These terms and conditions shall apply to all futures accounts opened and maintained with bitcastle.
These terms and conditions are to be read together with the bitcastle Terms of Use. In the event of any conflict or inconsistency between these terms and conditions and the Terms of Use, these terms and conditions shall prevail with respect to the services contemplated hereunder unless expressly stated otherwise..
Unless otherwise expressly agreed by bitcastle in writing, this version of this Agreement shall replace and supersede all previous versions of this Agreement that may have been accepted by you or otherwise made available on the Platform.
1. General
3. Transaction Limits and Restrictions
4. Margin
6. Default
7. Representations, Warranties, Agreement and Undertakings
8. Indemnity
11. Force Majure
12. Miscellaneous
1. General
1.1 bitcastle shall open an Account or Accounts in your name upon which you may conduct the Transactions.
1.2 By accessing your Futures Account, you agree to be bound by the terms of this Agreement together with the rules that apply in relation to the Futures Trading Services provided by bitcastle from time to time
1.3. bitcastle reserves the right to amend the Futures Terms and Conditions in its sole discretion, including, but not limited to, amending the trading pairs available as part of the Futures Trading Services and the leverage available for certain Transactions.
1.4. Bitcastle is not obliged to provide any Futures Trading Services to you and bitcastle may alter, suspend, terminate, restrict or discontinue to any of the Futures Trading Services or any information, or features on the Platform, and may delist any trading pairs from the Platform either temporarily or on a permanent basis without giving any explanation or prior notice.
1.5. You acknowledge that there are legal requirements in various countries which may restrict the products and services that bitcastle can lawfully provide as part of the Futures Trading Services. Depending on the jurisdictions, restrictions may be placed. Bitcastle reserves the right to change, modify or impose additional restrictions in its sole discretion without prior notice.
1.6 Unless otherwise agreed in writing, you agree that bitcastle shall be under no obligation to inform you of the outcome of any Order placed, and in the case that bitcastle provides such information to you, so long as bitcastle acts in good faith, bitcastle shall not be liable for any Loss suffered by you resulting from the information being inaccurate.
1.7 You shall be solely responsible for monitoring the position and/or activities of your account and acknowledge that bitcastle shall be under no duty to do the same.
2. Futures Orders
2.1 You may instruct bitcastle to execute any Transaction by placing an Order through the platform.
2.2 Nothing in this Agreement or otherwise obliges bitcastle to accept any Order or enter into any Transaction with you, and bitcastle may refuse to enter into any Transaction, accept or otherwise act on any Order without giving any reason or any notice to you thereof.
2.3. bitcastle shall not be liable to you for any and all Loss incurred by you or any third party arising from any loss or delay in the transmission or wrongful interception of any Order through any equipment or system, including any equipment or system owned and/or operated by or for bitcastle.
3. Transaction Limits and Restrictions
3.1 bitcastle may, in its sole and absolute discretion at any time, impose upon you any position or Transaction limits or restrictions. You acknowledge that such limits or restrictions may exceed those imposed by any governmental or self-regulatory organisation in any jurisdiction.
3.2 bitcastle may, from time to time, in its sole and absolute discretion, vary the position or Transaction limits or restrictions.
3.3 You shall not exceed any position or Transaction limits, or breach any trading or Transaction restrictions whether imposed by bitcastle or under the Applicable Laws.
3.4 You shall promptly inform bitcastle in writing if you are required to file reports of your positions with any governmental or regulatory organisation in any jurisdiction.
4. Margin
4.1. You shall pay and maintain with bitcastle a deposit in the Trading Account in such amount and such form as bitcastle may from time to time require, in excess of your indebtedness or obligations to bitcastle and pay such margins as may be required by bitcastle from time to time in connection with the trading and operation by you. You agree and acknowledge that your liability in respect of margin calls for additional cash or collateral to guarantee performance of a contract is not limited to the amount of the deposit and bitcastle may call for payment of a further deposit or margin in its absolute discretion feels is necessary to protect itself from the personal obligation incurred by dealing in the contract on behalf of you. Such payments are due and payable on demand.
