Dear WEEXers,
To maintain fair market order, mitigate risks, and protect the legitimate rights of all market participants, WEEX will monitor and regulate cryptocurrency trading on the platform. WEEX reserves the right to take appropriate measures if abnormal trading behavior is detected among our users.
Policy Amendment Preface
WEEX reserves the right to amend this Terms of Use from time to time and to publish it on the website without prior notice. This Agreement, when amended, will indicate the update time on the first page and will be effective from the date of publication on the website. Please check the Terms of Use periodically for updates and changes. If you do not agree to the changes, you should stop using the services of this website immediately. By continuing to use our services, you acknowledge and accept the revised Terms of Use.
I. Definition of Abnormal Transactions
Abnormal transactions include, but are not limited to, the following behaviors:
- Exploiting the platform's mechanisms for profit, including but not limited to arbitrage trading, using multiple devices and accounts to gain fee commissions, discounts, bonuses, or engage in hedging activities. All unauthorized or illegal gains shall be confiscated upon discovery.
- Having multiple accounts to hold a combined position exceeding the position limit of the exchange.
- Using multiple accounts to gain illegitimate profits through self-trading, improper order matching, or other methods to manipulate the market.
- Illegal theft of other people's accounts and passwords, or illegal transactions and transfers of funds using associated accounts.
- Using multiple accounts to conduct hedging transactions.
- Engaging in high-frequency trading, illegal quantitative trading, or arbitrage trading.
- Abnormally similar transactions among associated accounts.
- Engaging in price manipulation or any other malicious behavior.
- Harming other users or WEEX by exploiting the Terms of Use's rules, or by other improper means.
- Engaging in OTC transactions that are suspected of money laundering, fraud, malicious transactions, and other illegal trading activities.
- Engaging in any other activities that the platform deems harmful to the market.
II. Types and Characteristics of Transactions With Stolen Credentials and Improper Matched Orders
- Transactions with stolen credentials: In such transactions, the offender uses a stolen account and an account controlled by themselves to match orders. This trading behavior disrupts the trading order, and is carried out with the purpose of moving funds.
- Improper matched orders between associated accounts: The act of transferring funds from the client's account to their own account by declaring the same price at the same time in two or more associated accounts, buying high and selling low in one account, resulting in obvious losses, or buying low and selling high, resulting in obvious profits, through prior planning with others.
- Improper matched orders between an entrusted party and entrusting party: The entrusted party uses the entrusting party's account (as the counterparty) to conduct transactions with its own account, thereby transferring the funds of the entrusting party's account to its own account.
- Identification of associated accounts: Accounts with a similar sign up time, same sign up IP, same deposit and withdrawal addresses, etc.
III. Types and Characteristics of Wash Trading, Position Hedging, High-frequency Trading, Circular Trading, and Non-compliant Trading
- Multiple associated accounts placing orders for the same ticker in the same order direction with similar lot sizes at similar opening prices and similar closing prices in the same time period.
- The same account or multiple associated accounts opening and closing positions for the same ticker in different directions with similar lot sizes in the same time period using manual or trigger orders.
- Opening and closing positions within a short period of time (e.g. 5 minutes).
IV. Types of Futures Trading Violations and Penalties
a. Warning
1. Withdrawal will be restricted. KYC and a photo showing the user holding their ID card are required (withdrawal service will be resumed after completion).
b. Yellow Card Warning
1. Commissions will be deducted (Rectification: Resume normal trading volume and commissions will return to normal in 14 days).
2. Withdrawal will be restricted. KYC and verification through video conference are required (withdrawal service will be resumed after completion, with a daily limit of 500 USDT).
3. The withdrawal restriction can be lifted upon request if no new warnings are received within 14 days and no new accounts are created.
c. Red Card Warning
1. Commissions will be deducted and no rectification will be permitted.
2. Withdrawal will be restricted. KYC and verification through video conference are required (withdrawal service will be resumed after completion with a daily limit of 100 USDT).
3. The withdrawal restriction can be lifted upon request if no new warnings are received within 14 days and no new accounts are created.
d. Black Card Warning
1. Commissions will be deducted and no rectification will be permitted.
2. Trading and withdrawal will be restricted. KYC and a photo showing the user holding their ID card are required.
3. Account restrictions can be lifted upon request if no new warnings are received within 14 days and no new accounts are created.
If a Black Card Warning is issued again, the trading restriction will not be lifted and the withdrawal restriction will be extended for 1 – 6 months before the user can apply for restrictions to be lifted.
4. Transaction rollback will be performed within one or two business days.
In regards to the above violations, if the violation is repeated during the disciplinary period or if other account transactions are created, the penalty period will be extended.
Other abnormal transactions include but are not limited to: using small-sized orders to extend the overall position holding time, using a large number of new accounts to conduct one-time trading for arbitrage, etc. Depending on the seriousness of the violation, the platform will suspend part or all of the commission for the user generated by the related accounts, and the access to these accounts.
V. Types of OTC Transactions Suspected of Money Laundering, Fraud, and Malicious Intent
- The account is not used by the user, or is used to buy and sell digital currencies on behalf of others: If the risk control team detects that the user has sold, lent, leased, or entrusted their account to others, or has been buying and selling digital currencies on behalf of others, it will be considered suspicious activity related to money laundering.
- Receiving or introducing digital assets or funds from illegal sources: When a user knows or can infer with common sense that the assets or funds received on other platforms are illegally obtained, but ignores the risks and allows the illegal currency to enter the WEEX platform.
- Risky transaction behavior, such as not linking valid payment accounts consistent with one's KYC information or providing the buyer with a payment method that is inconsistent with the KYC information provided to WEEX.
- Fraudulent behavior, such as selecting "Paid" when the payment has not been made, making false transfer records, or providing false evidence to show that the payment has not been received after receiving the payment.
- Frequent cancellation of orders, adding risk notes to payments, and malicious bidding for low-priced orders.
- Other illegal trading activities.
VI. Penalties and the Handling of Violations
- WEEX will impose appropriate penalties on users who violate our rules, including warnings, termination of services, restrictions on accounts, rollback of abnormal transactions, etc.
- For those with less serious violations, they will be given warnings, have forced liquidation imposed, have open position trading suspended, etc.
- For those with serious violations, the users will be subject to penalties such as warnings, forced liquidation, suspension of open positions, having their account frozen, and being declared a "banned user."
- If there is any suspected violation of the laws of the country where the case is located, WEEX will transfer it to the judicial authorities for prosecution in accordance with the law.
Disclaimer: By using WEEX to conduct cryptocurrency transactions, the user accepts this "Terms of Use: Abnormal Transactions Monitoring, Definitions, and Handling of Violations" and any subsequent updated versions. WEEX reserves the right to modify, change, or cancel the Terms of Use based on market conditions at any time for any reason, without prior notice.
If you encounter any problems, please email us at support@weex.com. We will respond to your query and strive to resolve the issue as soon as possible.
Note: If there is any inconsistency between the Chinese and English versions of this Terms of Use, the English version shall prevail.
Risk warning: Investing in digital assets carries a high level of risk. Digital assets are subject to high market risk and price volatility. The value of your investment may rise or fall, and you may not be able to recover your investment principal. Users are solely responsible for their investment decisions, and WEEX is not responsible for any losses that may arise. Past performance is not a reliable indicator of future performance. This material shall under no circumstances be considered financial advice. WEEX reserves the right to modify, change, or cancel this announcement at our discretion without prior notice.
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Happy Trading,
The WEEX Team
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