Terms of Service
Chapter 1 General Rules
These terms of services are to govern rights and obligations, responsibilities, and further options between GPEX Inc. (“Company”) and its users in connection with the use of the “GPEX Wallet” service provided by the Company.
- The following terms used in this Terms of Service shall have the meaning set forth below.
“Blockchain” is a mechanism of saving data, that allows participant computers of the blockchain network to record the transactional information on the distributed ledger that is browsable to anyone, based on a technology that consecutively connects electronic blocks that each contain data like chains. Within the blockchain, when an electronic block that contains the transactional information is sent to all participants in the network, the participants confirm and approve the validity of the transaction and only the validated block is connected to the existing blockchain.
“Virtual Assets” are kinds of cryptocurrencies that are processed and distributed in a system using blockchain technology.
“User” is a person who enters into service agreement with the Company by agreeing to this Terms of Service and obtaining the Company’s approval.
“Service” is a blockchain technology-based wallet service which enables the storage, management of Virtual Assets and transmission of Virtual Assets to another person. Service refers to “GPEX Wallet” service in this Terms of Service except as provided otherwise. See Article 14 below for details.
“GPEX Wallet” (“App”) is a dedicated application that the Company provides to Users for the purpose of providing services.
“Account” is a service account given to a User to identify the person concerned.
“Account Address” is a native identification address that enables recording changes and Virtual Assets including transmission of ETH and ERC20 Tokens between Users.
“Password (or PIN number)” is a User verification password used to prevent unauthorized use and unauthorized access to the Service, which is a mix of numbers that Users set.
- The terms used in this Terms of Service, except as provided in the foregoing paragraph, shall have the meaning set in applicable laws and regulations.
- Posting and Effectuation of the Terms of Service
The Company posts Terms of Service on its Service screen or notify the Users through multiple methods. The Terms of Service will come into effect when a User joins the Service by agreeing to it.
- Change of Terms of Service
- The Company may change Terms of Service if deemed necessary, and if the Company changes the terms and conditions, the change will be notified seven (7) days prior to the effective date in the manner as regulated in Article 3. However, if the change of terms and conditions are unfavorable to Users or if the change is substantial, the changes will be notified at least fourteen (14) days prior to the effective date of its application, or the change will come into effect fourteen (14) days after the notification.
- When announcing a change in Terms of Service, the Company may separately announce that Users shall be deemed to have agreed to the change unless they explicitly refuse to the change of Terms of Service. If a User does not indicate that he or she has agreed to the change of the terms, he or she shall be deemed to have agreed to the change of Terms of Services.
- If a User expresses refusal to the change of Terms of Service, he or she may stop using the Service and the Company shall not apply the changed Terms of Service to the User. In the event of a User’s disagreement to the change of Terms of Service, the Company may restrict the User’s use of Service or terminate the Service Agreement.
- The Company may change Terms of Service if deemed necessary within the extent of not violating the relevant laws and regulations.
- Regulation Besides Terms of Agreement
- Matters not specified in this Terms of Service shall be governed by applicable laws and regulations or commercial practice.
- The Company may have separate operating policy other than this Terms of Service and when there is a change in an operating policy or detailed usage guidelines, the Company notifies it on its website.
- Provision of User’s Information and Post of Advertisement
- The Company may use reasonably adequate measures including using the email address or phone number a User provided to the Company in order to give notice to the User.
- Company may instead post a notification on the notice board within App for more than seven (7) days if: 1) a User did not provide the contact information to the Company, 2) a User did not notify the Company in spite of change of contact information, or 3) notification to all Users is needed etc., However, if the change of terms and conditions are unfavorable to the Users or if the change is substantial, the notification shall be posted for at least fourteen (14) days.
- The Company may post advertisements regarding the Service-on-Service screen and its website and provide the item to the User who agrees to receive such materials.
- The Company is not responsible for a User’s participation in the promotional activity the advertiser performs, including any loss or damage caused as a result of communicating or making a transaction in such activity.
- Provision of the Company Information etc.
- Name of the Company and Name of the Representative
- Address of the Office (including the address of the place to process Users’ complaints regarding the Service)
- Phone Number and Email Address
- Corporate Registration Number
- Terms of Service
Chapter 2 Service Agreement
- Formation of Service Agreement
- Service Agreement between the Company and User is formed when an applicant for membership applies for a User membership (creating account) by filling in User information on the form provided by the Company and agreeing to the collection and usage of personal information, and when the Company approves the User’s application after completing the identity confirming authentication process.
