Legal & Privacy

Terms and Conditions

Last updated: October 3, 2019

Welcome to Cryptology, these ‘Terms and Conditions’ (hereinafter referred to as “T&Cs”) create a legally binding agreement between you and each of the Cryptology group of companies:

  1. Cryptology - Cypher International Holdings (CY) Limited, a private limited liability company incorporated in the Republic of Cyprus with company registration number HE 400306 and registered with the Financial Crimes Enforcement Network (FinCEN) of the United States of America (U.S.), under MSB registration number 31000152147992;
  2. Cryptology Payments - Cypher Technologies (CY) Ltd, a private limited liability company incorporated in the Republic of Cyprus with company registration number HE 383866;
  3. Cryptology Spot Trading - Cypher OÜ, a private limited liability company incorporated in the Republic of Estonia with company registration number 14626039 and authorized to provide digital assets to fiat and fiat to digital assets exchange services by the Financial Intelligence Unit, under authorization number FVR000662; and,
  4. Cryptology Margin & Futures Trading - Cypher Trading Ltd, a private limited liability company incorporated in the Republic of Seychelles with company registration number 2113884.

Cryptology operates a peer-to-peer digital assets trading platform. Among our services, we provide a platform to connect buyers and sellers (hereinafter referred to as “Spot Trading”), as well as, depending on your country of residence or citizenship, we may provide a margin trading functionality (hereinafter referred to as “Margin Trading”) and a BTC based perpetual futures contract (hereinafter referred to as “PTC”).

Currently, Cryptology does not provide services to United States Residents or Citizens.

Please read these T&Cs carefully as they regulate your use of the Spot Trading, Margin Trading, and PTC (together referred to as the “Services”), as well as, the access and use to our website (www.cryptology.com), our Application Programming Interface or “API” (https://docs.cryptology.com/#introduction), and our mobile applications.

Agreement
Content and Usage
Risk Acknowledgement
Your Cryptology Account
Deposits and Withdrawals
Fees
Your Activity
Spot Trading
Margin Trading
Perpetual Futures Contracts
GRAM/BTC Futures Contracts
Liability and Indemnity
Non-Affiliation
Governing Law & Dispute Resolution
Entire Agreement and Non-Waiver
Referral Program

1. Agreement

    1. By accessing our website, the API, and/or downloading our mobile applications, and using our services you acknowledge that you accept and agree to be bound by these T&Cs. If you do not agree or do not understand these T&Cs, do not access our website, download our mobile application, or use our Services.
    2. Cryptology reserves the right, at its sole discretion, to change, modify, add or remove portions of these T&Cs at any time, with or without prior notice. It is your responsibility to periodically review the Legal & Privacy section to keep yourself apprised of any updates or changes. Your continued access to the website, and/or use of API and/or Services constitutes acceptance of such changes, modifications or deletions.
    3. Any formal communication with you will be processed via electronic mail and you should send any documents requested by us by the same means. Communications via the ticket system are filed and recorded for the entire period of validity of these T&Cs and up to 5 years after its termination. Any communications through other channels, such as our Facebook page, or Telegram Channel are not considered as legally biding communications and are used only for informational purposes only.

