company can block the log-in of a member
- When password is wrongfully entered for consecutive times
- When the cyber security attack/hacking/incidents occurs.
- When the illegal use of name is suspected
- Others: The manager’s decision
ii. Upon applications above, a member cannot log in the service. When the grounds for restriction are solved, block of the logging-in shall be lifted.
3. Restriction for partial service
i. When a member falls under any of the followings;
The operator/manager can restrict partial services to a member when the operator/manager decides that a member can use the partial services without buying/selling/deposit/withdrawal.
ii. Upon applications above, the use of service to a member shall be partially limited. When the grounds for restriction are solved, block of the use of services shall be lifted.
Chapter 7 Service Fees
[Article 20 (Service Fee Concerning Trade of Cryptocurrency)]
1. The company imposes service fees on sellers/buyers in return for providing the service through internet. Fees are expressly described in “How to Use” at the official website, which may be subject to change based on the market situation and circumstances which the Company is under.
2. The company may terminate the service in the events where the replacement of new service or other unavoidable causes occur that the company cannot provide the service.
[Article 21 (The Use of Paid Service)]
1. The company provides the service for free, however, for the partial service, the company may charge the payment. For example, a member can upload the post for free, however, shall charge the payment for the use of service when a member uses the Coinone transaction service.
2. A member shall charge the payment in accordance with the company’s regulation when a member uses the paid service provided by the company. For the regularly paid service, the monthly payment will be charged if a member does not cancel the subscription and the regular payment.
3. The company can request the additional information to a member for the payment and a member shall provide personal information correctly required by the company.
5. Notwithstanding Paragraph 4, the company shall refund the payment when falling under any of followings;
i. A member could not use the service at all because of the company’s fault
ii. The service that a member requested was not provided at all
6. A member can raise the objections to the amount of payment. A member shall raise the objections to the amount of payment in a month after a member being aware of the reason and in 3 months after the reason occurred. If a member does not raise the claim to the company during that period, the objections and the right to claim against company shall be extinguished.
7. The company shall refund the payment with the same direction with the Paragraph 5, when the over-charge or wrong-charge occurred or for the repayment in full. The company shall refund the payment with other specific methods if the refund in same direction with the Paragraph 5 is impossible or in the case of partial refund because of the midway cancellation.
Chapter 8 Personal Information Protection
[Article 22 (Consent to Use of Membership Information)]
1. The company protect members’ personal information in accordance with the company’s guideline of personal information protection policy. The company regards that a member approves the company to collect, use and provide the member’s information fulfilled in the application of the use of service by applying the membership under these Terms and Conditions. The company shall appoint the person in charge of managing the member’s information.
2. Membership information may be provided to business partners of the company in order for members to easily access and use the service of the company and affiliated services.
The company may provide or open the members’ information to the third party when the company notified members of the business partners, purpose of provision of membership information and details of membership information to be provided and obtains consent from members before providing membership information to the business partners, except the occasion when the company is required to provide member’s information for the investigation of electronic and telecommunications financial frauds by the investigative agency, judicial agency, administrative agency and/or other governmental authorities. This terms is not applied to the occasion when traders exchange information related with the trade and payment each other for making that trade and payment.
3. When changes are made to the information submitted by a member during membership registration, the member shall modify the information concerned via Member’s Information Change menu or notify the company. Provided that modification of the real name, date of birth, gender and ID shall not be allowed for the purpose of the service management.
4. The company shall not be held liable for any disadvantages caused because the changes under Paragraph 3 are not notified to the company.
5. If a member has dissatisfaction of the company’s handling of member’s personal information, a member shall submit the related descriptions to the company and the company shall solve the dissatisfaction by following due process and formality.
6. The cancellation of the membership follows Article 7 of these Terms and Conditions. The company shall, upon withdrawal of membership, delete any personal information that has been collected by the company at the time of obtaining membership and afterwards managed in the form of electronic files according to the act on the consumer protection in the electronic commerce transactions etc.
7. If such user’s personal information needs to be retained in accordance with the provisions of relevant statutes, it shall be retained in accordance with the commercial law and other relevant Act and subordinate statues.
8. The company shall notify members and ask for consent of member when the company needs to collect or transmit the personal information for using the specific service.
