Rules

PREAMBLE

using the Website, registering an Account, sending any message, order, request or deposit to the Quedex System, or in any other way interacting with the Quedex System, the Exchange Member or anyon behalf or benefit of whom Exchange Member acts agrees to:
  • be bound by and comply with the Rules of the Exchange, and
  • to become the subject of the jurisdiction of the Exchange with respect to any and all matters arising from, related to, or in connection with, the status, actions or omissions of such Exchange Member.
accessing, viewing, downloading or in any way using the Website or any its parts or services, User and Exchange Member agrees to be bound by the Rules of the Exchange.

DEFINITIONS

  1. "Website" refers to all images, text, software, data and services available at any Quedex websites and Web services, including but not limited to the website identified by universal resource locator https://www.quedex.net/ or any other address it may be moved to,
  2. "Key" refers to any OpenPGP-compliant Keypair consisting of a public key and private key,
  3. "Bitcoin" refers to the P2P virtual currency so known,
  4. "Exchange Member" and "Member" refer to any natural person or any legal entity that has been allowed to register an Account at the Exchange,
  5. "User" means any natural person or legal entity that accesses the Website or any of its Web services,
  6. "Exchange" or "Quedex" refers to Quedex Derivatives Exchange, operated by Quedex Ltd., incorporated in Gibraltar,
  7. "Quedex System" refers to all components of the Exchange infrastructure, including but not limited to the Website, any and all middleware, matching engines, databases and Bitcoin integration,
  8. "Person" refers to any natural person or legal entity,
  9. "Account" refers to a contractual arrangement between the Exchange Member and the Exchange, wherein the Exchange Member accepted the Rules of the Exchange and is granted membership, a right to register a Key, and a unique account id, which tracks all activities of the Exchange Member, including deposits, withdrawals, Messages, transactions, orders and positions,
  10. "Exchange Key" or "Exchange Keys" refer to the OpenPGP public key(s) published on the Website.
  11. "Written Form" means any information signed by any of the Exchange Keys and sent from any of the official email addresses of the Exchange in the domain "quedex.net",
  12. "Services" mean all services provided by the Exchange, including but not limited to all services within the Quedex System,
  13. "Rules of the Exchange" refer to any and all rules, regulations and pronouncements documented in this Rulebook,
  14. "Balance" refers to the total amount of bitcoins held in Account by the Exchange Member,
  15. "Reserve" refers to the total amount of bitcoins designated by the Exchange to cover Members' negative Balances,
  16. "Web Interface" refers to the part of the website that allows to generate the Key and stores the private key part on the servers belonging to the Exchange, without a password necessary to use the Key.

MEMBERSHIP

  1. Exchange Member asserts that:
    1. the Exchange Member has legal capacity to accept the Rules of the Exchange
    2. Exchange Member's jurisdiction or country of residence allows to register an Account and use the Website or any of the Exchange's Services.
    3. it is Exchange Member's sole responsibility to assure compliance with the laws of the Exchange Member's jurisdiction or country of residence and he agrees to indemnify the Exchange for all consequences of failure to do so.
    4. it is the sole responsibility of the Exchange Member to protect his Key and Account ID as a sole means to access the Account. __The Exchange is not obliged in any way to restore the access to the Account in case of deletion, theft or any other loss of control of the Key, including access to any bitcoins deposited to the Account__.
    5. any bitcoins deposited by the Exchange Member to the Account are his rightful possession and that any such bitcoins are from legitimate source.
    6. the Exchange Member shall not initiate or in any way participate in any attempts to manipulate the prices or indices.
    7. the Exchange Member shall not initiate or in any way participate in any attempts to gain unauthorized access to any of the Exchange's servers, including the Website's servers, and any third party servers or machines on which the Website or any part of the Quedex Systems are hosted, or any part of the Quedex System, or in any way impair the security, functionality or performance of the Website or any part of the Quedex System or any third party servers or machines on which the Website or any part of the Quedex System is hosted.
  2. The Exchange Member acknowledges that Bitcoin exchange rate is volatile and any assets that may be traded on the Exchange are risky instruments that may not be suitable to everyone.

