General terms of service (last updated: 5/15/2020)
READ THESE TERMS AND CONDITIONS ("Terms") CAREFULLY BEFORE USING THE SERVICES DESCRIBED HEREIN. BY UTILIZING THE WEBSITE LOCATED AT https://optionpool.com ("Website") AND PRODUCTS OFFERED THEREIN, YOU ACKNOWLEDGE THAT YOU HAVE READ AND UNDERSTAND THESE TERMS AND CONDITIONS AND THAT YOU AGREE TO BE BOUND BY THEM. IF YOU DO NOT AGREE TO ALL OF THE TERMS AND CONDITIONS, YOU WILL NOT BE AUTHORIZED TO USE THESE SERVICES, AND YOU MAY NEITHER USE THIS WEBSITE NOR ITS PRODUCTS.
OPTION POOL RESERVES THE RIGHT TO CHANGE, MODIFY, ADD OR REMOVE PORTIONS OF THESE TERMS AT ANY TIME FOR ANY REASON. WE SUGGEST THAT YOU REVIEW THESE TERMS PERIODICALLY FOR CHANGES.
NO PERSON OR ENTITY, INCLUDING ANYONE ACTING ON ITS BEHALF, SHALL USE THE WEBSITE AND SHALL LEAVE THIS WEBSITE IMMEDIATELY, UNLESS SUCH PERSON OR ENTITY MEETS THE DEFINITION OF "ACCREDITED INVESTOR", "SOPHISTICATED INVESTOR" OR ANY SIMILAR TERMINOLOGY UNDER THE APPLICABLE COMMODITY DERIVATIVE LAWS OF THE JURISDICTION WHERE SUCH PERSON OR ENTITY IS BASED, DOMICILED, LOCATED OR INCORPORATED. NONE OF THE INFORMATION OR ANALYSES PRESENTED IS INTENDED TO FORM THE BASIS FOR ANY INVESTMENT DECISION, AND NO SPECIFIC RECOMMENDATIONS ARE INTENDED.
OPTION POOL EXPRESSLY DISCLAIMS ANY AND ALL RESPONSIBILITY FOR ANY DIRECT OR CONSEQUENTIAL LOSS OR DAMAGE OF ANY KIND WHATSOEVER ARISING DIRECTLY OR INDIRECTLY FROM: (I) RELIANCE ON ANY INFORMATION CONTAINED IN THIS DOCUMENT, (II) ANY ERROR, OMISSION OR INACCURACY IN ANY SUCH INFORMATION OR (III) ANY ACTION RESULTING THEREFROM, (IV) USAGE OR ACQUISITION OF PRODUCTS, AVAILABLE THROUGH THE WEBSITE.
Option Pool (website: https://optionpool.com) is a platform operated by Option Pool Inc incorporated in Delaware, United States. Use of this Option Pool website ("Website") and the service offered on the Website ("Service") are governed by the terms contained on this Terms of service page ("Terms"). This agreement entirely constitutes the agreement between the parties. All other information provided on the Website or oral/written statements made are excluded from this agreement; the exchange policy is provided for guidance only and does not constitute a legal agreement between the parties.
By accessing and using the website in any manner, you acknowledge that you have read, understood and agree to the Terms listed. Option Pool can change any terms listed in this agreement without prior notice. You agree that you will continue to be bound to the terms listed and all of the conditions and that Option Pool has no obligation to notify you of the changes. You understand this is your responsibility and that you have the ability to access and review these terms of service at any time and that you agree to do so.
All of the content, images, and any other material on the website are protected by copyright laws. Option Pool owns these items as well as all trademarks and intellectual property and no permission implied for any use without expressed written consent by Option Pool. You may, however, print excerpts from the website for non-commercial use as long as no alterations of the material are made.
You shall not in any circumstances obtain any rights over or in respect of the Website (other than rights to use the Website pursuant to these Terms and any other terms and conditions governing a particular service or section of the Website) or hold yourself out as having any such rights over or in respect of the Website.
Any resident or citizen of the United States of America is prohibited from using the Website, holding positions or entering into contracts at Option Pool.
Option Pool reserves the right to immediately close any of your accounts and liquidate any open positions if it is determined that you have provided false information about your location or place of residence.
The trading of goods and products, whether they are real or virtual, involves significant risk. Prices can and do fluctuate on any given day. Due to such price fluctuations, you may increase or lose value in your assets at any given moment. Any currency, including, but not limited to, cryptocurrencies, may be subject to large swings in value and may even become worthless. There is an inherent risk that losses will occur as a result of buying, selling, or trading anything on the market.
Cryptocurrency trading also has unique risks not shared with official currencies or goods or commodities in a market. Unlike most currencies, which are backed by governments or other legal entities, or by commodities such as gold or silver, cryptocurrencies such as Bitcoin are only reliant on its underlying technology and trust. There is no central bank that can take corrective measures to protect the value of cryptocurrencies in a crisis or issue more currency.