- The applicant for membership is deemed to have agreed to Terms of Service and the collection and usage of personal information if the applicant presses “Agree” on this Terms of Service.
- The Company may request the applicant for membership verification for a real name or identity through the authentication process provided by the Company.
- Users shall be responsible for the management of one’s own password including the PIN number. A User shall not lend or transfer his authentication information to a third party or engage in any similar acts. A User is responsible for any neglect of management of his/her personal information.
- Restrictions on Approval of Application for Membership
- The Company may not accept an application for membership and may cancel the approval after the application is approved when the following cases are confirmed.
- When the Company is unable to provide the Service technically;
- When a User is applying for membership by using false information such as providing a false name or someone else’s name;
- When there are false, missing, or mistyping inputs when applying for membership;
- When the age of the applicant is under 14;
- When a User wishes to use the Service for fraudulent use or for separate business purposes;
- In the event of illegal or fraudulent use such as money laundering (the Company may request the provision of additional information or purpose of use in accordance with relevant laws and regulations in case of suspicion on transaction or purpose of use etc. arises);
- When the purpose of application is to violate the relevant laws and regulations or to inhibit or hinder the customs of society or public morals;
- In case of a hacking or a similar accident; and
- Other cases equivalent to each subparagraph that is deemed inadequate to approve the application for membership.
- The Company may withhold the approval of application for membership in the following cases until such cause is cured.
- When there is no room for facilities to provide the Services,
- When it is unavailable to provide the Services on certain mobile devices, or
- When it is difficult to provide the Services due to technological malfunction; and
- Other cases equivalent to each subparagraph that is deemed adequate to withhold the approval of application for membership.
- Termination of the Service Agreement by User and Request for Account Suspension
- Users may request for termination of the service agreement by accessing account settings in the Service and the Company immediately processes the request. However, the User shall request for termination after transferring the Virtual Assets out of the Service Wallet according to the termination standard and procedure provided by the Company.
- Termination of the Service Agreement by the Company and Restriction of Use
- When a User violates this Terms of Service or relevant laws and regulations, when the Company unavoidably has to terminate the Agreement with the User, the Company (when there is a case of default) may give a notice to the User in the manner as regulated in Article 6 to cure the default. The Company may terminate the Service Agreement between the User by sending a notice of termination to the User or restrict the use of Service when the User fails to cure the default.
- When the Company restricts the use of Service in pursuit of the foregoing paragraph, the Company shall notify the following information to members in advance.
- Reasons of restriction
- Types of restriction and terms
- Process of raising an objection to restrictions
- Notwithstanding the foregoing paragraph, the Company may notify the User after taking termination or restriction measure before providing the User with a reasonable time to cure the default. This is limited to cases where the User violates relevant laws and regulations such as an illegal use of another's name, provision of illegal program, impediment of operation, and distribution of malicious program, etc., and the Company must take immediate actions without notifying the User first.
- When the Company terminates the Service Agreement or restricts the use of Service according to this paragraph, the User’s Virtual Assets balance shall be frozen first and shall be disposed of according to the relevant laws and regulations and government agencies’ measures. If disposal of User’s Virtual Assets balances is unnecessary, the balance shall be settled in an adequate manner. However, the private key shall not be destroyed even in this case.
- Objection Procedure to Restriction of Use
- The User can object to the company’s actions to restrict the use of Service by submitting the objection paper stating reasons of objection to the Company via mail, email or other equivalent method, within thirty (30) days of the beginning of the restriction or receiving the notification in pursuant to Article 11.2.
- The Company shall respond to the objection paper via mail, email or other equivalent method within fourteen (14) days of receiving the objection. However, the Company may notify the User the reason or timeline for process when the company is in a difficult situation to process the objection within this period.
- The Company shall immediately allow the User to use the Service if the Company deems the objection justified.
- Protection of Personal Information
- The Company may collect, to the minimum extent, the personal information it needs to allow the User’s use of Service upon obtaining the User’s consent. Applicable laws and regulations regarding personal information are applied to the collected information.
