These Terms of Service ("Terms") govern the use of the Ping Exchange platform (the "Platform"), a cryptocurrency exchange service (the “Services”).
By accessing and/or using the Services, you ("User" or "you") have read, understood, and accepted all of the following Terms and agree to be legally bound by these Terms, in their most recent version; You further represent and warrant that: (i) You are of legal age to enter into a binding agreement; and (ii) if You represent a corporation, governmental organization or other legal entity, You have the right, power and authority to enter into these Terms on behalf of such corporation, governmental organization or other legal entity and to legally bind it to these Terms.
Your access and/or use of the Services is contingent upon Your acceptance of these Terms.
The Company may amend these Terms at any time. Amendments will be effective 14 (fourteen) days after the modified terms and conditions have been posted on the Company’s website at https://ping.exchange, except for amendments that relate to new features or made for legal reasons, which will become effective immediately. If You do not agree to such modified terms, You should discontinue Your use of the Services. If you have any questions or concerns regarding these Terms, please contact us at [email protected] or reach out to our helpdesk at https://ping.exchange/helpdesk.
Capitalized terms not otherwise defined in these Terms will have the following meaning:
The Services are offered from different jurisdiction as follows:
The name of the company offering the Services is not disclosed for security reasons.
Users are required to use CorePass, a secure master key, for logging in and verifying their identities on the Platform. By using CorePass, you agree to its terms and conditions, which can be found on the CorePass website at https://corepass.net.
To use the Platform, you must create an account by providing accurate, current, and complete information as requested during the registration process. You are responsible for maintaining the confidentiality of your account access and for all activities that occur under your account. You must promptly notify Ping Exchange of any unauthorized use of your account. Ping Exchange maintains the prerogative to reject any account registration that fails to align with applicable legal obligations or the provisions of these terms and conditions.
Ping Exchange requests personal information from the CorePass application. In doing so, Ping Exchange pays the user for the data which becomes the property of Ping Exchange limited only to the provided data. Upon user approval, this information is stored in the Ping Exchange vault and subsequently sealed. A hash of this data is created, which cannot be decrypted, along with boolean values. This data is stored in a database for regulation purposes to ensure that we can verify certain procedures and adhere to all compliance acts. By using the Platform, you acknowledge and agree to this data handling process.
At the present moment, we are serving only customers who are the sole beneficial owner proprietors and have completed Form A. Entities will be allowed to register in the next future.
Users are strictly prohibited from engaging in the following activities:
Trading cryptocurrencies involves significant risk and may not be suitable for all users. You acknowledge that you are aware of the risks associated with trading cryptocurrencies and accept full responsibility for any losses or damages incurred as a result of your own use of the Platform. The user forfeits any rights to any claims or losses incurred within the Ping Exchange platform and agrees to indemnify Ping Exchange in its entirety.
In its early phase, Ping Exchange is subject to tide depository limits. While we are focusing on raising those limits, we could be obliged to request users to withdraw their assets from their Portal Account or even force a withdrawal. We also reserve the right to cancel ongoing trades and execute forced withdrawals to your External Account without the need for prior notification or the obligation to provide refunds if such withdrawal should become necessary to comply with the deposit limitations. This mandatory withdrawal will concern only payment tokens and does not affect other non payment tokens like XCB.
You acknowledge that the Company will not be held liable for any damage caused by the cancellation of any order required by the mandatory forced withdrawal.
Provided that the balance of Assets in your Platform Account is greater than any minimum balance requirements needed to complete any of your open positions, you may transfer any amount of Assets, up to the total amount of available and unencumbered Assets in your Platform Account in excess of such minimum balance requirements, from your Platform Account to an External Account, less any fees charged by the Company for such transactions (as described in the Fee Schedule at the time of your request to transfer Assets to an External Account). You are held solely accountable to ensure that the Addresses you provide are correct when transferring Assets from the Platform to an External Account. You indemnify Ping Exchange from any issues/claims//losses that may incur due to negligence or mistakes from all parties as you are specifying the Account destinations independently.
For specific Digital Assets (e.g. Bitcoin), the Platform may enable you to utilize a “Layer 2” network (like the Lightning Network) to deposit these Digital Assets into your Platform Account and/or withdraw them to an External Account (the “Layer 2 Funding Services”). By using these services, you acknowledge and agree to the following:
Ping Exchange may charge fees for certain services provided through the Platform. You agree and are liable to pay all applicable fees. With these terms you authorize Ping Exchange to deduct fees from your account balance as required.
It is your responsibility to determine what, if any, taxes apply to the trades or transactions you complete via the Services, and it is your responsibility to report and remit the correct taxation to the appropriate tax authorities. You agree that the Platform is not responsible for determining whether taxes apply to your trades, or for collecting, reporting, withholding, or remitting any taxes arising from any trades or transactions. If required by applicable law, the Platform may withhold the required taxation from any payments made to you and report such taxes to the relevant tax authorities.
You continue to be the legal and beneficial owner of any Funds in your Platform Account and the beneficial owner of additional assets resulting from any relevant network fork or airdrop, or similar distribution of Digital Assets supported by the Platform. However, the Platform maintains exclusive discretion and is not obligated to support any specific forks, airdrops, or similar distributions, and such support is always subject to these Terms.
If you opt for a market trade, the Company will endeavor, on a commercially reasonable basis, to execute the trade at or near the current market exchange rate, as indicated through the Services. You acknowledge and agree that the exchange rate information provided via our Services may vary from the prevailing exchange rates accessible through other sources outside the Services.
