Terms of Service

Version: 1.1 | Date: 12:00pm AEST 28 April 2026

ABOUT THESE TERMS
1. These Terms of Service (Terms) set out the conditions under which BTC Markets Pty Ltd ACN 164 093 887 (BTC Markets, we, us, our) provides its services to you (you, your, User). These Terms constitute a legally binding agreement between you and BTC Markets.
2. These Terms are structured as follows:
  1. Part A – Account and Wallet Terms which governs the opening, use and management of your Account, including your fiat currency and Digital Asset wallets, onboarding, identity verification and account closure. These apply to any BTC Market Service.
  2. Part B – Exchange Terms which governs the use of the peer-to-peer exchange functionality on the Platform for buying and selling Digital Assets.
  3. Part C – Broker Terms which governs the use of our over-the-counter brokerage service for buying and selling Digital Assets.
  4. General Terms which sets out the provisions that apply across all Parts, including fees, taxes, liability, indemnity and dispute resolution. These apply to any BTC Market Service.
  5. Schedule 1 – Risk Warning which contains important risk disclosures you must read before using the BTC Markets Services. These apply to any BTC Market Service.
  6. Schedule 2 – Prohibited Uses Policy which describes prohibited conduct when using the Platform and BTC Markets Services. These apply to any BTC Market Service.
  7. Schedule 3 – Definitions and Interpretation which sets out the definitions of capitalised terms and rules of interpretation. These apply to any BTC Market Service.
3. By registering for an Account, accessing the Platform or using any BTC Markets Service, you confirm that you have read, understood and accepted these Terms in their entirety. If you do not understand and accept these Terms, you must not register for an Account or access or use the Platform or any BTC Markets Service.
4. These Terms incorporate by reference our Privacy Policy, Fee Schedule and any other policies published on our Website (each as amended from time to time). You acknowledge that you are bound by, and agree to comply with, each of these documents.
5. If there is any inconsistency between these Terms and any document incorporated by reference, these Terms prevail to the extent of the inconsistency, unless the other document expressly states otherwise.
OFFSHORE DISCLOSURE CONSENT
1. We will collect, use, store and disclose your personal information in accordance with our Privacy Policy and in compliance with thePrivacy Act 1988 (Cth) and the Australian Privacy Principles.
2. You consent to BTC Markets collecting, using and disclosing your personal information as described in our Privacy Policy. Further information about how we handle your personal information is set out in our Privacy Policy, available on our Website.
3. You expressly consent to the cross-border disclosure of your personal information in accordance with the Offshore Disclosure Consent. By accepting these Terms, you confirm that you have read, understood and agreed to the Offshore Disclosure Consent.
4. Further details about how we collect, use, store and disclose your personal information (including the types of personal information collected, the purposes of collection, and your rights under the Privacy Act) are set out in our Privacy Policy and Offshore Disclosure Statement, each as published on our Website and updated from time to time.
AMENDING THESE TERMS
1. We may amend these Terms from time to time by giving you at least 21 days’ written notice through the Platform, by email or by posting a notice on our Website.
2. Despite clause 3(a), we may amend these Terms with immediate effect and without prior notice if the amendment is reasonably necessary to:
  1. comply with any Applicable Law, regulation, court order or direction from a regulator or law enforcement agency;
  2. address a material security risk to the Platform, any User or BTC Markets; or
  3. protect our legitimate business interests in urgent or unforeseen circumstances.
3. Where we make an immediate amendment under clause 3(b), we will notify you as soon as reasonably practicable after the amendment takes effect.
4. Your continued use of the Platform or any BTC Markets Service after the effective date of an amendment constitutes your acceptance of the amended Terms. If you do not agree to the amended Terms, you must stop using the Platform and close your Account in accordance with clause 17(a).
ELIGIBILITY
1. To be eligible to register for an Account and use the BTC Markets Services, you must:
  1. be an individual who is at least 18 years of age, or a corporation, partnership, trust or other legal entity duly incorporated or established under the laws of its jurisdiction;
  2. be an Australian resident (except for Approved Overseas Users and Liquidity Providers accepted at our discretion);
  3. have full legal power, authority and capacity to enter into and comply with these Terms;
  4. not be a Restricted Person or located in a jurisdiction where your use of the BTC Markets Services would breach any Applicable Law;
  5. not have previously had an Account suspended or terminated by us;
  6. not currently hold an existing Account (unless you have obtained our prior written consent to hold more than one Account); and
  7. if acting on behalf of a legal entity, be duly authorised to bind that entity to these Terms, and that entry into these Terms will not contravene the entity’s constituent documents.
2. We may amend the eligibility criteria at any time in our sole discretion. Where possible, we will give you at least 21 days’ notice. Where changes are required by law, regulation, or to address a security concern, we may make changes immediately and notify you as soon as practicable.
3. The BTC Markets Services are not intended for, and must not be used by, any person in any jurisdiction where the distribution or use of the BTC Markets Services would be contrary to any Applicable Law.
4. If at any time you cease to satisfy the eligibility criteria set out in this clause 4 (whether as a result of an amendment to the eligibility criteria under clause 4(b) or otherwise), BTC Markets may terminate your Account in accordance with clause 17(b). You must notify us promptly if you become aware that you no longer satisfy any eligibility criterion.
STATUS
1. BTC Markets is registered with AUSTRAC as a virtual asset service provider (VASP) in accordance with the AML/CTF Act.
2. BTC Markets will use reasonable care and skill in providing the BTC Markets Services and will take reasonable steps to safeguard Digital Assets and fiat currency held on your behalf in accordance with these Terms.
3. BTC Markets holds Digital Assets on behalf of its Users. When you deposit Digital Assets to your Account, BTC Markets holds legal title to those Digital Assets, and you hold a beneficial interest in the number and type of Digital Assets recorded in your Account.
4. BTC Markets holds fiat currency deposited by Users on behalf of Users in accounts with reputable financial institutions, as further described in clause 10(e). BTC Markets will maintain proper records to identify fiat currency attributable to each User and will not commingle its own funds with funds held on behalf of Users.
5. Nothing on the Platform, the Website, or in any Materials is intended to be, or should be taken as, financial, legal, taxation, investment or any other form of professional advice. BTC Markets does not provide personal or general advice of any kind. Any information, data, commentary, educational content, market analysis or other material provided by BTC Markets (whether on the Platform, the Website, through communications or otherwise) is provided for general information purposes only and must not be relied upon as advice. No communication or information provided to you by BTC Markets (including through the Platform, the Website, email, chat services, social media or otherwise) is intended as, or should be construed as, advice of any kind.
6. You should seek your own independent financial, legal, tax and accounting advice before making any decision to use the BTC Markets Services, including whether they are appropriate for your personal circumstances. BTC Markets is not responsible for the decisions you make to buy, sell, hold or otherwise deal in Digital Assets based on information provided by us, including any Loss you incur arising from those decisions.
7. The Platform is an execution-only platform. All BTC Markets Services are provided on an execution-only basis. This means that:
  1. we do not make any recommendation or endorsement regarding any Digital Asset, trading strategy, Transaction or course of action;
  2. we do not assess the suitability or appropriateness of any BTC Markets Service, Transaction or Digital Asset for your personal circumstances;
  3. we do not monitor whether your use of the BTC Markets Services is consistent with your financial goals, objectives or risk tolerance;
  4. other than as expressly set out in these Terms, we are not your agent or adviser and we have no fiduciary relationship or obligation to you in connection with any Transactions or other activities you undertake when using the BTC Markets Services; and
  5. it is solely your responsibility to determine whether any investment, investment strategy or Transaction is appropriate for you, and you are solely responsible for any associated Loss or liability.
CONTACT US
1. You can contact us through the support channels listed on our Website. We will contact you using the contact details you provide to us, which may include email, SMS, telephone or notifications through the Platform.
2. It is your responsibility to ensure your contact details are current and accurate at all times. If your contact details change, you must update them promptly through the Platform. We are not responsible if you do not receive notices or important information because your contact details are out of date.
3. You agree that we may communicate with you electronically for all aspects of your use of the BTC Markets Services, including by sending electronic notices, and that such communications satisfy any legal requirement that a communication be in writing.

