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General Terms & Conditions for Lykke

Please find below the General Terms & Conditions for Lykke. For each platform the Terms and Conditions are composed of the General Terms of Use combined with the specific Trading Rules for the relevant platform.

Pocket Trading Rules

  1. Lykke Corp UK Ltd. (hereinafter referred to as "Lykke") offer, inter alia, Lykke Pocket (“Lykke Pocket”), an unregulated platform providing bilateral spot trading for: (the IOUs, the Cryptocurrencies and the Utility Tokens, jointly, the “Digital Assets” or the “Products”).
  2. These trading rules (the “Trading Rules”), as amended from time to time, together with the Terms and Conditions for Participants, have been established to facilitate fair, efficient and orderly trading and equal treatment of Participants (as defined below) on Lykke Pocket and describe the functionalities for trading on Lykke Pocket. Unless mentioned otherwise, these Trading Rules concern Lykke in its function as the operator of Lykke Pocket.
  3. Admission for trading on Lykke Pocket is open to all individuals or entities which meet the requirements set forth under the Terms and Conditions for Participants becoming a Registered Account Holder (each participant, hereinafter, referred to as "Participant", “Registered Account Holder” or "it"). The suspension or termination of the admission of a Participant to Lykke Pocket is governed by the Terms and Conditions for Participants.
  4. Lykke is always the counterpart of all trades of all Participants on Lykke Pocket.
  5. Lykke will determine in its absolute discretion the Products that are available for trading on Lykke Pocket.
  6. Participants represent and warrant that, at all applicable times, they have all permissions, licences and approvals required by applicable law in order to be a Participant on Lykke Pocket.

Accounts & Products

  1. Prior to the first transaction on Lykke Pocket, the Participant is required to fund its account with the Products it intends to trade, as outlined in the Terms and Conditions for Participants.
  2. When the Participant wires fiat currencies (e.g. CHF, EUR) to Lykke, it purchases from Lykke an amount of IOU tokens equal to the amount of fiat currencies wired, and the Participant can use such IOU tokens to trade on Lykke Pocket.  The Participant does never trade on Lykke Pocket fiat currencies but always IOU tokens.  When the Participants intends to withdraw its liquidity from Lykke Pocket, it sells back to Lykke its IOU tokens and Lykke wires to the Participant’s bank account an equal amount of fiat currencies.
  3. Lykke will not shoulder any banking fee of any intermediary and/or corresponding bank that could potentially be applied on the incoming wire transfer (including deposit fees applied to Lykke) executed by the Participant and, therefore, the Participant will be entitled to receive the amount of IOUs correspondent to the amount of fiat currency effectively received by Lykke on its bank account and freely disposable by Lykke. The same shall apply to any banking fee of any intermediary and/or corresponding bank that could potentially be applied on the outgoing wire transfer (including withdrawal/transfer fees applied to Lykke) that Lykke will initiate when the Participant will withdraw its IOUs from Lykke Pocket in exchange for fiat currencies.
  4. Lykke reserves the right, at its sole discretion, to modify the types of transactions and type of Products available on Lykke Pocket at any time and without prior notice.
  5. The Products of each Participant are booked in its account and held by Lykke.  Cryptocurrencies and Utility Tokens booked in the account of the Participant are kept in a blockchain wallet the private key of which are held by Lykke on the relevant blockchain.  The Participant may decide to transfer its Cryptocurrencies and Utility Tokens to an external private wallet only accessible by it.

