[Notice] Revision of Upbit Terms and Conditions (to be applied on December 21)

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Thank you for using Upbit. We would like to inform you about the revision of the Upbit Terms and Conditions.

The revised terms and conditions will be applied as of December 21th 2021.

Unless users do not indicate the agreement by the prior date of application, it will be considered to have made a statement accepting to the agreement. If you do not agree to these revised terms and conditions, you may indicate your intention to refuse the service through the Upbit Customer Center and terminate the service contract (withdrawal of users) by the day before the application date of these revised terms.

The specific changes to the terms and conditions are as follows, and you can check the changes more comfortably through the link below.

[Changes]

1) Article 2 (Definitions) 9

  • Before revision :
    “Posting” means any writing, photo, and video that is posted by a Member on the Services in the form of marks, letters, voices, sounds, images and videos, and all kinds of files and links to the foregoing.
    ➔ After revision :
    < Deleted >

2) Article 3 (Posting and Amendment) (3)

  • Before revision :
    If the Company desires to amend these Terms of Use, it shall notify Member of the amended terms and the effective date from seven (7) days in advance from the effective date to one (1) day prior to the effective date. If an amendment is disadvantageous to Member, such amendment shall be notified thirty (30) days in advance from the effective date.
    ➔ After revision :
    If the Company desires to amend these Terms of Use, it shall notify the Member of the amended terms and the effective date from one (1) day from the effective date to thirty (30) days prior to the effective date.

3) Article 3 (Posting and Amendment) (4)

  • Before revision :
    Even though the Company clearly notified the Member that, unless Member express their intention to reject such amendment one (1) day prior to the effective date, the Member shall be deemed to have expressed their intention to accept such amendment, if Member fail to do so expressly, the Member shall be deemed to have agreed to such amended terms.
    ➔ After revision :
    According to the previous clause, even though the Company clearly notified the Member that, unless the Member express their intention to reject such amendment one (1) day prior to the effective date, the Member shall be deemed to have expressed their intention to agree to such amendment.

4) Article 4 (Interpretation) (2)

  • Before revision :
    Any matters not specified herein or interpretation thereof shall be subject to such operation policy, user guide or relevant statutes.
    ➔ After revision :
    Any matters not specified herein or interpretation thereof shall be subject to such Guideline (Web), usage guide (App) or relevant statutes.

5) Article 5 (Constitution of Use Agreement) (2)

  • Before revision :
    The Company may not accept an application if such an application falls into any of the following, and may cancel the acceptance of such an application or terminate the user agreement if any of the following events is found to occur:
    ➔ After revision :
    The Company may not accept an application if such an application falls into any of the following.

6) Article 5 (Constitution of Use Agreement) (2) 5

  • Before revision :
    If the Applicant intends to use the Services for fraudulent or other business purposes;
    ➔ After revision :
    If the Applicant intends to use the Services for Telecommunications-based Financial Fraud, fraudulent acts or other business purposes;

7) Article 6 (Change of Member’s Information) (3)

  • Before revision :
    The Company shall not be liable for any disadvantage that arises from the Member’s failure to notify the Company of such changes as stipulated in Paragraph 2 above.
    ➔ After revision :
    The Memeber is liable for any disadvantage that arises from failure to notify the Company of such changes as stipulated in Paragraph 2 above. Unless the disadvantages are caused by the intention or negligence of the Company.

8) Article 8 (Protection of Personal Information)

  • Before revision :
    The Company shall make efforts to protect Member’ personal information in accordance with relevant statutes, including the Act concerning Promotion of Utilization of Information and Communications Networks and Protection of Information, etc., and the Act on Protecting Personal Information. The protection and use of personal information shall be governed by relevant statutes and the Company’s Privacy Policy. However, the Company’s Guideline for Handling Personal Information shall not apply to the page that offers links to external websites other than the pages created and offered by the Company.
    ➔ After revision :
    The Company shall make efforts to protect Member’ personal information in accordance with relevant statutes including the Act on Protecting Personal Information. The protection and use of personal information shall be governed by relevant statutes and the Company’s Privacy Policy. However, the Company’s Guideline for Handling Personal Information shall not apply to the page that offers links to external websites other than the pages created and offered by the Company.