PART A – ACCOUNT AND WALLET TERMS

OPENING AN ACCOUNT
1. You must apply for, and be issued with, an Account before you can access or use any BTC Markets Service. All Accounts are provided at our absolute discretion and we reserve the right to refuse any application without giving reasons.
2. You must provide us with accurate, current and complete information as part of the registration process, and you must update this information promptly whenever it changes. You agree to provide us with any additional information we reasonably request.
3. You must not create or use more than one Account unless you have obtained our prior written consent. The creation or use of multiple Accounts without our prior express permission will result in the immediate suspension of all of your Accounts and all pending Transactions.
4. You agree to use your Account only for your own benefit and not on behalf of any third party, unless you have obtained our prior written consent.
5. If you are a legal entity, your authorised representatives may operate the Account on your behalf, but you remain solely and fully responsible for all activity under the Account, including all Instructions and Transactions.
IDENTITY VERIFICATION AND AML/CTF COMPLIANCE
1. Before you are permitted to access and use the BTC Markets Services, you must comply with our identity verification (Know Your Customer or KYC) procedures by providing us with such information and documentation as we reasonably require.
2. BTC Markets may, at any time after your Account has been opened, require you to provide additional KYC information, documentation or verification as we consider necessary in connection with our obligations under the AML/CTF Act, Sanctions Laws or any other Applicable Law, or in accordance with our internal compliance policies. You agree to promptly comply with any such request.
3. If you fail to provide requested information or documentation within the timeframe we specify, or if we are not satisfied with the information or documentation provided, we may restrict, suspend or terminate your access to your Account or to the BTC Markets Services immediately and without notice.
4. We may, in our absolute discretion, restrict, suspend or cancel any Instruction, Transaction or OTC Transaction at any time, including (without limitation) where you have not provided KYC information or documentation to our satisfaction, where we suspect a breach of Applicable Law, or for any other reason we consider appropriate.
ACCOUNT SECURITY
1. You are responsible for maintaining the confidentiality and security of your Account credentials, including your password, any API keys and any two-factor authentication devices or codes. You must not share your Account credentials with any other person.
2. You must notify us immediately if you become aware of, or suspect, any unauthorised access to or use of your Account, any security breach, or Loss or theft of your Account credentials. You remain liable for all Transactions and OTC Transactions undertaken on your Account, whether or not authorised by you, unless and until you have notified us and we have confirmed suspension of your Account.
3. We may require you to use multi-factor authentication or other security measures as a condition of accessing your Account. We may update these requirements from time to time and will notify you of material changes.
4. You must not use or access any Account other than your own, and you must not attempt to gain unauthorised access to the Platform or another User’s Account, or assist others in doing so.
FIAT CURRENCY WALLETS
1. Your Account includes a fiat currency wallet (Fiat Wallet) through which you may hold Australian dollars (AUD). The Fiat Wallet supports AUD only. We do not accept deposits in, or facilitate withdrawals of, any currency other than AUD.
2. You may deposit fiat currency into your Account via payment methods supported by BTC Markets from time to time. Each deposit method is subject to the relevant third-party provider’s terms, conditions, fees and processing times. You are responsible for understanding and complying with those terms.
3. You may withdraw AUD available from your Account by requesting a transfer to your nominated bank account. The nominated bank account must be held in your name with an Australian deposit-taking institution. Withdrawals are subject to our processing times, verification requirements and any applicable Limits.
4. All fiat currency held in your Account will be held in an account with a reputable financial institution in BTC Markets’ name or in the name of a third party appointed by BTC Markets. We may hold User funds in segregated or pooled accounts at our discretion, but we will at all times:
  1. maintain proper records to identify the assets attributable to each User;
  2. not commingle our own funds with funds held on behalf of Users; and
  3. comply with Applicable Laws.
5. You waive any right to interest earned on fiat currency deposited in your Account. BTC Markets is entitled to retain any interest paid by the relevant financial institution on funds held on your behalf.
6. We are not obliged to accept any deposit of fiat currency to your Account. We may refuse a deposit for any reason at our discretion and are not required to provide a reason for any such refusal.
DIGITAL ASSET WALLETS
1. Your Account includes one or more Digital Asset wallets (Digital Asset Wallets) through which you may hold Digital Assets that we support on the Platform.
2. Digital Assets recorded in your Account are held by BTC Markets on your behalf. BTC Markets holds legal title to the Digital Assets, and you hold a beneficial interest in the number and type of Digital Assets recorded in your Account. Without limiting our obligations under clause 5(b), BTC Markets will:
  1. maintain procedures to record the number and type of Digital Assets held on behalf of each User; and
  2. transfer Digital Assets into and out of secure storage (including cold storage) in accordance with our internal risk management policies.
3. Deposits and withdrawals of Digital Assets are made through the Platform. On signup, the Platform will designate a deposit address for each supported Digital Asset type. You must not disclose your deposit address to any person other than for the purpose of transferring Digital Assets to or from your Account. For security reasons, a new deposit address may be issued for each transfer.
4. You may withdraw Digital Assets from your Account by requesting a transfer to an external wallet address. Withdrawals are subject to our processing times, verification requirements and any applicable Limits. We may require additional verification before processing large withdrawals.
5. You acknowledge that:
  1. the blockchain networks by which Digital Asset transfers occur are operated by third parties outside the Platform;
  2. Digital Asset transfers may take a significant period of time to complete and may fail;
  3. Transactions in Digital Assets are generally irreversible, and Losses due to fraudulent or unauthorised transactions, or transfers to incorrect addresses, may not be recoverable;
  4. we are not obliged to accept any deposit of Digital Assets to any Account; and
  5. Digital Assets deposited to an incorrect address (including an address for an unsupported Digital Asset) may be permanently lost;
  6. any transfer, deposit or withdrawal of a Digital Asset using an incorrect blockchain network or protocol (including sending a Digital Asset on an incompatible chain, selecting an incorrect network for a transfer, or depositing a token via an unsupported chain) is entirely at your own risk; and
  7. the transmission of data over the internet (including data relating to Instructions, Transactions, deposits and withdrawals) is not completely secure, and BTC Markets does not guarantee the security, integrity or confidentiality of data transmitted to or from the Platform over the internet or any other communications network.
6. BTC Markets is not liable for any Loss arising from or in connection with any of the circumstances described in clause 11(e), including (without limitation) any Loss, delay or failure to credit your Account, any decline in value of a Digital Asset, or any inability to recover Digital Assets.
7. BTC Markets is not liable for any Loss of Digital Assets or fiat currency resulting from system or hardware failure, unauthorised access, cyberattack, social engineering, phishing or fraud affecting BTC Markets, the Platform, any Third-Party Custodian or any third-party service provider, except to the extent directly caused by BTC Markets' fraud or wilful misconduct. This clause 11(g) is subject to clause 50(h).
8. BTC Markets is not liable for any Loss arising from the acts, omissions, default, insolvency or failure of any third party, including payment providers, banks, financial institutions, cryptocurrency exchanges, custodians, liquidity providers, validators, staking providers or blockchain networks, except to the extent directly caused by BTC Markets' fraud or wilful misconduct. This clause 11(h) is subject to clause 50(f) in respect of claims arising from the fraud or gross negligence of a Third-Party Custodian, and to clause 50(h) generally.
9. You must ensure that any Digital Assets you deposit to your Account have been lawfully acquired and that you have full legal authority to deal with them. We may refuse to credit Digital Assets to your Account if we suspect they have been derived from unlawful activity.
10. The Digital Asset Wallets and Fiat Wallets provided through the Platform are not intended to be used, and must not be used, for the purposes of making payments to third parties, purchasing goods or services, or as a non-cash payment facility. The wallets are provided solely for the purposes of holding Digital Assets and fiat currency in connection with trading on the Exchange or through the Broker Services, and for depositing and withdrawing Digital Assets and fiat currency to and from your Account.
THIRD-PARTY CUSTODY
1. You acknowledge and agree that BTC Markets may, at its absolute discretion, appoint one or more third-party custodians (Third-Party Custodian) to hold, safeguard, store or otherwise manage some or all of the Digital Assets held on behalf of Users (Custodial Arrangements). BTC Markets may enter into, vary or terminate Custodial Arrangements at any time without your prior consent.
2. You acknowledge and agree that:
  1. the use of Third-Party Custodians involves additional risks, including (without limitation) the risk that the Third-Party Custodian may become insolvent, suffer a security breach, fail to safeguard your assets, or otherwise fail to perform its obligations under the Custodial Arrangements;
  2. the risks associated with the use of Third-Party Custodians are described in the Risk Warning in Schedule 1; and
  3. you accept all risks associated with the holding of your Digital Assets by a Third-Party Custodian.
3. BTC Markets may transfer your Digital Assets between BTC Markets’ own custody systems and one or more Third-Party Custodians, or between different Third-Party Custodians, at any time and without prior notice to you, where BTC Markets considers it appropriate to do so for risk management, operational or security reasons.
4. You acknowledge that you have the ability at any time to withdraw your Digital Assets from the Platform to an external wallet address under your own control (“self-custody”). BTC Markets encourages you to consider whether self-custody of some or all of your Digital Assets is appropriate for your circumstances as a means of mitigating risks associated with holding Digital Assets on the Platform, including (without limitation) risks of unauthorised access, hacking, cybersecurity incidents, operational failures, insolvency or other adverse events affecting BTC Markets or any Third-Party Custodian. The decision to hold Digital Assets on the Platform or to withdraw them into self-custody is solely yours, and you accept all risks associated with that decision.