4.2. Upon specific instructions provided by you, bitcastle may transfer all or part of the Margin held by bitcastle for you in respect of any Futures Account to any other bitcastle Account or to utilize such Margin for any purposes as required by you with respect to any other Services offered by bitcastle outside of the Futures Trading Services.
4.3. bitcastle may establish Margin Requirements and such Margin Requirements will be set out in the Futures Trading Rules. bitcastle may, in its sole and absolute discretion, with or without notice to you, vary the Margin Requirements for any Futures Account and/or type of Transaction at any time and by any level, and may also stipulate that such Margin Requirements shall apply to existing positions as well as new positions in the Transactions affected by such change. Any written notice from bitcastle stating that any such circumstance has arisen shall be deemed to be a conclusive determination of that event. You acknowledge that bitcastle may, in certain market conditions, effect an immediate change in Margin Requirements and/or require additional Margin to be deposited immediately or within a specified period of time which may be less than 24 hours, and you waive any right to object on the grounds that such requirement is unreasonable. No previous Margin Requirements shall set a precedent or bind bitcastle.
4.4. You acknowledge that Margin may be held and used to secure the performance of your obligations as well as for such other purposes as the Applicable Laws may permit or stipulate for the relevant Transactions.
4.5. All Margin shall be held by bitcastle, notwithstanding any provision or instructions to the contrary, as continuing security and shall be subject to a general lien and right of set off in favor of bitcastle for any and all of your obligations, liabilities or monies whatsoever at any time now or hereafter owing, due, incurred or payable by you to bitcastle under this Agreement or otherwise, whether present or future, actual or contingent, solely or jointly or whether as principal or surety, and bitcastle may realize any of your Margin as provided for in this Agreement. Subject to bitcastle’s rights under this Agreement, bitcastle will not sell, transfer, loan, hypothecate, rehypothecate or pledge any Margin allocated to your Futures Account unless instructed by you, authorised under this Agreement, or compelled by a court of competent jurisdiction to do so.
4.6. You acknowledge and agree that no interest shall be paid on any type of Margin deposited by you with bitcastle and that bitcastle shall not have any liability for fluctuations in the fiat currency value of Margin allocated to your Futures Account. bitcastle shall at no time be required to deliver to you the identical property delivered or otherwise transferred to bitcastle as Margin for the Futures Account but only property of substantially the same kind and amount, subject to adjustments for quantity and quality variations at the market price prevailing at the time of such delivery. You acknowledge and agree that when bitcastle uses the Margin for any purpose as set out in this Agreement, such Margin will no longer be your property and shall not constitute a loan or constructive trust in your favor.
4.7. All Margin shall be held subject to bitcastle’s general rights under Applicable Law.
5.1. You shall pay commission and fees at such rates as determined from time to time by the bitcastle. All applicable taxes, duties, disbursements, costs and/or other expenses incurred by bitcastle in connection with providing the Futures Trading Services to you or otherwise in connection with your Futures Account shall be fully reimbursed by you.
5.2 You shall pay all commissions due to bitcastle on demand and bitcastle may deduct such commission, fees and charges from any funds held in the Trading account.
5.3. bitcastle reserves the right from time to time in its sole and absolute discretion and by notice to you to vary the rates of fees, interest, commissions and charges or impose other fees, interest, commissions and charges. It is your responsibility to ensure that you are aware of current applicable fees, interest, commission, charges and rates.