Instead, Bitcoin is an as-yet autonomous and largely unregulated worldwide network. Traders put their trust in a digital, decentralized, and partially anonymous system that relies on peer-to-peer networking and cryptography to maintain its integrity.
Cryptocurrency trading is susceptible to irrational (or rational) bubbles or loss of confidence, which could collapse demand relative to supply. For example, confidence might collapse in Bitcoin because of unexpected changes imposed by the software developers or others, a government crackdown, the creation of superior competing alternative currencies, or a deflationary or inflationary spiral. Confidence might also collapse because of technical problems: if the anonymity of the system is compromised, if money is lost or stolen, or if hackers or governments can prevent any transactions from settling.
Also, there is additional counterparty risk due to the nature of the products traded on this platform. Under extreme market circumstances, Option Pool could decide to partially or entirely close winning positions to be able to close losing positions. Derivatives settle every day in 24h sessions. If bankruptcy occurs, any further losses will be covered by profits made by traders on the platform on a pro-rata basis. In such a case, all winning traders of a session would get taxed a percentage of their earnings to cover for other traders' bankruptcies.
Due to the nature of cryptocurrencies, there could occur situations where Option Pool takes the step where contracts will be closed prematurely for platform integrity. Users of the platform are assumed to understand those risks. An extreme situation could, for example, occur during forks and splits of the bitcoin network.
You acknowledge that you have understood these risks, and you will carefully assess whether your financial situation and tolerance for risk are suitable for buying, selling, or trading on the platform.
3. Accessing The Website
You must not use this website in any way that causes, or may cause, damage to the website or impairment of the availability or accessibility of the website; or in any way which is unlawful, illegal, fraudulent or harmful, or in connection with any unlawful, illegal, fraudulent or harmful purpose or activity.
You must not use this website to copy, store, host, transmit, send, use, publish or distribute any material which consists of (or is linked to) any spyware, computer virus, Trojan horse, worm, keystroke logger, rootkit or other malicious computer software.
You must not conduct any systematic or automated data collection activities (including without limitation scraping, data mining, data extraction, and data harvesting) on or in relation to this website without Option Pool's express written consent.
It is the users' responsibility to ensure that all usernames and passwords are kept confidential. If there is a loss or compromise of your username and password, it is your responsibility to notify Option Pool immediately. Upon being notified, Option Pool will initiate a reset of your password.
All users must maintain the understanding that maintaining a secure trading website is Option Pool's highest concern. Any user acknowledges that they will, at no time, ever knowingly try to undermine the security or integrity of the Option Pool's website or that of any third party software provider.
At no time should any user compromise the website in a way that would cause interference in the functionality of any part of the website.
All users have no expressed authority to use the Option Pool website to interfere or access any account except those in which the user has authority to access.
No authority has been given for any user to upload any material into the Option Pool website, and no authorization has been given to download any material from the site except photo ID uploading during KYC process, and where files have been made available for public download.
By accessing the Option Pool website, you agree that all business conducted for the legal benefit of the users' account.
By opening an account you represent and warrant:
that you have accepted the Terms; and
that you are at least 20 years of age and have the capacity to accept the Terms;
that you are the legal owner of the deposits that you add to your account with Option Pool, and they are lawfully obtained;
that using Option Pool's service does not constitute a breach of your home jurisdictions' laws;
that you are aware of the risks in using the services provided by Option Pool. These risks include the high volatility risk of cryptocurrencies, the fact that you may lose all assets in your trading account if the market moves against you;
that you will not be involved or initiate any form of market manipulation, including spoofing orders or otherwise;
that the information or documents you provide are correct, genuine and up-to-date;
that the cryptocurrency withdrawal address you have provided is your own and that you have full control over this address;
Option Pool will provide Market Data to facilitate the User's use of the Site. Option Pool makes NO WARRANTIES about the timelines, sequence, accuracy, or completeness of the Market Data, and you accept and agree that Option Pool shall not be held liable for any inaccuracy, error, delay or omission resulting from the User's use of such Market Data.
Option Pool's market maker has several trading accounts, and you understand that they can self-trade either inadvertently or deliberately for various reasons, such as to adjust the balances among their accounts, or accidentally during rapid market price updates. These market maker's self-trading will be counted as legitimate trading and will be included in the trading volume.
Option Pool reserves the right to revise and/or discontinue any or all Services without prior notice to the Users.
Option Pool makes no guarantee that the website will be uninterrupted or error-free. Among other things, the operation and availability of the Option Pool platform can be unpredictable and may from time to time be inaccessible. Option Pool is not in any way responsible for any such interference that prevents your access or use of the Website and the Service.
Option Pool reserves the right at any time to verify your identity.