2. Content and Usage

    1. Cryptology hereby grants you a personal, non-exclusive license to access our website and mobile applications and to use our Services solely to fulfill your operations in compliance with these T&Cs.
    2. You may not use our Services for any illegal purpose or another purpose not mentioned in these T&Cs, nor permit any third party to use our Services on your behalf nor use our Services on behalf or benefit of any third party in any way whatsoever.
    3. All Intellectual Property Rights belong to Cryptology. Cryptology remains the sole owner of its data, information or files that you may have access in accordance with these T&Cs.
    4. All text, graphics, user interfaces, visual interfaces, photographs, trademarks, logos, sounds, music, artwork, and computer code (collectively referred to as the “Content”), including but not limited to, the design, structure, selection, coordination, expression, “look and feel”, and arrangement of such Content, contained on the websites and mobile applications are owned, controlled or licensed by or to Cryptology, and is protected by trade dress, copyright, patent and trademark laws, and various other intellectual property rights and unfair competition laws.
    5. No part of the Content may be copied, reproduced, republished, uploaded, posted, publicly displayed, encoded, translated, transmitted or distributed in any way (including “mirroring”) to any other computer, server, website or other medium for publication or distribution or for any commercial use or enterprise, without our express prior written consent.
    6. You may use information purposely made available by Cryptology for viewing on or downloading from our website or mobile applications provided that you do not remove any proprietary notice language in all copies of such documents; use such information only for your personal, non-commercial informational purpose; make no modifications to any such information; and, do not make any additional representations or warranties relating to such information.
    7. You may not use any “deep-link”, “page-scrape”, “robot”, “spider”, or another automatic device, program algorithm, or methodology, or any similar or equivalent manual process, to access, acquire, copy or monitor any portion of our websites, mobile applications or Content, or in any way reproduce or circumvent the navigational structure or presentation of the websites, mobile applications, or any Content, to obtain or attempt to obtain any materials, documents, or information through any means not purposely made available through our Services. Cryptology reserves the right to block any such activity.
    8. You may not attempt to gain unauthorized access to any portion or feature of our Services, or any other systems or networks connected to our Services or to any server thereto, by hacking, password “mining” or any other illegitimate and illegal means.
    9. You may not probe, scan or test the vulnerability of our Services or any network connected to our Services, nor breach the security or authentication measures. You may not reverse look-up, trace or seek to trace any information on any other user of or visitor to our websites or mobile applications, including any account on our websites or mobile applications not owned by you, to its source, or exploit any service or information made available or offered by or through our Services, in any way where the purpose is to reveal any information, including but not limited to personal identification or information, other than your own information, as provided for through our websites or mobile applications.
    10. You may not use any device, software or routine to interfere or attempt to interfere with the proper working of our Services or any transaction being conducted on our websites or mobile applications. You may not forge headers or otherwise manipulate identifiers in order to disguise the origin of any message or transmittal you send to Cryptology on or through our websites or mobile applications. You may not pretend that you are, or that you represent, someone else, or impersonate any other individual or entity. You may not use our Services for any purpose that is unlawful or prohibited by these T&Cs or to solicit the performance of any illegal activity which infringes the rights of Cryptology or others.
    11. You agree that Cryptology may, in its sole discretion and without prior notice, terminate your access to its Services and/or block your future access to your Cryptology Account if it determines that you have violated these T&Cs or other agreements which may be associated with your use of our Services. You also agree that any violation by you of these T&Cs will constitute an unlawful and unfair business practice, and will cause irreparable harm to Cryptology, for which monetary damages would be inadequate, and you consent to Cryptology obtaining any injunctive or equitable relief that Cryptology deems necessary or appropriate in such circumstances. These remedies are in addition to any other remedies Cryptology may have at law or in equity.
    12. You agree that Cryptology may, in its sole discretion and without prior notice, terminate your access to the Website and/or services, for cause, which includes, but is not limited to, requests by law enforcement or other government agencies, a request by you (self-initiated account deletions), discontinuance or material modification of the Services, or unexpected technical issues or problems.
    13. If Cryptology does take any legal action against you as a result of your violation of these T&Cs, Cryptology will be entitled to recover from you, and you agree to pay, all reasonable legal fees and costs of such legal action, in addition to any other relief granted to Cryptology. You agree that Cryptology will not be liable to you or any third party for termination of your access to our Services as a result of any violation of these T&Cs or Other Terms as defined in Clause 10.

3. Risk Acknowledgement

    1. By opening a Cryptology Account—as defined below—you acknowledge your acceptance and understanding of all the risks associated with digital assets. Digital assets are highly volatile, as with any asset, digital assets’ value can go up or down and there can be a substantial risk that you lose money buying, selling, holding, or investing in digital assets. Digital assets are currently not regulated by the Cyprus Securities and Exchange Commission (CySEC), or the Estonian Financial Supervision and Regulation Authority (Finantsinspektsioon), or the Seychelles Financial Sector Conduct Authority, therefore, you should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.
    2. Cryptology is not a regulated entity other than for the purposes of Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) regulation in Cyprus, Estonia, the European Union (E.U.), Seychelles, and the U.S.
    3. Cryptology does not own or control the underlying software protocols which govern the operation of digital assets, generally, the underlying software protocols are ‘open source’ and anyone can use, copy, modify, and distribute them. Cryptology assumes no responsibility for the operation of underlying software protocols and is not able to guarantee their functionality, security, or availability. You acknowledge and accept the risk that underlying software protocols relating to any digital asset you store in your digital asset wallet may change.

