1.1 The relevant services of our Shark Fin Product (this “Shark Fin Product”, “Shark Fin Product Service”, “Service” or “Services”) is a investment product provided and operated by OKX (as defined in OKX Terms of Service, “OKX”, “we”, “our” or “us” or “Platform”).
1.2 These Shark Fin Product Service Terms (these “Terms” or these “Terms”) govern your use of this Shark Fin Product Service and any related services entered into by and between you (the “User” or “you”) and OKX, and is legally binding upon you and OKX. By accessing the Services and other relevant services provided by OKX, you agree that you have carefully read and fully understand the terms and conditions under these Terms (including any amendments made by OKX at any time), especially the terms which exclude or limit liabilities of the Platform under these Terms, and the terms that exclude or limit rights of the Users. If you do not accept these Terms or the contents of these Terms, or refuse to acknowledge and agree with the Platform’s right to unilaterally modify these Terms at any time, you have no right to use the Services provided by the Platform under these Terms and shall immediately stop using and accessing the Platform. Unless otherwise provided in this Agreement, the terms used in this Agreement shall have the meaning provided in OKX's Terms of Service.
1.3 The contents of these Terms also include OKX's various system specifications, other agreements or rules in connection with or related to these Terms, and other relevant agreements and rules regarding the Services that OKX may publish on its Site from time to time. Once the afore-mentioned contents are officially released or published, they are an integral part of these Terms, and you shall be legally bound by those terms and conditions thereof. By using this Service, you confirm you have read, understood, and accepted these Terms, the OKX Terms of Service, Risk & Compliance Disclosure, any relevant terms and conditions, service terms, user agreements, transaction and operation rules, policies, announcements and other rules (as amended and restated from time to time) published by OKX on the Site from time to time in connection with this Service (“User Agreements”), and that you agree to be legally bound by any and all terms and conditions thereof. Unless you have read and accepted all the terms and conditions of these Terms and applicable User Agreements, you are not authorized to and shall not use this Service or any of its corresponding services.
1.4 The Terms and any applicable User Agreements constitute the entire agreement and understanding regarding the use of any or all of the Services, and any manner of accessing them, between: You and OKX, depending on your location, nationality, services used, and your level of KYC completed.
2. Eligibility to Use the Service
2.1 You understand and acknowledge that:
- You have agreed to abide by the “OKX Terms of Service”, and you are eligible and are not prohibited from using the Services defined therein;
- If you are registering the Service in your personal capacity, in order to effectively accept this Agreement, you must be at least 18 years old, with full civil rights and civil capacity, and have all the necessary authorities and abilities to sign this Agreement. Once signed, it is binding on you;
- If you are registering to use the Service on behalf of a legal entity, in order to effectively accept this Agreement, you declare and guarantee that (i) such legal entity is legally established and valid in accordance with applicable laws and regulations; and (ii) you are duly authorized by the legal entity and have the right to act on its
- You have the requisite and necessary experience and risk tolerance for using the Service, and have the experience and knowledge to invest in non-guaranteed Digital Asset products;
- You shall carefully consider and use clear judgment to evaluate your financial condition and the afore-mentioned risks before making any decisions regarding your use of this Service, and bear all the losses arising therefrom;
- In order to use the Service, you have the required ability to perform operations on the Internet;
- This Agreement does not conflict with the laws of your country or region, and you agree to comply with the laws of your country or region;
- You are the legal owner of the Digital Assets in your OKX Account and guarantee that the sources of these Digital Assets are legal.
2.2 You agree and undertake that:
- You shall not use the Service for any illegal purposes, including but not limited to illegal gambling, money laundering, fraud, extortion, extortion, data breaches, terrorist financing, and any other violent activities or any business activities prohibited by law.
- You shall not conduct, initiate or promote any forms of market manipulation or other forms of illegal conduct, including but not limited to illegal gambling, money laundering, fraud, extortion, data breach, terrorist financing, and any other violent activities or business activities prohibited by law.
Capitalised terms not defined in these Terms shall have the same meaning as defined in OKX Terms of Service. The following terms used in these Terms shall have the following meaning(s):
- Subscription Start Time: means the date and time when you may start to subscribe the Shark Fin Products.