We may impose certain trading limits before you are required to supply additional personal information about yourself and your transactions. By conducting business on the website you agree to cooperate with us in this process and will provide all documentation/information that we may require.
Option Pool has the right to restrict the trading activity of any account in which we deem necessary based upon suspicion of any trading activity that has breached any of the rules listed or implied in these terms. This restriction may result in the canceling of trades. Option Pool is not responsible for any losses incurred by restricting trades, reversing or closing out trades early due to a suspected breach of this contract. You agree to hold the company harmless and indemnify Option Pool against any action by you or any third party that might have been harmed by our actions. During the investigation of the conduct of the account, no trades, deposits or withdrawals will be allowed. At the conclusion of this investigation period, Option Pool has the right to close out the account without providing any further explanation.
At any time, if we decide to close out your account, we will provide seven days notice. You will then have seven days to close out any outstanding positions. After seven days, if the positions are not closed, Option Pool will take immediate action to close out the positions and return any remaining Bitcoin to you at the address on record.
It is our responsibility to maintain an orderly market and as such we may at our discretion halt trading on the Website due to market disruption or other relevant external events. We exclude all liability for any claimed losses or profits lost as a result of us halting trading.
Option Pool has the right to reverse trades or adjust prices of trades that it regards as being traded at abnormal prices far away from the price level to be expected from an orderly market.
Nothing in this website disclaimer will exclude or limit any warranty implied by law that it would be unlawful to exclude or limit, and nothing in this website disclaimer will exclude or limit Option Pool's liability in respect of any:
fraud or fraudulent misrepresentation on the part of Option Pool; or
a matter which it would be illegal or unlawful for Option Pool to exclude or limit, or to attempt or purport to exclude or limit, its liability.
5. Financial advice
At no time should any information provided in these terms or on the website that should be construed as financial advice. Option Pool does not provide any opinion on the merits of any particular investment. Any information provided is for educational purposes to keep the investor informed of prices, ranges, and volatility of cryptocurrencies. Any decision to purchase or sell is done at the sole discretion of the account holder and as such, the account holder is liable for any loss suffered.
You agree to indemnify and hold harmless Option Pool, its contractors, and its licensors, and their respective directors, officers, employees and agents from and against any and all claims and expenses, including attorneys' fees, arising out of your use of the Website, including but not limited to out of your violation this Agreement.
In no event will Option Pool, or its suppliers or licensors, be liable with respect to any subject matter of this agreement under any contract, negligence, strict liability or other legal or equitable theory for: (i) any special, incidental or consequential damages; (ii) the cost of procurement or substitute products or services; (iii) for interruption of use or loss or corruption of data; or (iv) for any amounts that exceed the fees paid by you to Option Pool under this agreement during the twelve (12) month period prior to the cause of action. Option Pool shall have no liability for any failure or delay due to matters beyond their reasonable control. The previous shall not apply to the extent prohibited by applicable law.
Any failure or delay by Option Pool to enforce any of the Terms or to exercise any right under the Terms will not be construed as a waiver to any extent of our rights.
7. Limited Liability
Except as permitted to the maximum extent by applicable laws, in no event shall Option Pool, our directors, employees, agents, suppliers, resellers, service providers, or other users be liable for any direct, special, indirect, incidental, consequential, exemplary or punitive damages, including but not limited to damages for loss of use, loss of profits, loss of information, business interruption, revenue, or goodwill, whether on the basis of contract, tort (including but not limited to negligence), or otherwise arising out of the use or inability to use the site, or mistakes, omissions, interruptions, deletions, errors, defects, viruses, delays in operation or transmission or any failure of performance of the site or any information transmitted to Option Pool.
To the maximum extent permitted by applicable laws, in no event shall the aggregate liability of Option Pool, our directors, employees, agents, suppliers, resellers, service providers, or other users whether on the basis of contract, warranty, tort (including but not limited to negligence), product liability, strict liability, or other theory arising out of the use or inability to use the site, or mistakes, omissions, interruptions, deletions, errors, defects, viruses, delays in operation or transmission or any failure of performance of the site, exceed the fees paid by you to Option Pool during the 6 months immediately preceding the date of any claim giving rise to such liability.
8. Breach of Terms
If any terms listed are violated, Option Pool reserves the right to seek any and all legal remedies allowable by law to remedy the violation. These may include any and all of the following, restricting any activity in the account, freeze, close an account and limit activity to the Option Pool website.
Option Pool has the right and authority to disclose your user identity and personal details if required or requested by a court of law, governmental agency or any other law enforcement authority in such circumstances as Option Pool in its sole discretion considers reasonably necessary or appropriate.
9. Changes of Terms
Option Pool reserves the right to change, add or remove portions of these Terms, at any time, in an exercise of its sole discretion. It is your responsibility to review the amended Terms. Your continued use of the Site signifies that you accept and agree to the changes and that all subsequent transactions by you will be subject to the amended Terms.
