The Agreement is a contract made and entered into by and between LBank operators and users on matters such as LBank’s provision of loans service to users (the “Service”) and charging of corresponding fees. LBank offers the Service to address Users’ need for holding and using a specific digital currency and other digital assets, and it requires users to provide corresponding digital asset margins (the “pledged asset”) as the prerequisite for the loans. For convenience, “we” hereinafter refers to LBank and operators of LBank, and “you” refers to an individual user who utilizes the Service and enters into the Agreement.
I. Risk Warning:
There will be high transaction risks for you when you use the Service. To help you better understand related risks, please read the following risk warning carefully.
1.1 Risks of Digital Assets and Transaction:
The digital asset market is a brand new and unconfirmed market. At present, there are many uses by speculators in the digital asset market, while the number of retail and commercial uses is relatively small. Trading in digital assets carries high risks. The transactions are uninterrupted around the clock, there is no limit on gains or losses, and the prices are susceptible to significant fluctuations due to the influence of market makers, speculators, and government policies of countries. You shall understand and agree that the investment in and transactions of digital assets may lead to partial or total loss of your assets. Therefore, you shall determine the use of digital assets and the number of digital asset transactions according to the degree of loss that you can bear, and you shall independently be responsible for any economic loss arising therefrom.
1.2 Risks of Laws, Regulations, and Policies of Countries:
Due to the formulation or modification of related laws, regulations, and policies of various countries, digital asset transactions may be suspended or prohibited in specific countries at any time. You shall understand and agree that all risks, losses, or consequences arising therefrom shall be borne by you independently.
1.3 Risks of Privacy:
1.4 Risks of Information and Market:
Due to the novelty and volatility of digital asset transactions, we suggest that you seek professional guidance and assistance if you have any questions before conducting a transaction. However, we do not directly provide you with any suggestions on transactions or investments. You shall understand and agree that any assistance, information, or suggestion on investment that you have obtained or will obtain from any third party has nothing to do with us, and all risks, losses, or consequences arising therefrom shall be borne by you independently.
1.5 Risks of the Internet and the Technology:
We cannot guarantee that all information, data, programs, and other things contained in the Service and related digital assets and pledged assets are free from interference and damage by any malicious programs such as viruses or Trojan horses. In addition, we cannot control the availability and stability of the Internet. There are inherent risks in using the Internet for doing transactions, including but not limited to delays or failures of software, hardware, or Internet links, computer system failures, and other possible force majeure factors that may lead to delays, suspensions, discontinuance, or deviations in the performance of the Service. You shall understand and agree that it is your personal decision to log in and utilize the Service or download and use any downloaded information, data, and program, and pledged digital assets. The stability of server login, web page or application access or network transaction, digital assets custody, etc. is not under our control. All risks, losses, or consequences caused by the above factors shall be borne by you independently.
1.6 Risks of engaging in Loans Service and Staking Service simultaneously:
User may use the LBank Loans Service through its LBank account, and may also engage in Staking Services available on the LBank platform with digital assets borrowed therefrom. Please note that, engaging and using such services are personal voluntary acts of such user, and you agree to be responsible for your own and our risk, liabilities, consequences and/or losses arising from such engagement or usage of such services. Without prejudice to the foregoing, you confirm that you are fully aware and fully understand that there are substantial risks in respect of engagement in Loans Service and/or Staking Service, and that you may lose all digital assets involved in the relevant transaction as a result; in addition, you may also be liable to indemnify all losses suffered by LBank platform therefrom. We will NOT BE RESPONSIBLE for all such risks, losses, consequences and/or liabilities. If LBank platform suffers losses or assumes any liability due to the provision of this Loans Service and/or Staking Services, then you agree to indemnify us in respect of all losses suffered by us, and bear all such losses and such liabilities solely and independently, and permit us to implement any other remedies as may be deemed necessary or expedient by us (including without limitation, freeze or set off such amount of digital asset kept in your LBank account or other accounts).
1.7 Risks of Force Majeure:
Any and all risks, losses, or consequences arising from suspensions, delays, or terminations of the Service brought about by equipment or system maintenance, power failures, bad weather, epidemics, accidents, political activities, wars, government actions, orders of judicial or administrative bodies, and other actions that are beyond our control or our ability, or for third-party reasons shall be borne by you independently.
1.8 Other Risks:
1.8.1 You shall understand and agree that we have the right to fully manage your LBank account and pledged assets used for opening the Service during the provision of the Service, and that we shall have the right (but no obligation) to take a compulsory position closing measures under specific circumstances, and any economic losses caused by such measures shall be borne by you independently.
1.8.2 If you violate the Agreement according to our unilateral judgment, or the Service or if your use of the Service is illegal under the laws and regulations of your jurisdiction, we shall have the right to suspend or terminate your use of the Service or related digital asset transactions at any time, and all risks, losses, or consequences caused by the above factors shall be borne by you independently.
1.9 You shall understand and agree that your action of pledged borrowing on our platform is a voluntary action. You shall consider carefully and use clear judgment to assess your financial situation and the above-mentioned risks and make any decision about the use of the Service. The risk warning herein is unable to completely list all the existing or potential risks of the Service. We will not assume any responsibility for any other risks and adverse consequences that are not caused by our gross negligence.
