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Trading in digital asset investments and using digital assets related services involve risks, some of which are set out below. These risks, and additional risks arising either now or in the future, could result in the loss, failure or destruction of your assets, inability to receive any benefits available to you, other losses and termination of our products and services. You must consider carefully whether the risks set out below, as well as all other applicable risks, are acceptable to you prior to conducting any transaction of digital asset investments. You must seek professional advice regarding your particular situation before trading in digital asset investments or using digital assets related services. The risk of loss in transactions involving digital asset investments can be substantial. You should therefore carefully consider whether such transactions are suitable for you in light of your investment objectives, financial circumstances, your tolerance to risks and your investment experience. You should be capable of bearing a full loss of the amounts invested as a result of or in connection with any transaction of digital asset investments and any additional loss over and above the initial amounts traded or invested that may become due and owing by you. In considering whether to trade or invest, you should inform yourself and be aware of the risks generally, and in particular should note relevant specific risk factors which may apply to any given transaction of digital asset investments. Please refer to “Digital Asset Investments Risk Disclosure Statement” for more comprehensive risk disclosure.

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Digital Asset Investments – Risk Disclosure Statement

1. TRANSACTION AND SERVICES RISKS

a. Risks of trading digital asset investments
The prices of digital asset investments fluctuate, sometimes dramatically. The prices of digital asset investments may move up or down, and may become valueless. It is as likely that losses will be incurred rather than profit made as a result of buying and selling digital asset investments.

b. Nature of digital asset investments
Digital asset investments are not legal tender. They may not be backed by physical assets, and are not backed or guaranteed by the government. They may not have intrinsic value. Some of the digital asset investments may not circulate freely or widely, and may not be listed on any secondary markets.

Digital asset investments are generally a high-risk asset class. They may or may not be securities. You should exercise caution in relation to the trading of digital asset investments.

Transactions involving some digital asset investments are irrevocable. Lost or stolen digital asset investments may be irretrievable. Once a transaction has been verified and recorded on a blockchain, loss or stolen digital asset investments generally will not be reversible.

c. Reliance on distributed ledger technology
Some digital asset investments rely on various types of distributed ledger technology. Some of this technology is open source software that is built upon experimental technology, namely blockchain. Risks arising from relying on such technology include the existence of technical flaws in the technology, targeting by malicious persons, majority-mining, consensus-based or other mining attacks, changes in the consensus protocol or algorithms, decreased community or miner support, rapid fluctuations in value of relevant cryptocurrencies and related products, the existence or development of competing networks, platforms and assets, flaws in the scripting language, disputes between developers, miners and/or users and regulatory action.

d. Digital asset investments are regarded as products of complex nature by virtue that the terms, features and/or risk are not understood due to the complex structure, novelty and reliance on technological features. You should exercise caution in relation to digital asset investments.

e. Volatility of digital asset investments
The value of digital asset investments may fluctuate significantly over a short period of time. The volatile and unpredictable fluctuations in price may result in significant losses over a short period of time.

Digital asset investments may decrease in value or lose all of its value due to various factors including discovery of wrongful conduct, market manipulation, change to the nature or properties of such digital asset investments , governmental or regulatory activity, legislative changes, suspension or cessation of support for such digital asset investments or other exchanges or service providers, public opinions, or other factors outside of our control. Technical advancements, as well as broader economic and political factors, may cause the value of digital asset investments to change significantly over a short period of time.

f. Market, liquidity and conversion risk
Where transactions of digital asset investments are denominated in particular digital asset or fiat currencies other than your primary reference asset, or where you convert digital asset investments upon carrying out a transaction of digital asset investments, there is a risk that if the exchange markets move against you, then upon maturity or any earlier dealing the net proceeds may be significantly less than the initial amount in your primary reference asset, and any income or gains may be entirely negated.

The value of digital asset investments may decline, or be completely and permanent lost should the market for such digital asset investments disappear. There is no assurance that a market for a particular digital asset investment will continue to do so in the future. This is because the value of a digital asset investment may be derived, among other things, from the continued willingness of market participants to exchange that digital asset investment.

There is the possibility for you to experience losses due to the inability to sell or convert assets into a preferred alternative asset immediately or in instances where conversion is possible but at a loss. Such liquidity risk in an asset may be caused by the absence of buyers, limited buy/sell activity or underdeveloped secondary markets. There is no assurance that a person who accepts a digital asset as payment, will continue to do so in the future.