Unauthorized use of the Platform's intellectual property is strictly prohibited.
The Platform reserves the right, at its sole discretion, to modify, discontinue, or terminate support for any Digital Asset or market operations under certain conditions. These conditions include but are not limited to:
By using the Platform, users acknowledge and agree to these terms, understanding that such measures are necessary for the maintenance of market integrity, the protection of users, and compliance with regulatory obligations.
You acknowledge that the Services' user interface may exhibit incorrect information or information that varies from our internal books and records. In case of any discrepancies, the contents of our internal books and records shall take precedence.
In case of a Force Majeure Event, violation of these Terms, or any other situation that would render providing the Services commercially unreasonable for the Company, we may, at our discretion and without liability to you, with or without prior notice, suspend your access to all or part of our Services. We reserve the right to terminate your access to the Services at our sole discretion, immediately and without prior notice, and delete or deactivate your Portal Account and all related information and files in such account without any liability to you, including, for example, if you breach any of these Terms. In the event of termination, the Company will attempt to return any Assets stored in your Portal Account not otherwise owed to the Company, unless we believe you have engaged in fraud, negligence, or other misconduct.
Unless expressly stated otherwise in these Terms, our Services are provided on an "as is" and "as available" basis. We expressly disclaim and you waive all warranties of any kind, whether express or implied, including, without limitation, implied warranties of merchantability, fitness for a particular purpose, title, and non-infringement concerning our Services, including the information, content, and materials contained therein.
You acknowledge that the information you store or transfer through our Services may become irretrievably lost or corrupted or temporarily unavailable due to various causes, including software failures, protocol changes by third-party providers, internet outages, force majeure events, or other disasters, including third-party DDoS attacks, scheduled or unscheduled maintenance, or other causes either within or outside our control. You are solely responsible for backing up and maintaining duplicate copies of any information you store or transfer through our Services.
In no event will the Company, its officers, shareholders, employees, agents, directors, subsidiaries, affiliates, successors, assigns, suppliers, or licensors be liable for any loss or damages, including without limitation, direct, indirect, special, consequential, or punitive loss or damages, arising from or related to Your use of the Services, whether in an action of contract, tort or otherwise, and regardless of whether such damages were foreseeable and whether or not The Company was advised of the possibility of such damages.
Without limiting the generality of the foregoing, the Company takes no responsibility for and will not be liable for any financial or other loss or damages arising from or related to the use of the Services, including, without limitation, to any of the following:
The Services support or are integrated with third party services. The Company takes no responsibility for any third party services and will not be liable for any loss or damages caused by such third party services.
The Services are provided on an “as is” and “as available” basis without any representation or warranty of any kind, whether express or implied, to the maximum extent permitted by applicable laws. The Company disclaims any implied warranties of title, merchantability, fitness for a particular purpose and/or non-infringement.
By accessing and/or using the Services, You acknowledge and agree that You shall not use the Services if applicable laws, based on Your country of location, residency and/or citizenship, prohibit You from doing so in accordance with these Terms.
By accessing and/or using the Services, You acknowledge and agree that You shall not use, or assist third parties to use, the Services any way which may constitute a contravention of applicable laws or which may contradict the purposes or hinder the operations of the Services or hinder the operations of other users of the Services.
Without limitation to the foregoing, You acknowledge and agree that You shall not use, or assist third parties to use the Services to, without limitation, avoid taxes, engage into activities that may amount to market abuse (including, without limitation, front-running, wash trades, etc.), engage into illegal gambling, frauds, money laundering or terrorist activities.
To the fullest extent permitted under applicable laws, You agree to hold harmless and indemnify The Company, its officers, shareholders, employees, agents, directors, subsidiaries, affiliates, successors, assigns, suppliers, or licensors from and against all third party claims and all liabilities, damages, assessments, losses, costs, or expenses (including reasonable attorney fees) resulting from or arising out of:
These Terms constitute all the terms and conditions agreed upon between You and The Company and supersede any prior agreements in relation to the subject matter of these Terms, whether written or oral.
Unless as otherwise stated in these Terms, should any provision of these Terms be held totally or partially invalid or unenforceable, such invalidity or unenforceability shall not in any manner affect or render invalid or unenforceable the remaining provisions of these Terms, and the application of that provision shall be enforced to the extent permitted by applicable laws.
The failure of the Company to exercise or enforce any of the rights or provisions of these Terms shall not be considered as a waiver of The Company’s rights to do so.
The Company may assign these Terms and/or delegate any of its obligations hereunder, in whole or in part. You may not assign these Terms or any part of them, nor transfer or sub-license Your rights under these Terms to any third party.
PLEASE READ THE FOLLOWING SECTION CAREFULLY, AS IT REQUIRES YOU TO ARBITRATE DISPUTES WITH US AND LIMITS THE MANNER IN WHICH YOU CAN SEEK RELIEF.
You and the Company agree to arbitrate any dispute arising from these Terms or your use of the Services, with the exception of disputes where either party seeks equitable or other relief for the alleged unlawful use of copyrights, trademarks, trade names, logos, trade secrets, or patents. ARBITRATION PREVENTS YOU FROM SUING IN COURT OR FROM HAVING A JURY TRIAL. You and the Company agree to notify each other in writing of any dispute within thirty (30) days of its occurrence. Notice to the Company should be sent to [email protected]. You and the Company further agree:
Last Updated: February 7, 2024