COPYRIGHTS

  1. Quedex, Quedex Bitcoin Derivatives Exchange, and Quedex Logo are trademarks of Quedex Ltd. The Website and all its contents, products, indices and financial products, information, data, including market data, layout, design, text, images and menu buttons are copyrighted material (hereinafter, the "Copyrighted Material"). User and Exchange Member may view, download, store and print any copies of the Copyrighted Material for private and noncommercial use. The User and Exchange Member may not otherwise copy, reproduce, alter, store either in hard copy or in an electronic retrieval system, license, transmit, display, broadcast, create a derivative work (for example, a financial product, service or index) from, publish, rent, sublicense, distribute, or otherwise use in whole or in part in any other manner the Copyrighted Material, except with the Exchange's explicit consent in Written Form.
  2. User and Exchange Member hereby grant, and agree to grant, to the Exchange, the non-exclusive, unrestricted, unconditional, unlimited, worldwide, irrevocable, perpetual, and cost-free right and license to use, copy, record, distribute, reproduce, disclose, modify, display, publicly perform, transmit, publish, broadcast, translate, make derivative works of, and sell, re-sell or sublicense (through multiple levels) and otherwise exploit in any manner whatsoever, all or any portion of the content, information or data submitted to the Website, Web Interface or Quedex System, and derivative works thereof, for any purpose whatsoever in all formats and technologies, and to advertise, market, and promote the same. User and Exchange Member warrant that User or Exchange Member is entitled to and has all necessary rights to the content, information or data submitted to the Website, the Web Interface or Quedex System.
  3. User and Exchange Member acknowledges all responsibility for all direct or indirect consequences of linking to the Website and agrees to indemnify the Exchange for all losses, liabilities, expenses, costs and fees, including attorney fees arising from or in any connection with that link, unless that link is explicitly mandated by the Exchange in Written Form.

WEBSITE

  1. The information provided on the Website, while given in a good faith, is for general information only. The Exchange is not in any way bound by any of its content.
  2. User and Exchange Member agrees to read and cryptographically verify the PGP-signed version of all statements, articles, information and text.
  3. User and Exchange Member agrees to notify the Exchange about any perceived discrepancy between any content of the Website and actual calculations or factual state of the Quedex System.

PRIVACY POLICY

  1. The Exchange strives to maintain maximum levels of security and privacy for its Members. The Exchange does not store any passwords or private keys corresponding to Exchange Member's public key, except in the case where user requests the Exchange to do so.
  2. The Exchange never generates the Key for the user.
  3. In the case of the request to store the Member's private key, the Exchange will not in any way store or collect the password to the private key.
  4. Registration through the Web Interface is considered a request according to article 1 of this section. Any Key generation that occurs in the process of using the Web Interface happens on the Member's computer and not on the Exchange's servers.
  5. Bitcoin private keys are always stored on machines that never connect to any network and are continuously backed up to machines that never connect to any network.
  6. All Exchange Member's data, including Keys, fingerprints, all identity data attached to the Key, and all account data, including account id, messages, orders, positions and trades (hereinafter, the "Data"), are stored in encrypted databases. All databases maintained by the Exchange may be stored in locations outside Gibraltar. The Data shall not be passed to third parties.
  7. The Exchange does not use and shall not use Google Analytics or any similar service that may track or in any other way disrupt the privacy of the User or Exchange Member.
  8. The Exchange advises to use encryption in email communication from User and Exchange Member and shall send encrypted emails at the option of the User and Exchange Member.

ACCOUNT

  1. Exchange Member may register up to 1 Account only, unless explicity allowed in Written Form by the Exchange.
  2. The Exchange may require additional information from the Exchange Member for the purposes of verification. The Exchange Member agrees to comply with any such requests from the Exchange.
  3. The Exchange has right to suspend, block and delete an Account with no prior notice at the Exchange's sole discretion, including with connection to any activity deemed suspicious or fraudulent by the Exchange, or in any way directly or indirectly contrary to the Rules of the Exchange, in particular including article 1.6 and 1.7 of the "Membership" section.
  4. In case of deletion of the Account on the basis of art. 3 of this section, any Account Balance, after any liquidation and deducing any applicable fees, shall be available for withdrawal by the Exchange Member, unless the Exchange decides otherwise for just reasons, in particular including the breach of the article 1.6 and 1.7 of the "Membership" section.

