1. Acceptance of these Terms
By making use of CoinEx crypto lending services, you acknowledge that you have read, understood, and accepted all of the terms and conditions of the CoinEx Crypto Lending Service Agreement. If you do not understand and accept the terms under this Agreement in their entirety, you should not use any of the crypto lending services.
2. Scope of these Terms
The following terms apply to all users who access and use the crypto lending services provided by CoinEx.
This Agreement is a supplement to the CoinEx Terms of Service, and all provisions outlined in the Terms of Service shall continue to apply.These Agreement Terms constitute Product Terms. References in the Terms of Service shall include references to the Crypto Lending Services contemplated hereunder. In the event of any conflict or inconsistency between these Agreement Terms and the Terms of Service, these Agreement Terms shall prevail with respect to the services contemplated hereunder, unless expressly stated otherwise.
3. Eligibility to Use the Service
In order to access and use the crypto lending services, you must satisfy the eligibility criteria outlined in the terms of this Agreement or the CoinEx trading platform from time to time.
We may change our eligibility criteria for the use of crypto lending services at any time, including by introducing additional requirements.
If you no longer meet our eligibility criteria for using the crypto lending services at any time after you have accessed or used the services (including because of a change to your circumstances or our eligibility criteria), you must notify us promptly, and we may suspend or terminate your ability to access or use the crypto lending services.
4. Crypto Lending Services
You hereby represent and warrant to us that: (a) you are authorized and permitted to use the crypto lending services; (b) the terms of this Agreement constitute legal, valid, and binding obligations enforceable against you; and (c) your use of the crypto lending services and CoinEx's provision of such services to you is not unlawful under the laws and regulations of any jurisdiction to which you are subject. You agree to advise us immediately should there be any change in laws and regulations or other circumstances that could render this representation and warranty invalid. You hereby agree to indemnify CoinEx against any loss to CoinEx arising out of your breach of this representation and warranty or your obligation to advise us of changes in laws and regulations.
When you borrow digital assets under this Agreement, you are entering into a loan where you are the borrower and CoinEx is the lender. You agree and acknowledge that CoinEx has the right, in accordance with the terms of this Agreement, to grant you a loan and take any actions with regard to such loan.
We may suspend or discontinue the availability of the crypto lending services in relation to any digital asset (in whole or in part) at any time, and reduce, cancel, discontinue, or modify the crypto lending services without any liability to you.
You shall be responsible and assume and shall bear all risk of loss for all conduct relating to the crypto lending services. CoinEx does not take any responsibility for any loss or damage incurred as a result of your access to and use of the crypto lending services.
5. Loans and Repayment
When applying for a loan, you shall specify the digital asset you wish to borrow and the digital asset you wish to provide as collateral for the loan.
Provided that you satisfy all the eligibility criteria as determined by CoinEx and you have sufficient eligible collateral available in your CoinEx account, you may apply for a loan. If CoinEx agrees to grant you a loan, the loaned assets will be transferred to your CoinEx account. You may use the assets on CoinEx's platform in any manner that CoinEx may permit or withdraw the assets.
CoinEx may attach conditions to the use of any particular loanable asset or eligible collateral, including but not limited to specifying a minimum and maximum amount that a particular asset may be loaned.
CoinEx may determine which digital assets constitute loanable assets and eligible collateral at its sole discretion. If CoinEx determines that a digital asset no longer qualifies as eligible collateral or loanable asset, we may terminate all relevant loans prior to maturity and initiate liquidation without any liability to you.
You may repay a Loan by (i) transferring to an amount of the Loaned Assets equal to the Loan Balance, or (ii) repay the Loan in full using Collateral, automatically converted into the Loaned Assets in such manner and at such rate as CoinEx may, in its sole discretion, determine. Once the Loan has been repaid in full, all remaining Collateral corresponding to that Loan will be returned to your spot account.
6. Collateral
During your use of CoinEx's crypto lending services, CoinEx shall determine the amount of collateral in your spot account. Upon entering into a loan, the collateral will be deducted from your spot account and retained by CoinEx. Upon your repayment of the principal and interest as per the requirements, CoinEx shall return the collateral to your spot account. The form and amount of the collateral shall be determined by CoinEx.
