Rules

Disclaimer

When owning and conducting operations with digital assets, there is a risk of financial loss. The high volatility of digital assets can lead to losses when buying, selling, storing, or investing. Currently, financial activities related to cryptocurrencies are regulated at the legislative level only by individual countries.

Trading virtual and digital assets also involves specific risks that are not typically associated with traditional currencies. Most digital assets do not have a central regulatory body that could take corrective measures to protect the value of virtual assets in crisis conditions.

When working with digital assets, there are risks not regulated by these Rules.

General Provisions

These Rules regulate the relationship between the Kingex service and users of the kingex.io website. The service reserves the right to unilaterally amend the Service Rules. Amendments take effect from the moment of publication on the website unless otherwise specified.

By using the Kingex service and the kingex.io website, the user agrees that they have read, understood, and accepted all the terms contained in these Rules, as well as in the AML/KYC Policy and Privacy Policy. The user confirms their agreement with the Service Rules when creating an order. This consent is valid and identical to a written agreement with the user's signature.

The user familiarizes themselves with and agrees to the Rules when creating each order. In case of disagreement with the Service Rules, creating an order and using the Kingex.io website is not allowed and is strictly prohibited.

1. Compliance with Criteria

1.1. Only a legally capable individual over the age of 18 who has not previously been blocked or blacklisted by the service can be a user.

1.2. If the service is used on behalf of a legal entity, the user guarantees that the legal entity is properly registered, operates in accordance with the current legislation of its jurisdiction, and has authorized the user to act on its behalf.

2. Account Usage Rules

2.1. By registering on the kingex.io website, the user confirms that they provide us with accurate information about themselves and use their own account.

2.2. The Kingex administration has the right to additionally verify the information provided and request from the user any necessary materials related to the exchange: a passport or other identity document photo, a bank card (without displaying sensitive data), a bank account statement, a current phone number, receipts for fund transfers, and other necessary data. Additionally, the administration may conduct voice (via mobile communication or a compatible messenger, the use of which complies with our security principles and is linked to a current phone number) or video identity verification for any reason related to the use of services and/or as confirming evidence of any information provided by the user. If the document submission conditions are not met, the service may refuse to provide services, freeze (withhold) user funds until documents are provided, and a full investigation is conducted.

2.2.1 The service may suspend an operation and withhold user funds to prevent fraudulent and other actions that may cause financial and reputational losses to the service, the user, or third parties, for the time required to conduct an investigation and obtain transaction details from the user, payment system, gateway, exchange, or bank.

2.3. The service administration has the right at any time and at its discretion to refuse the use of the service, provision of services, and/or any further cooperation for any reason and without explanation to the user, as well as suspend any operation for the duration of additional verification.

2.4. The user must provide only current and valid contact information, such as email address and phone number. In case of changes, the user must notify the service of the need to update the data in the account.

2.5. The user must immediately notify the service staff of any unauthorized use of their account or compromise of the password, suspected leakage of registration information, or any other security breach by sending an email to: support@kingex.io.

2.6. The use of the service for any criminal activity, including, but not limited to, money laundering, illegal gambling, terrorism financing, is prohibited. The use of location concealment methods (VPN) is prohibited. If the service, at its discretion, considers activity on the account suspicious or related to illegal operations, the account and any uncompleted operations may be suspended, and any subsequent ones may be rejected.

3. Services

3.1. The service provides services for the exchange, purchase, and sale of cryptocurrencies for fiat money — electronic or cash. The service's services are provided only through creating an order on the kingex.io website.

3.2. The user confirms that they lawfully own and dispose of fiat money, digital, and cryptocurrencies involved in the respective payment.

3.3. The average processing time for orders, according to regulations, is from 5 to 60 minutes from the moment of payment receipt to the service's balance or clarification, replacement of user details, or any other updates to the order. In the evening and at night, as well as on weekends and holidays, the processing time for funds withdrawal orders through payment or banking systems may increase to several hours, up to being postponed until the banking hours of the next working day in the respective jurisdiction, depending on specific conditions and the amount.