STAKING AND USE OF DIGITAL ASSETS CONSENT
1. "Staking" is a process by which Digital Assets held on certain blockchain networks (known as "proof-of-stake" networks) are used to help operate and secure those networks. In return, the network pays rewards. To participate, the voting rights attached to a Digital Asset are delegated to a validator (a computer or service that participates in the network on behalf of the Digital Asset holder). Delegating voting rights does not involve transferring ownership or custody of the Digital Asset to the validator.
2. BTC Markets may stake Digital Assets it holds on behalf of Users as follows:
  1. the Digital Assets will, at all times, remain in the custody of BTC Markets or a Third-Party Custodian appointed under clause 12, and will not be transferred to any validator, staking provider or other third party for custody;
  2. only the voting rights attached to the Digital Assets will be delegated;
  3. BTC Markets will engage a third-party staking infrastructure provider to supply the software and technology used to delegate voting rights and to operate or contribute to validator nodes; and
  4. BTC Markets may use validators operated by its staking infrastructure provider, by its Third-Party Custodian, by other third parties, or by itself. Some validators may be operated outside Australia by entities that are not regulated in Australia.

We refer to the activities described in this clause 13 as "Staking Activities".

By accepting these Terms,you expressly consent and authorise BTC Markets to undertake Staking Activities in respect of Digital Assets held in your Account. Your consent is given freely, voluntarily and on a fully informed basis, having read and understood this clause 13 (including the risks in clause 13(d)) and having had the opportunity to seek independent advice.
BTC Markets is entitled to receive and retain all rewards, incentives, yield and other economic benefits derived from or in connection with Staking Activities (Staking Rewards). You acknowledge that:
1. the opportunity to earn Staking Rewards arises because BTC Markets holds Digital Assets on your behalf under clause 5(c) and clause 11(b), and that in the absence of this clause 13 BTC Markets may be precluded from retaining Staking Rewards;
2. you have no entitlement to, and you irrevocably waive any claim to, any portion of the Staking Rewards; and
3. notwithstanding BTC Markets' right to retain Staking Rewards, you retain your beneficial interest in the Digital Assets recorded in your Account at all times, including while those Digital Assets are subject to Staking Activities.
You acknowledge and accept that Staking Activities involve various risks, including with respect to the following:
1. Slashing risk. On some proof-of-stake networks, if a validator breaks the network's rules (for example, by being offline for a prolonged period, by signing conflicting blocks, or by behaving maliciously), then the network may penalise the validator by destroying or forfeiting a portion of the Digital Assets that were delegated to it. This is known as "slashing". If this occurs, the quantity of Digital Assets recorded in your Account may be reduced.
2. Lock-up and liquidity risk. Some networks require Digital Assets that are being staked to be subject to a "bonding" or "unbonding" period before they can be withdrawn or traded. During this period, BTC Markets may be unable to process your withdrawal, sale or transfer requests immediately, and you may be exposed to adverse price movements during the delay.
3. Protocol and network risk. The rules governing Staking Activities (including reward rates and penalties) are set by the underlying blockchain network and may change. Network failures, upgrades or Network Events may affect Staking Activities.
4. Third-party risk. Staking Activities involve reliance on the staking infrastructure provider and validator operators. Technical failures, misconfiguration, insolvency or misconduct by these third parties may cause Loss to your Digital Assets, including through slashing.
BTC Markets will use reasonable endeavours to mitigate slashing risk, including by:
1. selecting validators and staking infrastructure providers with reference to their track record, operational controls and technical infrastructure;
2. diversifying delegations across multiple validators, where practicable; and
3. monitoring validator performance and withdrawing delegations, where practicable.
BTC Markets does not guarantee that these measures will prevent slashing or other Loss which arises as a result of Staking Activities. BTC Markets will not be liable for the Loss except to the extent set out in clause 50.
If you do not wish any of your Digital Assets to be subject to Staking Activities, you may withdraw those Digital Assets from your Account at any time into self-custody in accordance with clause 12(d).
BTC Markets does not guarantee that Staking Activities will be undertaken in respect of any particular Digital Asset or at any particular time, and may commence, vary or cease Staking Activities at its absolute discretion without notice to you. BTC Markets may engage, change or replace its staking infrastructure provider, validators or Third-Party Custodian at any time without notice.