9. For checking the member’s own transaction history or record, a member shall log in the website provided by the company and check information in my transaction of Wallet/Deposit and Withdrawal at www.coinbin.co.kr by him/herself. The individual transaction history/record shall be read by a member only.
10. The transaction history/record can be provided per request by governmental agencies and others upon applications of Paragraph 2 of Article 21 above. The company can provide the transaction history/record to a member after verifying identification to a member. The company can reject the request of providing the transaction history/record when the identification documents are incorrect or the occasions that the company suspects that the request is not made by the real member.
Chapter 9 The Special Provisions of Corporate Member
[Article 23 (The Special Provisions of Corporate Member)]
1. These Terms and Conditions are written under the premise that a member uses the service by the company with the status of individuals. If a user wants to use the service by the company with the status of corporate member, a user shall submit following information to the company and the request maybe approved or denied by the company according to the submitted information.
- The name of corporate
- The name of representative
- ID of account
- Contact information (mobile phone number under the corporate name or the name of representative)
- Corporate website
- The main customers
- The purpose of the transaction of cryptocurrency
- The expected direction of the transaction of cryptocurrency
- The expected amount of transaction on average of a day (in KRW)
- The expected amount of deposit/withdrawal on average of a day (in KRW)
- Business license
- Bylaws of a corporation
- The resolution about the approval of registration of new account at cryptocurrency exchange CoinBin
- Stockholder’s list
- The copy of bankbook of the main bank
- The photo of ID card of representative and hands-on worker
- Business introduction
- Written promise of agreement about prohibition of similar receipt action
3. The company shall make a special contract with a corporate member with the priority of these Terms and Conditions or excluding the whole or partial descriptions described above after receiving the information from a corporate member.
In particular, the company may apply different fees, the limits on the deposit and withdrawal and other value-added services to a corporate member by following the special contract between the company and a corporate member.
4. The contract between the company and a corporate member shall be applied prior to these Terms and Conditions.
Chapter 10 Compensation for Damages and Indemnity
[Article 24 (Compensation for Damages)]
The company does not guarantee any matters concerning the service not stipulated by these Terms and Conditions. Moreover, the company does not guarantee the matters caused by the fault of seller, buyer or affiliated stores. The damages caused by the affiliated stores follow the Terms and Conditions of the affiliated stores and the matters shall be solved between a member and the affiliated stores.
[Article 25 (Indemnity)]
1. The company does not guarantee any matters described as below;
A) The uncontrollable occasions and states of national emergency such as a state of war, incident, and natural disaster
B) When the damage caused by member’s intentions or faults
C) When the damage caused by the electronic telecommunications service failure provided by the other telecommunications service provider defined by Telecommunications Business Act
2. The company does not guarantee any failures of the use of service caused by a member’s fault or reasons
3. The company does not guarantee any post, document or data that members uploaded or transmitted.
4. The company shall not be held liable for problems caused by the error of system that is not managed by the company or the failure of service provided by telecommunications service providers. The company also shall not be held liable for problems of cryptocurrency transfer occurred during the regular server maintenance and the server maintenance that pre-notified to members.
5. The company shall be not liable for the ordered and registered cryptocurrency because each order and registrations are made by a member.
[Article 26 (Denial of Representation and Warrant)]
1. The company does not have the authority to represent a member who sells or buys cryptocurrency and related product, and any acts of the company shall not be deemed as acts to represent a seller or buyer.
2. The company does not warrant the fact, truth and legality of the intents to buy or sell concerning the trades between members which are executed through the service provided by the company.
3. When it comes to all sites linked to the company, all liabilities related to the operation and management of the service provided by the enterprises concerned and sales, delivery and refund of goods shall be borne by the enterprises concerned. The company is completely not involved with the above and does not guarantee any trade made between the enterprises and members.
[Article 27 (Jurisdiction and Governing Laws)]
1. In case disputes arise in relation to the use of service including the company’s fee regulations, disputes shall be solved at competent court located at the above location of the company’s headquarter.
2. Any litigations arising from disputes between the company and members concerning the use of service shall be governed by the Laws of the Republic of Korea.
1. These Terms and Conditions shall enter into force on March 14, 2018.