Binapex (Binapex or we or us) operates an exchange for trading digital assets including cryptocurrencies and tokens (together, Coins), and a marketplace for buying goods with Coins, at www.binapex.com (the Platform).
This risk statement provides additional information for users of the Platform. By accessing and using our services, and each time the user (you) uses our services, you acknowledge having read this risk statement and agreeing to the terms and conditions.
- Buying and selling Coins is highly speculative and carries high risk. You may lose some or all of the money or Coins placed on the Platform. You use the Platform at your own risk.
- We encourage you to carefully read all available information, including the risks described below, and consider your personal financial circumstances before trading on the Platform. If you are unsure about any aspect of trading in Coins, you should seek independent advice before using the Platform.
Support requests and complaints
- We offer free IT support service in respect of the Platform. We seek to acknowledge customer requests and complaints within three business days and to resolve (if possible) complaints within 5 to 15 business days.
- During periods of high trading on the Platform, however, it may take us longer to respond to your request or complaint. This can occur from time to time because of the extreme volatility and sensitivity to market sentiment of Coin markets. For this reason, we do not guarantee our response times. We believe it is better that you understand upfront that there may be delays from time to time.
- If you are unsatisfied with resolution of your complaint, you can contact our support team!
Risks using the platform
- Coins can undergo extreme price volatility. The exchange price of a Coin may change significantly and you may be unable to transact Coins or money at the anticipated rate or price. Changes in prices may result in large changes in value and/or losses of Coins or money.
- Past performance is not a reliable indicator or guarantee of future performance.
- The value of Coins is affected by many other factors including (but not limited to) future sales or further issues, negative publicity involving the Coin issuer or project, failure to deliver projects or failure of projects to meet expectations, failure or material damage to the underlying network (including cyber attack), fraud or theft by or affecting the Coin issuer or project, competition in the issuer’s market, technical failures or setbacks, or general global and economic conditions and sentiments. You must carefully research Coins that you are interested in. Their whitepapers or other offer materials may list further risks which are relevant to holding them.
Processing of transactions
- There is a risk that transactions cannot be settled or are delayed at settlement, that processing times differ for each transaction, or transaction may be incorrectly processed. These risks can result from, amongst other issues:
- user error when providing transaction details (such as providing an incorrect wallet address or other information);
- an error in delivering the consideration for a transaction;
- increases in market volume or Platform volume;
- failure in the Platform processing systems or a failure in an underlying network or software (see further information below at System risk).
- It may not be possible to reverse a digital currency transaction once processing has commenced.
- All Coins, including transactions involving those Coins, rely on the operation of underlying networks and software. As this is developing technology, the networks and software may be subject to technical weaknesses, bugs, system failures, and hacks by external parties. These failures may affect the Platform network and software itself or may relate to a Coin’s underlying network and software (including, but not limited to, a weakness in the underlying blockchain). You should understand the operation of the technology underlying a digital currency and the Platform to understand these risks.
- For example, Coins can be subject to 51% attacks. This refers to an attack on a blockchain by a group of miners controlling more than 50% of the network’s mining hash rate, or computing power, or otherwise controlling the blockchain’s consensus mechanism in an illegitimate manner. If this happens, the attackers may be able to control new transactions, halt payments or transfer and reverse completed transactions. Binapex does not control the blockchain or network for Coins and cannot stop this. If we become aware of an attack, we will assess the best response on a case-by-case basis, which may include suspending or removing Coins from our exchange.
- Hackers are sophisticated, and you may also be targeted by ‘phishing’ attacks or other scams. Phishing includes where third parties pretend to be a legitimate Binapex website, social media account, telephone support number or App in order to steal your credentials. You should only access the Binapex through its official website. Never click on a link or download an App from a third party. We strongly recommend that you enable two factor authentication for all transactions to prevent unauthorized account use. Your Binapex passwords should be unique to Binapex and should never be stored insecurely on any personal device. If you are a victim of such attack or scam, the hacker may be able to get you to send them money or Coins inadvertently or they may steal money or Coins.
- Your ability to use the Platform, buy or sell Coins, or withdraw money, may be affected by these technical failures or attacks.
- We will make reasonable efforts to notify users where the Platform, or a particular Coin traded on the Platform, has been subject to a technical weakness, bug, system failure, or hack.
- We may also need to do maintenance or upgrades on the Platform from time to time which could affect your ability to use the Platform, buy or sell Coins, or withdraw money.
Security of private keys and wallets
- You must be careful when choosing a wallet to store or transmit your private keys. If your wallet is hacked or another person learns your private key/s, you may lose some or all of your Coins. You should not give your private key or wallet passcode to any other person.
- If you forget or lose your passcode to your wallet/s, Binapex has no ability to provide a back-up or details of your private key or passcode, given the decentralized nature of Coins. This may result in the loss of Coins stored in that wallet.
- You should use the highest level of security offered for any wallet that you choose.
Cyber security generally
- The transmission of information over the internet (including to or from the Platform) is not completely secure or error free. You should stop transacting when it is clear there has been a breach of security or a system failure that poses a risk to security exists (such as malware, ransomware or phishing).
- The Platform does not intend to offer or market regulated financial products or securities. General consumer protection law may apply, however, to buying or selling Coins on the Platform, including the services provided by us and, to the extent such consumer laws do apply we do not seek to exclude any of your rights that we cannot by law exclude.
- Binapex and any person associated with us (including directors, shareholders, employees and any other related parties) may trade and hold digital currencies on our or their own account through the Platform.