4. Your Cryptology Account

    1. To be able to use our Services, you will need to register and open an account (‘Cryptology Account’). Part of our service and responsibility to you is to maintain the safety of your account. We will generate an individual alphanumeric string that is associated with the email address you provide, a Unique Identifier or UID.
    2. You represent and warrant that you have full authority to enter into this agreement (T&Cs); that you have not previously been suspended or removed from using our Services; are not located in, under the control of, or a national or resident of any restricted location or where digital assets are prohibited by law or any country to which is under Sanctions of the Organization of Foreign Assets Control and/or the United Nations; that you are not identified as a “Specially Designated National”. For any questions in this regard, you may contact compliance@cryptology.com
    3. Any misrepresentation or fraudulent use of a Cryptology Account is considered a severe breach of these T&Cs. In case we become aware or due to the trading activity it is demonstrated that the purpose of the Cryptology Account is to conduct fraud, we will immediately suspend and block the Cryptology Account. We reserve the right to take the necessary legal action against any parties to protect our rights, our users, and our resources.
    4. If you have selected to open a Cryptology Account for a legal entity, your account will be regarded as “Institutional Account”, you represent and warrant that the legal entity which you represent is a legal entity duly organized and validly existing under the applicable laws of its jurisdiction, that it is in good standing and that you are duly authorized by such legal entity to act on its behalf.
    5. In order to open an Institutional Account, we may request corporate documents of your organization, as well as, information regarding your business and your intended operations using our Services, volumes and any other information that we consider relevant to establish a business relationship. For any questions in this regard, you may contact institutional@cryptology.com
    6. We do not provide our Services in all markets and jurisdictions, we may restrict or prohibit the use of our Services in certain countries. Cryptology currently does not provide services in the United States of America (“U.S.”) and to any U.S. resident or national. We may restrict or prohibit the use of all or a portion of the Services from restricted locations, which at this time include Afghanistan, Bosnia and Herzegovina, Democratic People’s Republic of Korea, the Democratic Republic of the Congo, Eritrea, Ethiopia, Guyana, Iran, Iraq, Lao PDR, Libya, Somalia, South Sudan, Sri Lanka, Sudan, Syria, Trinidad and Tobago, Tunisia, Uganda, Vanuatu, Yemen.
    7. We may, at our own discretion, restrict the number of accounts that you may hold, maintain or acquire. You are solely responsible for the password you assign to your account, for its security and protection from disclosure. You must promptly notify us if you discover or otherwise suspect of any security breach related to your Cryptology Account.
    8. Any and all the information that you provide in order to open and operate your Cryptology Account will be processed in accordance with our Privacy Policy. For any questions in this regard, you may contact info@cryptology.com or compliance@cryptology.com
    9. You are solely responsible for all the activities in connection with your use of the Services, through your Cryptology Account and/or using your password, and for the security of your computer systems, and in no event shall Cryptology be liable for any loss or damages relating to such activity. You should not create different accounts for your own use, any malicious, fraudulent, unfair or otherwise detrimental use of our platform may lead to an automatic suspension and/or termination of our Services.
    10. Currently, in order to comply with our AML and CFT obligations, we impose a limit on the turnover of every Cryptology Account until further verification has been completed. Verification levels include ‘Basic’ with a limit of 3,000 USD;, ‘Advanced’ with a limit of 10,000 USD, and ‘Unlimited’ with no limit. We reserve the right to request any additional information to complete each level of verification according to our internal AML and Risk Management Policy.

