KUNA EXCHANGE USER AGREEMENT

Effective Date: 8.11.2018

This User Agreement constitutes a public electronic agreement between You (hereinafter the “User”) and KUNA EXCHANGE (hereinafter the “Service” or “KUNA EXCHANGE”).

The text of this User Agreement is permanently  located at https://kuna.io and  contains all the essential conditions of the public offer of KUNA EXCHANGE. By using the Site https://kuna.io User agrees unconditionally to accept this User Agreement. 

PLEASE READ THIS USER AGREEMENT CAREFULLY BEFORE USING THE SITE.

BY ACCESSING, BROWSING OR REGISTERING TO USE THIS SITE YOU AGREE TO BE BOUND BY THIS USER AGREEMENT. IF YOU DO NOT AGREE TO BE BOUND BY THIS USER AGREEMENT PLEASE DO NOT USE THE SITE https://kuna.io.

KUNA EXCHANGE and User entered into this User Agreement under following terms and conditions:

1. TERMS AND DEFINITIONS 

The following terms have the meaning indicated below, unless otherwise is stipulated in the present User Agreement:

«Electronic tokens» means digital currency and tokens that have no central issuer and is distributed directly between the owners of such currency and tokens  (e.g. BTC, ETH, XLM, LTC etc.). 

«E-wallet» means program software for the Title units accounting. «User’s e-wallet balance» means summary information on the difference of all incoming and outgoing operations for managing the Title units. 

«Account details» means User data necessary to access and use of the Site – login, password, email and other data indicated during the registration process as well as after it. 

«Fiat money» means currency issued by the government and is designated a legal tender on the legislative level in the country of issuance. 

«Rates of electronic tokens on the Service» means  the number of Title units of one electronic token provided on the Service, required for trading it for one Title Unit of another electronic token provided on the Service, and vice versa. 

«Personal Account» means set of protected pages created as a result of User registration, with the help of which User has the ability to perform transactions and keep records of his activity on the Service. 

«Order» means User’s offer to make a Title units exchange transaction  under certain conditions with other users on the Service. 

«User» means a capable under personal law natural person that uses the Services, registered on the Site according to the User Agreement and holds the Personal Account on the Site. 

«Site» means set of information, texts, graphic and design elements, pictures, photo, video and other fruits of intellectual activity, as well as set of software which ensures the accessibility of this information at https://kuna.io 

«Service» means program software that provides common interface and technical opportunity to manage Title units. The program software is created and operated by Kuna Labs Business Inc, a company registered and operating in accordance with the laws of the British Virgin Islands, including but not limited to its owners, directors, investors, officers, employees, agents or others related parties, affiliates, except as provided for in this User Agreement.

«Title units» means units of account for electronic tokens, as well as the equivalent of Fiat money in the Service system.

«Transaction»  means a transaction of alimination of rights on Title units concluded between the Users.

The headings (of articles) of the the User Agreement are for convenience only and shall not in any way affect the meaning or interpretation of the User Agreement.

2. SUBJECT-MATTER OF THE AGREEMENT 

2.1. The subject matter of this User Agreement is the service allowing Users to trade and exchange the Title units. 

2.2. For the above mentioned purpose KUNA EXCHANGE  grants the User a free non-exclusive license to use the Service and Personal account all over the world for the period of use of the Service.  

2.3. The User acknowledges and agrees that KUNA EXCHANGE does not act as the counterparty to any operation, does not provide financial services, and does not store, transfer or exchange Fiat money and Electronic tokens. All transactions on the Service are conducted directly between Users.

3. ACCESS TO THE SERVICE AND REGISTRATION

3.1. To be eligible to use the User must be at least 18 years old. By using the Service, the User confirms that he has reached the age of 18. 

3.2. The User may only act on his own behalf. User may not use account to act as an intermediary or broker for any person or entity. 

3.3. Depending on the User’s place of residence, the User may not be able to use the Service. It is the User’s responsibility to follow those rules and laws in his/her place of residence and/or place from which the User accesses the Service. 

3.4. User is obliged to ensure the safety and security of the password and Account details. In case of loss of the password and / or data of the Personal Account, as well as in the event third parties obtain unauthorized access to the Personal Account, the User must immediately inform the KUNA EXCHANGE support service. Until such a message is received, all actions performed using the User’s Personal Account will be considered as committed by the User himself.

3.5. For the purpose of registration, which is conducted at https://kuna.io/signup, the User must enter his/her current e-mail and password. Registration is complete once the User receives a notification of successful registration on the indicated e-mail. The User sets his own password at registration and is solely responsible for the safety of the password and all account information. The User is obliged to provide appropriate security measures for his account and password, including protection from third-party access.