9) Article 10 (Member’ Obligations) (1) 11

  • Before revision :
    Conducting any other illegal or fraudulent acts
    ➔ After revision :
    Illegal acts that violate other relevant laws

10) Article 11 (Copyrights on Postings)
➔ After revision :
< Deleted >

11) Article 12 (Right to Use Postings)
➔ After revision :
< Deleted >

12) Article 13 (Management of Postings)
➔ After revision :
< Deleted >

13) Article 17 (Use of Services) (5)

  • Before revision :
    Member agree that the Company shall not be liable for price fluctuations in Digital Assets. In the event of the suspension of Digital Asset markets or any occurrence of force majeure events as described in Article 23, Paragraph 2, the Company may take one of the following steps, and the Company shall not be liable for the loss incurred to Member due to its step
    ➔ After revision :
    Member agree that the Company shall not be liable for price fluctuations in Digital Assets. In the event of the suspension of Digital Asset markets or any occurrence of force majeure events as described in Article 20 Paragraph 2, the Company may take one of the following steps, and the Company shall not be liable for the loss incurred to the Member unless it is caused by the intention or negligence of the Company.

14) Article 17 (Use of Services) (8)

  • Before revision :
    If the remaining balance of Digital Assets in a Member’s Upbit Wallet is bigger than the amount of an order that is not executed, the Member may transmit the remaining balance less a fee to the Outside Digital Asset Address. The Member shall be liable for the accuracy of the Outside Digital Asset Address provided by Member, and the Company shall not be liable for transmitting Digital Assets to the Outside Virtual Currency Address that is wrongly indicated by the Member.
    ➔ After revision :
    If the remaining balance of Digital Assets in a Member’s Upbit Wallet is bigger than the amount of an order that is not executed, the Member may transmit the remaining balance less a fee to the Outside Digital Asset Address. The Member shall be liable for the accuracy of the Outside Digital Asset Address provided by the Member, and the Company shall not be liable for transmitting Digital Assets to the Outside Digital Asset Address that is wrongly indicated by the Member unless it is caused by the intention or negligence of the Company.

15) Article 17 (Use of Services) (10)

  • Before revision :
    The Member must fill the accurate information of the receiver (whether or not the receiver is a Member) when using the mobile phone transfer Service. The Company will not be liable for wrong transfers.
    ➔ After revision :
    The Member must fill the accurate information of the receiver (whether or not the receiver is a Member) when using the mobile phone transfer Service. The Company will not be liable for wrong transfers unless it is caused by the intention or negligence of the Company.

16) Article 17 (Use of Services) (11)

  • Before revision :
    To comply with the Act on Reporting and Using Specified Financial Transaction Information (hereinafter referred as Specific Act) and applicable and regulations related to Virtual Assets Business, the Company may collect, create, use, save and provide the Member information (hereinafter referred as KYC), to a Third Party (institutions stipulated by relevant laws, such as the Korea Financial Intelligence Unit and other virtual asset businesses). If the Member refuses to provide “KYC information” to the Company, the Company may refuse to provide Services or limit the use of Service. The Company may provide information regards the Provision Process, Method and Verification of “KYC information” types and scope of Services in the Operation Policy, User Guide and Guidelines.
    ➔ After revision :
    To comply with the Act on Reporting and Using Specified Financial Transaction Information (hereinafter referred as Specific Act) and applicable and regulations related to Virtual Assets Business, the Company may collect, create, use, save and provide the Member information (hereinafter referred as KYC), to a Third Party (institutions stipulated by relevant laws, such as the Korea Financial Intelligence Unit and other virtual asset businesses). If the Member refuses to provide “KYC information” to the Company, the Company may refuse to provide Services or limit the use of Service. The Company may provide information regards the Provision Process, Method and Verification of “KYC information” types and scope of Services in the Operation Policy, User Guide and Guidelines.