6. Default
6.1 . A “Default” is defined as a scenario where:
(a) your Margin Balance with respect to your Futures Account falls below the applicable Margin Requirements as prescribed by bitcastle in the applicable Futures Trading Rules;
(b) any representation, warranty, agreement or undertaking made by you to bitcastle whether under or in connection with this Agreement or otherwise, or any other material statement made by you in or in connection with the same is untrue, inaccurate, incomplete or misleading in any respect at the time when made by you or thereafter at any time becomes untrue, inaccurate, incomplete or misleading in any respect and you fail to inform bitcastle of the true position as soon as reasonably practicable;
(c) you have failed to comply with or perform any of your obligations hereunder, whether in respect of your Futures Account, any Transaction or otherwise, or under the Futures Trading Rules and/or you have failed to comply with or perform any obligation under the Terms of Use or any other agreement with bitcastle relating to services provided by bitcastle to you;
(d) you fail to provide bitcastle with any documentation requested for the purposes of any: (i) KYC checks, including, without limitation, documentation required for the purposes of verifying your identity, place of address, legal authority/capacity and client classification status and/or (ii) credit checks, anti money laundering requirements or any other internal assessments conducted by bitcastle and/or bitcastle determines that you have failed to successfully pass or otherwise satisfy any “know your customer” checks, credit checks, anti money laundering requirements or any other internal assessments conducted by bitcastle;
(e) you become deceased, bankrupt or commence action (or have any action commenced against you) to place you into bankruptcy or personal insolvency or you are otherwise unable to pay your debts as and when they fall due;
(f) any of the partners thereof shall become deceased, bankrupt or commence action (or have any action commenced against them) to place them into bankruptcy or personal insolvency or are otherwise unable to pay their debts as and when they fall due or if any action is commenced to dissolve the partnership;
(g) the corporation shall be unable to pay its debts as and when they fall due, or action is commenced to place the corporation in insolvency, judicial management, receivership, administrative management, or any similar or analogous proceedings;
(h) any investigation, claim, action or proceeding of any nature is commenced against you (including without limitation investigation into suspected market abuse, manipulation or other criminal conduct), you have breached Applicable Laws or steps are taken by any person to enforce any security interest against you;
(i) you convene a meeting of your creditors or propose or make any compromise or arrangement with or any assignment for the benefit of your creditors;
(j) bitcastle has reasonable concerns in relation to your creditworthiness, financial status or verification of your identity (including, without limitation, any verification of your place of residence or place(s) from which you are accessing the Futures Trading Services);
(k) bitcastle determines in its sole and absolute discretion that you have acted in an abusive manner to any representative of bitcastle;
(l) unless alternative arrangements have been made between you and bitcastle with reference to a specific absence by you, at any time bitcastle is not able to contact you within 24 hours using reasonable means and contact points known to bitcastle;
(m) bitcastle forms the view, in good faith, that it should take action in order to preserve its rights or interests under any bitcastle Account or Futures Account or under its relationship with you;
(n) a credible allegation of fraud, misconduct, embezzlement, money laundering, insider trading, market manipulation abuse or other material illegality, breach of regulation or impropriety is made against you (whether by bitcastle or a third party) or bitcastle otherwise reasonably believes that you have used the Futures Trading Services with improper intent, which bitcastle, acting in good faith and a commercially reasonable manner, believes could reasonably result in reputational harm to bitcastle, compromise the integrity of the markets maintained by bitcastle and/or result in losses being sustained by other Users.
6.2 Without prejudice to any other right of bitcastle hereunder or otherwise at law, upon the occurrence of any Event of Default, bitcastle may immediately or at any time thereafter, without notice to you, do any one or more of the following:-
(a) suspend (indefinitely or otherwise) or terminate any Account, or bitcastle’s relationship with you and accelerate any and all of your liabilities to bitcastle so that they shall become immediately due and payable;
(b) hedge, close out and/or perform any outstanding Transaction (including any Transaction which has yet to be settled on the date on which bitcastle terminates such Transaction) by determining its value in good faith as of the date of the close-out as soon as practicable after the close-out;
(c) liquidate the Margin or part thereof at a price which bitcastle deems appropriate in the circumstances; and
(d) call upon any collateral or security including but not limited to any guarantees and letters of credit which may have been issued to or in favour of bitcastle as security for the Account.