You may also suffer loss as a result of depreciation of the value of the currency paid as a result of foreign exchange controls imposed by the country issuing the foreign currency. Repayment or payment of amounts due to you may be delayed or prevented by exchange controls or other actions imposed by governmental or regulatory bodies over currencies which they control or regulate.

g. Not a bank deposit
Any fiat currencies or digital asset investments will not be held by us and/or our affiliates. Such fiat currencies or digital asset investments may not be held as “deposits” within the meaning of any applicable law, nor as any other regulated product or service under applicable law.

h. No right under statutory protection schemes
You should be aware that: (a) any transaction of digital asset investments may not be subject to a right to claim under any statutory compensation fund; and (b) any fiat currency and digital asset investments held in any account with the custodians may not be protected by any statutory protection scheme. This means that transactions of digital asset investments may have reduced level or type of protection compared to other products and asset classes afforded by the applicable laws.

i. Commissions and fees
Before conducting any transaction of digital asset investments, you should obtain details of all commissions, fees and costs for which you will be liable. If any of the fees and costs are not clear to you, you should request the fee and costs that will be applicable in specific monetary terms before entering into a transaction of digital asset investments. Any fees or costs applied may include execution charges (including commissions, commission equivalents, markups, markdowns and dealer spreads) and/or administrative costs.

j. Risks of assets received or held outside your jurisdiction
Digital asset investments and fiat currencies received or held by custodians outside your jurisdiction are subject to applicable laws of the relevant overseas jurisdictions, which may be different from the laws of your jurisdictions. Consequently, such assets may not enjoy the same protection as that conferred on some of the assets received or held in your jurisdiction.

k. Risks relating to authorised persons
There are substantial risks in allowing another person to trade or operate an account, and it is possible that instructions could be given by persons who are not properly authorised. You accept all of the risks of such an operation and irrevocably release us from all liabilities arising out of or in connection with such instructions.

l. Suspension of transactions, airdrops, forks & network events
It may be difficult or impossible to liquidate a position in digital asset investments under certain circumstances. Certain airdrops, forks or network events may occur rapidly and affect our ability to conduct a transaction of digital asset investments. Information relating to such events may be difficult to ascertain ahead of time and may be subject to limited oversight by any third party who is capable of intervening to stabilise the network.

2. CYBERSECURITY AND TECHNOLOGY-RELATED RISKS

a. Loss of private key is permanent and irreversible
You alone are responsible for securing your private key in respect of any address with respect to digital asset investments not received nor held by us and/or our affiliates in an account.

Losing control of your private key will permanently and irreversibly deny you access to your digital asset investments. Neither we nor any other person will be able to retrieve or protect your digital asset investments . Once lost, you will not be able to transfer your digital asset investments and related products to any other address or wallet. You will not be able to realise any value or utility that the digital asset investments may hold now or in future.

b. Transactions irreversible
The nature of transactions of digital asset investments is that they may be irreversible. This means accidental or fraudulent transactions in respect of digital asset investments may not be recoverable.

c. Forks and attacks
Digital asset investments may be subject to forks or attacks on the security, integrity or operation of the networks, including network events. Such events may affect the features, functions, operation, use or other properties of any digital asset investments, network or platform.

The events may also severely impact the price or value, function and/or the name of any digital asset investments, or even result in the shutdown of the network or platform associated with the digital asset investments. Such events may be beyond the control of ourselves and our affiliates, or to the extent we have any ability to impact such event, our decision or actions may not be in your interests.

d. Cyber-attacks and fraudulent activity
The technologic reliance of the digital asset investments on the internet exposes you to an increased risk of fraud or cyber-attack. Digital asset investments, your account, any digital asset related service, website or trading tool may be targeted by malicious persons who may attempt to steal cryptocurrencies and related products or fiat currency, or otherwise intervene in a transaction of digital asset investments or any of our services.

This includes (but is not limited to) interventions by way of:
ⅰ. distributed denial of service;
ⅱ. sybil attacks;
ⅲ. phishing;
ⅳ. social engineering;
ⅴ. hacking;
ⅵ. smurfing;
ⅶ. malware;
ⅷ. double spending;
ⅸ. majority-mining, consensus-based or other mining attacks;
ⅹ. misinformation campaigns;
ⅺ. forks; and
ⅻ. spoofing.