Acceptance of Risk involved with the Use of Lykke Pocket

  1. The Participant accepts, acknowledges and understands that the transactions: 
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  2. The Participant is aware of the fact that using electronic devices and the internet exposes it to a number of risks, including but not limited to the possibility that:
    - an unauthorised third party might access its account;
    - the relationship between the Participant and Lykke might be revealed;
    - computer viruses might infect the Participant's computer system without the Participant's knowledge;
    - third parties might send messages to the Participant, alleging to represent Lykke;
    - chat conversation between the Participant and Lykke might be visible to third parties; 
    - partial or total loss might result from the transactions.
  3. The Participant is fully aware that the access to the Lykke Pocket through the web and mobile interfaces (the “Lykke Apps”), Lykke application programming interface (“API”) and the use of Lykke's services from abroad might violate foreign laws applicable to the Participant. The Participant undertakes to inform himself and assumes sole liability for any risks relating to such foreign legislation. Any responsibility of Lykke regarding the possible infringement of foreign laws in connection with the Participant's use of Lykke's services or services from abroad is expressly and completely excluded.
  4. The Participant undertakes to obtain full information (and acknowledges that he/she is solely responsible for doing so) regarding the risks to which it may be exposed and regarding any necessary security measures. Further, the Participant is responsible to minimize the security risks resulting from the use of Lykke's services by using the appropriate and state-of-the-art security measures (e.g. antivirus program).
  5. The Participant shall take the necessary precautions to ensure the confidentiality of all information, including, among other things, the system password, user ID, portfolio details, trading activities, account balances, as well as all other information.

Confirmations and Obligations of the Participant

Upon registration with Lykke Pocket, the Participant confirms that it consents to adhere to these Trading Rules and confirms and undertakes that:

  1. it is familiar with the Products, the transactions and the functioning of cryptocurrencies;
  2. it understands the functionality, usage, storage, transmission mechanisms and complexity associated with blockchain-based systems;
  3. it is able to bear losses connected with the transactions it will execute;
  4. any decision to conclude a transaction shall be taken by the Participant, based on its own assessment of its financial situation and its investment objectives;
  5. Lykke will never provide the Participant with any (investment) advice nor manage the Participant’s assets;
  6. any discussions between the Participant and Lykke's employees or any information provided by them to the Participant will not give rise to any advisory or asset management relationship, nor do they constitute recommendations of Lykke;
  7. Lykke will not examine whether any transaction or any decision made by the Participant - or whether its pursued trading and/or investment strategy - is justified, suitable or reasonable for the Participant;
  8. prior to issuing orders, the Participant will familiarize itself with the Lykke Pocket environment, the Lykke Apps, the Lykke Pocket functionalities and features;
  9. it will not engage in any activity that is abusive, interferes with, or disrupts the Lykke Pocket platform.  Such activities include, but are not limited to, disclosing information to the public or carrying out purchase or sell transactions where it is known or must be known that these will give false or misleading signals concerning the supply, demand, or price of Products listed on Lykke Pocket, a similar establishment or trading venue in Switzerland or abroad.
  10. it will verify the content of each document, including documents sent electronically by Lykke or made available to the Participant on the Lykke Pocket, and will immediately inform Lykke in case of any discrepancies.  Such documents shall be deemed to be binding without immediate opposition of the Participant.

Relation between Lykke Pocket, the Participant and Lykke

  1. Lykke Pocket is the platform on which the Participant may sell or buy the Products.
  2. Lykke is the operator of Lykke Pocket.
  3. Lykke is always the counterpart to the Participant for all transactions executed on Lykke Pocket.

Relation to Third Parties

The Participant may have been recommended trading on Lykke Pocket by a third party. In such cases, Lykke shall not be liable for any agreement or terms that may exist between the Participant and the respective third party.