5. Deposits and Withdrawals

    1. You may fund your Cryptology Account by depositing digital assets and/or fiat currency via a bank card or wire deposit.
    2. Deposits of digital assets might not be immediately reflected on your balance as the transfer of digital assets is dependent on a certain blockchain and may need a certain amount of confirmations in order to reach Cryptology.
    3. Deposits of fiat currency via bank card or wire deposit might not be immediately reflected on your balance as the transfer of fiat currency involves financial institutions and corresponding banking that is out of the control of Cryptology.
    4. You may withdraw digital assets to the wallets of your choice, Cryptology will not be responsible for the wallets to which you chose to send digital assets. You acknowledge that you understand that transferring digital assets out of Cryptology is an irreversible operation.

6. Fees

    1. Trading Fees:
      1. Volume: <50,000 [Maker: 0.0020] [Taker: 0.0020]
      2. Volume: <100,000 [Maker: 0.0016] [Taker: 0.0018]
      3. Volume: <250,000 [Maker: 0.0012] [Taker: 0.0017]
      4. Volume: <500,000 [Maker: 0.0010] [Taker: 0.0016]
      5. Volume: <1,000,000 [Maker: 0.0008] [Taker: 0.0015]
      6. Volume: <2,500,000 [Maker: 0.0006] [Taker: 0.0014]
      7. Volume: <5,000,000 [Maker: 0.0004] [Taker: 0.0012]
      8. Volume: <10,000,000 [Maker: 0.0002] [Taker: 0.0010]
      9. Volume: >10,000,000 [Maker: 0.0000] [Taker: 0.0010]
    2. Trading volume is calculated over a period of 30 days. If there are no trades for the past 30 days, the fees will be set to 0.2% regardless of what the previous level was.
    3. Deposits [all fiat deposits are currently being processed by Cypher Technologies (CY) Ltd, a limited liability company with registration number HE 383866, and address at Arch. Makariou III, 226, 3rd Floor, 3030, Limassol, Cyprus]:
      1. Debit/credit card [3.5%]
      2. EUR SEPA deposit [0%] (Min: €50 SEPA banks only)
      3. Cryptocurrencies [0%]
    4. Withdrawals:
      1. Fiat: wire transfer (€7 fee) - only between SEPA European Bank Accounts.
      2. Cryptocurrencies [BTC: 0.0005] [BCH: 0.0002] [LTC: 0.003] [ETH: 0.009] [XRP: 0.00002 (min 25XRP)] [XLM: 0.00002 (min 5XLM)] [ZEC: 0.0002]
    5. Cryptocurrency withdrawals are subject to risk management analysis. According to the level of risk, we may increase or decrease the withdrawal fee.

7. Your Activity

    1. Buyers and sellers of digital assets conduct trading with each other, Cryptology is not a counterparty to any trade that you make. Cryptology does not promise, guarantee, or otherwise, assure that the Services will be error-free or uninterrupted or that any defects will be corrected, or that your use of our Services will provide specific results.
    2. Our Services are delivered on an “as-is” and “as-available” basis. Cryptology disclaims any and all liability from events out of our control, such as transactions processed through the blockchain for a particular digital asset. You acknowledge and accept that any transaction made on the blockchain is irreversible, you are solely responsible to insert the correct wallet information for transfers of digital assets in and out of our Services.
    3. You assume total responsibility for your use of our Services, your activities, orders, transactions, submitted documentation, and overall behavior. Your only remedy against Cryptology for dissatisfaction with our Services is to stop using our Services. This limitation of relief is a part of the bargain between you and Cryptology.
    4. All the orders will be entered into on an execution-only basis and Cryptology shall not be deemed to have made any recommendation to you, advise on the merits of any purchase or sell order, or assess the suitability of any order for you, Cryptology will not assume any liability in this respect. By using our Services, you express your acknowledgment of the risks and Cryptology is entitled to assume that you have sufficient experience and knowledge to understand the risks involved in each order you enter into.
    5. If on any date or time, amounts would be otherwise payable in respect of the orders, any such amount will be automatically satisfied and discharged from your account’s balance.
    6. On the occurrence of an event of default, we may specify a date for the termination and liquidation of all the active orders (the “Liquidation Date”). On or before the Liquidation Date, you are obligated to make any further payments under your active orders. Cryptology may, otherwise, liquidate any open position you hold to cover the necessary payments due.
    7. In case your trading activity is unusual or abnormal, Cryptology, in its sole discretion, is entitled to stop processing your transactions until clarifying the situation, asking for further verification, or any other necessary documentation that it may be required by law or agreements with counterparties, such as, but not limited to, payment processing partners, financial institutions or others.
    8. In case your trading activity is such that might reasonably be considered as abusive or is adopting trading strategies aimed at exploiting misquotations or is generally deemed to be acting in bad faith or attempting to abuse the information or facilities available through our Services (commonly known as “sniping”) Cryptology is entitled to suspend its Services indefinitely, including the permanent closing of the account.
    9. You are strictly prohibited to perform “self-trading” (or “wash-trading”) actions. Cryptology’s system will identify when this type of action occurs and your account will be penalized with an automatic transaction fee on the value of each transaction that is deemed to have been “self-traded”. We reserve the right to suspend access to our Services.

