TERMS & CONDITIONS OF TRADE
Bitcoins, BTC, btc: Cryptocurrency named Bitcoin, (symbol: BTC) developed by Bitcoin Project 2009-2022 Released under the MIT license, technically maintained by bitcoin.org
Ether, ETH, eth: Cryptocurrency named Ether, (symbol: ETH) developed by Ethereum Foundation at ethereum.foundation. Maintained at github.com/ethereum.
Tether, USDT, usdt: Cryptocurrency named Tether, (symbol: USDT) developed by tether.to.
USD Coin, USDC, usdc: Cryptocurrency named USD Coin, (symbol: USDC) developed, maintained and issued by Circle Internet Financial Limited.
Solana, SOL, sol: Cryptocurrency named Solana,(symbol: SOL) developed by solana.foundation at solana.foundation. Maintained at github.com/solana-labs.
Blockchain: Blockchain maintained globally on Planet Earth. Data records on Blockchain.com is the only reliable source upon discrepancy.
Bitcoins address, address: Any public address that can receive Bitcoins on Bitcoins blockchain.
Business location, branch, premise, shop: The different business operation locations operated by One Satoshi.
Cryptocurrency exchange platform, cryptoexchange: Online platforms which provide cryptocurrency and fiat exchange services. Bitfinex (bitfinex.com) and Binance (binance.com) will be used in this contract if not specified.
Hong Kong dollar, fiat currency, HKD: Fiat currency in the contract is Hong Kong dollars if not specified, issued by Hong Kong Monetary Authority
One Satoshi: Included but not limited to One Satoshi Trading (Hong Kong) Limited, incorporated in Hong Kong, including the branches, hereinafter "One Satoshi".
Price Quoting System (PQS): The price quoting system developed by One Satoshi used to quote price to clients.
1. Use of price quoting system
1.1 The cryptocurrency price quoting system provided by One Satoshi shows the quoting prices of the exchange rate between different crypto commodity against Hong Kong fiat currency.
1.2 You agree that the exchange rates displayed on the price quoting page are non-contractual. The display rates are for reference at a particular moment representing the tentative willingness of One Satoshi to accept a trade request based on the rates.
1.3 The exchange rates change according to market movements. The pace of price updates by One Satoshi is not guaranteed to reflect real time changes.
1.4 The markup and markdown of the prices are subjected to changes according to a basket of factors, including but not limited to market sentiment, volatility, market supply and demand etc.
1.5 One Satoshi grant you limited rights to view and use the price quoting system only under the following explicit circumstances (a) you trade with One Satoshi, (b) you be educated about how the cryptocurrencies work and (c) you use the pricing data personally and for non-commercial uses.
1.6 You agree that you are prohibited to use the price quoting system to quote price to any third parties for business uses. Third parties include any organizations outside One Satoshi and its parent or subsidiary companies.
1.7 The validity of the quoted price accepted by both parties only last for 5 minutes.
2. Trades and payments
2.1 Buying cryptocurrency commodities from One Satoshi
Pre trading stage
2.1.1 You agree that price negotiation is not accepted.
2.1.2 You agree that you must specify all the following (a) the buying amount in either fiat currency or cryptocurrency, (b) the payment methods, (c) your receiving cryptocurrency address.
2.1.3 You must provide a correct address and assure its validity. One Satoshi will not be responsible for any disputes if you provide an invalid address.
2.1.4 A trade contract will be open after you accept our quoted price. Once a trade contract is open, the “Trading” stage is entered.
2.1.5 You agree to pay the amount of the contract in full as soon as possible before we send the cryptocurrency.
2.1.6 If you pay by cash, a cash validator counter machine (“cash machine”) will be used to prevent counterfeit cash notes. Any cash notes which are rejected by the machine would not be accepted.
2.1.7 The cash machine would also confirm the amount is correct and matching the amount specified in the contract.
2.1.8 The fiat currency once transferred to us is non-refundable.
2.1.9 After the amount in fiat currency specified in the contract is collected by One Satoshi, we would transfer the amount in cryptocurrencies specified in the contracts to you.
2.1.10 A physical receipt will be issued to you, specifying the trade details including transaction date, cryptocurrency type, cryptocurrency amount, fiat currency type, fiat currency amount, your payment method etc.
