Ourbit Risk Disclosure Statement
Last Updated: 19 March, 2024
To better safeguard your interests, Ourbit reminds you that trading and/or investing in the cryptocurrency market is subject to severe risks. By participating in these activities you risk losing ALL OR SUBSTANTIALLY ALL OF YOUR ASSETS. Please understand and evaluate the risk of trading and assess your risk tolerance carefully before conducting any cryptocurrency trading or investment activities.
A) All terms used in this notice, which are defined in Ourbit User Agreement (the 'User Agreement'), shall have the same meaning and construction as in the User Agreement.
B) This Risk Disclosure Statement (the 'Statement') shall form part and parcel of the Legal Documents and shall have the same effect thereto.
A) This Statement provides you with information about the risks associated with Ourbit Services. Each Ourbit Service has its own distinct risks, which may be separately contained under the corresponding Legal Documents. This Statement provides a non-exclusive, general disclosure of the risks involved when you use Ourbit Services.
B) This Statement does not explain all of the risks or how such risks relate to your personal circumstances. It is important that you fully understand the risks involved before making a decision to use Ourbit Services.
We do not provide advice in relation to our Products or Services. We sometimes provide factual information, information about transaction procedures and information about the potential risks. However, any decision to use our Products or Services is made by you. No communication or information provided to you by us is intended as, or shall be considered or construed as, investment advice, financial advice, trading advice, or any other sort of advice. You are solely responsible for determining whether any investment, investment strategy or related transaction is appropriate for you according to your personal investment objectives, financial circumstances and risk tolerance.
Ourbit is not your broker, intermediary, agent, or advisor and has no fiduciary relationship or obligation to you in connection with any trades or other decisions or activities undertaken by you using Ourbit Services. We do not monitor whether your use of Ourbit Services is consistent with your financial goals and objectives. It is up to you to assess whether your financial resources are adequate to engage in financial activity with us, and to your risk appetite in the Products and Services you use.
The taxation of Digital Assets is uncertain and may vary from locations to locations. You are responsible for determining what taxes you might be liable to, and how they apply, when transacting through Ourbit Services. It is your responsibility to report and pay any taxes that may arise from using Ourbit Services, and you acknowledge that Ourbit does not provide legal or tax advice relative to these transactions. If you have any doubts about your tax status or obligations when using Ourbit Services, or with respect to the Digital Assets held in your Ourbit Account, you are encouraged to seek independent advice.
Digital Asset trading is subject to severe market risk and price volatility. Changes in value may be significant and may occur rapidly and without warning. Past performance is not in anyway an indicator of future performance. The value of an investment and any returns can go down as well as up. You may not get back the amount you have invested, and there is severe risks of losing all of your assets.
Digital Assets may have limited liquidity which may make it difficult or impossible for you to sell or exit a position when you wish to do so. This may occur at any time and from time to time, including at times of rapid price movements.
We do not guarantee that Ourbit Services will be available at any particular time or that Ourbit Services will not be subject to unplanned service outages or network congestion. It may not be possible for you to buy, sell, store, transfer, send or receive Digital Assets when you wish to do so.
When a Digital Assets project party faces bankruptcy, liquidation and dissolution, or violates national laws & regulations, or under the request of the project party, Ourbit will delist such Digital Assets, which may cause losses for Users.
There are legal requirements in various countries which may restrict the Products and Services that Ourbit can lawfully provide. Accordingly, some products and services and/or certain functionality of Ourbit Platform may not be available or may be restricted in certain jurisdictions or regions or to certain Users and any Ourbit marketing campaign, activities, or other promotions will not be open to (and are not targeted at or intended for) Users to whom restrictions apply. Users are responsible for informing themselves about and observing any restrictions and/or requirements imposed with respect to the access to and use of Ourbit Platform and the corresponding Services in each jurisdiction from which the Platform and the corresponding Services are accessed by or on behalf of the User. Ourbit reserves the right to change, modify or impose additional restrictions with respect to the access to and use of the Platform and/or the corresponding Services from time to time in its sole discretion without notification.
Third parties, such as payment providers, custodians, and banking partners may be involved in the provision of Ourbit Services. You may be subject to the terms & conditions of these third parties. Ourbit shall not be held responsible for any loss that these third parties may cause to you.
It is not possible for Ourbit to eliminate all security risks. You are responsible for keeping your Ourbit Account password safe, and you may be responsible for all the transactions under your Ourbit Account, whether you authorised them or not. Transactions in Digital Assets may be irreversible, and losses due to fraudulent or unauthorised transactions may not be recoverable.
Given the nature of Digital Assets and their underlying technologies, there are a number of intrinsic risks, including but not limited to:
a) faults, defects, hacks, exploits, errors, protocol failures or unforeseen circumstances occurring in respect of a Digital Asset or the technologies or economic systems on which the Digital Asset rely;
b) transactions in Digital Assets being irreversible. Consequently, losses due to fraudulent or accidental transactions may not be recoverable;
c) technological development leading to the obsolescence of a Digital Asset; and
d) attacks on the protocol or technologies on which a Digital Asset depends, including, but not limited to: i. distributed denial of service; ii. sybil attacks; iii. phishing; iv. social engineering; v. hacking; vi. smurfing; vii. malware; viii. double spending; ix. majority-mining, consensus-based or other mining attacks; x. misinformation campaigns; xi. forks; and xii. spoofing.
Digital Asset markets are open 24 hours a day, 7 days a week. Rapid price changes may occur at any time, including outside of normal business hours. You are solely responsible to ensure constant monitoring of the Digital Asset markets.
When you communicate with Ourbit via electronic communication, you should be aware that electronic communications can fail, can be delayed, may not be secure and/or may not reach the intended destination.
Currency exchange fluctuations will impact your gains and losses.
Changes in laws and regulations may materially affect the value of Digital Assets. This risk is unpredictable and may vary from market to market. Also, you may suffer severe losses if your actions breached national laws or regulations.
This Statement is a non-exclusive list of the risks which may be involved during your use of Ourbit Services. However, there are other risks which may be Service-specific or Product-specific. You should read carefully risk disclosures contained separately under the Legal Documents, including the User Agreement.