DELISTING OF DIGITAL ASSETS
1. We may, at our absolute discretion and at any time, decide to delist any Digital Asset from the Exchange and/or the Broker Services (Delisting). We may delist a Digital Asset for any reason, including (without limitation):
  1. security vulnerabilities, protocol failures or material defects affecting the Digital Asset or its underlying blockchain;
  2. a direction, requirement or request from a regulator, law enforcement agency or government authority;
  3. low trading volume, liquidity or user demand;
  4. the Digital Asset no longer meeting our listing criteria or internal risk assessment standards;
  5. the issuer or developer of the Digital Asset ceasing operations, becoming insolvent, or engaging in fraud or misconduct; or
  6. any other reason we consider appropriate in our absolute discretion.
2. Before a Delisting takes effect, we will use reasonable endeavours to give you at least 30 days’ notice (Delisting Notice) through the Platform, by email or by posting a notice on our Website. The Delisting Notice will specify:
  1. the Digital Asset to be delisted;
  2. the date on which trading in the Digital Asset will cease (Delisting Date); and
  3. the date by which you must withdraw the affected Digital Asset from the Platform (Withdrawal Deadline), which will be no earlier than 30 days after the Delisting Date.
3. In exceptional circumstances (such as an urgent security vulnerability, regulatory direction or material protocol failure), we may delist a Digital Asset immediately and without prior notice. Where we do so, we will notify you as soon as reasonably practicable.
4. If you hold a delisted Digital Asset in your Account, you must withdraw it to an external wallet before the Withdrawal Deadline. After the Withdrawal Deadline:
  1. you will no longer be able to trade, deposit or withdraw the delisted Digital Asset through the Platform;
  2. you irrevocably appoint BTC Markets and its officers, employees, agents and contractors as your agent to sell the delisted Digital Asset on your behalf at the best price reasonably obtainable in the circumstances (which may be materially less than the last traded price on the Platform, and may be zero if no market exists); and
  3. BTC Markets will credit the fiat currency proceeds of any such sale (less any applicable Fees, Commissions, Spread and costs of sale) to your Fiat Wallet.
5. You acknowledge that:
  1. after the Withdrawal Deadline, it may not be possible to sell or transfer the delisted Digital Asset if no market or buyer exists, and the delisted Digital Asset may have no value;
  2. BTC Markets is not liable for any Loss you suffer as a result of a Delisting, including any decline in value of the Digital Asset or an inability to sell it; and
  3. it is your responsibility to monitor Delisting Notices and to take action before the Withdrawal Deadline.
FORKS, AIRDROPS AND NETWORK EVENTS
1. From time to time, the blockchain protocol underlying a Digital Asset may be subject to a fork, an airdrop, or another material network event (each a Network Event).
2. We may, at our absolute discretion, determine whether or not to support any Network Event. We are under no obligation to support any fork, airdrop or other Network Event. In deciding whether to support a Network Event, we may consider factors including (without limitation) the security, stability and legitimacy of the resulting token or protocol, the technical requirements and costs of implementation, regulatory considerations, user demand, and any other factor we consider relevant.
3. If we decide to support a Network Event, we will use reasonable endeavours to notify you through the Platform or by email. If we decide not to support a Network Event, you acknowledge that:
  1. you may not receive forked tokens, airdropped tokens or any other tokens or benefits arising from the Network Event;
  2. we may temporarily suspend trading, deposits and withdrawals in the affected Digital Asset while we assess the Network Event;
  3. the value of your holdings of the affected Digital Asset may be adversely affected; and
  4. we have no liability for any Loss you suffer as a result of our decision not to support the Network Event.
4. If we decide to support a fork, we will use reasonable endeavours to credit the forked tokens to your Account within a reasonable period after the fork, subject to any technical or operational constraints. However, we do not guarantee that we will be able to credit forked tokens, and any crediting of forked tokens is at our absolute discretion.
5. If we decide to support an airdrop, we may, at our discretion, credit the airdropped tokens to your Account or make them available for withdrawal or trading. We may deduct a fee (Airdrop Fee) as compensation for the operational and administrative costs of supporting the airdrop. The Airdrop Fee will be as notified to Users on the Platform from time to time.
6. We have no control over the creation, implementation, timing or outcome of any Network Event. You acknowledge that Network Events may create technical, operational and security risks for the Platform and for your holdings, and you accept all such risks.
7. You must not take any action in connection with a Network Event that would disrupt the Platform, disadvantage other Users, or breach these Terms.
ACCOUNT LIMITS
1. We may, in our absolute discretion, impose limits on your Account (Limits), including limits on:
  1. Transaction volumes or amounts (whether on a per-transaction, daily, weekly or monthly basis);
  2. deposit and withdrawal amounts;
  3. the number of open Instructions at any time; and
  4. any other activity on your Account.
2. Limits may differ based on the Digital Asset, the BTC Markets Service, your verification level, the size or frequency of your Transactions, or other criteria we determine in our absolute discretion. We may update Limits at any time and will notify you of material changes where practicable.
3. Fiat currency or Digital Assets held in your Account may be used for Transactions under either the Exchange or the Broker Services, subject to the terms of the relevant Part.
SUSPENSION, CLOSURE AND TERMINATION OF ACCOUNTS
1. You may close your Account at any time by giving us notice in the form we require. Closure is subject to:
  1. settlement of all outstanding Transactions and OTC Transactions;
  2. payment of all Fees, Commissions and other amounts you owe us; and
  3. completion of any pending identity verification or compliance checks.
2. We may restrict, suspend or terminate your Account at any time immediately upon written notice to you for any reason, including (without limitation):
  1. a suspected or actual breach of these Terms (including the Prohibited Uses Policy);
  2. a suspected or actual breach of any Applicable Law, including the AML/CTF Act or Sanctions Laws;
  3. attempts to gain unauthorised access to the Platform or another User’s Account;
  4. engaging in, or suspected engagement in, fraudulent, illegal, manipulative or prohibited activity;
  5. failure to provide requested information or documentation within the timeframe we specify;
  6. at the direction or request of a law enforcement agency, government authority or regulator;
  7. abusive, threatening or harassing behaviour towards BTC Markets staff;
  8. inactivity for a period of 12 months or more;
  9. unexpected operational difficulties, security concerns, or to address an Erroneous Credit under clause 62;
  10. you ceasing to satisfy any eligibility criterion set out in clause 4; or
  11. any other reason at our absolute discretion.
3. On closure of your Account (whether by you or by us), we will, within 60 days and subject to these Terms and Applicable Law:
  1. in respect of fiat currency held in your Account, pay the amount to your nominated bank account (less any Fees, Commissions or other amounts you owe us); and
  2. in respect of Digital Assets held in your Account, at our discretion, either:
    1. transfer the Digital Assets to you or a person nominated by you (which may be another digital asset exchange); or
    2. sell the Digital Assets at the prevailing market price and pay the net proceeds to your nominated bank account.
4. We are entitled to deduct from any amounts payable to you on closure any Fees, Commissions, Spread or other amounts you owe us, including any Fees or Commissions on the sale of Digital Assets under clause 17(c)(ii)(B).
5. We may be legally limited in the amounts we can return to you by way of withdrawal over a given period. You must not hold us liable for an inability to process withdrawals as quickly as you may wish, provided we are acting in compliance with Applicable Law.
6. If we have made reasonable efforts to obtain instructions from you regarding the transfer of fiat currency or Digital Assets in a closed Account but are unable to obtain such instructions, or are unable to complete the transfer as instructed, through no fault of ours, within 120 days of closure, we may treat the Account as a Dormant Account and the provisions of clause 19 will apply.
7. Suspension, closure or termination of your Account does not release you from any obligation to pay Fees, Commissions or any other amounts owing to BTC Markets that accrued before the date of suspension, closure or termination.
TEMPORARY SUSPENSION
1. We may, at our absolute discretion and at any time, temporarily suspend or restrict trading, deposits and/or withdrawals in respect of any one or more Digital Assets across any BTC Markets Service, including the Exchange and the Broker Services (Temporary Suspension). We will use reasonable endeavours to give you as much notice as is practicable before a Temporary Suspension takes effect, having regard to the circumstances.
2. A Temporary Suspension may be imposed for any reason, including (without limitation):
  1. concerns regarding the security, integrity or stability of the Digital Asset or its underlying blockchain protocol;
  2. unusual or suspicious trading activity, significant volatility or disorderly market conditions in respect of the Digital Asset;
  3. a direction, request or guidance from a regulator, law enforcement agency or government authority;
  4. pending assessment of a Network Event (including a fork or airdrop);
  5. pending assessment of whether to delist the Digital Asset under clause 14;
  6. scheduled or emergency maintenance, upgrades or technical issues affecting the Platform’s ability to support the Digital Asset;
  7. material deviation of a stablecoin from its intended peg or reference value;
  8. low liquidity or insufficient market-making capacity in respect of the Digital Asset; or
  9. any other reason where we consider a Temporary Suspension necessary to protect Users, the integrity of the Platform, or BTC Markets.
3. During a Temporary Suspension in respect of a Digital Asset:
  1. you will not be able to place new Instructions or enter into Transactions in the affected Digital Asset on the Exchange or through the Broker Services (as applicable);
  2. existing open Instructions in the affected Digital Asset may be cancelled by us without liability; and
  3. we will use reasonable endeavours to allow withdrawals of the affected Digital Asset during a Temporary Suspension, but we may also suspend withdrawals where we consider it necessary to do so for security, regulatory or operational reasons.
4. We will notify you as soon as reasonably practicable after a Temporary Suspension takes effect and will provide updates on the expected duration of the Temporary Suspension where we are able to do so. We will lift a Temporary Suspension as soon as we are reasonably satisfied that the circumstances giving rise to the suspension have been resolved.
5. BTC Markets is not liable for any Loss you suffer as a result of a Temporary Suspension, including any loss of trading opportunities, decline in the value of the affected Digital Asset, or inability to withdraw the affected Digital Asset during the suspension period.
DORMANT ACCOUNTS
1. If your Account has been inactive (meaning no Transactions, deposits, withdrawals or logins on the Platform) for a continuous period of 36 months or more, we may classify your Account as a Dormant Account.
2. If your Account is classified as a Dormant Account, we may charge a Dormant Account Fee as set out in the Fee Schedule. The Dormant Account Fee will be deducted monthly from your Fiat Wallet balance (or, if insufficient, from Digital Assets converted to AUD at the prevailing market rate) until the earlier of:
  1. reactivation of your Account; or
  2. closure of your Account.
3. If your Account is classified as a Dormant Account, we may notify you by email (to the last email address you provided) that we intend to close your Account. The notice will specify a period of at least 120 days during which you may reactivate your Account by logging in or contacting us (Reactivation Period).
4. If you do not reactivate your Account during the Reactivation Period, we may close your Account. On closure of a Dormant Account, BTC Markets may sell down any Digital Assets held in your Account and deposit the AUD proceeds (less any outstanding Fees, Commissions or other amounts owed) to your nominated bank account. BTC Markets is not liable for any Loss arising from the sale of Digital Assets under this clause 19(d), including any difference between the sale price and the price at which the Digital Assets were acquired or last traded.
RIGHT OF DEDUCTION
1. Without limiting any other right or remedy available to BTC Markets under these Terms, if you owe any amount to BTC Markets (whether in respect of Fees, Commissions, Dormant Account Fees, Spread, taxes, indemnity obligations, erroneous credits, or any other amount) (“Amounts Owing”), BTC Markets may, at any time and without prior notice to you, deduct the Amounts Owing from your Fiat Wallet balance.
2. If the balance of your Fiat Wallet is insufficient to satisfy the Amounts Owing, you authorise BTC Markets to convert any Digital Assets held in your Digital Asset Wallets to AUD at the prevailing market rate (as determined by BTC Markets in its reasonable discretion by reference to the Exchange or other commercially reasonable pricing sources) and to apply the converted AUD proceeds towards the Amounts Owing. You acknowledge that:
  1. the conversion rate may differ from the rate you would receive if you sold the Digital Assets yourself;
  2. BTC Markets is not liable for any difference between the conversion rate and any other rate; and
  3. any conversion will be final and irreversible.
3. Where BTC Markets exercises its rights under this clause 20, it will notify you as soon as reasonably practicable after the deduction or conversion has been applied and provide reasonable details of the amounts deducted or converted.
4. If, after exercising its rights under this clause, there remain Amounts Owing, those amounts constitute a debt immediately due and payable by you to BTC Markets.
5. BTC Markets is not liable for any Loss arising from the exercise of its rights under this clause 20.
ACCOUNT HISTORY AND RECORDS
1. You may access your Account History, including records of all Transactions, deposits, withdrawals and other activity, through the Platform at any time while you hold an Account. You may also download your Account History.
2. You must review your Account History regularly and promptly notify us (and in any event within 21 days) if you identify any entries or Transactions that you do not recognise or that you believe are incorrect.
3. We may rectify any error in your Account History at any time and reserve the right to void, reverse or amend any Transaction that involves or derives from a Manifest Error, without liability to you (except in cases of our fraud or bad faith).
4. We may be required under Applicable Law to share information about your Account and Account History with third parties, including regulators, law enforcement agencies and tax authorities. You acknowledge and agree that we may disclose such information as required.

