a. Entire agreement. These Terms constitute the entire agreement and understanding between you and KUDI Exchange with respect to their subject matter and supersede any and all prior discussions, agreements and understandings of any kind between you and KUDI Exchange (including but not limited to any prior versions of these Terms).
b. Severability. If any provision of these Terms, as amended from time to time, is determined to be illegal, invalid or unenforceable, in whole or in part, under any law, such provision or part thereof shall to that extent be deemed not to form part of these Terms but the legality, validity and enforceability of the other provisions in these Terms shall not be affected and everything else in these Terms will continue in full force and effect.
In the event any provision or part thereof of these Terms is determined to be illegal, invalid or unenforceable, that provision or part thereof shall be replaced by the parties with a legal, valid and enforceable provision or part thereof that has, to the greatest extent possible, a similar effect as the illegal, invalid or unenforceable provision, given the content and purpose of these Terms.
c. Assignment. You may not assign or transfer any of your rights or obligations under these Terms without KUDI Exchange’s prior written approval. You give KUDI Exchange your approval to assign or transfer these Terms in whole or in part, including but not limited to: (i) a subsidiary or affiliate; (ii) an acquirer of KUDI Exchange’s equity, business or assets; or (iii) a successor by merger.
Change of control. In the event that KUDI Exchange is acquired by or merged with a third party, we reserve the right to transfer or assign the information we have collected from you as part of such merger, acquisition, sale, or other change of control.
d. Force Majeure. KUDI Exchange shall not be liable for any delays, failure in performance or interruption of service which result directly or indirectly from any cause or condition beyond our reasonable control, including but not limited to, any delay or failure due to any act of God, act of civil or military authorities, act of terrorists, civil disturbance, war, strike or other labour dispute, fire, interruption in telecommunications or Internet services or network provider services, failure of equipment and/or software, other catastrophe or any other occurrence which is beyond our reasonable control.
e. Survival. All provisions of these Terms that by their nature extend beyond the expiry or termination of these Terms, including but not limited to, sections relating to the suspension or termination of your KUDI Exchange Account, use of the KUDI Exchange Site, disputes with KUDI Exchange and general provisions, shall survive the termination of these Terms.
f. Headings. Section headings in these Terms are for convenience only, and shall not govern the meaning or interpretation of any provision of these Terms.
KUDI Exchange is committed to implementing and maintaining the highest standards of Know Your Customer (KYC) and Anti Money Laundering (AML) compliance and requires management and employees to adhere to these standards to prevent abuse of KUDI Exchange products and services for money laundering and terrorist financing purposes.
In pursuing its commitment to assist in the detection, prevention, and reporting of money laundering activities, KUDI Exchange shall be guided by the following principles:
KUDI Exchange shall implement a risk based approach to assessing and implementing AML and KYC procedures.
KUDI Exchange shall know its customers by obtaining satisfactory evidence of their identity and having effective procedures to verify the authenticity of the information furnished by new customers.
KUDI Exchange shall ensure that its business is conducted in conformity with high ethical standards, that laws and regulations are adhered to, and that service is not provided where there is good reason to believe that transactions are associated with money laundering activities.
Subject to the legal constraints relating to customer confidentiality, KUDI Exchange shall cooperate fully with law enforcement agencies by, among others, taking appropriate measures allowed by law if there are reasonable grounds for suspecting money laundering.
KUDI Exchange shall adopt policies consistent with the principles set out in this policy, and ensure that its staff, wherever located, are informed of these policies and adequately trained in matters covered herein.
KUDI Exchange shall implement specific procedures for customer identification, record keeping and retention of transaction documents and reporting of covered and suspicious transactions.
e. Cryptocurrency and Blockchain Risks
Cryptocurrencies are new technologies that often work differently to your prior experience. They entail various risks that you should understand. We have highlighted some of those risks below.
Bitcoin and Ethereum transactions are irreversible. If you send Bitcoin or Ether (BTC or ETH) to an incorrect address, or send the wrong amount of BTC or ETH, you cannot get it back. KUDI Exchange will not be liable for executing a transaction if the instruction relates to an incorrect BTC or ETH address.
Before buying or selling BTC or ETH, you should educate yourself about cryptocurrencies. Buying and selling BTC or ETH entails risks and could result in a complete loss of your funds. Please ensure that you fully understand the risks involved and do not invest money that you cannot afford to lose.
Bitcoin and Ethereum are not backed by any entity. Neither KUDI Exchange nor anyone else has an obligation to buy back your BTC or ETH in the future. Additionally it is very important to understand the following risks:
BTC, ETH and other similar digital assets are not legal tender and are not backed by any government. Accounts and value balances are not subject to any government backed deposit insurance or any other government protections;
Legislative and regulatory changes or actions at state or international level may adversely affect the use, transfer, exchange, and value of BTC and ETH;
Transactions in BTC and ETH are generally irreversible, and, accordingly, losses due to fraudulent or accidental transactions may not be recoverable;
BTC and ETH transactions shall be deemed to be made when recorded on a “blockchain” ledger, which is not necessarily the date or time that you initiate the transaction; BTC and ETH are derived from the continued willingness of market participants to exchange local currency for BTC and ETH, which may result in the potential for permanent and total loss of value, should the market for BTC or ETH disappear; there is no assurance that a person who accepts BTC or ETH as payment today will continue to do so in the future; the volatility and unpredictability of the price of BTC and ETH relative to local currency may result in significant loss, or tax liability, over a short period of time; the nature of cryptocurrency may lead to an increased risk of fraud or cyber attack;
The nature of cryptocurrency means that any technological difficulties experienced by a service provider may prevent access to or use of your BTC or ETH.