17) Article 18 (Matters to be Noted with Respect to Use of Services) (4)

  • Before revision :
    The Company may suspend all Services if it becomes difficult to maintain the Service due to important managerial reasons such as the discontinuance of business (including business transfer, partitioning, and takeover), termination of contracts with important affiliates, and the drastic profit deterioration of the Services concerned. In this case, information such as the suspension date, suspension reason, and the transfer method for Digital Assets held by the user shall be notified to the Member no later than 30 days before the suspension date using the method stipulated in Article 22 (1) unless there are other unavoidable reasons. Provided, the Company shall support the Digital Asset transfer (withdrawal) of Members according to Article 18 (5) of these Terms to allow Members to safely transfer (withdrawal) their own Digital Asset assets even if the Company has suspended the support of trades.
    ➔ After revision :
    The Company may suspend all Services if it becomes difficult to maintain the Service due to important managerial reasons such as the discontinuance of business (including business transfer, partitioning, and takeover), termination of contracts with important affiliates, and the drastic profit deterioration of the Services concerned. In this case, information such as the suspension date, suspension reason, and the transfer method for Digital Assets held by the user shall be notified to the Member no later than 30 days before the suspension date using the method stipulated in Article 19 (1) unless there are other unavoidable reasons. Provided, the Company shall support the Digital Asset transfer (withdrawal) of the Member in accordance to clause 5 of this Article to allow the Member to safely transfer (withdrawal) their own Digital Asset assets even if the Company has suspended the support of trades.

18) Article 18 (Matters to be Noted with Respect to Use of Services) (6)

  • Before revision :
    The contents provided in the Service are auxiliary materials for Service use and are not a recommendation or suggestion for investment or trade. The Company does not guarantee the accuracy of the information provided in the contents or by other information providers.
    ➔ After revision :
    The contents provided in the Service are auxiliary materials for Service use and are not a recommendation or suggestion for investment or trade. The Company strives to ensure the accuracy of the information provided in the contents or by other information providers.

19) Article 20 (Limitation on Use of Services) (1) 1

  • Before revision :
    If the Member enters wrong passwords successively
    ➔ After revision :
    < Deleted >

20) Article 20 (Limitation on Use of Services) (1) 3

  • Before revision :
    If a Member is alleged to have stolen another’s name;
    ➔ After revision :
    If a Member is alleged to have stolen another’s name, fraudulent act, etc.;

21) Article 20 (Limitation on Use of Services) (2) 3

  • Before revision :
    If a Member is alleged to have stolen another’s name;
    ➔ After revision :
    If a Member is alleged to have stolen another’s name, fraudulent act, etc.;

22) Article 20 (Limitation on Use of Services) (4)

  • Before revision :
    The terms and details of limitation on the use of the Services under this Article shall be stipulated by the Company in its operational policy and user guide (Web and App).
    ➔ After revision :
    The terms and details of limitation on the use of the Services under this Article are in accordance with the Guideline (Web), usage guide (App), etc.

23) Article 20 (Limitation on Use of Services) (6)

  • Before revision :
    Member may raise an objection to the limitation on the use of the Services under this Article through the Upbit customer center. If the Company considers such an objection to be just, the Company shall immediately resume the use of the Services.
    ➔ After revision :
    Member may raise an objection to the limitation on the use of the Services under this Article through the Upbit customer center. If the Company considers such reason for objection is justified or if it is clearly confirmed by objective data, the Company shall immediately resume the use of the Services.