Certain digital assets may only be valued as collateral on a discounted basis as determined by CoinEx at its sole discretion.
If at any time the required loan-to-value (LTV) ratio. in respect of a Loan fails to meet the Collateral Requirements, you agree to transfer additional Eligible Collateral to the Collateral Account, whether or not a Margin Call has been made by CoinEx to satisfy such Collateral Requirements.
You acknowledge and agree that does not oblige a Margin Call and that there is no guarantee that a transfer of Collateral will be made in time or be sufficient to avoid Liquidation.
You acknowledge and agree that, if the LTV in respect of a Loan is equal to or below the Liquidation LTV, CoinEx may, and shall be fully entitled (but shall not be obliged) to, sell or dispose of any or all Collateral in order to satisfy the LTV prescribed by CoinEx in its sole discretion, whether or not a Margin Call has been made (“Liquidation”), and CoinEx is not required to provide notice to you before commencing Liquidation.
You give CoinEx the authority and discretion to sell or dispose of any or all Collateral in such manner as CoinEx, in its sole discretion, sees fit.
In respect of any Liquidation, you will be liable for a liquidation fee, calculated as a percentage of the value of the assets liquidated (the “Liquidation Fee”), as determined by CoinEx in its sole discretion. The rate at which the LIquidation Fee is charged (the “Liquidation Fee Rate”) is 2%, provided that CoinEx may change the Liquidation Fee Rate and the method by which such rate is determined at any time in its sole discretion.
CoinEx shall be entitled to stake, invest, loan, handle, or transfer any collateral at its sole discretion. CoinEx shall not be under any obligation to notify you thereof, nor be liable to you for any interest, staking rewards, or income that may be derived therefrom. No interest shall be paid to you on any collateral unless expressly outlined on the CoinEx platform. You acknowledge and agree that any interest or income earned on collateral (if any) under the terms of this Agreement may be retained by CoinEx for its own benefit. CoinEx shall not be liable to you for the loss of any collateral resulting directly or indirectly from a closure, bankruptcy, insolvency, liquidation, receivership, hack, security breach, technical malfunction, or other force majeure events.
7. Interest
Simple interest shall accrue with respect to any loan on an hourly basis at the start of each hour (e.g., 1:00 PM, 3:00 PM, etc.) Time periods of less than one hour shall be counted as one hour. Interest with respect to any loan shall be calculated hourly as follows: interest = outstanding principal × daily interest rate ÷ 24.
CoinEx reserves the right to modify the rates of fees, interest, commissions, and charges, or impose other fees, commissions, and charges at its sole discretion.
8. Default and Termination
A default shall be deemed to occur in the event that:
- The collateral balance falls below the collateral requirements as outlined by CoinEx.
- Any representation, warranty, or undertaking made by you to CoinEx becomes untrue, inaccurate, incomplete, or misleading, where you fail to inform CoinEx as soon as reasonably possible.
- You fail to comply with the terms of this Agreement or perform any of your obligations under this Agreement.
- You have been found to be in breach or are being investigated by relevant authorities for being in breach of any applicable laws and regulations.
- You fail to promptly provide CoinEx with verification of your identity or the identity of any person entrusted by you to act on your behalf.
- When there is abnormal operation in your account.
- You may have mishandled another person's account or verified the identity of another person 's account.
- Other circumstances where CoinEx, based on its reasonable judgement, believes that it is necessary to suspend or terminate the provision of this Service.
If a default occurs, CoinEx may immediately take any or all of the following actions:
- Suspend (indefinitely or otherwise), cancel, or terminate any CoinEx account, or prohibit you from using CoinEx services.
- Liquidate, accelerate and/or close out any outstanding Transaction by determining its value in good faith and in its absolute discretion as of the date of the close-out as soon as practicable after the close-out.
- Modified the applicable Collateral Requirements or liquidate or exercise its power to sell the Collateral or part thereof or any other Digital Assets or other property which may be credited to your Account or which has been pledged to CoinEx by you at a price which CoinEx deems appropriate in the circumstance and apply the proceeds to the discharge of your obligations.
- Exercise such other authority and powers that may have been conferred upon CoinEx by these Crypto Lending Service Terms and/or the Terms of Service.