BALANCE AND POSITIONS

  1. The Exchange Member is obliged to maintain positive Balance of the Account at every moment, in particular in the event of any calls for deposit of additional bitcoins in order to fulfill any margin requirements of his positions.
  2. The Exchange may liquidate any or all positions at the available market prices, cancel any pending orders and disallow sending new orders, of the Exchange Member when the maintenance margin requirements are not met by the Exchange Member.
  3. Any calculations done by the Exchange, including but not limited to calculations within the Quedex System, are final. The calculations may be further amended by the Exchange but shall not be disputed by the Exchange Member.
  4. The Exchange may liquidate any positions and charge liquidation fee at the Exchange's sole discretion, at any moment and for any reason, including but not limited to Balance being less than maintenance margin level set by the Exchange.

WARRANTIES

  1. The Exchange does not guarantee that any realized or unrealized gains from transactions throughout the trading day (hereafter referred to as "Unsettled PnL") will be added to the Balance or will be available for withdrawal after the Daily or Final Settlement.
  2. The exchange may adjust the amount of the Unsettled PnL for any serious reason, including adjustments to cover the losses that arise from negative Balance of other Exchange Members.
  3. In order to minimize the risk of Unsettled PnL adjustment, the Exchange will maintain the Reserve, to which it will allocate part of its profits. The Exchange may publish the balance of the reserve to the general public.
  4. The Exchange may not withdraw any funds from the Reserve in total or in part, except when the funds have been stored in the reserve for more than 365 consecutive days. In that case, the Exchange may withdraw the funds partially but not in total.
  5. The Exchange does not guarantee any particular uptime or availability of the Website, Web Interface or any part of the Quedex System. The Exchange explicitly excludes without limitation any direct or implied warranties, including any warranties of merchantability or fitness for a particular purpose, for the Website and any and all of its components, and Quedex System and any and all of its components.

INDEMNIFICATIONS

  1. User and Exchange Member agrees to indemnify the Exchange and any associated entities or persons, including Quedex, its licensors or contractors, and their respective directors, officers, employees or agents, against any action, including legal action, claim, loss, liability, expense, cost and fee, including attorney fees, arising directly, indirectly or in any connection from the use of the Website, the Exchange, the Quedex System or any of the Exchange's Services.

LIMITATIONS OF LIABILITY

  1. Neither the Exchange, nor any associated entities or persons, including Quedex, its licensors or contractors, and their respective directors, officers, employees or agents, will be held liable for any loss, including loss of bitcoins, any revenue, business opportunity, data and any indirect or consequential loss.
  2. Neither the Exchange nor the Exchange Member is liable for delay in meeting their respective obligations due to any cause outside of its reasonable control, including acts of God, war, riots, government intervention or natural disasters.

JURISDICTION

  1. The Rules shall be construed in accordance with the laws of Gibraltar. Any activity within the Exchange or Quedex System, including but not limited to deposits, withdrawals and transactions, are made and processed under the jurisdiction of Gibraltar.
  2. The Exchange is the final arbiter in all matters arising from, related to, or in connection with, the Rules of the Exchange. User and Exchange Member agrees to be subject to the jurisdiction of the Exchange in all such matters. User and Exchange Member agrees to settle all disputes not falling under the jurisdiction of the Exchange by amicable action or by mutually accepted third party arbiter.
  3. Any failure or delay in enforcing any part of the Rules by the Exchange does not in any way diminish the responsibility of the User and Exchange Member to comply with the Rules of the Exchange and will not be construed as any kind of waiver to any extent.

MODIFICATIONS

  1. The Rules of the Exchange may be modified unilaterally by the Exchange at any time and without any notice.
  2. While the Exchange will strive to inform the User or the Exchange Member about such changes via email or news post on the Website, the User and Exchange Member is solely responsible for knowing, reading and comprehending the Rules of the Exchange. User and Exchange Member agree to check regularly this document.