The terms used herein shall have the following meanings:
1. Application Programming Interface (API) : a set of rules or messages used by application programs to communicate with programs such as the Company's operating system (OS) or Database Management System (DBMS)
2. API Service : a service in which the Company makes the API publicly available for users to sync their applications, programs, or websites to manage the operating functions such as placing market order and finding information.
3. User : an individual who uses the Service
3. Modification of Terms
1) Post a notice on GDAC website or the Service page
2) Send notification via your registered email address
3) Send notification via registered mobile phone number
3.2. We may assume that you have given implied consent for the modifications under the condition that we have clearly notified you of the modifications and that the absence of express intention until 1 day before the effective date will be assumed as implied consent.
3.3. If you do not agree to the changes, we must not apply the changes and you may apply for termination of the Service. Under special circumstances where the existing terms cannot be applied, we may terminate the service.
4. Additional Provisions
5. Service Details
5.1. We provide the following for the Service:
1) Manage orders and cancellations of cryptocurrency trading
2) Provide information including trading history, account balance, filled orders and unfilled orders
3) Provide investment information such as the market price and bid/ask price
5.2. We may make changes to the Service for fair operational and technical reasons. In this case, we shall post the reason, details, and date of the change in advance on GDAC website or the Service page.
5.3. We may limit your use of the Service if there are concerns for system failure or disruptions due to requests such as excessive order processing.
6. Users’ Obligations
6.1. You shall not perform the following actions while using the Service:
1) Using another user’s account (ID)
2) Using another person's name without permission
3) Disrupting normal activity of the Service through hacking
4) Transferring data obtained through the service, including but not limited to investment information, market prices, bank accounts, settled orders history, and balance, to another person.
5) Developing a program that could be mistakenly construed as representing the Company
6) Obstructing the Company's business or defaming the Company
7) Violating applicable laws and regulations including the ‘Act on Promotion of Information and Communications Network Utilization and Information Protection’ or any laws related
6.2. We may limit the use of the Service or terminate this Service for any breach by the user of the obligations in these Terms or obstruction of normal operations for this Service.
6.3. You must refer to all announcements made by the Company regarding the potential changes to the following clauses. When the Service contents are changed, users should apply all the changes to their applicable websites, mobile applications, and other relevant application programs. It is your responsibility to check all the announcements notified by the Company and the Company is not liable for any consequences resulting from you missing the announcements.
1) Announcements regarding API updates and any relevant changes
2) Announcements on the change on policies
3) Other important, urgent or relevant announcements
6.4. In case the Company receives any claims, including claims for damages or litigation from users and third parties due to illegal activities or violations of these Terms by users, users shall indemnify the Company at his own responsibility and expense. The user shall reimburse all damages incurred to the Company.
7. Account and Password Management
7.1. You are responsible for safeguarding your account and any loss or damage incurred by using the account. You shall manage and store your password or API Secret Key securely and change it periodically for your account protection.
7.2. If for any reason you believe your account, password or API Secret Key has been compromised, notify us immediately and follow our instructions. If you fail to notify us or follow our instructions after notifying us, we shall not be liable for any disadvantages arising from it.
8. Limitation of Liability
We shall not be responsible or liable for any loss or damage incurred by your use of the Service, unless caused by our intention or negligence. Limitation of liability shall apply when:
2) Loss or damage is incurred by the failure of the user’s computer, telecommunication or other information systems
3) Dispute arises between users due to the Service
4) Problem arises from user sharing the Service with a third party
5) User uses the Service for any other purposes not expressly permitted herein
6) User’s account, password, API Secret key or other information is leaked
7) Systematic error occured due to price fluctuations and order floods in the market, as following:
· Order cancelled when converting backup server due to systematic error
· All orders suspended when it is deemed necessary to discontinue Service due to systematic errors, operational errors and converting backup server
8) The Company takes measures, including backing up the system, suspending Service and taking the following measures to examine the errors of Clause 7 and make regular, periodic and emergency inspections
· Errors such as unprocessed and unsettled orders due to delays in the transmission of quotes and sudden changes or processing errors of “partners”
· Delayed responses to order requests, missing and un-settlements of orders due to settlements receipt misses and delays, and differences of unsettled and settled orders results
9) Unavoidable problems arise due to the malfunction or technical issues of the blockchain or the system managing issuance of cryptocurrency, faults of the telecommunication service provider, regular server maintenance, etc.
10) The Service cannot be provided due to natural disaster, DDos attack, IDC or Cloud Service problems, overwhelming traffic to the Service, problems with cables of common telecommunications business operators and other unavoidable causes
11) Any matters not mentioned here are other reasons attributable to the user
9. Governing Law and Jurisdiction
9.1. These terms shall be governed and construed in accordance with the laws of the Republic of Korea. Any litigations between the Company and members shall be governed by the laws of the Republic of Korea.
9.2. All disputes and litigations between the Parties concerning the use of the Service shall be subject to the jurisdiction and venue of the courts in accordance with the procedures as prescribed by the applicable laws and regulations.
The Terms shall take effect on December 5, 2019.