8. Spot Trading

    1. Cryptology’s Spot Trading services are provided by Cryptology Spot Trading, Cypher OÜ, a private limited liability company incorporated in the Republic of Estonia with company registration number 14626039 and authorized to provide digital assets to fiat and fiat to digital assets exchange services by the Financial Intelligence Unit, under authorization number FVR000662.
    2. Spot Trading refers to the exchange of digital assets between you and other users of our Services with immediate settlement. Cryptology facilitates the matching of orders placed in opposite directions and provides the corresponding infrastructure composed by a real-time order book, market data, and settlement.
    3. You can send orders via the user interface (web and/or mobile) or through our API. To send an order, you will have to choose the trading pair, the direction (buy or sell), the quantity, and the order type.
    4. Depending on the order type that you select, you will also have to insert certain details. For limit orders, the order limit price; for stop price orders, the stop price; and for take-profit orders, the stop price. You may cancel an order if this order at any time as long as it has not been filled yet, once filled, the order is automatically settled without the possibility of roll-back. If you cancel an order before being filled, your balance will be automatically corrected.
    5. You acknowledge that you understand that wash trades are prohibited. If during the matching process, an incoming order is matched against a book order that relates to the same Cryptology Account or to different Cryptology Accounts of the same user, the match will not take place, and the remaining part of the incoming order will be canceled. We may suspend and/or block access to such Cryptology Account.
    6. Your trading history will be kept by us at all times throughout the validity of these T&Cs and for a period of up to 5 years after you have closed your Cryptology Account.

9. Margin Trading

    1. Cryptology’s Margin Trading services are provided by Cryptology Margin & Futures Trading, Cypher Trading Ltd, a private limited liability company incorporated in the Republic of Seychelles with company registration number 2113884.
    2. You acknowledge and accept that your access to our Services and your use of our Services are at your own risk. You are aware that you may lose all the funds you have deposited into your Cryptology Account. Cryptology is not responsible for your trading activity and the transactions you undertake are irreversible without the possibility for refunds or returns.
    3. Cryptology’s margin trading operates on a peer-to-peer basis. We connect users that are willing to use the funding functionality (“Suppliers”) and provide funding to users that want trade on margin (“Receivers”). The balance of your Cryptology Account is regarded as collateral for the funding that you receive. Suppliers will be able to place their financing conditions — repayment timeframe and interest — on the Financing Order Book on the Platform. The Platform will automatically match the Suppliers’ best financing conditions to a Receiver’s financing request.
    4. Receivers will be able to place their bids for financing on the Financing Order Book and the platform will automatically match the bid with the most adequate Supplier.
    5. Cryptology acts as an intermediary connecting Suppliers and Receivers, however, it is not part of the financing arrangement.
    6. The conditions for the financing are commercial terms negotiated between the Suppliers and Receivers, the Receivers do not have any obligation to purchase virtual currencies after obtaining financing and can repay the principal plus interest at any time, as well as, replace financing from one Supplier to another if other Supplier offers more favorable terms.
    7. Cryptology will force liquidation, without notice, of the positions taken by the Receivers when the Receiver’s equity falls below 20% and return the financing to the Supplier with interest and return the balance (if any) to the Receiver.
    8. Additionally, the Platform may force liquidation, without notice, of the positions taken by the Recipient when the Recipient is in breach of these T&Cs and/or in accordance with the AML Policy.
    9. By using the margin trading functionality, you agree to grant Cryptology sufficient powers to implement, levy, monitor and maintain any and all liens in favor of the Suppliers and to force liquidate your positions as Recipient, as necessary to ensure that the Suppliers of your financing are repaid in full.