3.6. Personal account details must not contain misleading or fraudulent information. Creating fake information for the Personal account or providing fraudulent identification documents is prohibited. If KUNA EXCHANGE has doubts the details are not correct, current, or complete, KUNA EXCHANGE has the right to refuse the User the access to the Site, or any of its resources, and to terminate or suspend Personal Account.

3.7. User is not allowed to sell, borrow, share or otherwise make available his account or any detail necessary to access his Personal account to third parties. User is responsible for maintaining adequate security and control of any and all his usernames, passwords, two-factor authentication codes or any other codes or credentials that the User use to access the Service. The Service is not responsible for any losses of the User, which are caused by unauthorized access to the Personal Account, third-party access to the password/Personal Account.

3.8. KUNA EXCHANGE may require the User to verify his identity to access the Service which is offered. Verification may include the verification of a mobile phone, verification of identity documents of the User, the address of the User's residence. 

4. SECURITY MEASURES, AML AND KYC POLICY

4.1. KUNA EXCHANGE takes all appropriate measures and implement the best standards to compliance with all applicable laws and regulations regarding Anti-Money Laundering. KUNA EXCHANGE will make reasonable efforts to detect and prevent people engaged in any criminal activity in any jurisdiction from using the Service. 

4.2. AML/KYC Policy includes Verification procedures, Monitoring Transactions, Risk Assessment. Information collected while AML/KYC internal procedures will be collected, stored, shared and protected strictly in accordance with the provisions of Privacy Policy.

4.3. AML/KYC Policy includes the hiring ot the Compliance Officer responsible for compliance of Verification procedures, Monitoring Transactions, Risk Assessment. The Compliance Officer is entitled to interact with law enforcement, which are involved in prevention of money laundering, terrorist financing and other illegal activity. 

4.4. By accepting this User Agreement, Users confirm that they own money and electronic tokens legally. If the funds of third parties are used to make transactions through the Service, then the Users themselves are liable for the eligibility of these funds. 

4.5. If KUNA EXCHANGE has the grounds to suppose that the User is willing to commit a suspicious transaction it may at its discretion: to refuse to render the Services upon certain Order; request additional information proving legitimate character of the operation; to block access of the User to the User account; to terminate the User Agreement without prior notice of the User.

4.6. Regardless of changes and to avoid doubtness KUNA EXCHANGE will not render Services to the Users – citizens or residents of the сountries currently belonging to the FATF black list, citizens or residents of Japan and the United States of America.

5. PERSONAL ACCOUNT 

5.1. After registration on the Service the User receives access to the Personal Account. The User can perform transaction using his/her Balance and Personal Account.

5.2. All information needed for depositing the Balance or withdrawing Title units is published on Personal Account.

5.3. Replenishment of the Balance occurs by depositing the Title units according to the details specified by the Service in the Personal Account.Replenishment of the User's Balance is the registration of the incoming transaction to the wallet in the Service system identified as the User's. Transferred Electronic tokens or Fiat Money equivalent will be displayed as the equivalent of the corresponding Title units on the User's Balance.

5.4. All information about Service’s fees and limits is published on the Site under the following address: https://kuna.io/documents/fees. By using the Service the User agrees with the fees and limits set on the Service. The Service reserves the right to make changes to the amount of fees and limits.  Any fee or other mandatory payments for the transfer of funds, collected by the bank or non-bank financial institutions, are paid by the User independently.

5.5. The Service undertakes to store Balance information of the deposited Title units on the relevant electronic wallet of the Service, maintain their automatic record, ensure their availability for exchange in accordance with this User Agreement.

5.6. The Service is not a payment system or an operator of payment transactions, therefore it provides only technical record of Title units on the User's Balance. The Service does not perform operations on transfer or storage of Users' Money. All operations for transferring funds during the replenishment of the Balance or the withdrawal of Title units are performed by the intermediary services in accordance with the rules for using this Service. The Service is not responsible for the actions of intermediary services.

5.7. Operations with the Title units are carried out exclusively upon request of the User in his Personal Account. 

5.8. The Title units available on the Balance are managed by the User's order. The Service has no right to block, as well as initiate to write-off the Title Signs from the Balance without the appropriate order of the User, except for the cases provided under this User Agreement. 

5.9. To withdraw the Title units from the Balance, the User fills the corresponding form in the Personal Account. 

6. DEALS

6.1. Deals are conducted on the basis of Orders, that are placed by users according to the Service rules.

6.2. Order Placement is an offer made by the User to any other user to conclude a transaction on the terms specified in the corresponding Order. Substantial conditions of the exchange transaction specified in the Order are the following: the name of the Title units that are offered for exchange; direction of the Order, what Title units are offered for exchange;  limited volume of the Title units that are offered for exchange; exchange rates.

6.3. In order to ensure the fulfillment of obligations under placed Orders, the User must have Title units amount on his/her Balance not less than the full amount of all Orders that he/she has placed. The Order is registered on the Service only after verifying the availability of the required volume of Title units to fully secure User's obligations under the relevant Orders.