Digital asset investments, your account, any digital asset investments service, website or trading tool may also be vulnerable to exploitation of vulnerabilities in smart contracts and other code, as well as to human error.

A limited amount of your digital asset investments may be stored in hot wallets (i.e. online environments which provide an interface with the internet), which can be prone to hacking or cyber-attacks. Cyber-attacks resulting in the hacking of digital asset trading platforms and thefts of digital asset investments are common. Victims may have difficulty recovering losses from hackers or trading platforms. This could result in significant loss and/or other impacts that may materially affect your interests.

The above events may affect the features, functions, operation, use, access or other properties of the digital asset investments , your account or digital assets related services.

e. Targeting by malicious persons
Malicious entities may target you in an attempt to steal any asset you may hold, or to claim any asset that you may have purchased. This may involve unauthorised access to an account, your private keys, your addresses, your passwords, your email or social media accounts, your log-in details or access method for the account, as well as unauthorised access to your computer, smartphone and any other devices that you may use. You alone are responsible for protecting yourself against such actions.

f. Cryptographic advancements
Developments in cryptographic technologies and techniques, including (but not limited to) the advancement of artificial intelligence and/or quantum computing, pose security risks to all cryptography-based systems including cryptocurrencies and related products, your account, any of our APIs, the website or our cryptocurrency related services. Applying these technologies and techniques to digital asset investments, an account, any of our APIs, the website or our digital asset related services may result in theft, loss, disappearance, destruction, devaluation or other compromises of the digital asset investments, an account, any of our APIs, the website, our digital asset related services or your data (as applicable).

g. Reliance on the internet and other technologies
Transactions of digital asset investments rely heavily on the internet and other technologies. However, the public nature of the internet means that either parts of the internet or the entire internet may be unreliable or unavailable at any given time. Further, interruption, delay, corruption or loss of data, the loss of confidentiality in the transmission of data, or the transmission of malware may occur when transmitting data via the internet and/or other technologies. The result of the above may be that your transaction of digital asset investments is not executed according to your instructions, at the desired time, or not at all.

No authentication, verification or computer security technology is completely secure or safe.

The internet or other electronic media (including without limitation electronic devices, services of third party telecom service providers such as mobile phones or other handheld trading devices or interactive voice response systems) are an inherently unreliable form of communication, and such unreliability may be beyond our control.

Any information (including any document) transmitted, or communication or transactions made, over the internet or through other electronic media (including electronic devices, services of third party telecommunication service providers such as mobile phones or other handheld trading devices or interactive voice response systems) may be subject to interruption, transmission blackout, delayed transmission due to data volume, internet traffic, market volatility or incorrect data transmission (including incorrect price quotation) or stoppage of price data feed due to the public nature of the internet or other electronic media.

h. Risks relating to timing
A transaction of digital asset investments is binding upon completion of the steps we require. Following this, the transaction of digital asset investments will not be reversed. There is a risk that the final binding transaction of digital asset investments does not occur at the same time as instructions are provided. You may suffer loss due to the fact that a transaction of digital asset investments is not carried out at the desired time.

i. Unauthorised access
Unauthorised third parties may access or use your account and effect transactions of digital asset investments without your knowledge or authorisation, whether by obtaining control over another device or account used by you, or by other methods.

3. SPECIFIC BROKERAGE SERVICES RISKS

a. SPECIFIC BROKERAGE SERVICES RISKS
Certain brokerage services may involve off-exchange transactions. Such transactions may involve increased risks since it may be difficult to liquidate an existing position, determine a fair price or assess exposure to risk. Off-exchange transactions are not as transparent as transactions conducted on any recognised exchange.

b. Counterparty risk
You are subject to our counterparty risk under a brokerage services transaction. You should evaluate the comparative credit risk and undertake appropriate due diligence on both the relevant counterparty and the applicable product before undertaking any brokerage services transaction.