10. Perpetual Futures Contracts

    1. Cryptology’s Perpetual Futures Contracts are provided by Cryptology Margin & Futures Trading, Cypher Trading Ltd, a private limited liability company incorporated in the Republic of Seychelles with company registration number 2113884.
    2. Currently, the PFC only operates using BTC as the underlying asset. The face value of each PFC is 1 USD with variable leverage up to x100.
    3. The Funding Rate determines funds that will be received or marked off every 8 hours at 04:00 UTC, 12:00 UTC, and 20:00 UTC. So we have 3 funding intervals per day. You will only pay or receive the Funding amount if you hold a position at one of these times. If you close your position prior to the Funding Rate exchange then you will not pay nor receive the Funding Rate. When the Funding Rate is positive, longs pay shorts. When the Funding Rate is negative, shorts pay longs. Cryptology does not charge any fees on the Funding Rate amount nor the exchange of it between longs and shorts, the Funding Rate is exchanged directly peer-to-peer. Funding is necessary to maintain the contract price close to the Index Price and avoid price manipulation on the exchange.
    4. The Mark Price displays the Unrealized PNL. It is used to calculate the liquidation of the position and avoid price manipulation.
    5. The open interest will display the total number of contracts in the order book.
    6. Equity will be the sum of the total balance and Unrealized PNL.
    7. Any misrepresentation or fraudulent use of a Cryptology Account is considered a severe breach of our T&Cs. In case Cryptology becomes aware or due to the trading activity it is demonstrated that the purpose of the Cryptology Account is to conduct fraud, Cryptology will immediately suspend its services and block the Cryptology Account. We reserve the right to take necessary legal action against any parties to protect our rights, users, and resources.
    8. We do not provide our Services in all markets and jurisdictions, we may restrict or prohibit the use of our Services in certain countries. Cryptology currently does not provide services in the United States of America (“U.S.”) and to any U.S. resident or national. We may restrict or prohibit the use of all or a portion of the Services from restricted locations, which at this time include Afghanistan, Bosnia and Herzegovina, Democratic People’s Republic of Korea, the Democratic Republic of the Congo, Eritrea, Ethiopia, Guyana, Iran, Iraq, Lao PDR, Libya, Somalia, South Sudan, Sri Lanka, Sudan, Syria, Trinidad and Tobago, Tunisia, Uganda, Vanuatu, Yemen.
    9. You are solely responsible for all the activities in connection with your use of the Services, through your account and/or using your password, and for the security of your computer systems, and in no event shall Cryptology be liable for any loss or damages relating to such activity. You should not create different accounts for your own use, any malicious, fraudulent, unfair or otherwise detrimental use of our platform may lead to an automatic suspension and/or termination of our service.
    10. To cover possible obligations of one trader to the others, we decided to create an Insurance Fund. The Insurance Fund is used according to the discretion and risk management policy of Cryptology. When opening a position, the trading system calculates two prices, the Liquidation Price and the Bankruptcy Price.
    11. Depending on the size of the position, liquidity and market volatility, the actual average Liquidation Price could be even worse than the Bankruptcy Price. In these cases, losses concerned with the market condition will be covered from the Liquidation Fund. If there are not enough funds to cover losses of liquidation then the system automatically goes to Auto-Deleveraging Liquidation. In the opposite case, if the actual average Liquidation Price is better than the Bankruptcy Price, these funds will go to the Liquidation Fund.
    12. Auto deleveraging is a procedure on the market when it is necessary to cover losses of some traders but there are not enough funds in the Liquidation Fund. In this case, the most profitable positions on the market will be automatically closed to cover losses.
    13. Under the Cross-Margin functionality, the system will work to maintain the margin above the liquidation level by taking funds from the available balance. If there are not enough funds in the balance, the system will check other active orders with the margin currently opened and cancel these. If both conditions take place, all the open positions are closed at Market Price. Using Cross-Margin, Leverage is calculated as Position size/Balance.
    14. Under the Isolated-Margin functionality, the system will liquidate the position when it reaches the liquidation level automatically. It will not take funds from the available balance, nor affect other open positions. Using Isolated-Margin, it is possible to fix the preferred leverage. The Margin will be calculated as Position Size x Leverage.