2.1.11 One Satoshi would pay considerably high enough amount of sending fees in the blockchain network to confirm the transactions. The sending fees are borne and paid by us.
2.1.12 One Satoshi would NOT be responsible for any delays on the blockchain network despite we have paid considerably high enough amount.
2.1.13 Upon any delays which One Satoshi is responsible, including but not limited to technical glitches or system technical issues, the amount of cryptocurrency would be transferred to you immediately after the issues were fixed.
2.1.14 You agree that there is no contractual obligation that One Satoshi would fix within estimated time of arrival (“ETA”) unless the ETA is compromised and agreed by both parties based on the severity.
2.1.15 You may choose to leave or sit-and-wait in the designated area until closure of business while the trade is in confirming stage.
Post trading stage
2.1.16 The transferal of cryptocurrency is said to have finished after obtaining certain number of confirmations. The numbers of confirmations are specified in Appendix A.
2.1.17 After the trade has finished, follow up services are provided. If you have any questions, you would be entitled to follow up service by giving the receipt reference number or unique transaction ID.
2.1.18 In rare circumstances due to technical issues of the service provider API, there may be tiny discrepancy in the cryptocurrency amount sent to you. Under these circumstances where you receive less than the amount shown on the receipt, we reserve the rights to refund fiat currency correspondingly to you.
2.2 Selling cryptocurrency commodities to One Satoshi
Pre trading stage
2.2.1 You agree that price negotiation is not accepted.
2.2.2 You agree that you must specify all the following (a) the buying amount in either fiat currency or cryptocurrency, (b) the payment receival method.
2.2.3 We would provide you our cryptocurrency receiving address. You must correctly enter the address we provide. One Satoshi will not be responsible for any disputes if you transfer to a wrong address.
2.2.4 A trade contract will be open after you accept our quoted price. Once a trade contract is open, the “Trading” stage is entered.
2.2.5 You agree to first send the amount of the cryptocurrency in full to our address before we transfer the fiat currency to you.
2.2.6 You may freely choose and specify the amount of sending fees to the blockchain network to confirm the transactions. The sending fees are borne and will be paid by you.
2.2.7 You understand that if you choose a low sending fees, the transaction may require a longer time to be confirmed. You would not be able to receive the fiat currency until the transaction is confirmed.
2.2.8 After you have transferred the cryptocurrency to us, you would need to present us the screenshot of sending which clearly indicates the sending amount and our receiving address.
2.2.9 The transferred cryptocurrency once transferred to us is non-refundable.
2.2.10 One Satoshi would wait for enough confirmations on blockchain specified in Appendix A and confirm that the receiving amount matches with the contract.
2.2.11 During the confirming stage, you may choose to sit-and-wait in the designated area.
2.2.12 Once the transaction is confirmed, we would transfer you the amount of fiat currency by your specified payment receival method.
2.2.13 When there is a delay at your end due to the cryptoexchange or wallet you use, that we do not receive your cryptocurrency by the end of the day, the unconfirmed receipt issued to you may become voided. When we receive your transferal after the business day, we reserve full rights to either refund you your sent cryptocurrency, or void the old receipt, re-establish a new receipt with a newly updated price. We have sole discretion on the newly updated price of the new contract.
2.2.14 A physical receipt will be issued to you, specifying the trade details including transaction date, cryptocurrency type, cryptocurrency amount, fiat currency type, fiat currency amount, your payment method etc.
2.2.15 You are required to sign on the receipts after you have received the fiat amount from us.
Post trading stage
2.2.16 After the trade has finished, follow up services are provided. If you have any questions, you would be entitled to follow up service by giving the receipt reference number or unique transaction ID.
2.3 Blockchain accuracy and discrepancy
2.3.1 You accept that whenever any discrepancy arises, the below sites and authorities are the only authenticated blockchain data sources.
2.3.1 (a) Bitcoins / BTC: blockchain.com
2.3.1 (b) Ethereum / ETH: etherscan.io
2.3.1 (c) Solana / SOL: solscan.io
2.3.1 (d) Tether / USDT (ERC-20 format): etherscan.io
2.3.1 (e) Tether / USDT (TRC-20 format): tronscan.org
2.3.1 (f) USD Coin / USDC (ERC-20 format): etherscan.io
2.3.1 (g) USD Coin / USDC (SPL/SOL format): solscan.io
2.3.1 (h) USD Coin / USDC (BSC format): bscscan.com
2.3.2 You agree that you willfully perform all actions in the premises, including but not limited to
2.3.2 (a) installing a new wallet,
2.3.2 (b) sending cryptocurrency to an external address, and
2.3.2 (c) receiving cryptocurrency from an external address,
2.3.3 You agree that staff in the premise are not lawfully obliged to validate your input address and cryptocurrency transferal protocol.