PART B – EXCHANGE TERMS

EXCHANGE SERVICES
1. The Exchange is a peer-to-peer trading platform that enables Users to place Instructions to buy or sell supported Digital Assets against Instructions from other Users. The Exchange is an electronic order-matching service. When you use the Exchange, you are trading with other Users, not with BTC Markets.
2. When a Transaction on the Exchange is matched and settled, beneficial ownership of the Digital Assets that are the subject of the Transaction transfers from the selling User to the buying User, and beneficial ownership of the corresponding fiat currency (or other consideration) transfers from the buying User to the selling User. The Platform records of each User’s Account will be updated to reflect the transfer of beneficial ownership.
3. We do not act as your broker, agent, intermediary or adviser in connection with Exchange Transactions.
4. We may, from time to time and without notice, vary, modify, suspend or discontinue any aspect of the Exchange, including the Digital Assets available for trading, trading hours, order types and trading functionality.
SUPPORTED DIGITAL ASSETS
1. The list of Digital Assets available for trading on the Exchange is published on our Platform and may change from time to time. We may add or remove Digital Assets at our discretion.
2. The provisions of clause 14 (Delisting of Digital Assets) apply to the removal of any Digital Asset from the Exchange.
3. Clause 15 (Forks, Airdrops and Network Events) applies to the Exchange. In addition, we may temporarily suspend trading in a Digital Asset on the Exchange while we assess any Network Event. You acknowledge that the terms of clause 15 apply in full to Digital Assets traded on the Exchange.
INSTRUCTIONS
1. You may place Instructions on the Exchange through the Platform in accordance with these Terms. Instructions may include limit orders, market orders and such other order types as we may support from time to time.
2. You must ensure that each Instruction you submit is complete and accurate. We are not required to verify the accuracy, authenticity or validity of any Instruction and will not monitor or reject Instructions on the basis that they appear to be duplicates.
3. We may refuse to act on, or defer acting on, any Instruction if we have reasonable doubt as to its accuracy, authenticity or validity, or for any other reason at our discretion.
4. Instructions are irrevocable once submitted. You have no right to cancel or amend an Instruction without our written consent. An Instruction is not deemed received until it has been received by our server. Our record of all Instructions is conclusive and binding on you.
5. By submitting an Instruction, you authorise us to match that Instruction against Instructions from other Users and to initiate the resulting Transaction on your Account. Upon matching, the Transaction will proceed to settlement and delivery, and you authorise us to transfer Digital Assets and fiat currency in your Account to give effect to the Transaction and to deduct any applicable Fees or Commissions.
6. It is your responsibility to ensure that you hold sufficient fiat currency or Digital Assets in your Account to settle any Instruction you place and to pay all associated Fees and Commissions. We may refuse to process an Instruction where there are insufficient funds in your Account.