11. GRAM/BTC Futures Contracts

    1. Cryptology’s GRAM/BTC Futures Contracts are provided by Cryptology Margin & Futures Trading, Cypher Trading Ltd, a private limited liability company incorporated in the Republic of Seychelles with company registration number 2113884.
    2. Please note that, currently, you may only use one instrument at the same time, either the PFC or the GRAM/BTC Futures Contracts.
    3. The GRAM/BTC Futures Contracts operate using the GRAM estimated value as the underlying asset for the Contract. The face value of each GRAM/BTC Futures Contract is 1 USD [equivalent in BTC] with variable leverage up to x100.
    4. The GRAM/BTC Futures Contracts will expire upon the official listing of GRAM and all open positions will be executed at the current market price. You may open or close long or short positions at any time until expiration.
    5. The Funding Rate determines funds that will be received or marked off every 8 hours at 04:00 UTC, 12:00 UTC, and 20:00 UTC. So we have 3 funding intervals per day. You will only pay or receive the Funding amount if you hold a position at one of these times. If you close your position prior to the Funding Rate exchange then you will not pay nor receive the Funding Rate. When the Funding Rate is positive, longs pay shorts. When the Funding Rate is negative, shorts pay longs. Cryptology does not charge any fees on the Funding Rate amount nor the exchange of it between longs and shorts, the Funding Rate is exchanged directly peer-to-peer. Funding is necessary to maintain the contract price close to the GRAM Price and avoid price manipulation on the exchange.
    6. The Mark Price displays the Unrealized PNL. It is used to calculate the liquidation of the position and avoid price manipulation.
    7. The open interest will display the total number of contracts in the order book.
    8. Equity will be the sum of the total balance and Unrealized PNL.
    9. Any misrepresentation or fraudulent use of a Cryptology Account is considered a severe breach of our T&Cs. In case Cryptology becomes aware or due to the trading activity it is demonstrated that the purpose of the Cryptology Account is to conduct fraud, Cryptology will immediately suspend its services and block the Cryptology Account. We reserve the right to take necessary legal action against any parties to protect our rights, users, and resources.
    10. We do not provide our Services in all markets and jurisdictions, we may restrict or prohibit the use of our Services in certain countries. Cryptology currently does not provide services in the United States of America (“U.S.”) and to any U.S. resident or national. We may restrict or prohibit the use of all or a portion of the Services from restricted locations, which at this time include Afghanistan, Bosnia and Herzegovina, Democratic People’s Republic of Korea, the Democratic Republic of the Congo, Eritrea, Ethiopia, Guyana, Iran, Iraq, Lao PDR, Libya, Somalia, South Sudan, Sri Lanka, Sudan, Syria, Trinidad and Tobago, Tunisia, Uganda, Vanuatu, Yemen.
    11. You are solely responsible for all the activities in connection with your use of the Services, through your account and/or using your password, and for the security of your computer systems, and in no event shall Cryptology be liable for any loss or damages relating to such activity. You should not create different accounts for your own use, any malicious, fraudulent, unfair or otherwise detrimental use of our platform may lead to an automatic suspension and/or termination of our service.
    12. To cover possible obligations of one trader to the others, we decided to create an Insurance Fund. The Insurance Fund is used according to the discretion and risk management policy of Cryptology. When opening a position, the trading system calculates two prices, the Liquidation Price and the Bankruptcy Price.
    13. Depending on the size of the position, liquidity and market volatility, the actual average Liquidation Price could be even worse than the Bankruptcy Price. In these cases, losses concerned with the market condition will be covered from the Liquidation Fund. If there are not enough funds to cover losses of liquidation then the system automatically goes to Auto-Deleveraging Liquidation. In the opposite case, if the actual average Liquidation Price is better than the Bankruptcy Price, these funds will go to the Liquidation Fund.
    14. Auto deleveraging is a procedure on the market when it is necessary to cover losses of some traders but there are not enough funds in the Liquidation Fund. In this case, the most profitable positions on the market will be automatically closed to cover losses.
    15. Under the Cross-Margin functionality, the system will work to maintain the margin above the liquidation level by taking funds from the available balance. If there are not enough funds in the balance, the system will check other active orders with the margin currently opened and cancel these. If both conditions take place, all the open positions are closed at Market Price. Using Cross-Margin, Leverage is calculated as Position size/Balance.
    16. Under the Isolated-Margin functionality, the system will liquidate the position when it reaches the liquidation level automatically. It will not take funds from the available balance, nor affect other open positions. Using Isolated-Margin, it is possible to fix the preferred leverage. The Margin will be calculated as Position Size x Leverage.