- Subscription End Time: means the date and time when the subscription period of the Shark Fin Products ends.
- Subscription Amount: means the amount of principal you invest for your subscription.
- Settlement Time: means the time when the Term of your subscription of the Shark Fin Products expires and your principal and earnings will be settled to your funding account.
- Term: means the tenors of the Shark Fin Products during which you earnings will accrue.
4. Shark Fin Product Services
4.1 Description of the Shark Fin Product
Shark Fin Products enable users to invest and earn USDT. You can link the variable return of the Shark Fin Products to the index of the USD price of BTC or ETH.
Every week, only one round of subscription will be offered, and the opening hours when you may subscribe the Shark Fin Products are valid from Subscription Start Time until Subscription End Time. The subscription order cannot be submitted after the Subscription End Time. You may subscribe the Subscription Amount in USDT subject to applicable available total quota as determined by OKX at its sole discretion. You may not be able to subscribe if there is no available total quota remaining. Once your subscription order is successfully placed and confirmed, OKX will lock the Subscription Amount in USDT you invest from your account.
4.3 Settlement Time
After confirmation of a successful subscription, your Subscription Amount and earnings will be credited to your funding account at the Settlement Time upon expiration of the Term.
4.4 Early Termination of this Service
(1) In the following cases, OKX reserves the right to terminate this Service in advance at its sole discretion if:
- The service needs to be terminated due to regulatory requirements or any laws and regulations;
- Due to force majeure and/or unexpected events, OKX cannot continue to perform and/or offer this Service;
- Occurrence of other circumstances that OKX considers to be necessary to terminate this Service based on market conditions.
(2) If OKX announces the early termination of this Service, OKX shall try to publish an announcement on the OKX website three (3) days in advance. OKX will generally pay the user's profits due and payable to your OKX account within two (2) days after the early termination date.
(3) You hereby understand and agree that OKX is not responsible for the speed or accuracy of data transmission regarding this Service. You agree that if OKX determines that there is an obvious error in the purchase order placed by you, OKX shall have the right to cancel the purchase order after the purchase order is placed. If OKX cancels the purchase order, OKX will promptly notify you of the cancellation. If the payment has already been deducted from your account, OKX will promptly refund the Subscription Amount to your OKX account.
4.5 Service Fee
OKX does not charge any service fee for subscription of the Shark Fin Product.
5. Limitation of Liabilities
5.1 Risk Disclosure
(1) YOU EXPRESSLY AGREE THAT YOUR USE OR NON-USE OF THIS SERVICE AND RELATED SERVICES ARE AT YOUR OWN RISK. EXCEPT AS EXPRESSLY PROVIDED TO THE CONTRARY UNDER THESE TERMS, THE SERVICES, ALL PRODUCTS AND SERVICES PROVIDED TO YOU THROUGH THIS SERVICE AND RELATED SERVICES PROVIDED TO YOU ARE STRICTLY OFFERED ON AN “AS IS” AND “AS AVAILABLE” BASIS, AND OKX AND ITS AFFILIATES OR ITS SERVICE PROVIDERS OR SUPPLIERS MAKE NO REPRESENTATIONS, WARRANTIES, OR GUARANTEES TO YOU OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION, MERCHANTABILITY, QUALITY OR FITNESS FOR A PARTICULAR PURPOSE, TITLE, OR NON-INFRINGEMENT, NO ERRORS OR OMISSIONS, CONTINUITY, ACCURACY, RELIABILITY OF THIS SERVICE. SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OF IMPLIED WARRANTIES IN CONTRACTS, SO THE ABOVE EXCLUSION MAY NOT APPLY TO YOU. OKX DOES NOT MAKE ANY UNDERTAKINGS AND WARRANTIES FOR THE VALIDITY, ACCURACY, CORRECTNESS, RELIABILITY, QUALITY, STABILITY, COMPLETENESS OR TIMELINESS OF THE TECHNOLOGY AND INFORMATION IN CONNECTION WITH THIS SERVICES OR OTHER SERVICES PROVIDED BY THE OKX.