EXECUTION POLICY
1. Unless we determine otherwise in our discretion, we will match and execute Instructions in the order in which they are received, having regard to the price at which the Instruction is placed. However, we reserve the right to:
  1. place Instructions on hold;
  2. partially fill Instructions;
  3. cancel Instructions in whole or in part; or
  4. decline to execute Instructions,
  5. where the Instruction is large, there is insufficient demand from other Users, an error or off-market pricing is detected, or for any other reason at our discretion.
2. We may, in our absolute discretion:
  1. restrict the number of open Instructions you may have at any time;
  2. restrict your ability to change or cancel a posted Instruction;
  3. define incremental values for Instructions (tick sizes); and
  4. impose any other trading restrictions we consider appropriate.
3. BTC Markets is not liable for any Loss arising from or in connection with any act under this clause 25, including any loss of trading opportunity, decline in value of a Digital Asset, or inability to enter into a Transaction.
PRICING
1. The trading price for a Transaction on the Exchange is calculated on the basis of actual matched offers made by Users through the Platform, combined with any applicable Commission. BTC Markets does not set the price of Digital Assets traded on the Exchange and takes no responsibility for those prices.
2. You acknowledge that:
  1. Digital Asset prices on the Exchange are determined by supply and demand and may be highly volatile;
  2. prices may deviate significantly from prevailing market rates on other platforms (off-market pricing) due to technology errors, volatility, scarcity, or trading behaviour; and
  3. the execution price of your Instruction may differ from the price displayed at the time you submitted the Instruction due to slippage, latency, market movement or other factors inherent in exchange trading; and
  4. we have no liability for any Loss you suffer as a result of price movements, off-market pricing or slippage.
SETTLEMENT
1. Once a Transaction on the Exchange is matched, the Platform will adjust the records of Digital Assets and fiat currency in the buyer’s and seller’s respective Accounts to give effect to the Transaction.
2. You acknowledge that once a Transaction is entered, it is final and irreversible, and you cannot cancel or reverse it. The Platform’s records of Transactions are conclusive.
LIQUIDITY PROVIDERS
1. We may, at our discretion, engage one or more Liquidity Providers to facilitate the availability of Digital Assets and the stability of trading on the Exchange. A Liquidity Provider may be a User of the Platform.
2. A Liquidity Provider need not be an Australian resident, provided it has entered into a Liquidity Provider Agreement with us and has been expressly accepted by us. Users may only be Liquidity Providers with our express consent.
3. Instructions placed by a Liquidity Provider (whether directly or through its agents) are treated as Instructions for the purposes of these Terms.
COMPANY’S OBLIGATIONS – EXCHANGE
1. BTC Markets warrants and represents that it will use reasonable care and skill in facilitating the matching of Instructions on the Exchange.
2. BTC Markets will comply with Applicable Laws in relation to offering the Exchange in Australia.
3. BTC Markets does not warrant or represent that:
  1. the Platform is free from errors, viruses, worms or other technical anomalies;
  2. its security systems are impregnable (although we take reasonable steps to secure the Platform against attack); or
  3. the Platform will be available at all times without interruption.

PART C – BROKER TERMS

BROKER SERVICES
1. In addition to the Exchange, BTC Markets provides an over-the-counter brokerage service through the Platform (Broker Services). Unlike the Exchange, when you use the Broker Services you enter into a Transaction directly with BTC Markets as principal, not with other Users.
2. The Broker Services are only available to Australian residents.
3. The Broker Services are only available in connection with Digital Assets that we support for the Broker Services. The list of supported Digital Assets may differ from those available on the Exchange and may change from time to time.
4. We may, from time to time and without notice, vary, modify, suspend or discontinue any aspect of the Broker Services. The removal of a Digital Asset from the Broker Services is governed by clause 14 (Delisting of Digital Assets).
HOW THE BROKER SERVICES WORK
1. You may instruct us to:
  1. use fiat currency held in your Account to purchase Digital Assets (Purchase Transaction); or
  2. sell Digital Assets held in your Account in exchange for fiat currency (Sale Transaction),

(each being a Transaction for the purposes of these Broker Terms).

1. When you submit a Purchase Transaction or Sale Transaction request, we will provide you with a confirmation notice (Confirmation) showing the estimated price or exchange rate for the Transaction.
2. We may, in our absolute discretion, refuse to provide a Confirmation, including where the proposed Transaction does not comply with any applicable Limit or where market conditions make it impracticable to quote a price.
3. The price quoted in the Confirmation is an estimate only. If you accept the Confirmation through the Platform, you authorise us to execute the Transaction on your behalf in accordance with this clause 31.
4. We may, in our absolute discretion, withdraw a Confirmation at any time before the Transaction is executed.
5. Due to the volatile nature of Digital Assets, the price at which the Transaction is ultimately executed (Transaction Price) may differ from the price quoted in the Confirmation. You agree that you will be bound by the Transaction Price for the relevant Transaction.
6. Where there is a variance between the Transaction Price and the price quoted in the Confirmation:
  1. we may, in our absolute discretion, execute or refuse to execute the Transaction;
  2. if the Transaction is executed, you acknowledge that:
    1. for a Purchase Transaction, you may receive fewer Digital Assets than quoted in the Confirmation; and
    2. for a Sale Transaction, you may receive less fiat currency than quoted in the Confirmation;
  3. you agree that we will not be liable for any Loss you incur as a result of such variance; and
  4. if the Transaction is not executed due to the variance, we may require a new Confirmation to be issued.
7. We are not obliged to execute a Purchase Transaction where there are insufficient funds in your Account.
8. You may access and download a record of all Transactions made through the Broker Services at any time while you hold an Account.

EXECUTION AND LIQUIDITY
1. We do not hold inventory of Digital Assets for the purposes of the Broker Services. We will execute Transactions by sourcing liquidity from peer-to-peer exchanges (which may include the Exchange) and other liquidity providers that we reasonably consider appropriate.
2. The order in which we execute Transactions is determined by us in our absolute discretion. We reserve the right to put Transactions on hold or only partially fill them, which may be caused by the size, liquidity or other characteristics of the Transaction or prevailing market conditions.
SPREAD
1. The Transaction Price for the Broker Services incorporates a transaction spread (Spread), which is the difference between the Transaction Price and the price at which we can ultimately facilitate the Transaction from liquidity providers. The Spread is payable to us as compensation for providing the Broker Services.
2. The Spread differs for each Transaction and is based on a number of factors, including market conditions, the particular Digital Asset, order size and available liquidity. The Spread is disclosed to you as part of the Confirmation process.
3. The Spread is separate from, and in addition to, any Fees that may apply to the Broker Services. Your continued use of the Broker Services constitutes your consent to the application of the Spread.
FORKS, AIRDROPS AND NETWORK EVENTS
1. Clause 15 (Forks, Airdrops and Network Events) applies to the Broker Services. In addition, we may temporarily suspend the Broker Services in relation to a Digital Asset while we assess any Network Event. You acknowledge that we have no obligation to support any Network Event in relation to the Broker Services and that the terms of clause 15 apply in full.
OTC TRANSACTIONS
1. In addition to the standard Broker Services described in this Part C, BTC Markets may, at its discretion, facilitate over-the-counter transactions (“OTC Transactions”) for the purchase or sale of Digital Assets. OTC Transactions are conducted off-platform and are not executed through the Exchange or the standard Broker Services order flow on the Platform.
2. OTC Transactions are available to Users who meet such eligibility criteria as BTC Markets may determine from time to time, including (without limitation) minimum transaction size thresholds. BTC Markets reserves the right to accept or decline any request for an OTC Transaction in its absolute discretion.
3. OTC Transactions may be initiated, negotiated and agreed by way of Instructions communicated to BTC Markets via any of the following channels:
  1. telephone;
  2. email;
  3. SMS or text message;
  4. messaging applications (including, without limitation, WhatsApp, Telegram, Signal or such other messaging platforms as BTC Markets may use from time to time); or
  5. any other communication channel agreed between you and BTC Markets,

(with each being, an “OTC Communication Channel”).

