Terms and Conditions of Bithumb Cash

Chapter 1 General Provision

Article 1 Purpose

The purpose of these Terms is to set forth the rights, obligations, responsibilities of BTC Korea.Com Corporation (hereinafter “Company”) and members and other necessary measures in respect of terms and conditions of and procedures for use of a means of payment (hereinafter “Bithumb Cash”) by the members.

Article 2 (Specification, Explanation and Revision of Terms)

  1. These Terms shall be posted on the initial landing page of the Company’s website or via a separate connecting page or a pop-up message.
  2. These Terms shall take effect when a member agrees to these Terms in using the payment service for Bithumb Cash.
  3. The Company may amend these Terms to the extent that such amendments may not violate relevant laws, such as the Act on the Regulation of the Terms and Conditions, the Act on Promotion of Information and Communications Network Utilization and Information Protection and Others.
  4. When the Company amends these Terms, it shall post the effective date of such amendment and reasons for such amendment, together with the current version of these Terms on the initial landing page of the Company’s website, or via a pop-up message or a bulletin board from seven (7) days prior to the effective date to the day immediately preceding the effective date: Provided, however, in case of amendments to these Terms that are disadvantageous to the members, the Company shall notify the members thirty (30) days prior to the effective date not only via the websites but only via other electronic means, such as the members’ e-mails, for a certain period of time.
  5. Even though the Company has clearly informed or notified that if a member does not express its intention to reject the amended Terms within seven (7) days, it shall be deemed to have expressed its intention to accept the amended Terms and if the member does not expressly express its intention to reject the amended Terms, it shall be deemed to have agreed to the amended Terms.
  6. If a member expresses its intention not to agree to the amended Terms, the Company may not apply the amended Terms, in which case, such a member may terminate a user agreement: Provided, however, under special circumstances where the current version of these Terms cannot apply, the Company may terminate a user agreement.

Article 3 Other Applicable Rules

  1. Any matters not specified herein and the interpretation hereof shall be governed by the Act on the Consumer Protection in Electronic Commerce and Others, the Act on the Regulation of the Terms and Conditions, the guideline for the protection of consumers in electronic commercial transactions prescribed by the Fair Trade Commission, the provisions of relevant statutes, and general commercial practices.
  2. Members shall always pay attention to whether there are any changes in the Company’s individual terms and conditions and the policy of use and if there is any notification of such change, they shall read and check such change.
  3. If these Terms do not include related provisions, the Terms and Conditions of Use entered into between the Company and members or the interpretation thereof shall apply.
  4. The terms and conditions of use or the policy for the use of services offered by the Company’s affiliated stores shall first apply to the relationship between such stores and members with respect to the use of Bithumb Cash.

Article 4 Definitions

  1. The terms used herein shall have the following meanings:
    • ① Bithumb Cash Payment Service or Service means the payment service provided by the Company, through which members sell and buy goods and services offered by Bithumb and its affiliated stores (hereinafter “Goods and Services”) by using Bithumb Cash.
    • ② Bithumb Cash is a means of payment that can be used for the payment service of Bithumb Cash.

    • ③ Cryptocurrencies Available for Use refer to the ones that are not subject to abrupt price fluctuations and whose KRW points-converted value is KRW 100 or more.
    • ④ Affiliated Stores mean online/offline businesses (individual business operators) that enter into an agreement with the Company and sell the Goods and Services to members via the Bithumb Cash Payment Service.

Article 5 Company’s Obligations

  1. The Company shall not commit an act that is prohibited by laws and these Terms or is contrary to good public order and customs, and shall do its best to provide the Service in a continuous and stable manner in accordance with these Terms.
  2. The Company shall be equipped with a security system for the protection of members’ personal information, including their credit information, to ensure that members use the Service securely.

Article 6 Members’ Obligations

  1. Members shall be sure to verify the details of the Goods and Services and terms and conditions of the transactions before purchasing the Goods and Services. Members shall bear the liability for all losses and damages incurred by their purchases of the Goods and Services without verifying such details and such terms and conditions.
  2. Members shall observe the details notified by these Terms and on the screen of the Service, and be liable for all losses and damages incurred by its violation of or its failure to perform these Terms and notifications.
  3. If a member becomes aware that its name is stolen or unduly used by a third party, it shall immediately notify the Company of such theft or abuse.
  4. Members shall purchase the Goods and Services at their own responsibility. The Company shall neither offer any warranty nor bear any liability for the details and terms and conditions of transactions of the Goods and Services offered by the Affiliated Stores.
  5. Members shall be solely liable for the information entered by them in relation to the payment of the Goods and Services and any disadvantage arising from such information.
  6. Even if the Company posts the information that receives from the Affiliated Stores for the convenience of its members to use the Bithumb Cash Payment Service or offers the reference information or contents by a third party on the screen of the Service or via links to other websites, members shall purchase the Goods and Services, based on their own judgments and at their own responsibilities and in no event, shall the Company be liable for the members’ decision to purchase the Goods and Services.
  7. Members shall cooperate with the Company to ensure that the Company provides the Service in a secure manner. If the Company finds a member violating these Terms and thus requests such a member to offer an explanation, such a member shall actively comply with such a request.
  8. Members shall use the Bithumb Cash in a manner that is designated and acknowledged by the Company.
  9. . Minors may not use the Service.
  10. . Members may not commit any of the following acts:
    • ① The act of using the Service or accessing the system by abnormal methods other than the methods of using the Service, which are offered by the Company;
    • ② The act of using the Service offered by the Company with others’ names or account or other information;
    • ③ The act of paying for the Goods and Services in a manner prohibited by laws like circulating funds through fake goods transactions;
    • ④ The act of acquiring or using economic values, such as the Bithumb Cash points or coupons, in abnormal methods not designed by the Company;
    • ⑤ The act of purchasing the Goods and Services repetitiously without real intention to purchase them;
    • ⑥ The act of transmitting or posting information other than the communication information designated by the Company;
    • ⑦ Any other illegal or undue acts.
  11. . If a member fails to perform its obligations under this Article or commits an act prohibited hereunder and hence its membership is suspended or forfeited or violates these Terms or the policy of use stipulated by a separate page of the Company’s website, the Company may terminate a user agreement with such a member and claim separate damages.