2.3.4 You agree that funds sent on a wrong blockchain are not recoverable. Full responsibility will be borne by you if cryptocurrency were sent on a wrong blockchain. One Satoshi contractually would not compensate for your loss.
2.3.5 You agree that you will only send USDT tokens to our specified contract(s) address of ERC-20 and/or TRC-20. Tokens of any other contract will not be recovered by One Satoshi. Full responsibility to the loss of token assets will be borne by you.
2.3.6 When you send cryptocurrency on an incompatible chain, we may assist to recover your wrongly sent cryptocurrency. A recovery fee of 1000 HKD at maximum will be charged, regardless if the assets can be successfully recovered.
3. Record keeping
3.1 One Satoshi records and stores all trades details electronically. This combats money laundering and other financial crimes by fulfilling the record-keeping principle.
3.2 One Satoshi records all transactions happened on the blockchains of the trades, including both the in-transfer and out-transfer transactions.
3.3 One Satoshi adopts a set of internal policies to reveal records upon requests by international law enforcement or regulatory authorities.
3.4 If required by local or international law enforcement or regulatory authorities, and our internal policies conclude to reveal any records or data to such authorities, you acknowledge that we may disclose our data to the related authorities, including but not limited to your identity, your trade details, any videotape footages etc.
4. Regulatory and compliance
4.1 Compliance risk mitigation
4.1.1 We have the rights to use external compliance software to analyze any of your given data including your name, contact numbers etc.
4.1.2 We have the rights to reject your trade requests anytime. Common reasons include but not limited to (a) you are on sanction list, (b) you are a politically exposed person (PEP), (c) you are involved in indictable litigation or crimes, (d) your cryptocurrency address is flagged as high risk etc.
4.1.3 We have absolute rights and full autonomy to terminate the trade anytime based on any reasons, including but not limited to your legitimacy of your source of funds, your nature of business, your historical transaction behaviours, alerts of third-party compliance software etc.
4.2 KYC policy and verification process
4.2.1 If you intend to transact with contract fiat amount larger than our specified threshold , you are required to go through our KYC/AML/CFT process. This is solely to fulfill the regulatory and compliance purpose.
4.2.2 You will be required to fill in the physical or electronic KYC form in the premises or remotely.
4.2.3 Identity documents would be required or recorded, including but not limited to your Hong Kong identity card, valid passport, address proof, source of funds proof etc.
4.2.4 All your information will be stored safely and used following the Data Protection Principles ("DPP") under The Personal Data (Privacy) Ordinance ("PDPO") of Hong Kong SAR jurisdictions.
4.2.5 Except the essential use of compliance software to fulfill KYC/AML/CFT purpose and reveals to regulatory or law enforcement authorities, we would not give, expose, disclose, or sell your information to any organizations or parties outside One Satoshi and its subsidiary or parent companies.
4.3 AML policy, fraudulent transactions, and reporting
4.3.1 When you initiate a trade with One Satoshi, you agree that that you abide by the local laws in the jurisdiction of Hong Kong Special Administrative Region, including but not limited to
(a) Inland Revenue Ordinance (“IRO”, Cap. 112),
(b) Drug Trafficking (Recovery of Proceeds) Ordinance (“DTRPO”, Cap. 405),
(c) Organised and Serious Crimes Ordinance (“OSCO”, Cap. 455),
(d) United Nations (Anti-Terrorism Measures) Ordinance (“UNATMO”, Cap. 575),
(e) Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions and Designated Non-Financial Businesses and Professions) Ordinance (“AMLP”, Cap. 615).
4.3.2 One Satoshi has the rights to review and analyze your historical trading patterns.
4.3.3 One Satoshi has the rights to file a suspicious transaction report (“STR”) to the Hong Kong Joint Financial Intelligence Unit (“JFIU”) or notify the Financial Intelligence and Investigation Bureau ("FIIB"), by the sole discretion of the company, that under no circumstances should you be informed.