2.1 Opening and Managing the Pledge Account
2.1.2 Account Setup: After preliminary verification and review, you will be able to use your LBank account to immediately start utilizing the Service. You shall be responsible for properly keeping the number and password of your LBank pledge account, and you shall independently bear all legal liabilities for all activities and events that occur as a result of your use of your LBank pledge account unless otherwise specified herein.
2.1.3 Requirements for Use of Pledge: Without our consent or authorization, your LBank account pledge shall only be used by the account registrant, and you shall not give, borrow, rent, transfer, or otherwise deliver your pledge account to a third party for use. We reserve the right to suspend, freeze, or cancel the use of your pledge account by persons other than the account registrant. If you suspect or find unauthorized use of your username and password, you shall notify us immediately. We will assume no liability for any losses or damages arising from the use of your pledge account by you or any third party with or without your authorization.
2.1.4 Account Security: We are committed to maintaining the security of pledged assets and have implemented protection measures in line with industry standards for the Service. However, the actions of individual users may pose risks. You agree to treat your access credentials (such as username and password) as confidential information, and not to disclose such information to any third party. You also agree to be solely responsible for taking necessary security measures to protect the security of your own pledge account and personal information. If you open a sub-account of the LBank pledge account and authorize a third party to operate it with our consent, you will be fully responsible for all operations and results of the sub-account utilized by the third party.
2.2 Payment of Loans and Pledged Assets
2.2.1 Before using the Service, please carefully read How to Use LBank Loans and What is LBank Loans and Frequently Asked Questions. You shall understand and agree to specific operating rules related to the Service, including but not limited to pledge rate, covering pledge rate, compulsory position closing pledge rate, interest rate, loans duration, etc.
2.2.2 When using the Service, you shall transfer certain kinds and several pledged assets to your pledge account as a pledge. After confirming that payment procedures are completed, we will lend you certain kinds and a number of currencies, which shall be deemed as automatic completion of the loans service.
2.2.4 You agree that, unless otherwise agreed or exempted by us, you shall not withdraw any pledged assets from the pledge account before you return the loans and pay corresponding fruits and expenses. However, you may make additional transfers of pledged assets to the pledge account at your own discretion to reduce the risk of using the Service (such as the risk of being closed).
2.3 Our Rights
2.3.1 Right to charge interests and fees: According to related rules published by us, we have the right to charge the interests and/or related fees generated at the time when you use the Service as the consideration for your use of the Service. You agree and undertake to pay the afore-mentioned interests and/or fees in accordance with the requirements announced by us.
2.3.2 Right to implement risk control measures: When the price changes due to market fluctuations in the loans process, and when we unilaterally determine that there is a risk-based on the change of the real-time margin rate, we reserve the right to implement risk control measures such as closing positions on the pledged assets, and you agree and unconditionally accept the final processing results.
For the purpose of the Agreement, “closing a position” refers to the right that we arrange to sell or discount the pledged assets at a certain price (including disposal through currency transaction channels or fiat currency transaction channels) and give priority to using the proceeds from disposal of the pledged assets for compensation to the extent of the value equivalent to the principal, interests, and other repayable expenses of the digital currency. We will publish detailed rules and regulations on position closing and other risk control measures in How to Use LBank Loans.
During maintenance of the LBank platform, or at any other time when we deem appropriate, you agree that we will be fully responsible for managing your pledged assets in the event of a risk as unilaterally determined by us, including but not limited to closing a position and repaying the principal, interests, and related expenses of loans to us. If the risk control measures (such as closing a position) taken by us still fail to make up for all the losses incurred in providing the Service to you, we reserve the right to take other remedy measures (including but not limited to freezing and deducting the digital assets in your LBank account and other accounts) and the right to further investigate your legal liabilities.
2.3.3 Right to issue notices: You understand and agree that in the process of using the Service, we have the right (but no obligation) to issue various notices (such as early warning notices and position closing notices) to you via SMS, emails, or client messages under specific circumstances (including but not limited to the circumstance that we determine that there is a risk).
2.4 Suspension or Termination of the Service
We reserve the right to suspend or terminate the provision of the loans service for you at any time when we deem that it is necessary or reasonable. You agree that, to the maximum extent permitted by law, we do not need to assume any legal liability to you for this reason.
We will adjust the Agreement and related LBank business rules from time to time in accordance with applicable laws and regulations or as we deem necessary or reasonable. You shall regularly review the Agreement and related LBank business rules and remain alert to revisions. If you do not agree with the revised contents, you shall immediately stop using the Service, repay the digital currency borrowed, and pay the unpaid interests and expenses. After the updated version of the Agreement and related LBank business rules are released, your continued use of the Service shall be deemed that you agree to the updated contents and agree to abide by the updated terms and relevant LBank business rules.
The language of the Agreement is English. For the benefit of user comprehension, the Agreement may be translated into different languages. In case of any inconsistency between different language versions, the English version shall prevail. Except for the English version, other language versions are for reference only.
3.3 Contact Us
If you have any questions or concerns about the Agreement or the Service, or if you want to submit any requests based on the Agreement, please refer to our FAQs and contact us on our customer service.
Find us on:
If you have problems, please contact LBank official email: firstname.lastname@example.org, and we will provide sincere, friendly and immediate service for you. We also welcome you to join LBank.info official English community to discuss the latest issue, (Telegram): https://t.me/LBank_en.