You acknowledge and agree that any Instruction or confirmation communicated by you to BTC Markets via an OTC Communication Channel constitutes a valid, binding and irrevocable Instruction for the purposes of these Terms, and BTC Markets is entitled to rely on and act upon any such Instruction without further verification.
You acknowledge and agree that:
1. OTC Transactions are conducted off-platform and are not subject to the same order-matching, pricing transparency or execution mechanisms that apply to the Exchange;
2. the price quoted for an OTC Transaction is determined by BTC Markets in its discretion, having regard to prevailing market conditions, available liquidity, order size and any other factors BTC Markets considers relevant;
3. the price for an OTC Transaction may differ (and may differ materially) from the price available on the Exchange or on other trading platforms;
4. BTC Markets may source liquidity for OTC Transactions from any source it considers appropriate, including the Exchange, external exchanges, liquidity providers or its own inventory; and
5. BTC Markets acts as principal (not as agent or broker) in OTC Transactions.
Once an OTC Transaction is agreed between you and BTC Markets (whether verbally, in writing, or via an OTC Communication Channel), the OTC Transaction is binding on both parties and cannot be cancelled, reversed or amended without the written consent of both parties.
Settlement of OTC Transactions will occur in accordance with the settlement instructions agreed between the parties. Fiat or Digital Assets may be deposited to your Account on the Platform, or alternatively transferred to or from external wallets or bank accounts nominated by you.
BTC Markets may record any communications made via OTC Communication Channels in connection with OTC Transactions for compliance, dispute resolution and record-keeping purposes. You consent to such recording. In the event of any dispute regarding the terms of an OTC Transaction, BTC Markets’ records (including recordings, message logs and written confirmations) will be conclusive evidence of the terms agreed.
You are responsible for ensuring that any Instructions provided via OTC Communication Channels are accurate and complete. BTC Markets is not liable for any Loss arising from any error, omission or ambiguity in an Instruction provided by you. You must immediately notify BTC Markets if you become aware of any unauthorised use of an OTC Communication Channel in your name.
The Spread, Fees and Commissions applicable to OTC Transactions will be as agreed between you and BTC Markets at the time of the OTC Transaction, or as set out in the Fee Schedule. OTC Transactions are subject to all other applicable provisions of these Terms.

CONFIRMATION RECORDS
1. Each Transaction executed through the Broker Services will be recorded in your Account History. You may access and download records of all Broker Service Transactions at any time while you hold an Account.