10. Governing Law and Exclusive Jurisdiction
All disputes or claims arising out of or in connection with these Terms including disputes relating to its validity, breach, termination or nullity, and any disputes or claims arising out of or in connection with the use of Website shall be finally settled under the Singaporean law. The language to be used in the arbitral proceedings shall be English.
You agree that any disputes between you and Option Pool may be heard only in the courts of Singapore, and you consent to venue and jurisdiction in those courts.
11. Contact Us
- The types of personal data we collect and how it may be used;
- How and why we may disclose your personal data to third parties;
- Your rights concerning your personal data;
- The security measures we use to protect and prevent the loss, misuse or modification of your personal data, and
- Our retention of your personal data.
Collection and use of personal data
We collect personal data that you provide to us when you create an account on our website.
We may collect the following personal data from you:
- Phone number
- Email address
- Identity verification information (images of passport/driver's license/ID card)
- Residency verification information (e.g. utility bill)
- Login details (username and password)
- Information about the use of our services (when you were logged in and what your activities were)
- Information from communication between you and us (email, chat support)
In addition, we collect data about your device, browser, operating system, network system, and IP address when you visit our website or use our services. This is for statistical purposes, so it does not identify individuals.
Lastly, we may collect data from public sources (e.g. Chamber of Commerce) to verify your (corporate) information.
Why we collect your personal data
We need your personal data, such as your contact details, to provide our services. In addition, we are required to collect your personal data in order to be compliant with regulations regarding Know-Your-Customer (KYC), Anti-Money Laundering (AML) and Counter Financing of Terrorism. For this reason, we may choose to not delete your personal data if relevant to an investigation or dispute.
We are obliged to retain your personal data for the mandatory retention period based on the applicable law.
It is possible to disable cookies in your browser. However, disabling cookies might make it impossible for you to use certain features on our website.
How we use your personal data
We may use your personal data to:
- Create and administer your Option Pool account;
- Verify your identity;
- Process your trades;
- Analyze your use of our website;
- Provide customer support;
- Contact you about our services and updates.
We may provide you with updates and newsletters by email. We may also administer a survey or promotion. We shall do this only if you have given your consent or if we are permitted to do so otherwise. If you do not wish to receive emails about our updates, newsletters, surveys or promotions, please send an email to firstname.lastname@example.org
Disclosure to third parties
We may transfer your personal data to a public or regulatory authority if we are required to do so by law or under any regulatory code or practice we follow.
We may share your personal data with law enforcement, data protection authorities, government officials and other authorities when compelled by court order or other legal procedure or when disclosure is necessary to report suspected illegal activity.
We may transfer your personal data if we are defending a legal claim.
We will not sell, exchange or share your personal data with any other third parties without your consent, except to provide our services or if we are required by law.
Your statutory rights
You have certain rights concerning your personal data. Please find below a list of your rights. If you would like to exercise these rights, please send an email to email@example.com
Access: you are entitled to ask us if we are processing your personal data. If we are, you are entitled to ask which personal data we are processing and request us to have access to your personal data. You are entitled to receive a copy of the personal data we hold about you.
Correction: you are entitled to request us to correct any incomplete or inaccurate personal data we hold about you.
Deletion: you are entitled to request us to delete your personal data. There are exceptions where we may refuse such a request, for example, if we are required to hold your personal data for compliance with law or in connection with claims.
Restriction: you are entitled to ask us to suspend the processing of (certain of) your personal data.
Objection: you are entitled to object the process of your personal data by us. However, we are entitled to deny your appeal and continue processing your personal data if we are legally required to do so or if the process is relevant legal claims. During the investigation of your objection, will suspend the process of your personal data.
Transfer: you are entitled to request us to transfer (certain of) your personal data to you or to another party.
Security: We use several security measures to ensure the confidentiality of your personal data, and to protect your personal data from loss, theft, unauthorized access, misuse, alteration or destruction. Your personal data is encrypted with Secure Sockets Layered (SSL) technology. Our directories and databases are password protected.
Only authorized personnel have access to your personal data. This personnel is required to treat the information as highly confidential.
We never ask you for financial information or payment details, such as your credit card number, bank account number, password, passcode or pin number in an email, text or any other communication that we send to you. If you receive a suspicious request for your personal data or financial information, please do not provide any information, and contact us immediately via firstname.lastname@example.org
Never share your password with anyone. Representatives of Option Pool will never ask you to provide them with your password. If you suspect any unauthorized use or any other breach of security involving your personal data, please notify us immediately via email@example.com
Retention of personal data
To fulfill our legal and regulatory obligations, we are required to retain your personal data for at least five years after you have closed your account. If there is an ongoing legal or financial claim, we may retain your personal data longer.