7. Representations, Warranties, Agreement and Undertakings
7.1. You represent, warrant, agree and undertake that:
(a) you have full capacity and authority and have obtained (and will maintain) and are in compliance with all necessary authorisations, consents, licenses or approvals (whether under Applicable Laws or otherwise) required to: (i) accept and agree to the terms of this Agreement, (ii) receive the Futures Trading Services, (iii) to enter into Transactions, (iv) to open, maintain and/or continue to maintain a Futures Account with bitcastle, (v) to transfer Margin to bitcastle and (vi) to issue Orders to bitcastle in connection therewith;
(b) you have made your own independent decisions to accept the terms of this Agreement, open and maintain a Futures Account(s), to receive the Futures Trading Services and to enter into Transactions from time to time and as to whether the Futures Trading Services and Transactions are suitable or appropriate for you or the entity for whom you are acting based on your own judgment and advice from advisers as you deem necessary. You are not relying on any communication (whether written or oral) from bitcastle as investment advice or as a recommendation to enter into any Transaction or as an assurance or guarantee of any expected results of a Transaction;
(c) you have read and understood the Futures Trading Rules and accept the conditions and limitations for each and every service available to you in connection with the Futures Trading Services. In particular, you understand that the level of services available to you will vary depending on whether you are transacting or intend to transact on the basis of “cross margin mode” or “isolated margin mode”;
(d) you are not an employee of any governmental or self-regulatory organization in any jurisdiction, including any exchange or a member firm thereof, or engaged in the business of dealing (either as agent or principal), that prohibits you from establishing a relationship with bitcastle, in dealing in any of the Digital Assets traded in connection with your Futures Account, and you shall promptly notify bitcastle if you become so employed;
(e) you do not reside in the prohibited countries and territories as per set out in Terms of Use, or in any other jurisdictions in which bitcastle has restricted the offering of the services provided under this Agreement;
(f) unless you specifically notify bitcastle and bitcastle agrees, no person other than you has an interest in your Futures Account;
(g) except with the express written consent of bitcastle, and except for any security or encumbrance created hereunder, no person has or will have any security or other encumbrance over your Futures Account and/or any Digital Asset held in your Futures Account;
(h) any Order placed or any other dealings with respect to your Futures Account is solely and exclusively based on your own judgement and after your own independent appraisal and investigation into the risk associated with such Orders and your own independent determination of the Order being specifically suitable for you based on your own assessment of your financial resources, ability and willingness to take relevant risks and financial objectives;
(i) bitcastle shall not be under any duty or obligation to inquire into the purpose or propriety of any Order and shall be under no obligation to accept or execute any Order;
(j) any person(s) empowered to act on your behalf have been duly authorized;
(k) you have complied and shall comply with all Applicable Laws in all jurisdictions relevant to your Futures Account, any Transaction or other service or facility provided or made available by bitcastle to you;
(l) all information and/or documents provided by you or on your behalf to bitcastle in connection with the services contemplated under this Agreement are true, accurate, complete and not misleading in any and all respects, and nothing has been concealed from bitcastle which may have a material bearing on bitcastle’s decision to provide or continue to provide any of the services under this Agreement; and
(m) you shall not knowingly or recklessly permit the use of bitcastle’s services, facilities or membership in a manner which is in the opinion of bitcastle liable to bring bitcastle into disrepute, impair the dignity or degrade the good name of any of the foregoing. You shall not knowingly or recklessly create or maintain or exacerbate manipulations (or attempted manipulations), corners (or attempted corners) or violations of any Applicable Laws (or arrangements, provisions or directions made or given thereunder), or otherwise act in a manner substantially detrimental to the interests or welfare of bitcastle or any of its other users.
7.2. The above representations, warranties, agreement and undertakings shall be deemed repeated whenever you give Orders to bitcastle, enter into any Transactions or establish a Futures Account with bitcastle.