(2) NOTHING IN THESE TERMS SHALL EXCLUDE OR LIMIT LIABILITY OF EITHER PARTY FOR FRAUD, DEATH OR BODILY INJURY CAUSED BY NEGLIGENCE, VIOLATION OF LAWS, OR ANY OTHER ACTIVITY THAT CANNOT BE LIMITED OR EXCLUDED BY LAW OR REGULATIONS.
(3) Like any asset, the value of digital assets may fluctuate significantly, and there is a huge risk that Users may incur economic losses when buying, selling, holding or investing in digital assets and other related transactions. to the choice of using and how to use the Services of the Platform is the User's personal decision, and the User shall bear any and all of the risks and potential Losses. OKX does not make any express or implied warranties regarding the market, value or price of digital assets. Users acknowledge and understand the instability of the digital asset market. The price and value of digital assets may fluctuate or collapse at any time. Trading digital assets is of the free choice and decision of Users, and Users shall solely bear their own risks and possible losses. Your use of this Service means that you confirm and agree: (1) You fully understand all of the risks associated with digital assets and related transactions; (2) You agree to solely bear any and all risks and Losses associated with the use of these Services and engaging in any transactions involving digital assets; and (3) OKX shall not be responsible for any of these risks or Losses or any other adverse consequences.
(4) The Platform cannot guarantee the authenticity, sufficiency, reliability, accuracy, completeness or validity of the content on the Platform, and shall not bear any legal liability arising therefrom. The User shall rely on the User’s independent judgment to conduct transactions, and the User shall bear all responsibilities for User’s judgment and/or decisions.
(5) Digital Assets involve a high degree of risk. Investment in Shark Fin Product involve market risk, smart contract risk, liquidity risk, oracle risk, volatility risk, and legal and compliance risks. Digital Assets are not the legal tender of any government, and their value is not guaranteed by a specific government. The value of Digital Assets may fluctuate greatly. Users shall be fully aware of the above risks and should exercise caution when conducting any transactions regarding Digital Assets. Users of the Shark Fin Product must have sufficient financial capability, maturity, experience and willingness to bear all investment risks and potential investment losses. Thus, Digital Asset investment is not suitable for all investors.
(6) You understand and accept the risks that you may incur by using this Service, and the related losses that you may suffer as a result, including but not limited to:
- The main risks of the Shark Fin Product are related to market price fluctuations. In a highly volatile market, it may be difficult for users to predict the market price at maturity date as well the gap between the market price and the Target Price at the maturity date; high price volatility of Digital Assets and their derivatives may cause significant or total losses in a short period of time; the total return from the Shark Fin Product you receive may be significantly lower than the return or interest of other investments; and you are willing and able to bear all risks caused by market price fluctuations and any economic losses you may suffer;
- Once the Digital Assets you hold are locked and frozen due to use of this Service, you will not be able to trade the frozen Digital Assets and other operations caused by risks associated with the inability to trade these Digital Assets, you are willing to bear the risks arising from locking your digital assets and any economic losses you may suffer;
- During the product’s active period, if OKX terminates this product Service early, you may not be able to obtain the expected profits within the expected product holding period (if any) which may result in the loss of your Digital Assets;
- If there is a force majeure event, or an force majeure event that causes the price of Digital Assets to collapse, it may cause OKX to fail to pay out the profits of the product you invested in and may cause loss of your Digital Assets;
- Technical abnormalities may occur, which may delay or prevent you from using this Service or conducting related transactions, which may cause the loss of your Digital Assets;
- Market abnormalities may occur, which may cause loss of your Digital Assets;
- In order to maintain the overall health of the market, OKX may add, delete or modify the relevant provisions of these Terms, the policies, the terms and conditions or other related user agreements, service agreements or terms from time to time. Such modifications may benefit or harm Users like you.
(7) Shark Fin Products are investment products involving derivatives. You confirm that you fully understand the nature, risks and potential losses related to the Shark Fin Product and this Service. Before making an investment decision, you should exercise independent judgment and carefully consider investing Shark Fin Products based on your own investment experience and capability, financial situation, investment objectives, investment period, willingness and ability to bear investment risks, the extent of your understanding of the nature and risks of this product, and other relevant circumstances. The aforementioned risks do not include all the risks and all the market conditions of the user's transactions related to this Service through the OKX Platform. If you have any questions or concerns, please seek advice from an independent financial advisor.