Communications from the Participant to Lykke

  1. The Participant is responsible to communicate immediately to Lykke any change of its details (including but not limited to its e-mail address, domicile address, phone number, and beneficial ownership of its Lykke Securities Account etc.) via the authorized channels such as the mobile and web interface and the Lykke Participant Support (support.pocket@lykke.com).
  2. In any particular case, Lykke reserves the right to request another communication method than the one chosen by the Participant.
  3. Lykke shall be entitled to follow the instructions received through the above-mentioned means from persons authorised by the Participant or by the Participant himself.
  4. The Participant confirms that he is aware of the risks associated with using these communication methods, in particular the risks that could result from the execution, non-execution, late or wrong execution, fault or misunderstanding at the time instructions are transmitted to Lykke or from improper use of Participant identification methods towards Lykke. The Participant acknowledges and declares that it assumes responsibility for all the consequences that could result therefrom. Further, the Participant understands and agrees that Lykke shall not incur any liability by refusing to offer Provided Quotes to a Registered Account Holder whose identity has not in its opinion been sufficiently verified.
  5. If the Participant gives its instructions in writing, Lykke will verify its identity, in particular by comparing its signature on the copy of the passport provided in the on-boarding process. Nevertheless, Lykke shall not be liable for any fraud and/or lack of identification that it has not discovered despite applying all reasonable diligence.
  6. The Participant shall be responsible for all instructions and for the accuracy of all information sent via the standard Lykke communication channels by using the Participant's name, his/her password or any other personal identification credentials used to identify the Participant, regardless of who is the actual user. Any person who identifies himself in accordance with the Participant's identification credentials shall be considered as being authorised to use Lykke's services offered to the respective Participant. Lykke shall consider such orders or communications as having been authorised and issued by the Participant and is allowed to fully rely on the use of the respective Participant credentials.
  7. The Participant authorises Lykke to record, to listen and/or produce a written transcript of all telephone conversations, electronic communications, internet-based conversations (chats) and meetings between the Participant and representatives of Lykke and to use such records or transcripts as evidence in relation to any parties (including but not limited to a regulatory authority and/or a court) to whom Lykke, at its entire discretion, regards it as desirable and necessary to disclose such information as part of any litigation and procedure that it expects to arise between it and the Participant. Any records or transcriptions produced by Lykke will be treated in accordance with Lykke's Data Protection Policy.

Communications from Lykke to the Participant

All notices or other communications made by Lykke to the Participant, including account statements and transaction confirmations may, at Lykke's sole discretion, be sent to the Participant by e-mail to the address specified by the Participant or made available on the Lykke web and mobile interfaces. Such notices or communications shall be deemed to have been received by the Participant and transmitted in the proper manner once Lykke has made them available on the web and mobile interfaces or sent them by email. It shall be the Participant's responsibility to take the necessary actions to ensure that it is able to access any communications sent to him. Lykke shall not be liable for any delay, modification, re-routing or any other modification that the message might undergo after being sent by Lykke unless it is a result of gross negligence, wilful default or fraud attributable to Lykke.

Transactions and Cancellation

The Participant accepts, acknowledges and understands that:

  1. All transactions are executed subject to and in conformity with these Trading Rules;
  2. At the discretion of Lykke, these Trading Rules may exceptionally make it possible to retroactively intervene and cancel, amend or correct transactions. The following situations shall be deemed as exceptional for the purposes of this section:
    - Technical failure,
    - Incorrect execution of a trade due to human error,
    - Erroneous or invalid Provided Quote,
    - Illegal or abnormal transactions,
    - Orderly and fair trading was not ensured at the time of a trade execution,
    - Exceptional market situations,
    - To preserve the integrity and proper functioning,
    - Lykke is required to do so by applicable law or governmental authorities,
    - Other occurrences or circumstances which Lykke deems as objectively exceptional.
    In such circumstances, the Participant accepts any losses or other consequences of the cancellation.
  3. The cancellation provisions of the Terms and Conditions for Participants apply in addition to this Clause.

Participant Complaints

  1. The Participant undertakes to inform Lykke immediately if an incorrect transaction appears in the Lykke Apps or API or it has concluded a transaction which does not appear in the Lykke Apps or API.
  2. Any complaints in relation to the execution or non-execution of a transaction will be resolved in accordance with the Terms and Conditions for Participants.

Erroneous Transaction

In the event that there is an obvious error in the price quoted by Lykke upon RFQ, Lykke shall not be bound by any transaction whatsoever (whether or not confirmed) which is, or purports to have been, entered into at a price which Lykke is able to substantiate to the Participant was manifestly incorrect at the time of the transaction or which was or should have reasonably been known by the Participant to be incorrect at the time of the execution of the transaction. In such situation Lykke may in its sole discretion either not execute the transaction or execute the transactions at the quoted price or the correct price and, if it does so, Lykke may close out the transaction executed (including by correcting either the price at which Lykke hedged the transaction or the historic market price). In any such situation, Lykke shall not be liable for any losses, damages, costs, expenses, liabilities or claims except to the extent that they arise directly out of Lykke’s gross negligence, wilful default or fraud.