8. Indemnity
8.1 You undertake to indemnify bitcastle and its officers, employees and agents for any loss, cost (includes legal costs), claim, liability or expense arising out of or connected with any breach by you of its obligations or the occurrence of any of the event including any costs reasonably and necessarily incurred by bitcastle in collecting any debts due to bitcastle or in connection with the closure of the Trading Account.
8.2 You further undertake to indemnify bitcastle and its officers, employees and agents for any loss, cost (includes legal costs), claim, liability or expense arising out of or connected with any default, whether by act or omission, by you under this Terms and Conditions or anything lawfully done by bitcastle in accordance with pursuant or incidental to this Terms and Conditions or by reason bitcastle complying with any direction, requirement of the Exchange, Specified Exchange, Clearing House or other regulatory authorities.
8.3 You also undertakes to indemnify and keep indemnified bitcastle against all demands, claims, actions, losses, damages, liabilities, costs and expenses arising out of, in relation to or in connection with (whether directly or indirectly) any failure by you to provide any margin or lodge any securities with bitcastle as and when requested by bitcastle.
8.4 You also agree to pay promptly to bitcastle all damages, costs and expenses, including attorney’s fees, incurred by bitcastle in the enforcement of any of the provisions of this Terms and Conditions.
8.5 You further agree that bitcastle shall not assume any responsibilities or liabilities whatsoever for any direct or consequential loss arising from or in connection with your use of any communication by electronic means when communicating with bitcastle.
9. Applicable Laws
9.1 Your relationship with bitcastle, the operation of your Futures Account, the provision of the Futures Trading Services and the implementation of any transaction shall be subject at all times to the Applicable Laws. bitcastle may take or refrain from taking any action whatsoever, and you shall comply with, and shall do all things required by bitcastle in order to procure or ensure compliance with, Applicable Laws. You agree that bitcastle shall not be liable to you as a result of any action taken by bitcastle to comply with Applicable Laws.
10. Consent to Disclosure
10.1 bitcastle is hereby authorised to disclose any information relating to your Trading Account(s) accessible to bitcastle, icence holder assigned to the Client, and bitcastle’s Associated Company. You further authorize and consent to the disclosure by bitcastle of any information relating to the Client and / or the Client’s Trading Account(s) upon the demand order or request of the Exchange or any other authority having jurisdiction over bitcastle or any government authority or statutory body and further agree and undertake irrevocably and unconditionally to provide such information and documents as bitcastle may reasonably require for the purpose of complying with local laws. You also acknowledge that bitcastle may transfer or disclose any information relating to you and / or your Trading Account for the purpose of compliance and risk management to any regulatory body, its auditors, legal counsels and other professional advisors.
10.2 In order for bitcastle to discharge its functions under this Terms and Conditions or pursuant to the relevant laws or regulations, you hereby acknowledge that bitcastle may engage service providers or such other persons via an outsourcing arrangement or any other arrangements to provide services to bitcastle (including mailing services, information technology services, data processing, statistical and risk analysis and other services determined from time to time). You hereby acknowledge that in the course of providing the services to bitcastle, such service providers or such other persons may have access to certain information and documents relating to you and your Trading Account, and thereby, you agree that such disclosure of information and documents is permissible.
10.3 In addition to the above, you hereby expressly authorise and permit bitcastle and its officers to divulge, reveal or disclose any information relating to your Trading Account(s) to: (a) any assignee or transferee or prospective assignees or transferees of bitcastle’s credit facilities, business and undertakings of such part thereof; (b) any person with whom bitcastle may enter into (or may potentially enter into) any participation or sub-participation in relation to any transaction or service hereunder; (c) any person or entity participating in the merger / acquisition or proposed merger / acquisition of bitcastle or its holding company with / by another company; and (d) any other person at any time: (i) which bitcastle or any officer in good faith considers appropriate for any purpose in connection with these terms and conditions; or (ii) where such particulars of your Account was inadvertently divulged, revealed or disclosed to / or accessed by such persons through no willful default of bitcastle or its officers. Nothing in above shall be construed to limit the liability of bitcastle for any negligence, fraud or dishonesty in relation to the disclosure of information therein.