5.2 The trading market is volatile and may change rapidly in terms of liquidity, market and trading dynamics. You are fully responsible and liable for any and all trading and non-trading activities and your account used on or through the OKX website. You acknowledge and agree to be fully responsible for all your transactions and non-trading behaviors and omissions on OKX or through OKX, as well as all gains and losses arising from your use of the OKX website and this Service and any other services provided on the OKX Platform. You are responsible for any of your assets and liabilities in your OKX Account, and you are responsible for all your obligations for all your financial activities on OKX. OKX is not responsible for any and all losses arising from this Service and any other services provided on the OKX Platform and shall not assume any compensation or any other responsibility.
5.3 You agree and accept that the User’s estimated yield displayed on the OKX Site is merely an estimation but not a guaranteed or promised actual yield. The actual yield may not meet or may be lower than the estimated yield. Your final yield will be based on your actual yield. OKX will calculate the User's actual yields based on the actual yields you earned under the transactions under this Service minus any Service Fees (if any) payable to OKX. OKX does not promise or guarantee your estimated yield or actual yield you will receive.
5.4 You agree and accept that when you redeem your assets, the time it takes for you to receive the Digital Assets in your account may vary and the assets received and displayed on the Site shall be final. OKX shall not be liable for any losses caused by or related to time differences or discrepancies for receipt of Digital Assets.
5.5 You agree and accept that OKX reserves the right to amend the content of this Agreement any time in its sole discretion. OKX shall not be liable for any losses arising from your misunderstanding of this Agreement, or your delay of reading the amendments to this Agreement.
5.6 You agree and accept that if the OKX Platform cannot function properly or the Service is interrupted arising from the following conditions, such that you are unable to use the Services or cannot make commands or perform related trading operations, including but not limited to failure, delay, interruption, no system response, delayed system response or any other abnormal circumstances, OKX and its affiliates shall not be liable for any losses. These circumstances include but are not limited to:
- Service suspension for maintenance as announced by the OKX Platform;
- Hacker attack(s) on the OKX Platform for purposes including stealing user account passwords, secret keys, API key, and other information, resulting in losses caused by illegal hacking into the User’s accounts and / or illegal transfer of Digital Assets;
- System failure to transmit data as a result of telecom equipment failures;
- Force majeure events or accidents, such as but not limited to typhoons, earthquakes, tsunamis, flooding, plagues, power outage, war, turmoil, government actions, terrorist attacks and any other events that may lead to the suspension of the OKX Platform;
- Service interruption or delay arising from hacking, computer virus, technical adjustment or failure, website upgrades, banking issues, temporary closure arising from government regulations and any other reasons;
- Service interruption or delay caused by OKX Platform’s computer system being damaged, defective or unable to perform normally;
- Losses arising from technical problems that cannot be predicted or solved by existing technical forces in the industry;
- Losses suffered by you or other third parties arising from the fault or delay of the third party;
- Losses suffered by you or other third parties arising from changes in laws and regulations or government orders;
- Losses suffered by you or other third parties arising from force majeure events or accidents caused by other objectively unforeseeable, unavoidable and/or unsolvable circumstances.
- Other losses not attributable to OKX due to external uncontrollable events.
You agree and accept that the aforementioned reasons may lead to abnormal transactions, market interruptions and other possible abnormal circumstances, and OKX reserves the right to refuse to execute your commands based on the actual circumstances. You understand and agree that OKX shall not be liable for any of your losses (including but not limited to direct or indirect losses, actual losses, or loss of possible yield and other similar or related losses).