6.4. After Order placement the Service provides automatic offsetting of the Orders in accordance with the equivalence of exchange established by Users. 

6.5. The User chooses the parameters of the Order before placing it, and can also at any time withdraw the pending part of the Order. 

6.6. Orders can be executed fully and partially. In case of partial execution the Service automatically places an Order for the amount that is the difference between the amount of the initial Order and the amount of the executed Order. 

6.7. An exchange transaction is complete when another User places an opposing Order with the exchange rate at which an operation may be performed in accordance with this User Agreement. In case of execution of the Order, the System performs automatic offsetting of the Title units between the Balances in accordance with executed Orders. 

6.8. By placing an Order, the User gives his consent to the fact that, in the case of execution of the Order, the automatic writing off of the Title units from the User's Balance, as well as the automatic charging of the Title units on the User's Balance will be deemed to be those that are performed by the Service upon the User's request. 

6.9. All actions related to the placement of the Order, its execution or withdrawal are displayed in the Personal Account. 

6.10. Placed Orders, if they are not called off by users who have issued them, are queued  until their execution.

6.11. Delivery of Fiat money equivalent, recorded as Title units in accordance with the Service rules, is made directly between users in terms established by them under separate agreements concluded by means of the Service.

7. PERSONAL DATA

Personal data of users are collected, storaged, distributed and protected according to the Privacy Policy which text is available at https://kuna.io/documents/privacy_policy. Please refer to this document.

8. INTELLECTUAL PROPERTY RIGHTS

8.1. The website and other components of the Service are protected by legislation in the field of intellectual property. All rights reserved. Service does not claim ownership of intellectual property rights that belong to third parties.

8.2. The User acknowledges and agrees that all content and materials that are available on the Service are protected, including but not limited to copyright, trademarks, patents, trade secrets, know-how. Reproduction, copying or redistribution for commercial purposes of any materials or elements of the Service without written permission is strictly prohibited.

8.3. Except in cases specifically provided by KUNA EXCHANGE, the User agrees not to perform actions that violate intellectual property rights of KUNA EXCHANGE, including but not limited to: selling, importing, exporting, licensing, renting, modifying, distributing, copying, reproducing, transfer, public demonstration, public performance, publication, adaptation, editing or creation of derivative works from materials, design elements or the content of the Service. Use of content, materials, other objects of intellectual property rights of the Service for any purposes not expressly indicated in this User Agreement is strictly prohibited.

9. PREVENTION OF MISCONDUCT. WARRANTIES OF USER

9.1. User are prohibited to conduct the following actions:to use the Service to conduct fraud and any other illegal transactions, including using illegally obtained credit or payment cards;

to use the Service as a tool for financing transactions or activities for which administrative, criminal or civil liability is provided under applicable law;

perform any actions with Electronic Tokens and Title units, by passing the procedure provided for in this User Agreement;

to copy and/or diffuse any items of intellectual property published on the Site except when this function is clearly contemplated by the Site;to copy or use in any other way the program part of the Site as well as its design;to use the personal data of third persons without their permission;

to change in any way the program part of the Site, take any actions aimed at changing the functionality and usability of the Site, disable or otherwise interfere with the work of the Site;

to insult or use any words or provide any actions violating rights and freedoms of third persons.

9.2. In case if suspicious transactions are detected from the User's Account, access to the Personal Account may be restricted for conducting a review for a period of between 24 hours and 30 working days. 

9.3. The User agrees that in case of violation of this User Agreement KUNA EXCHANGE has the right to block the User's Personal Account.

10. WARRANTIES. LIMITATION OF LIABILITY OF KUNA EXCHANGE

10.1. KUNA EXCHANGE provides the Site and all services "AS IS". KUNA EXCHANGE does not make any specific promises about functioning of the Site and does not make any commitments about the content of the Site, the specific functions of the Site, or their reliability, availability or ability to meet the User’s needs.

10.2. To the extent permitted by law KUNA EXCHANGE excludes all warranties, guarantees, conditions, representations, and undertakings.

10.3. The service may contain links to third-party websites and send Users to other websites. Such websites are not under the control of KUNA EXCHANGE; moreover, the publication of links on the Service does not imply that KUNA EXCHANGE endorses such websites. KUNA EXCHANGE makes no warranties or representations, and does not bear any responsibility with respect to accuracy, content, terms of use, privacy policy, goods (works, services), legality, reliability, perception, relevance, morality and other aspects associated with such websites.

10.4. As a rule, the Service does not implement a chargeback policy. In some cases, the Service can recover cross-chain deposits. User should refer to the cross-chain recover policy on a web-site.