11. Force Majure
11.1 bitcastle will not be responsible for any loss suffered by you due to or resulting directly or indirectly from any governmental action, suspension of trading, any action, decision or ruling of any market, exchange or clearing house, any war, strike, national disaster, delays in postal services or other delay or errors or omissions, or inaccuracy in the transmission of orders or other information or the action of any other person or any other matter whatever beyond bitcastle’s control (including floor broker, exchange or clearing house error). All price quotations given to you are also subject to change and errors as well as delays in reporting and you acknowledge that reliance upon such information is at your own risk.
12. Miscellaneous
12.1. Notwithstanding any contrary provision in the Terms of Use, if you have a complaint with respect to the Futures Trading Services, you should initially contact the bitcastle customer service team. Upon receipt of the Complaint, bitcastle will endeavour to investigate the complaint as soon as possible. In order to facilitate bitcastle in investigating and responding to any complaint relating to the Futures Trading Services, User shall ensure to provide as much detail as possible (including substantiating any complaint with supporting documentation). Any response from bitcastle made to a complaint raised in accordance with this clause will be made to the email address associated with your Futures Account. bitcastle may request that you confirm your acceptance of any resolution proposed in response to any complaint raised pursuant to this clause - any failure to confirm acceptance within the timeframe specified may lead to such proposed resolution being withdrawn. Should you wish to contest any proposed resolution, you will need to follow the process as specified by bitcastle in the relevant response. You acknowledge and agree that any resolution proposed by bitcastle to a complaint raised pursuant to this clause shall be confidential and shall not be disclosed to any non-party except to the extent that disclosure may be required to fulfil a legal duty, protect or pursue a legal right, or enforce or challenge an award in bona fide legal proceedings and that such confidentiality shall survive termination of this Agreement and of any proceedings brought pursuant to the Terms of Use.
12.2. You acknowledge and agree that if bitcastle determines that you have not undertaken any activity with respect to your Futures Account for a period of 30 calendar days or more, your Futures Account shall be considered dormant and bitcastle shall have the right to close your Futures Account on notice to you (which shall include email). If a dormant Futures Account is closed, it cannot be reactivated and you will need to register for a new Futures Account if you wish to continue to access and use the Futures Trading Services. Further, if your Futures Account is closed (whether due to such account being considered dormant pursuant to this clause or otherwise in accordance with the terms of this Agreement or the Terms of Use), you acknowledge and agree as follows: (i) you shall no longer be entitled to access or use the Futures Trading Services; (ii) you expressly authorise bitcastle to deduct any outstanding amounts owed to bitcastle, including without limitation any applicable Trading Fees, Funding Fees and other amounts; and (iii) after the satisfaction of any amounts due to bitcastle, if any amounts remain to the credit of your Futures Account, such amounts will be credited to the balance of the account you hold with bitcastle for the purposes of spot trading activity in Digital Assets and withdrawals of such amounts shall be subject to the Terms of Use.
12.3. This Agreement may, at bitcastle’s sole and absolute discretion, be translated into a language other than the English language. You agree that any such translation shall only be for your convenience and the English text shall prevail in the event of any ambiguity, discrepancy or omission as between the English text and any translated text.
12.4. bitcastle reserves the right to alter, revise, modify, and/or amend this Agreement at any time in its discretion. Any such amendments will take effect immediately upon being published on the Platform. It is your responsibility to regularly check relevant pages on the Platform to confirm the latest version of this Agreement. Your continued access and use of the Platform and the Futures Trading Services following any amendments to this Agreement shall indicate your acceptance of such amendments. If you do not agree to any such amendments, you should terminate your usage of Futures Trading Services and cancel your Futures Account.
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