5.7 Software Protocols and Operational Challenges
- Software protocols that underlie Digital Assets are typically open source projects, which means that: (i) the development and control of such Digital Assets are outside of OKX's control, and (ii) such software protocols are subject to sudden and dramatic changes that may have a significant impact on the availability, ease of use, or value of a given Digital Asset. You also are aware of and accept the risks associated with operational challenges. OKX may experience sophisticated cyber attacks, unexpected surges in activity or other operational or technical difficulties that may cause interruptions to the Services. You understand that the Services may experience operational issues that lead to delays. You agree to accept the risk of transaction failure resulting from unanticipated or heightened technical difficulties, including those resulting from sophisticated attacks. You agree that OKX shall not be responsible or liable for any related losses.
- All Users understand that the technology underlying digital assets is subject to change at any time, and such changes may affect your Digital Assets stored on our platform. You agree to be fully responsible for monitoring such technological changes and understanding their consequences for and regarding your Digital Assets. Users conduct all trading and make all related decisions based on their own volition, and OKX shall not be liable for any loss or damage incurred as a result of your use of any Services or your failure to understand the risks involved or associated with Digital Asset use in general or your use of our Services.
5.8 You agree and accept that OKX shall not be liable for any losses caused by the risks described in this Clause 5 of the Agreement (including but not limited to any direct or indirect losses, actual losses or possible loss of profits).
5.9 The aforementioned provisions do not indicate all the risks arising from or related to your transactions through the Platform or all the conditions of the market. Before making any trading decisions, you shall fully understand the relevant Digital Assets; make cautious and prudent decisions based on their own trading objectives, risk tolerance, and financial conditions; and solely bear all risks and losses.
6.1 You shall take each and every possible step to protect OKX and its affiliates from any damages or Losses arising from your use of the Service or other actions related to your OKX account; otherwise you shall be liable to OKX for any and all Losses.
6.2 You hereby agree to release OKX and its affiliates from liability for any and all Losses, and you hereby agree to defend, indemnify and hold OKX and its affiliates harmless from any claim or demand (including reasonable legal fees) made or incurred by any third party against OKX arising from or arising out of your breach of these Terms, your improper use of this Service, your violation of any laws or regulations of applicable jurisdiction(s) or the rights of a third party and/or the actions or inactions of any third party to whom you may grant permission to use your OKX account or access our website, software, and/or system for OKX (including any network and servers used to provide any of this Service) operated by us or on our behalf, or any of these Services on your behalf.
7. No Business, Legal, Financial or Tax Advice
The User acknowledges and agrees that no information provided by OKX, notwithstanding whether included in these Terms or any other document or statement, shall be deemed as business, legal, financial or tax advice. The User may and should consult their own business, legal, financial or tax advisers regarding especially, inter alia, the User’s particular opportunities, risks, obligations or further costs arising from the reception of and in connection with Digital Assets under this Service. OKX is not your broker, dealer, agent or consultant. The User acknowledges and agrees that for any transactions or other decisions or activities through which you use any OKX Services, OKX does not have a fiduciary relationship with or fiduciary duty towards you. No communication or information provided by OKX to you, notwithstanding whether included in these Terms or any other document or statement, shall be deemed, considered or interpreted as investment, business, legal, financial, tax, trading, or any other type of advice. You shall determine whether any investment, investment strategy or related transaction is appropriate for you based on your personal investment objectives, financial condition and risk tolerance, and you shall be solely responsible for any and all Losses or liabilities. You should consult your own business, legal, financial or tax advisors regarding especially, inter alia, your particular opportunities, risks, obligations or further costs arising from using this Service. OKX does not make any recommendations to you regarding whether to buy, acquire, sell, transfer or hold any Digital Assets. Before making a decision to buy, sell, transfer or hold any Digital Assets, you shall conduct due diligence and consult your financial advisor. OKX shall not be responsible for your decision to buy, sell, transfer or hold digital assets based on the information provided by OKX.
8. Third Party Website Disclaimer
9. Governing Law
These Terms, your use of the Services, any claim, counterclaim or dispute of any kind or nature whatsoever arising out of these Terms, directly or indirectly, shall be governed by, and construed in accordance with the laws of England and Wales without regard to the principles of conflicts of laws thereof.