- In principle, the Company conducts tasks such as handling and managing the collected personal information on its own, but may, when necessary, entrust some or all the above work to the company selected by the Company.
- The Company may terminate the Service Agreement with the User who has not used the Service for a period of one (1) year (“dormant account User”) and may destroy the personal information in order to protect his or her privacy. In this case, the Company notifies the dormant account User that the Service Agreement shall be terminated and the information will be destroyed thirty (30) days prior to taking action in the manner regulated in Article 6.
- The User shall enter and update accurate information when creating an account or using the Service and manage them thoroughly. The Company is not liable for the incorrect information the User provided, and the disadvantage of not receiving the notification in a manner regulated in Article 6 and the detriment for the leakage of information.
Chapter 3 Use of the Service
- Service to be Provided
The Company provides the Service to its Users as follows:
- Creation of new Ethereum Mainnet based account address;
- Checking the balance of ETH and ERC20 Token etc.;
- Sending and receiving the carrying ETH and ERC20 Token etc.;
- Service Fee
- The Company does not charge services fees to its Users for the use of the application.
- In the event Service fees are charged, Service fees are separately posted in the Service or the website, and the change of service fee will be applied after being notified in advance in the manner regulated in Article 6.
- Change, Suspension and Close of the Service
- The Service is available 24 hours a day, all year around. However, all or parts of the Service may be suspended for business, technical or operational reasons of the Company. In this case, the Company notifies Users the reasons and the terms of suspension in the manner regulated in Article 6 in advance. However, in the following cases, the Company may suspend the Service before notifying the Users.
- When it is unavoidable to notify Users in advance due to construction, such as regular inspection or maintenance of facilities for the Service;
- When the Company is unable to sustain the Service due to significant management reasons such as the termination of business including alienation, divestitures or business merger, the expiration of a contract with a critical partner, and a significant deterioration in the profitability of the Service.
- When suspension of Virtual Assets market and any equivalent force majeure events occur;
- When force majeure events including act of God and national crisis occur; and
- When Company’s other conditions are not available to sustain the Service.
- The Company shall not be liable for any problems arising from normal procedures or changes, interruptions, and restrictions on pre-announced services.
- Duties of the Company
- The Company endeavors to provide services in a continuous and reliable manner as set forth in this Terms of Service.
- The Company does not disclose or distribute the obtained personal information of Users to third parties without their consent, except in case of due process in accordance with relevant laws and regulations.
- The Company complies with laws and regulations related to the operation and maintenance of services.
- Instructions Regarding the Use of Service
- The Company may refuse to process the requested transaction through the Service or limit the amount of the transaction and other trading conditions if it is necessary to prevent damage to Users due to the reasons for paragraph 5 of this Article or for such reasons.
- If a User deletes App or wants to reinstall App due to changes or loss of his or her mobile phone, the User will not have access to the assets he or she had previously held if the User uses an account different from the existing account address.
- Users are responsible for any damages incurred due to inability to use App arising from the loss of information about the PIN number or the information used for authentication.
- Users shall comply with the provisions of these terms, relevant laws, instructions for use and precautions notified in the Service, the Company’s notices, etc.
- Users shall not engage in any of the following acts when using the Service:
- Act of registering false information when applying or changing personal information on the Service, misappropriating information of a third party, or performing authentication without the permission of the mobile phone holder;
- Act of using the Service by registered third party’s authentication information;
- Act of reproduction, distribution, or commercial use of information obtained using the Company’s service information without the Company’s prior permission;
- Act of registering or disseminating computer virus-infected materials that cause malfunction or destruction and confusion of information related to the Service;
- Act of infringing on intellectual property rights, such as copyrights and personal rights of the Company and other third parties;
- Act of collecting, storing, and disclosing personal information of other Users;
- Act of randomly removing, obscuring or altering any ownership rights and proprietary rights information or notices (including copyrights and trademark notices) which are provided or displayed by the Company; and
- Other illegal or unfair acts.
- If a User has acted as set forth in the foregoing paragraph, the Company may take measures to claim for damages in the event of damages to the Company.
- Users shall take measures such as immediately altering the authentication information if they are aware that the authentication information has been stolen or used by a third party, and at the same time shall inform the Company and follow the Company’s instructions.