24) Article 20 (Limitation on Use of Services) (10)

  • Before revision :
    The purpose of this Article is to set the conditions and methods for the Company to exercise the right to take measures for Service limitations in order to provide a safe market support environment, and the Company may, but has no obligation to take measures to set Limitations.
    ➔ After revision :
    < Deleted >

25) Article 21 (Termination of Agreement) (2) 4

  • Before revision :
    If there are other reasons equivalent to any of the subparagraphs that make it impossible to maintain this contract;
    ➔ After revision :
    If the reason for refusal of acceptance of membership application under Article 5, Paragraph 2 of this Agreement is confirmed after membership registration

26) Article 21 (Termination of Agreement)(2) 5

  • Before revision :

    ➔ After revision :
    In the event of any other reason that is equivalent to each subparagraph, the contract cannot be maintained.

27) Article 22 (Notices to Member) (1)

  • Before revision :
    Unless otherwise provided herein, the Company may give notices to the e-mail address provided by Member.
    ➔ After revision :
    Unless otherwise provided herein, the Company may use the e-mail address, electronic memo, in-service message, text message (LMS/SMS), etc. provided by the Member to give notices.

28) Article 22 (Notices to Member) (2)

  • Before revision :
    The Company may post a notice on the bulletin board of the Services more than seven (7) days in lieu of giving individual notices to all Member.
    ➔ After revision :
    The Company may notifiy the Member, unless otherwise provided herein, through the service bulletin board or present a pop-up screen for more than thirty (30) days instead of the notice in the preceding paragraph.

29) Article 22 (Notices to Member) (3) 1 and 2

  • Before revision :

    ➔ After revision :
    ③ If the content of the notice to the Member falls under the following item, the content of the notice is clearly indicated so that the Member can fully understand the content along with the notice by the method of Paragraph 2 and individually notified by the method of Paragraph 1.
    1.Content unfavorable to the Member
    2.Important information that affects the rights or obligations of the Member

30) Article 26 (Effects of Withdrawal of Offers)

  • Before revision :
    If the Company receives a Member’s application for the withdrawal of his/her/its offer, it shall refund the purchase price of paid content within three (3) business days (if the confirmation of the receipt of the price is required, within three (3) days after the receipt date), except for the content whose offer may not be withdrawn as stipulated by Article 24, Paragraph 1) and 2) above. If the Company delays the refund, it shall pay the interest that is calculated by multiplying the refund amount by the interest rate as specified by the Act on the Consumer Protection in Electronic Commerce, etc, for a period during which the refund has been delayed.
    ➔ After revision :
    If the Company receives an application for the withdrawal of subscription from the Member, the Company shall refund the purchase price of paid content within three (3) business days (if the confirmation of the receipt of the price is required, within three (3) days after the receipt date), except for the content that cannot be withdrawn as stipulated by Article 22 Paragraph 1) and 2) above. If the Company delays the refund, it shall pay the interest that is calculated by multiplying the refund amount by the interest rate as specified by the Act on the Consumer Protection in Electronic Commerce, etc, for a period during which the refund has been delayed.

31) Article 28 (Refund for Paid Content) (3)

  • Before revision :
    If the Company decides to accept the refund application made by the Member, it shall calculate the remaining balance of the paid content that the Member is entitled to receive, and refund the remaining balance after subtracting a 10% refund fee from the amount; However, if the Member is unable to use the Services due to the reason attributable to the Company as specified in Paragraph 1, 1) above, the Company shall not subtract a refund fee.
    ➔ After revision :
    If the Company decides to refunds a Member’s request for a refund, the Company refunds the balance of the paid content purchased by the Member.

32) Article 28 (Refund for Paid Content) (4)

  • Before revision :
    No refund shall be made for the content that is not paid by Member, including those provided by the Company to Member for free and as gifts.
    ➔ After revision :
    No refund shall be made for the content that is not paid by Member, including those provided by the Company to Member for free and or content provided by a third party for free.

Upbit will always maintain a high level of transparency and sound trading environment.

Thank you.

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