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Disclosure and Notices

Disclosure and Notices

Last Updated: 01 July, 2024

This Risk and Compliance Disclosure  must be read in conjunction with the BitGain Terms of Service (“Terms”). Unless otherwise defined herein, capitalized terms shall bear the meanings assigned to them in the Terms. The purpose of this document is to inform you of critical risk factors and compliance obligations associated with your use of BitGain’s services.

1. OBJECTIVE OF OUR PROGRAM

BitGain has instituted and implemented an Anti-Money Laundering (AML), Counter-Terrorist Financing (CTF), and Trade & Economic Sanctions Program to ensure that its digital asset trading platform operates in a compliant and transparent manner. Our goal is to promote lawful business practices and uphold a strong standing with our customers, regulatory bodies, and the broader digital asset industry.

2. OUR ROLE AND ACTIVITIES

BitGain functions as a global digital asset exchange aggregator and trading platform, facilitating transactions between buyers and sellers. While our services typically enable users to engage in peer-to-peer transactions, under certain conditions as outlined in the Terms, BitGain’s related entities may act as a counterparty to trades executed on the platform. Our services are accessible through the BitGain platform, which is operated by BitGain.

Disclosure: Trading digital assets carries significant risk, including the risk of substantial financial loss. You should assess whether engaging in such activities is suitable for your financial circumstances.

3. REGULATORY ENVIRONMENT

We acknowledge that regulatory authorities have adopted varying approaches toward the classification and regulation of digital assets. Some authorities, such as the U.S. Financial Crimes Enforcement Network (FinCEN), categorize digital assets as convertible virtual currencies, while others, such as those in Hong Kong, define them as virtual commodities. As a digital asset exchange aggregator and platform, we consider digital assets to represent an innovative alternative asset class and assert that they should not be equated to currency or money.

Disclosure: Digital assets are not considered fiat money or currency. They are not backed by any government or central bank. While BitGain may hold certain opinions on the diverse regulatory approaches adopted by various jurisdictions, we remain fully compliant with the applicable laws and regulations in the countries in which we operate. We maintain open channels of communication with regulators and industry stakeholders to contribute to the development of appropriate frameworks for digital asset regulation. Additionally, BitGain may refuse to serve certain customers or may limit or prohibit the use of certain services in specific regions or jurisdictions, including restricted locations. BitGain reserves the right to impose such restrictions in other regions as necessary.

BitGain fully cooperates with governmental authorities and regulatory agencies, complying with all applicable laws and regulations. In the course of lawful investigations into illicit activities, BitGain may be required to provide information to law enforcement agencies, provided such requests are permissible under law. Consequently, the BitGain platform is designed for law-abiding customers only. We welcome your business, provided you adhere to all legal and regulatory requirements when using the BitGain platform.

4, OUR AML And ATF PROGRAM

BitGain has established its Anti-Money Laundering (AML) and Anti-Terrorist Financing (ATF) Program with the objective of mitigating the risk of money laundering and terrorist financing through a structured, risk-based, multi-layer control framework.

The initial layers of this framework involve a rigorous customer identification program, which includes the verification of customer identities.

The subsequent layer consists of a risk-based approach designed to ensure enhanced customer due diligence where warranted by specific risk factors.

Further, the program includes ongoing monitoring of transactions and activities to detect suspicious behavior. Suspicious transactions or activities are typically those that deviate from a customer’s established legitimate business or personal patterns.

While these constitute the core components of our compliance program, the key to its effective implementation lies with our leadership and personnel. This includes our AML and Risk teams, who are responsible for training, oversight, and fostering a robust compliance culture within BitGain.

5. RISKS AND SPECIFIC DISCLOSURES

Engaging in the trading of Digital Assets entails significant risk. The potential for loss in trading or holding Digital Assets is considerable. It is imperative that you carefully evaluate whether engaging with, holding, or trading Digital Assets is appropriate for you, given your financial circumstances.

5.1 Conversion Risk

You acknowledge and agree that any payments made via credit card in your local currency will be subject to a standardized conversion process. This conversion process may, in some cases, be affected by systemic errors or unforeseen failures. In the event of such errors or failures, as determined solely by us, you may receive a balance in USD or USDT that differs from the initial local currency balance at the start of your payment transaction. This may result in a risk of loss, and you hereby agree to assume full responsibility for all costs associated with any conversion risks arising from such errors or failures.

5.2 Market Risks

Trading in Digital Assets involves substantial market risks, including significant price volatility. Prices may fluctuate dramatically and unexpectedly, with no advance notice. Past performance of any asset is not indicative of future performance. The value of your investment, along with any potential returns, can both increase and decrease. There is a considerable risk that you may not recover your initial investment, and you may incur total loss of your assets.

5.3 Liquidity Risks

Digital Assets may experience limited liquidity, which can make it difficult or impossible to sell or exit a position at your preferred time. Such liquidity constraints may arise at any time, including during periods of rapid price movements.

5.4 Availability Risks

BitGain does not guarantee that its services will be continuously available or free from unplanned outages or network congestion. You may experience instances where it is not possible to buy, sell, store, transfer, send, or receive Digital Assets at your desired time.

In the event a Digital Asset’s project encounters bankruptcy, liquidation, dissolution, or violates applicable laws and regulations, or upon request by the project itself, BitGain may delist the Digital Asset, which may result in losses for users.

There may be legal restrictions in various jurisdictions that limit the services and products BitGain can offer. Accordingly, certain services or functionalities may be unavailable or restricted in certain regions or jurisdictions. Users are solely responsible for familiarizing themselves with and complying with the applicable restrictions and requirements related to their access and use of the BitGain platform and related services. BitGain reserves the right to modify or impose additional limitations on the access and use of the platform or its services at its sole discretion, without prior notice.