4.3.4 We reserve the right to report any fraud or actions attempted to commit frauds to local law enforcement authority without prior notice.
4.3.5 When you initiate a trade with One Satoshi, you agree that that you use a legitimate wallet or cryptoexchange address. You agree that your funds in cryptocurrency are legally obtained.
If you send us cryptocurrency related to any crimes, the cryptocurrency will be considered as invalid cryptocurrency with no values, including but not limited to
(a) through cryptocurrency mixer or tumbler, including but not limited to tornado.cash etc.
(b) through illegal activities including but not limited to hacker thefts, illegal mining, drug trafficking, human trafficking, child exploitation, terrorists financing, telecom fraud etc.
If you insist to send the crimes-related cryptocurrency, One Satoshi reserves the rights to confiscate the sent cryptocurrency and terminate the trades without exchanging any fiat currency to you. We also reserve the right to the right to pursue the legal liability.
4.3.6 When you initiate a trade with One Satoshi, we may request you to (a) state the origins of your funds, (b) allow us to scan your cryptocurrency address to determine the risks of the address. If your address is determined to be high risks, we may reject your transferal. The risk level of your address is solely determined by our risk engine. We have sole discretion to accept or reject your trade requests. The decision is based on our internal risks policy and the risk score.
4.3.7 To implement the suggested Travel Rule by Financial Action Task Force ("FATF") and local regulatory authorities, various information may be collected from you, including but not limited to
(a) owner identity of the recipient address, (b) platform of recipient address, (c) residential address, date of birth, birthplace of sender, and, (d) purpose of transaction.
4.3.8 Ongoing Transactions Monitoring ("TM") may be conducted even upon completion of the trades. We reserve full rights to terminate the relationship with you and reject your future trading requests. We reserve full rights to report related details to relevant compliance software service provider and authorities if your historical trades involve any crimes.
4.4 Refund policy
4.4.1 If your cash trade request is rejected, you will be refunded face-to-face in our premises.
4.4.2 If your bank transferal request is rejected but you have transferred the funds, you will be required to in-person visit our office in Hong Kong. You are required to declare your legitimacy of the funds and present the documents, including but not limited to, valid identification documents, address proof, bank statement on which transferal of the fund is clearly visible, documents proving the legitimacy of your funds etc.
4.4.3 If you intend to use bank transferal and a delay is caused, any incurred loss will be solely borne by you. Under no circumstance we are legally or contractually responsible for any of your loss.
4.4.4 When you initiate a trade with One Satoshi and sell cryptocurrency commodities to us, you declare that your cryptocurrencies are legally obtained. If our risk engine determines that your originating address is of high risks, we reserve the full rights to refund you your sent cryptocurrencies and reject your trade. Before you leave the premises, if your originating address is determined by our ongoing transaction monitoring engine that it is of high risks, we reserve the full rights to reverse the trade, refund you the cryptocurrency and you return the fiat currency. Within a retroactive period of 365 days from the completion date of the trade, if your originating address is determined by our ongoing transaction monitoring engine that it is of high risks, we reserve the full rights to pursue the legal liability and claim the loss caused.
4.5 Asset Freezing Policy
4.5.1 Under the following circumstance, your sent cryptocurrency assets will be frozen by us following the clause in 4.5.2
(a) your cryptocurrency sending address is in our blacklist system,
(b) your cryptocurrency sending address is involved with crimes,
(c) your cryptocurrency sending address is believed or with reasonable doubt of being involved with crimes,
(d) instructed by law enforcement authorities or judiciary authorities,
4.5.2 Your frozen cryptocurrency assets shall be reverted to you
(a) in three(3) business days after Compliance Department having finished investigation and concluded a reversion order by our Management;
(b), (c), (d) in three(3) business days upon having received further instructions by law enforcement authorities or judiciary authorities.
4.5.3 One Satoshi will not be responsible for any direct or indirect loss caused by the freezing of your assets.
4.5.4 The right and legal grounds to freeze your asset come from Section 25(1) of the Drug Trafficking (Recovery of Proceeds) Ordinance (Cap. 405) and the Section 25(1) of the Organized and Serious Crimes Ordinance (Cap. 455), that money laundering is an offence for a person who, knowing or having reasonable grounds to believe that any property which, in whole or in part, directly or indirectly represents any person’s proceeds of drug trafficking or indictable offence, deals with that property.