Blocking of the Lykke account

  1. The Participant may request Lykke to block the access to its Lykke account. Such a blockage may only be requested by the Participant itself via e-mail to the Lykke Participant Support (support.pocket@lykke.com).
  2. Lykke shall have the right to block the Participant's access to the Lykke account at any time, without any further explanation or notice, whenever Lykke is legally required to do so or considers this to be an appropriate course of action.

Participant's Liability

The Participant shall indemnify and hold Lykke harmless against any and all losses, taxes, expenses, costs and commitments (present, future, unexpected or otherwise and which include reasonable legal fees) that Lykke may sustain or incur as a result of or in relation to any breach of contract by the Participant and the relevant measures taken by Lykke to safeguard its own interests.

General Trading Rules

  1. Lykke Pocket is ordinarily open for trading 24/7, every day of the year, with the exception of maintenance work that, when possible, will be communicated to the Participants in a timely manner.
  2. The opening hours of the Lykke Pocket are no assurance of liquidity. Market liquidity depends on the time of the day and week and on public holidays.
  3. Lykke may, on reasonable notice to the Participant, audit the Participant’s access to Lykke Pocket to ensure its compliance with these Trading Rules.

Suspension of trading (Trading halts)

  1. Lykke may at its own discretion at any time temporarily suspend the trading on Lykke Pocket. The time period of the trading halts will be determined by Lykke on a case by case basis and best efforts are used to make it as short as possible.
  2. Lykke shall provide Participants with information on trading halts via suitably accessible communication channels.

Market Disorder

  1. Each Participant shall be deemed to acknowledge that, in accordance with applicable laws, Lykke as operator of Lykke Pocket may:
    - exercise certain rights in respect of the non-performance or Default of a Participant according to the Terms and Conditions for Participants;
    - in certain circumstances, cancel or amend a transaction, permit a "contra trade" in respect of a transaction, or suspend or halt trading in specific Products;
    - intervene as a result of a special situation in accordance with the following Clause ;
    and Participants shall, in such circumstances, be bound by such measures.
  2. Special situations shall be defined as exceptional situations and emergency situations. Lykke decides at its own discretion whether there is a special situation.

    The following specific circumstances shall be deemed to be exceptional situations:
    - major price volatility, especially where a trade differs significantly from the market price;
    - decisions or information which are to be published imminently and which might have a significant influence on the price of a Product or its underlying (price-sensitive facts); or
    - other situations that might compromise fair and orderly trading.
    Should an exceptional situation arise, Lykke may implement any market control measures which it deems necessary to maintain fair and orderly trading as far as possible (incl. withdrawing provided quotes or declaring executed transactions invalid).

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    - failure of Lykke's system or its access infrastructure or parts thereof;
    - failure of a Participant's access system;
    - occurrence of a Force Majeure Event according to the Terms and Conditions for Participants; or
    - other situations that might compromise fair and orderly trading.
    In emergency situations Lykke may suspend these Trading Rules in full or in part, including the Terms and Conditions for Participants, and replace them temporarily with new provisions instead. In particular, Lykke may temporarily interrupt trading in full or in part.
  3. Neither Lykke nor a Participant (an "Affected Party") shall be liable for any failure or delay in performing any of its obligations under or pursuant to these Trading Rules and the Terms and Conditions for Participants to the extent that such failure or delay is due to a Force Majeure Event, and it shall be entitled, if needed, to a reasonable extension of the time for performing such obligations as a result of such Force Majeure Event.
  4. On the occurrence of a Force Majeure Event:
    - the Affected Party shall immediately notify Lykke of the same (or if the Affected Party is Lykke, it shall issue a circular to affected Participants in relation to the Force Majeure Event) and the Affected Party shall exercise reasonable endeavours to resume performance of any of its obligations affected by the Force Majeure Event;
    - Lykke shall be entitled to require any Participant to take such action as Lykke may direct in respect of a transaction affected by Force Majeure Event; and
    - Lykke shall be entitled but not obliged to execute affected transactions according to Lykke's directions, and Lykke shall be entitled to require or implement appropriate measures to achieve such transactions. Lykke shall, where practicable, consult affected Parties in advance of requiring or implementing any such measures.