10. Jurisdiction and Dispute Resolution
10.1 You acknowledge and agree that in the event of any dispute, controversy, difference or claim, including the existence, validity, interpretation, performance, breach or termination of the Terms or any dispute arising out of or relating to the Terms (“Dispute”), the parties shall first refer the Dispute to proceedings at the Hong Kong International Arbitration Centre (“HKIAC”) in accordance with HKIAC’s Mediation Rules in force for the time.
10.2 If the Dispute has not been settled upon the signing of a settlement agreement within ninety (90) days following the filing of a request for mediation set forth in Clause 10.1, such Dispute shall be referred to and finally resolved by arbitration administered by the HKIAC) under the HKIAC Administered Arbitration Rules in force when the Notice of Arbitration is submitted. The law of this arbitration clause shall be the laws of the Hong Kong Special Administrative Region of People’s Republic of China (“Hong Kong”).
10.3 You agree that the seat of arbitration shall be Hong Kong. The number of arbitrators shall be three (3). OKX shall appoint one (1) arbitrator and you shall appoint one (1) arbitrator. The third arbitrator shall be appointed by the Chairman of the HKIAC. Such arbitrators shall be freely selected, and the parties shall not be limited in their selection to any prescribed list. The arbitration proceedings shall be conducted in English.
10.4 You agree that OKX shall not be required to give general discovery of documents, but may be required only to produce specific, identified documents which are relevant and material to the outcome of the Dispute.
10.5 Any arbitral award shall be final and binding upon the parties hereto and shall be enforceable in any competent court which has jurisdiction.
11.1 The contents of these Terms also include OKX's various system specifications, other agreements or rules in the connection with these Terms, and other relevant agreements and rules regarding the Service that OKX may issue from time to time. Once the aforementioned content is officially released, it shall become an integral part of these Terms, and you shall also abide by it. In the event of any conflict between the aforementioned content and these Terms, these Terms shall prevail.
11.2 OKX reserves the right to unilaterally modify these Terms (including the aforementioned contents) if necessary. Such modification may happen at any time without prior notice. If any changes are made, the revised contents may be posted on OKX's website. Please regularly check the latest information posted therein to inform yourself of any changes. Your continued use of or access to the Service following the posting of any changes constitutes acceptance of those changes. If you do not accept the revised content, please stop using the Services.
11.3 You shall carefully read this Agreement, and any document referred to in Clause 11.1 and 11.2 of these Terms that constitute the contents of these Terms. If there is anything that you do not understand in the Agreement and/or any document referred to herein, you should contact OKX and seek clarification. Unless otherwise instructed by OKX, any formal communication and document transfer between you and OKX shall be undertaken through email. You may also be able to contact OKX telephonically as a form of informal communication. Any formal communication between you and OKX should, unless otherwise agreed, be made in the English language. In the event of any discrepancy between the communication in English and that in a foreign language, the English version shall prevail. In the event of any discrepancy between any formal and/or informal communications and the Agreement, the Agreement shall prevail.
11.4 Please address emails to “OKX” at the following email: [email protected]
11.5 If any provisions of these Terms shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired in any way. However, if any provisions of these Terms shall be invalid, illegal or unenforceable under any such applicable law in any jurisdiction, it shall, as to such jurisdiction, be deemed modified to conform to the minimum requirements of such law, or if for any reason it is not deemed so modified, it shall be invalid, illegal or unenforceable only to the extent of such invalidity, illegality or limitation on enforceability without affecting the remaining provisions of these Terms, or the validity, legality or enforceability of such provision in any other jurisdiction.
11.6 No failure or delay by OKX in exercising any right, power or remedy it is entitled to under these Terms or by stipulation of law or regulation shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise of such rights, power or remedies.
11.7 You shall not transfer, novate or assign these Terms, and the rights and obligations hereunder, in whole or in part, without the prior written consent of OKX. OKX has the right to transfer, novate or assign any rights or obligations under these Terms by serving written notice on you, which takes effect upon the delivery of such notice.
11.8 The headings of all these Terms are for reading convenience only and have no actual meaning and shall not be used as a basis for interpretation of the meaning of these Terms.
11.9 If there is a discrepancy between the English version of these Terms and the translation of other languages version, the English version of these Terms shall prevail.
11.10 OKX has the sole and final discretion of interpretation of these Terms.