- The Company may analyze and use the information collected from the User’s use of the Service for the purpose of improving and enhancing the Service, developing new Service and Specialization. Users permit the Company’s use of information collected from the Users’ use of the Service for this purpose.
- Change of User Information
Users shall modify his or her personal information by following the process provided by the Company. The Company shall not be responsible for any User’s disadvantages caused by not notifying the Company of the changes in the personal information.
Chapter 4 Settlement of Disputes
- Grievance Policy
Users may file a complaint to the following contact information when the User has complaint or inquiry, and the Company processes this faithfully.
Contact Information: email@example.com
- Indemnification of the Company
- The Company shall be exempted from liability if it is temporarily or eventually unable to provide services due to natural disasters or equivalent force majeure, replacement, breakdown or maintenance of information and communication facilities, or communication failure.
- The Company, unless the Company is attributable to it, is not liable for the error, deficiency or inaccuracy of information, documents, software and other materials that the Company provides to Users.
- The Company shall not be held responsible for any failure to use the Service due to reasons attributable to the User.
- The company and its connecting company, operating a system that is linked to the Company’s Services through links and affiliation, operates independently, and the Company is not responsible for any transactions or contracts made between the connecting company and its Users.
- The Company shall not be involved in any transaction and shall not be held accountable for any disputes arising from the transactions between Users.
- If a User incurs damages to the Company in violation of the provisions of this Terms of Service, the User shall be liable to compensate for all damages.
- The User shall indemnify the Company at his or her own responsibility and expense when the Company receives a range of objections, including claims or lawsuits from a third party, due to illegal activities or violations of this Terms of Service in the use of Service. In this case, the User shall compensate the Company for all damages suffered thereby.
- The Company shall reimburse User damages only when the Company’s negligence in operating Service has caused the damages.
- In no event the Company shall be liable for User’s damages that the Company could not have predicted. The Company’s liability to compensate a User does not include any business loss or other indirect loss or contingent loss including loss of data, or suspension of business etc.
- Governing Law and Jurisdiction
- The laws of the British Virgin Islands shall be applied in relation to matters to this Terms of Service and relation between User and the Company.
- Any disputes arising out of this Terms of Service and the use of the Service, the Company and its Users shall first cooperate in good faith to resolve the dispute led by the authorized representatives of each party.
- All disputes arising out of, or in connection of this terms of Agreement and the disputes about the existence, the effectiveness and termination of this terms which cannot be satisfactorily settled by the parties in thirty (30) days, shall be finally submitted to the arbitration held in the Singapore International Arbitration Centre (the “SIAC”) in accordance with the Arbitration Rules of the SIAC that is in effect at the time of submission. The SIAC Rules are deemed to constitute this Terms of Service pursuant to this paragraph.
- The place for arbitration shall be Singapore. There will be three arbitrators. The language of arbitration shall be English.
- General Terms
- The remaining provisions of this Terms of Service shall continue to remain valid and enforceable even in the case where a part of this Terms of Service becomes invalid, illegal, or unenforceable.
- Nonperformance of any rights or no waiver shall be construed as a waiver with respect to any other rights.
- The User shall not transfer, assign as collateral, or dispose of all or any part of the rights and obligations under these Terms of Service to the third party without the Company’s written consent. However, when the Service is sold or business merger and acquisition occur the Company can assign the rights and obligations under this Terms of Service without the User’s consent.
- User expressly acknowledges and agrees that use of Services or contents is at the user’s sole risk and that the entire risk as to satisfactory quality, performance, accuracy and effort is with the user. App, site and the Services are provided on an “As Is” and “As available” basis without any representation or warranty, whether express, implied or statutory.
- To the maximum extent permitted by applicable law, the Company disclaims any express or implied warranties of title, merchantability, fitness for a particular purpose and/or non- infringement. The Company does not make any representations or warranties that access to the Services or any of the materials contained therein will be continuous, uninterrupted, timely, or error-free.
- Whenever any report, payment, or action under this Terms of Service is required to be made on a non-business day, such report, payment, or action shall be made or taken on the day before the non-business day.
- The parties of this Terms of Service may translate this Agreement to any other language at its own responsibilities and expense. In the event that this Agreement is translated or entered into any language other than English, the English version of this Agreement shall govern and shall take precedence over the translated version.
The terms will be enforced on December 1, 2022.