Request for Quote 

  1. When the Participant intends to trade a Product, it triggers Lykke’s request for quote functionality (“RFQ") and, consequently, the Participant will be offered by Lykke a certain quote - which will remain valid only for a certain amount of seconds - to accept or reject. Lykke will offer RFQ functionality for IOUs, Cryptocurrencies and Utility Tokens. All the traded Products will have the functionality enabled. 
  2. The process for the RFQ is the following:
    - the Participant submits a quote request (the “Quote Request”) that shall include the following items:

    Product: the Digital Asset to trade
    Quantity: can be specified in either base or quote currency
    Side:         if it is a buyer or a seller

    The value of the requested Quantity should be within Lykke defined limits (“Minimum RFQ value” and “Maximum RFQ value”), subject to relevant KYC requirements of the Participant, and may be subject to a lot size. These might change at Lykke’s sole discretion from time to time. 

    - Lykke provides a quote response to the Quote Request (the “Provided Quote”) that will remain valid for a certain period, usually a few seconds (“Quote Validity Period”). Lykke reserves the right to change the Quote Validity Period that may be adapted to reflect current market conditions.

    - During the Quote Validity Period, the Participant may accept the Provided Quote by clicking the confirm button. If the Participant does not click the confirm button or the Quote Validity Period expires, the Provided Quote is considered not accepted.
  3. Delisting of Digital Assets

    - Lykke reserves itself the right to delist any Digital Asset(s) traded on the Lykke Pocket, including IOUs, at its own exclusive discretion, whenever possible by giving to the Participants a thirty (30) calendar days notice prior to the delisting date, namely the day upon which the trading of such Digital Asset(s) will not be available any longer on Lykke Pocket.
    - In case the Participant does still hold any of the delisted Digital Asset(s) upon delisting date, Lykke is entitled to automatically exchange such holdings into the IOUs (denominated in the fiat currency indicated in the thirty (30) calendar days prior notice) at the rate available to Lykke Pocket upon delisting date.
    - Without any prejudice to the preceding Clause, in case the Digital Asset(s) to be delisted are the IOUs and the Participant does still hold such IOUs upon delisting date, Lykke is entitled to automatically withdraw such IOUs and send the fiat currency equivalent via wire transfer to the bank account that the Participant indicated to Lykke upon onboarding/KYC.
    - In case the Digital Asset(s) to be delisted is/are not issued by Lykke but by a third party issuer, Lykke - in case prior notice is not possible in order to fully and timely protect itself and/or the Participants - is entitled to delist such third party issuer’s Digital Asset(s) immediately and without any notice.

Participant Support and Deal Queries

  1. The Lykke Participant Support (support.pocket@lykke.com) is available on a 24x7 basis to assist Participants with all issues pertaining to Lykke's services.
  2. If the Participant requests actual transaction information related to a transaction query, Lykke Participant Support will gather relevant transaction information from the Participant and subsequently, will, where possible, use reasonable endeavours to supply the Participant with Lykke market data.

Amendments

Lykke shall be authorised to change or amend these Trading Rules at any time. Such amendments will be communicated to the Participants in an appropriate manner and shall enter into effect on the date determined by Lykke.

Severability, Delegation to Third Party, No Waiver

  1. Should any clause in these Trading Rules be or become illegal, invalid or unenforceable in any manner whatsoever, this shall not affect the remaining provisions of these Trading Rules.
  2. The Participant may not assign any of its rights or delegate any of its duties arising under these Trading Rules to a third party.
  3. Any delay or omission by Lykke in relation to the exercise of any right granted by the law or under these Trading Rules, or the partial or incomplete exercise of such a right, power or action shall not as a result exclude or prevent the later exercise of such a right.

Applicable Law and Place of Jurisdiction

  1. This Agreement shall exclusively be governed by and construed in accordance with the substantive laws of England, as amended from time to time.
  2. All disputes arising out of or in connection with these Trading Rules, including disputes on its conclusion, binding effect, amendment and termination, shall be resolved by the exclusive jurisdiction of the Courts of London.

If the participant has any questions about the Privacy Policy or the collection and use of information by Lykke, it should contact the Data Protection Officer: dpo@lykke.com.