10.5. By performing the operation, the User agrees and carries all the risks involved in performing the transactions himself. The Service can not be charged with any cancellation of operations. The Service does not accept or process applications from anyone for the return and / or cancellation of operations.

11. RISK WARNING

11.1. By accepting the User Agreement the User acknowledges and accepts any risks associated with the transactions, agrees to be bound by the User Agreement, and acknowledges and accepts the following and any other risks. 

11.2. The User guarantees that he/she understands general principles of work with Cryptocurrencies and is aware of Cryptocurrency of the following characteristics affecting its value and risks related to it mainly price volatility and transparency. User should understand there is a greater risk that he/she may not receive a fair and accurate price for the underlying cryptocurrency when trading.

11.3. User has to consider his/her financial position. The User has to be rational and do not invest money he/she cannot afford to lose. 

11.4. KUNA EXCHANGE is not a broker, agent or advisor and has no fiduciary relationship or obligation to User in connection with any transaction, decisions or activities effected by his/her using the Services. 

11.5. Any data, prices, news, opinions, researches, analyses and/or any other information contained on the Site is provided as general market commentary, and does not constitute an investment advice. 

12. INDEMNITY

The User agrees to defend, indemnify and hold KUNA EXCHANGE, its affiliates and their respective employees, officers, directors and stockholders harmless from and against any and all damages for damages to property, bodily injury, death, or other injuries arising from the negligence or misconduct of the User or any person for whom User is legally responsible.

13. GOVERNING LAW. DISPUTE RESOLUTION.

13.1. This User Agreement and any legal relationship arising out of this document shall be governed by and construed in accordance with law of England and Wales, excluding conflict of law provisions. 

13.2. Should there be any disputes regarding matters stipulated herein, the Parties shall take all measures possible to resolve them by negotiations. 

13.3. Should the Parties fail to reach an agreement by means of negotiations, any dispute arising from the User Agreement or related hereto, shall be referred to and finally resolved in accordance with the Rules of London Court of International Arbitration (LCIA). The place of arbitration will be London, United Kingdom. The arbitration shall be held in English.  

13.4. This decision shall be final and binding for both Parties, and may be used or produced for enforcement at any court having respective jurisdiction; an application concerning enforcement order may be filed to such competent court, if required.

13.5. The Parties agree that the information of arbitration, including but not limited to the information of any arbitration decision, shall be deemed confidential and not disclosed to any third parties without the written consent of the Parties, unless required by law. 

14. AMENDMENTS OF THE AGREEMENT 

KUNA EXCHANGE has the right to unilaterally change this User Agreement. The changes take effect in 3 (three) days after the moment the new version of corresponding documents is published on the Site. If the User does not accept new edition of the User Agreement, he/she should stop using the Site.

15. TERMINATION OF THE AGREEMENT

15.1. User agrees that KUNA EXCHANGE has the right to immediately terminate the Personal account, to lock any funds in this account, and terminate access to the Service in the following cases:

there is any suspect or the fact of violation of the User Agreement, Privacy Policy,  or any applicable laws and regulations; 

this Personal account and activities of User became the subject to a criminal investigation or other pending administrative proceeding or litigation;

KUNA EXCHANGE detected unusual and suspicious activity in the Personal account; 

in case of unauthorized access to the Personal account;

KUNA EXCHANGE was required to do so by a court order or the order of regulatory/government authority.

15.2. Should the account be terminated, the account and Personal data required for meeting data retention standards will be securely stored for five years.

15.3. Once the Personal account is closed in a normal regime and without violation of User agreement or based on cases mentioned in the prov. 15.1. of the User agreement, the User will have 5 working days to withdraw all funds from the Personal account.

15.4. In the event of termination of User Agreement due to its violation by User (including but not limited to the use of the Service by persons from the sanction list provided in clause 4.6 of the User Agreement), or as part of the investigation of fraudulent transactions and the fight against money laundering, KUNA EXCHANGE cancels User’s Personal Account, and has the right to impose a penalty on the amount of the entire balance of funds held in the User’s Personal Account.

16. FINAL PROVISIONS

16.1. With the exception to the cases defined by the User Agreement and the current legislation, all the notifications, messages and documents related to the fulfillment of obligations arose out of the User Agreement should be sent to and are considered as received by the Parties if they have been sent via email from the authorized address of one Party to the authorized address of the other Party.

An authorized address can be:

for the User: the email address indicated by him/her;

for KUNA EXCHANGE: [email protected].

16.2. This User Agreement is valid until terminated by one of the Parties. The User may terminate this User Agreement at any time by stopping the use of the Service and removing all copies of any Service components from all of his/her devices and equipment. KUNA EXCHANGE at its discretion, with or without prior notification of the Users, may unilaterally terminate this User Agreement.

16.3. If any part of the User Agreement is considered invalid or  null and void according to applicable law, the rest parts of the Agreement remain in effect.