3.4. The service is not responsible for delays or inability to process an order due to a payment system, gateway, exchange, or bank error. The service is not responsible for the timing of funds crediting by the receiving party.

3.5. The service's obligations to the user are considered fulfilled in full at the moment of funds debiting from the service's balance or the service's counterparty's balance in the respective payment system, as registered in the transaction history of the respective payment system.

3.6. The service does not guarantee that its services and website will be available in 100% of cases. The service strives to provide services promptly but does not guarantee uninterrupted access and absence of any delays, failures, errors.

3.7. The service makes reasonable efforts to ensure uninterrupted access to services and the kingex.io website. However, the service may suspend website usage for technical maintenance without prior notice. The user accepts the risks associated with the fact that website services may be unavailable.

3.8. In case of falsification of communication flows or any negative impact on the normal operation of the service, the execution of the user's order may be suspended for the time required to investigate the circumstances.

4. Payment Procedure

4.1. The exchange rate is fixed at the moment the order is created. The order payment deadline is 15 minutes. If payment in cryptocurrency is not received on the service's balance with the required number of network confirmations within 30 minutes from the order's creation, such order is automatically deleted. If the user does not click the "I have paid" button after payment, the order is marked as "Canceled by the user." To restore the order, the user must submit a request to the support chat or via email to: support@kingex.io. Upon restoration, if the payment processing time exceeds 30 minutes from the order's creation, the payout amount may be recalculated based on the current exchange rate at the time of restoration.

4.2. If the order payment is credited to the service's balance in an amount differing from the amount specified in the order, up to 10% inclusive in either direction, the order is executed based on the actual received amount. If the difference between the amount in the order and the actual payment amount received exceeds 10%, the execution of the order is suspended until information is received from the user.

4.3. If order payment credited to the service's balance is less than the minimum exchange amount for the corresponding direction, the execution of the order is suspended until additional payment is received. Also, upon the user's request, in such a case, a refund may be provided. If the amount credited to the balance is less than 90% of the minimum exchange amount for the corresponding direction, the service reserves the right to refuse a refund or return the funds, deducting an additional fee of up to 20% of the minimum exchange amount, at the discretion of the service administration.

4.4. Payment details are generated individually for each order and remain valid for 30 minutes from the order's creation. In case of payment after this period, the service reserves the right not to execute the order and not to provide a refund. If payment is made without receiving the details through the payment form after clicking the "Go to Payment" button, the order may be deleted without the possibility of restoration.

4.5. When the user updates or replaces payment details, the payout amount may be recalculated based on the current exchange rate at the time of updating the details. The period for updating details is 14 days from the date the service sends an email regarding the necessary update. After this period, the order may be deleted without the possibility of restoration and refund.

5. Service Fees and Limits

5.1. The exchange rate is determined taking into account various factors, including but not limited to market conditions, reserve availability on the service's balances, participation of partner services in the exchange, and their commissions. All service fees are included in the exchange rate indicated on the website's order form. The service reserves the right to change rates, fees, and principles of rate formation without additional notifications.

5.2. When executing fiat currencies payout orders (receiving cryptocurrencies), any bank and payment system fees are deducted from the payout amount. When executing cryptocurrencies payout orders (receiving fiat currencies), any exchange and network fees are deducted from the payout amount. The service does not compensate for such commissions in any form.

5.3. Minimum limits for each direction are indicated in the order form. Maximum limits may be discussed on an individual basis.

5.4. Minimum deposit amounts are specified on the FAQ page.

5.5. If the payout amount for an order exceeds 2000 Tether (USDT), for security purposes, the service reserves the right to split such an amount into the necessary number of payments. If the user wishes to receive the amount in one payment or with specific breakdowns, they must clarify this possibility by contacting customer support before creating the order.