5.1 One Satoshi follows the Inland Revenue Ordinance (Cap. 112) in Hong Kong jurisdiction.
5.2 One Satoshi reports taxation following the corporations profit tax rates and accounting and auditing principles.
5.3 One Satoshi accounts the internal ledger in dual currency formats of fiat-currency and cryptocurrency.
5.4 One Satoshi would not provide you any legal, tax or investment advices. You agree that you would consult your taxation professionals before initiating a trade with us.
5.5 Trades are considered to be unsolicited, that you fully agree that you have not received any investment advices from One Satoshi.
6. Privacy and data protection
6.1 All branches and premises are equipped with 24/7 CCTV continuous video recording system.
6.2 All face-to-face trades conducted in the branches and locations will be video-taped. The videos may be uploaded real time with encryption to the cloud service providers outside Hong Kong jurisdiction.
6.3 The contents of the videotapes will be stored by One Satoshi following the internal CCTV detention policy.
6.4 All online and offline communications whenever recordable in electronic format are recorded and archived according to the internal detention policy.
6.5 You agree that we can use the retained data of yours following the Data Protection Principles ("DPP") under The Personal Data (Privacy) Ordinance ("PDPO") of Hong Kong SAR jurisdictions.
6.6 You agree that our risk engine can use the retained data of yours to carry out analysis and ongoing transaction monitoring process with your historical transactional details.
6.7 If required by local or international law enforcement or regulatory authorities, we would disclose your identity, historical trade details, and any videotape footages to related authorities complying with Hong Kong local laws and ordinance.
6.8 You may request for your historical trade records and personal identity records according to The Personal Data (Privacy) Ordinance. You need to pay for the related system processing fees in advance. The records will be sent to you through the designated channel.
7. Intellectual property
7.1 All intellectual property belongs to One Satoshi, including both tangible and non-tangible assets. This includes our websites, posters, visual promotion leaflets, promotion foamboards, infographics, educational leaflets, coupons, receipts, logos, brand names, price quoting system, hedging system, transaction system, accounting systems and risk system etc.
7.2 You acknowledge that these intellectual properties do not constitute any solicitation or investment advice.
8. Prohibition on third party brokerage
8.1 You agree that you trade for yourself only.
8.2 You are prohibited to trade as an intermediary for other parties, and you fully acknowledge and comply with our anti-money laundering policies.
8.3 One Satoshi does not accept any third-party payments. You understand that we would reject any fiat currencies and cryptocurrencies that you intend to trade which do not belong to you.
8.4 One Satoshi have rights to blacklist customers who intended to commit third-party payments.
8.5 One Satoshi cooperates with other market makers to provide liquidity.
8.6 One Satoshi would blacklist competitors who are found to engage in destructive competitions, including but not limited to (a) deploying and/or have deployed predatory pricing strategies, (b) attempting to threat and/or have threatened its horizontal suppliers, (c) attempting to harm and/or have harmed the company by threatening its staff, (d) attempting to conduct and/or have conducted any criminal acts.
9. Disclaimers, warranties, and indemnities
9.1 You acknowledge and agree that One Satoshi would not be held legally responsible for any induced failure or included delay to act, including but not limited to any failure or delay to act by our upstream shareholders, including but not limited to our online crypto exchange suppliers and their service providers, our banks, our IT infrastructure service providers, and external API providers etc.
9.2 You acknowledge and agree that One Satoshi would not be held legally responsible for any failure or delay to act caused by circumstances beyond its reasonable control, including but not limited to acts of God, wars, riots, labour strikes, natural disasters, earthquakes, fire, floods, criminal acts, robbery, burglary, unforeseeable and/or unpredictable legislation announcement, government policy changes etc.
9.3 One Satoshi do not constitute any solicitation or investment advice in any of its contents, including in the websites, posters, visual promotion leaflets, promotion foamboards, infographics, educational leaflets, coupons, receipts, logos, brand names, systems etc.
9.4 The meanings of terms, representations, conditions in English language prevail in case of any conflicts between translations. Translations in other languages are non-contractual that are subject to definitions and interpretations.
9.5 One Satoshi reserve full rights to modify the agreement of terms and conditions (“T&C”) before notifying you. The new T&C would take effects on specified effective date. The new T&C are applicable to the new trades which are open after the effective date.