12. Liability and Indemnity

    1. Except where prohibited by law, in no event will Cryptology be liable to you for any indirect, consequential, exemplary, incidental or punitive damages, including loss of profit, even if Cryptology has been advised of the possibility of such damages.
    2. You agree to indemnify and hold Cryptology, its officers, directors, shareholders, predecessors, successors in interest, employees, agents, subsidiaries and affiliates, harmless from any demands, loss, liability, claims or expenses, including legal fees, made against Cryptology by any third party due to or arising out of or in connection with your use of our Services.

13. Non-Affiliation

    1. We are not affiliated with, nor endorsed by any third party; we do not collaborate, work in affiliation with, or otherwise in connection with any third party, including, but not limited to different services providers such as gambling, binary, forex brokers, etc.
    2. Cryptology is a company that operates independently with no affiliation to regulated or unregulated brokers.

14. Governing Law & Dispute Resolution

    1. The use of the website and mobile applications shall be regulated under Cypriot Law and any dispute emerging from the interpretation of these T&Cs and/or breach of these T&Cs shall be resolved via negotiation. In case negotiation fails, you and Cryptology agree to submit the controversy to the competent courts of the Republic of Cyprus.
    2. The use of Spot Trading shall be regulated under Estonian Law and any dispute emerging from the interpretation of these T&Cs and/or breach of these T&Cs in respect to Spot Trading shall be resolved via negotiation. In case negotiation fails, you and Cryptology agree to submit the controversy to the competent courts of the Republic of Estonia.
    3. The use of Margin Trading, PTC and GRAM/BTC, shall be regulated under Seychelles Law and any dispute emerging from the interpretation of these T&Cs and/or breach of these T&Cs in respect to Margin Trading, PTC and/or GRAM/BTC, shall be resolved via negotiation. In case negotiation fails, you and Cryptology agree to submit the controversy to the competent courts of the Republic of Seychelles.

15. Entire Agreement and Non-Waiver

    1. These T&Cs constitute the entire agreement between you and Cryptology with regard to your use of our Services, and any and all other written or oral agreements or understanding previously existing between you and Cryptology with respect to such use are hereby superseded and canceled.
    2. Cryptology’s failure to insist on or enforce strict performance of these T&Cs shall not be construed as a waiver by Cryptology of any provision or any right it has to enforce these T&Cs, nor shall any course of conduct between Cryptology and you or any other party be deemed to modify any provision of these T&Cs.

16. Referral Program

    1. After completing your registration, and at any time thereafter, you are allowed to refer Cryptology’s services to other potential users and will be entitled to a reward in accordance with these T&Cs.
    2. The reward will be 30% of the trading fees that Cryptology receives for the trades of the newly registered user (that you have referred). The reward will last for three (3) months. To be entitled to this reward, you should have an active Cryptology Account and provide your referral details to the new user.
    3. In case the new user that you have referred does not input your referral details, Cryptology will not be able to process your referral rewards.
    4. Importantly, your rewards will only be processed in the same currency or virtual currency of the trade fee.
    5. There is no limit on the number of users that you can refer to Cryptology’s services.