5.6. List of countries with regulatory restrictions.

We do not send USD to card numbers in the following countries:

• Botswana
• Mexico
• Moldova
• Honduras
• Sri Lanka
• Puerto Rico
• Sint Maarten
• South Africa
• Canada
• Israel
• New Zealand
• USA
• Curaçao
• Sweden (Currently, only Visa cards are supported for Sweden)
• Turkey
• Jamaica
• Nigeria
• Thailand
• China
• India
• Costa Rica

6. Refunds

6.1. Refunds are processed within 5 (five) business days. Business days refer to weekdays from Monday to Friday, excluding public holidays and weekends established by Ukrainian legislation.

6.2. If a refund is initiated by the user, the service fee is 3% of the payment amount. The network or payment system fee is automatically deducted from the transaction amount. After executing the order, refunds are not provided due to technical limitations.

6.3. If a refund is initiated due to the inability to credit funds to the specified details or the client's refusal to provide alternative details, the refund is processed with deductions for the network or payment system fee.

6.4. The service reserves the right to initiate a refund for any reason without explanation to the user.

6.5. Fees for sending payment for an order on the part of the user are not subject to compensation.

7. Taxation and Financial Monitoring

7.1. The service is not a user's tax agent and does not provide information on tax liabilities. Service employees do not provide consultations regarding the origin of funds, communication with banking institutions and payment systems, as well as financial monitoring requirements. The user undertakes to independently pay all taxes required by the tax legislation of the jurisdiction in which they are a tax resident.

8. Guarantees and Liability of Parties

8.1. The service is financially liable to the user for the amount of assets received as payment for the order.

8.2. The service provides cryptocurrency exchange, purchase, and sale services. Confirmation of the provided service is a letter received from the service's official email confirming the successful execution of the order. The service does not provide receipts or payment screenshots. Obtaining such confirmation is possible only with additional coordination and is not guaranteed.

8.3. The service is not responsible for financial losses incurred by the user as a result of actions by third parties.

8.4. The service is not responsible for potential losses due to the compromise of user information resulting from non-compliance with confidentiality principles. The user account is intended for personal use only without access by third parties. The user is fully responsible for all actions or inaction of third parties who gain access to the account, as well as compliance with confidentiality principles, and understands that the compromise of account information may lead to unauthorized access by third parties and loss of assets, as well as associated accounts, bank accounts, and other sensitive information.

8.5. The service is not responsible for the user receiving goods and services when specifying third-party details in the order, and in the case of submitting an order for fund withdrawal to third-party details or any liability related to third parties.

8.6. If the details specified in the payout order are blacklisted by the service's security service, service partners, payment system, gateway, exchange, or bank, the service reserves the right to suspend the execution of the order indefinitely for clarification of circumstances and also reserves the right not to execute the order and not to provide a refund.

8.7. The service is not responsible for partial or complete non-compliance with the Service Rules due to force majeure circumstances or circumstances that cannot be prevented.

8.8. Any claims by users regarding executed orders are accepted within 10 days from the execution of the order. After this period, claims are considered on an individual basis and may be rejected.

8.9. The service does not act as a financial advisor, does not provide investment advice and consultations, and does not engage in educational activities.

8.10. The user is responsible for the accuracy and completeness of the information and data provided. In case of incorrect personal data, contact information, or details provided, the service is not responsible for any user losses resulting from such errors.

9. Other Provisions

9.1. The use of the service for fraudulent and illegal operations is prohibited.

9.2. Account deletion is not possible. At the user's request, access to the account may be restricted.

9.3. The service's response time to a user request is up to 10 (ten) business days from the receipt of the relevant request with the provision of all necessary data in full and in the required format. Business days refer to weekdays from Monday to Friday, excluding public holidays and weekends established by Ukrainian legislation.

10. Final Provisions

10.1. Information posted on the website, including but not limited to graphical images, textual information, codes, is the property of the service and is protected by copyright laws.

10.2. AML/KYC Policy: https://new.kingex.io/rules/aml-kyc

10.3. Privacy Policy: https://new.kingex.io/rules/privacy-policy

Last Updated: June 6, 2024.