4. GENERAL RISK STATEMENTS

a. Jurisdiction risks
Residents, tax residents or persons having a relevant connection with certain jurisdictions are excluded from carrying out transactions of cryptocurrencies and related products. Changes in your place of domicile or applicable law may result in you violating any legal or regulatory requirements of your applicable jurisdiction. You are responsible for ensuring that any transaction of cryptocurrencies and related products is, and remains lawful despite changes to applicable laws, your residence and circumstances.

b. Risks relating to issuer of digital asset investments
You should read the applicable terms, information and risk disclosures provided by the applicable issuers carefully before entering into a transaction of digital asset investments.

No term or product information provided by the applicable issuer has been subject to regulatory approval, unless expressly stated otherwise. You should exercise caution in respect of any issuance or offer of such assets.

For any digital asset investments that have been authorised by a regulator, authorisation does not imply any official recommendation or endorsement of the asset by the regulator, nor does it guarantee the commercial merits of the asset or its performance.

You should seek independent professional advice before making any investment decision.

c. Tax treatment and accounting
Some transactions of digital asset investments may be subject to the tax laws and regulations in an applicable jurisdiction. The tax treatment and accounting of digital asset investments is a largely untested area of law and practice that is subject to changes. Tax treatment of digital asset investments may vary amongst jurisdictions. We may receive queries, notices, requests or summons from tax authorities and as a result may be required to furnish certain information about the transaction of digital asset investments.

Among the accounting profession, there are no agreed standards and practices for how an auditor can perform assurance procedures to obtain sufficient audit evidence for the existence and ownership of the digital asset investments, and ascertain the reasonableness of the valuations.

If you are unsure about the tax implications of your transactions of digital asset investments, you should seek independent professional advice before carrying out such transactions.

d. Inflation risk
Digital asset investments may, either because of their inherent designs or through forks, airdrops or network events, not be a fixed supply of assets. Where additional digital asset investments are created, their price may decline due to inflationary effects of the increased amount of total digital asset investments available.

e. Concentration risk
At any point in time, one or more persons may directly or indirectly control significant portions of the total supply of any particular digital asset investments. Acting individually or in concert, these holders may have significant influence, and may be able to influence or cause forks or network events which may have a detrimental effect on price, value or functionality of the digital asset investments. Network participants may make decisions that are not in your best interest as a holder of such digital asset investments.

f. Country risks
If a transaction is made in any digital asset investments issued by a party subject to foreign laws or transactions made on markets in other jurisdictions, including markets formally linked to a domestic market, recovery of the sums invested and any profits or gains may be reduced, delayed or prevented by exchange controls, debt moratorium or other actions imposed by the government or other official bodies. Before you conduct any transactions of digital asset investments you should satisfy yourself about any rules or laws relevant to those particular transactions.

Your local regulatory authority will be unable to compel the enforcement of the rules of regulatory authorities or markets in other jurisdictions where your transactions have been effected. You should obtain independent advice about the different types of redress available in both your home jurisdiction and other relevant jurisdictions before you start to trade. If your country of residence imposes restrictions on transactions of digital asset investments, we may be required to discontinue your access to the account, and may not be permitted to transfer digital asset investments back to you or permit you to transfer digital asset investments from the account to yourself or others, until such time as the regulatory environment permits us to do so.

g. Regulatory uncertainty
All transactions of digital asset investments are potentially exposed to legal and regulatory risks. The legal and regulatory treatment of some of the digital asset investments may change. Regulation of digital asset investments is unsettled and rapidly changing. Legal and regulatory treatment varies according to the jurisdiction. The effect of regulatory and legal risk is that any digital asset investments may decrease in value or lose all of its value due to legal or regulatory change. This may affect the value or potential profit of a transaction of digital asset investments.

We may cancel or modify your transaction of digital asset investments, restrict or suspend the access to an account or any of our digital asset investments related services to comply with applicable laws, industry guidelines or for other reasons as we deem fit.

We recommend that you obtain independent legal, tax and financial advice and that you continue to monitor the legal and regulatory position in respect of your digital asset investments and transactions thereof.

h. Conflicts of interest
We or other virtual asset trading service providers may be acting as agents for you as well as acting as principals against you. We or other relevant service providers may facilitate the initial distribution of digital asset investments (such as, initial coin offerings), secondary market trading, or both, in manners similar to a traditional exchange, alternative trading system or securities broker. If these operations are not under the purview of any regulator, it would be difficult to detect, monitor and manage conflicts of interest.