5.5 Third Party Risks

BitGain services may involve third parties, such as payment providers, custodians, or banking partners, whose terms and conditions may apply to you. BitGain disclaims any liability for losses caused by third parties.

5.6 Security Risks

While BitGain strives to minimize security risks, the complete elimination of such risks is not feasible. You are responsible for safeguarding your BitGain account credentials and are liable for all transactions conducted under your account, whether authorized or not. Digital Asset transactions are generally irreversible, and losses resulting from fraudulent or unauthorized transactions may not be recoverable.

5.7 Risks Related to Digital Assets Themselves

Due to the inherent nature of Digital Assets and their underlying technology, several risks may arise, including but not limited to:

  1. a) Defects, hacks, exploits, errors, protocol failures, or unforeseen events related to the Digital Asset or the technologies and economic systems on which they depend;
  2. b) The irreversibility of Digital Asset transactions;
  3. c) Technological advancements that may render a Digital Asset obsolete; and
  4. d) Attacks on the protocols or technologies supporting Digital Assets, such as:
    Distributed Denial of Service (DDoS);
    ii. Sybil attacks;
    iii. Phishing;
    iv. Social engineering;
    v. Hacking;
    vi. Smurfing;
    vii. Malware;
    viii. Double spending;
    ix. Majority-mining, consensus-based, or other mining attacks;
    x. Misinformation campaigns;
    xi. Forks; and
    xii. Spoofing.

5.13 Leverage Risk. Engaging in margin trading using borrowed funds carries significant leverage risk. The use of leverage amplifies both potential profits and potential losses. This means that losses may exceed your initial investment, resulting in a higher risk of losing more than the total amount originally invested.

5.14 Risk Warning on Digital Payment Tokens (DPT)

As a customer of a Digital Payment Token (DPT) service provider, it is important that you are aware of the following:

  1. a) Your DPT service provider is exempt from the requirement to hold a license for providing DPT services.
  2. b) You should refrain from transacting in DPTs unless you are fully familiar with the nature of the DPT, including how the DPT is created, transferred, or held by the DPT service provider with which you intend to transact.
  3. c) You must understand that the value of DPTs can experience significant volatility. You should only purchase DPTs if you are willing to accept the risk of potentially losing the entirety of the funds invested in such tokens.
  4. d) You should be aware that your DPT service provider may offer services related to DPTs marketed as having a stable value, commonly referred to as “stablecoins.”

5.15 Trading Bot Risks

  1. Market Risk

Utilizing automated trading bot strategies exposes users to the inherent volatility and price fluctuations of the market. Market conditions can shift rapidly, and trading bots may be unable to adapt to these changes, potentially leading to losses.

  1. Execution Risk

Automated trading systems depend on the timely execution of trades. Any delays, slippage, or technical issues in the execution process may affect the ability to achieve the desired outcomes, potentially resulting in less favorable trades.

  1. Algorithmic Risk

Automated trading algorithms are subject to limitations and vulnerabilities. These may result in unintended consequences or errors, regardless of the strategy employed by the user or the algorithm’s design.

  1. Loss of Control

By employing automated trading strategies, users relinquish a degree of control over their assets. This loss of control may not always align with the user’s preferences or be responsive to changing market conditions, irrespective of the specific nature of the automated strategy being employed.

5.8 Monitoring Risks

Digital Asset markets operate continuously, 24/7. Price fluctuations can happen at any time, including outside regular business hours. You are solely responsible for monitoring the market and your investments continuously.

5.9 Communication Risks

When communicating with BitGain electronically, you should be aware that such communications may fail, be delayed, lack security, or not reach the intended recipient.

5.10 Currency Risks

Fluctuations in currency exchange rates may impact the gains or losses of your Digital Asset holdings.

5.11 Legal Risks

Changes in applicable laws and regulations may have a significant effect on the value of Digital Assets. Legal risks are unpredictable and can differ across markets. You may also face substantial losses if your actions violate any national laws or regulations.

5.12 Other Risks

This Statement does not exhaustively list all the risks associated with using BitGain services. There may be additional risks that are specific to certain services or products. You should carefully review all risk disclosures contained in the Terms of Service and Privacy Policy

6. FEES

6.1 Tiered Pricing Structure

We provide a tiered pricing model, where higher levels of service grant access to more personalized advice and additional resources. This comprehensive fee structure reflects the wide range of services offered on our platform, including both one-time fees and subscription-based services.

All fees are subject to modification based on network conditions and prevailing market trends.

Discounted fees may be available for high-volume traders or asset holders.

Our fee structure includes: 0% crypto asset trading fees and margin interest. Additionally, BitGain does not impose any fees for crypto asset deposits.

6.2 Additional Fees and Charges

BitGain offers a variety of deposit and withdrawal channels, each of which may incur associated fees. Deposit and withdrawal fees may apply depending on the selected channel.

6.3 Regional or Country-Specific Pricing

Pricing may vary based on the region or country in which a user resides or is located, and such pricing is determined accordingly.

7. COMMUNICATION

Should you have any questions or require assistance with customer due diligence measures, you may contact our 24/7 customer service team via the chat feature in your account, by submitting a support ticket, or by emailing compliance@apaxbitt.net.

8. DIFFERENT VERSIONS

This “Disclosures and Notices” document may be made available in multiple languages. In the event of any inconsistency or conflict between translations, the English version shall take precedence.

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