Article 7 Use of Bithumb Cash

  1. Bithumb Cash can be used as a means of payment at Bithumb and Affiliated Stores. The members with Bithumb ID shall be only allowed to use Bithumb Cash.
  2. Members with level 2 or higher shall be allowed to use the Service.
  3. The amount that can be paid or settled through the Service shall be not more than Bithumb Cash Available for Use which is calculated as follows:
    Bithumb Cash Available for Use= KRW points owned by a member plus cryptocurrencies owned by the member, which are converted into KRW points and multiplied by 90%
  4. Bithumb Cash Available for Use may be subject to change, depending on the market prices of cryptocurrencies, and be different at different points of time, including at the time of requesting the payment or in the process of payment.
  5. Upon the use of Bithumb Cash, KRW points shall be first applied and the Cryptocurrencies Available for Use shall be applied in the ascending order of their values converted into KRW points.
  6. The least payment amount of Bithumb Cash is KRW one (1) and Bithumb Cash is used on the unit of KRW one (1): Provided, however, the least unit of Bithumb Cash to be used may be different, subject to the policies of the Affiliated Stores.
  7. A limit on a member’s payment of Bithumb Cash shall be KRW one million (1,000,000) per each payment and per each day, and KRW two million (2,000,000) per each month, with such a limit for each Affiliated Store being different.
  8. There is no separate fee charged for the payments using KRW points. However, there is a recharging fee that is imposed in proportion to the payments using cryptocurrencies.

Article 8 Refund of Bithumb Cash

  1. The terms and conditions of use and policies of the Affiliated Stores shall first apply to the handling of the Goods and Services purchased by members.
  2. If a refund should be made as a result, it shall be made in KRW points.

Article 9 Suspension of Bithumb Cash Payment Service

  1. In principle, the Bithumb Cash Payment Service is available for 24 hours per day on 365 days, unless there is any special operational or technical disruption or except for the days or hours designated by the Company due to regular checkups and other events.
  2. The Company may divide the Service into each subservice and designate available hours for each subservice. In such a case, the Company shall make a prior notification of the available hours for each subservice.
  3. In the event of any of the following, the Company may suspend the rendering of the Service:
    • ① It is unavoidable due to construction works, such as repair of service equipment;
    • ② Telecommunication services are suspended by telecommunications business operators as defined in the Telecommunications Business Act;
    • ③ Services not directly provided by the Company but offered by third parties, such as affiliated companies, are suspended by such third parties;
    • ④ There are other force majeure events.
  4. If there is any disruption in the normal use of the Service due to national emergencies, blackouts, the breakdown of service equipment or an overflow of traffic in the use of the Service, the Company may restrict or suspend the Service, in whole or in part.
  5. The Company may suspend the Service if the Service is replaced by a new service or there arises any other event which hinders the Company from providing the Service.

Article 10 Indemnification

  1. The transactions (deliveries, exchanges of and refunds for goods) between the Affiliated Stores and members shall be made at their sole responsibilities. The Company shall neither intervene in nor be liable for the transactions between them.
  2. Any damage incurred by the Affiliated Stores shall be handled in accordance with their terms and conditions. In principle, disputes between the Affiliated Stores and members shall be resolved by them.
  3. The Company shall not be liable for any of the following:
    • A. There is any force majeure event, such as wars, incidents, natural disasters or any national emergencies similar to the foregoing;
    • B. Any damage is incurred by members’ willful misconduct or negligence;
    • C. There is any breakdown of telecommunication services provided by other telecommunication service providers under the Telecommunication Business Act.
  4. The Company shall not be liable for any disruption in the use of the Service due to the reason attributable to members.
  5. The Company shall not be liable for any fault that occurs in the delivery of cryptocurrencies due to defective services of the Company or a communication services provider or during regular server checkup hours.

Article 11 Denial of Agency and Warranty

  1. The Company does not have the right to represent the Affiliated Stores and members, and the Company’s act whatsoever shall not be deemed to be the act of any Affiliated Store or seller.
  2. The Company shall not warrant that the sales and purchases made between the Affiliated Stores and members through the Company’s services are true, authentic and legal.

Article 12 Competent Court and Jurisdiction

  1. If there is a dispute between the Company and a member, the Company shall bring such a dispute to the court that is determined under the Civil Procedure Act.
  2. A lawsuit between the Company and members with respect to the use of the Service shall be governed by laws of the Republic of Korea.

[Addendum]

  1. (Effective Date) These Terms shall take effect on Aprile 20, 2018.

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