GENERAL TERMS

FEES, COMMISSIONS AND CHARGES
1. You agree to pay all applicable Fees, Commissions, Spread and other charges in connection with your use of the BTC Markets Services (including in connection with OTC Transactions) as set out in the Fee Schedule published on our Website, or as otherwise agreed or communicated to you.
2. We may update the Fee Schedule from time to time. We will give you at least 5 days’ notice of any changes to Fees applicable to the Broker Services. We will endeavour to give at least 2 Business Days’ notice of changes to Fees and Commissions applicable to the Exchange. Updated Fees and Commissions apply from the date they are published on the Website.
3. You authorise us to deduct any Fees, Commissions, Spread or other amounts you owe from the proceeds of any Transaction or from the funds or Digital Assets in your Account.
4. If you owe us an amount in one currency or Digital Asset and do not have sufficient balance in that currency or Digital Asset, we may deduct the amount from another currency or Digital Asset in your Account, converting at the rate then offered on the Platform or at such other commercially reasonable rate as we determine.
5. If there are insufficient funds or Digital Assets in your Account to cover amounts you owe us, you acknowledge that the outstanding amount is a debt immediately due and payable by you to us.
TAXES
1. You are solely responsible for determining, reporting, collecting and paying any taxes (including income tax, capital gains tax, GST and stamp duty) that apply in connection with your use of the BTC Markets Services and your holdings of Digital Assets.
2. BTC Markets does not provide tax advice and is not obligated to determine whether taxes apply, or to calculate, collect, report or remit any taxes on your behalf. You should seek independent tax advice.
3. Where required by Applicable Law, BTC Markets may report information regarding your Transactions, OTC Transactions, transfers and Account to the Australian Taxation Office or other tax authorities, and may withhold taxes from amounts payable to you.
4. You will indemnify BTC Markets where BTC Markets is obliged to pay tax on your behalf in respect of your Account or any Digital Asset you hold, buy or sell.
INTELLECTUAL PROPERTY
1. All intellectual property rights in the Platform, the Website, the BTC Markets Services and all associated software, technology, tools, content, trademarks, service marks, logos, designs and materials (BTC Markets IP) are owned by BTC Markets or its licensors.
2. We grant you a revocable, non-exclusive, non-transferable, non-sublicensable licence to use the BTC Markets IP solely for the purpose of accessing and using the BTC Markets Services in accordance with these Terms. This licence terminates automatically when you cease using the BTC Markets Services or when your Account is closed, whichever occurs first.
3. You must not copy, distribute, reproduce, republish, upload, transmit, modify, reverse engineer, disassemble, frame or create derivative works from the BTC Markets IP without our prior express written consent.
CONTENT AND MATERIALS
1. All text, images, audio, video, commentary, reports, data and other information and content on or through the Platform, Website or BTC Markets Services (Materials), including Third-Party Information, is provided for general information purposes only and without regard to any person’s individual circumstances.
2. Materials do not constitute a recommendation or endorsement of any Digital Asset, product or service. We do not warrant that Materials are accurate, complete, current or fit for any particular purpose. Where Materials include Third-Party Information, we will endeavour to identify and attribute the source, but we do not verify or validate such information.
3. Before acting on any Materials, you should conduct your own investigations and seek independent professional advice.
4. The Platform may feature news, commentary, market analysis and other information that is generated, curated or aggregated using artificial intelligence (AI) technology (AI Content). AI Content is provided for general information purposes only. You acknowledge that:
  1. AI Content is generated by automated systems and may contain errors, inaccuracies, omissions or outdated information;
  2. AI Content does not constitute advice of any kind and must not be relied upon as the basis for any investment, trading or other decision;
  3. BTC Markets does not verify, endorse or guarantee the accuracy, completeness, reliability, timeliness or fitness for purpose of any AI Content;
  4. AI Content may reflect the views, data or analysis of third-party sources and does not necessarily represent the views of BTC Markets;
  5. BTC Markets makes no warranty, representation or guarantee regarding AI Content, and all implied warranties (to the extent they can be excluded by law) are excluded; and
  6. BTC Markets is not liable for any Loss you suffer as a result of relying on, or acting or failing to act on the basis of, any AI Content.
5. If you provide us with any content, information or feedback (User Content), you grant us a non-exclusive, worldwide, royalty-free, perpetual, irrevocable licence (including a right to sublicence) to use, copy, modify and exploit the User Content in connection with providing the BTC Markets Services. You warrant that you have the right to grant this licence and that the User Content does not infringe the rights of any third party.
THIRD-PARTY LINKS AND SERVICES
1. The Platform may contain links to third-party websites, services, resources and advertisements. We have not reviewed and are not responsible for the content, accuracy or availability of those websites or services.
2. The inclusion of a link or advertisement does not imply endorsement or approval. You access third-party websites and services entirely at your own risk and subject to the terms of those third parties.
PROMOTIONS
1. We may from time to time offer promotions, competitions or special offers. Additional terms may apply to any promotion. In the event of inconsistency between these Terms and the terms of a promotion, the terms of the promotion prevail to the extent of the inconsistency.
PROHIBITED CONDUCT
1. In using the BTC Markets Services, you must comply with the Prohibited Uses Policy set out in Schedule 2 to these Terms.
2. A breach of the Prohibited Uses Policy constitutes a material breach of these Terms and may result in the immediate restriction, suspension or termination of your Account, the reporting of your activity to law enforcement or regulatory authorities, and any other action we consider appropriate.
MATERIAL INTERESTS AND CONFLICTS
1. You acknowledge that BTC Markets and its related entities may have material interests in relation to certain Transactions or Digital Assets, including where BTC Markets:
  1. acts as principal or counterparty in Broker Service Transactions;
  2. sources liquidity from exchanges or liquidity providers in which BTC Markets or its related entities have an interest;
  3. holds Digital Assets on its own account for operational, treasury or hedging purposes; or
  4. earns Spread, Fees or Commissions from your Transactions.
2. BTC Markets will manage conflicts of interest in good faith and in accordance with its internal policies.
SUSPENSION OF BTC MARKETS SERVICES
1. Without limiting our rights under clause 17, we may restrict, suspend or discontinue all or any part of the BTC Markets Services (including access to the Platform) at any time, without notice, for any reason, including (without limitation):
  1. scheduled or emergency maintenance, upgrades or repairs;
  2. security incidents, cyberattacks or suspected vulnerabilities;
  3. network congestion or disruption affecting the Platform or underlying blockchain networks;
  4. significant market disruption, unusual volatility or liquidity events;
  5. a regulatory direction, court order or law enforcement request;
  6. a Force Majeure Event; or
  7. any other reason where we consider suspension necessary to protect Users or the integrity of the Platform.
2. We will use reasonable endeavours to give you advance notice of any planned suspension, but we are not liable for any Loss arising from an unplanned or emergency suspension.
3. During a suspension, you may not be able to submit, cancel or amend Instructions, enter into Transactions, deposit, withdraw or transfer Digital Assets or fiat currency, or access your Account or Account History. We are not liable for any Loss you suffer as a result.
MONITORING AND RECORDING
1. You acknowledge and agree that BTC Markets may monitor, record and retain:
  1. all activity on the Platform, including Instructions, Transactions, OTC Transactions, deposits, withdrawals and Account access;
  2. all communications between you and BTC Markets, including emails, chat messages and telephone calls; and
  3. any data transmitted through the Platform, including IP addresses, device identifiers and geolocation data,
  4. for the purposes of complying with Applicable Law, detecting fraud or financial crime, enforcing these Terms, resolving disputes and improving the BTC Markets Services.
2. You consent to such monitoring, recording and retention. Records maintained by BTC Markets of your Instructions, Transactions and other Platform activity are conclusive evidence of such activity for all purposes.
API ACCESS
1. We may make application programming interfaces (APIs) available to enable you to access the Platform and BTC Markets Services programmatically. Your use of any API is subject to these Terms and any additional API terms we publish.
2. You are responsible for the security of your API keys and for all activity conducted through your API keys. You must immediately notify us if you suspect any unauthorised access to or use of your API keys.
3. We may impose rate limits, access restrictions or other conditions on your use of APIs. We may suspend or revoke your API access at any time without notice if we consider that your use of the APIs poses a risk to the Platform, other Users or BTC Markets.
4. You must not use APIs to engage in any activity that would breach these Terms (including the Prohibited Uses Policy) or to gain an unfair advantage over other Users.
RISK WARNING
1. Holding, buying and selling Digital Assets carries a high level of risk. Before using any BTC Markets Service, you must carefully read and consider the Risk Warning set out in Schedule 1 to these Terms.
2. You represent and warrant that you have read, understood and accepted the risks set out in Schedule 1 and that you accept all risks associated with your use of the BTC Markets Services.
REPRESENTATIONS AND WARRANTIES
1. You represent and warrant to BTC Markets (and each representation and warranty is deemed to be repeated on each day during the term of these Terms) that:
  1. you have the necessary power, capacity and authority to enter into and perform your obligations under these Terms;
  2. you understand the risks associated with Digital Assets and, where in doubt, have obtained independent professional advice;
  3. you understand that the BTC Markets Services are provided on an execution-only basis and that we are not providing you with any advice, recommendations or suitability assessments;
  4. all Transactions and OTC Transactions under these Terms are final and irreversible once executed;
  5. your use of the BTC Markets Services does not contravene any Applicable Law;
  6. all information you have provided to us is true, accurate, current and complete, and is not misleading or deceptive, and you will immediately notify us if this ceases to be the case;
  7. all funds and Digital Assets deposited into your Account come from legal sources which you own or otherwise have full legal authority to deal with;
  8. you will only use the BTC Markets Services in accordance with these Terms;
  9. your use of the BTC Markets Services and entry into Transactions does not infringe the rights of any third party;
  10. you understand that your Account may be frozen at any time at the request of a government authority investigating fraud or other suspicious activity;
  11. you understand that loss of Digital Assets, fiat currency and data may occur; and
  12. you are not, and are not acting on behalf of, a Restricted Person, and no fiat currency or Digital Assets deposited into your Account are owned by, or will be used for the benefit of, a Restricted Person;
  13. you are not located in, incorporated in, established in, a citizen of, or a resident of, any jurisdiction that is the subject of comprehensive sanctions administered or enforced by Australia, the United Nations Security Council, or any other jurisdiction whose sanctions Australia gives effect to; and
  14. if you use the BTC Markets Services on behalf of a legal entity:
    1. you are duly authorised to represent and bind that entity to these Terms; and
    2. entry into these Terms does not contravene the entity’s constituent documents or any arrangement to which the entity is a party.
LIABILITY AND LIMITATION OF LIABILITY
1. To the maximum extent permitted by Applicable Law, all express or implied guarantees, warranties, representations, statements, terms and conditions relating to the BTC Markets Services that are not contained in these Terms are excluded.
2. Nothing in these Terms excludes, restricts or modifies any guarantee, term, condition, warranty, right or remedy implied or imposed by the Australian Consumer Law (being Schedule 2 of the Competition and Consumer Act 2010 (Cth)) or any other legislation that cannot lawfully be excluded or limited (Non-Excludable Provision).
3. If a Non-Excludable Provision applies and BTC Markets is able to limit its liability for a breach of that Non-Excludable Provision, then BTC Markets’ liability for the breach is limited (at BTC Markets’ election) to:
  1. supplying the relevant BTC Markets Services again; or
  2. paying the cost of having the relevant BTC Markets Services supplied again,

except where the breach relates to the Loss, theft or misappropriation of Digital Assets or fiat currency held on your behalf (including as a result of a security breach, cyberattack, custodian failure or insolvency), in which case BTC Markets’ liability is determined in accordance with the other provisions of this clause 50 (including the aggregate cap in clause 50(d) and, where applicable, the Third-Party Custodian provisions in clause 50(f)).

1. Subject to clauses 50(b), 50(c) and 50(h), and to the maximum extent permitted by Applicable Law, BTC Markets’ total aggregate liability for all claims under or relating to these Terms or the BTC Markets Services, whether in contract, tort (including negligence), in equity, under statute, under an indemnity or on any other basis, is limited to the lowest of:
  1. the value of the Digital Assets or fiat currency that is the subject of the claim at the time the event giving rise to the claim occurred;
  2. the total of Fees, Commissions and Spread paid by you to BTC Markets in the 12 months immediately preceding the event giving rise to the claim; and
  3. $10,000.
2. Subject to the Non-Excludable Provisions, and to the maximum extent permitted by Applicable Law, BTC Markets is not liable for, and no measure of damages will under any circumstances include:
  1. special, indirect, consequential, incidental or punitive damages; or
  2. damages for loss of profits, revenue, goodwill, anticipated savings, business opportunity, or loss or corruption of data,

whether in contract, tort (including negligence), in equity, under statute or on any other basis, whether or not such loss or damage was foreseeable and even if BTC Markets has been advised of the possibility of such loss or damage.

1. If a claim arises as a result of the fraud or gross negligence of a Third-Party Custodian:
  1. BTC Markets will use reasonable endeavours to recover from the Third-Party Custodian, under the relevant Custodial Arrangements or otherwise, amounts referable to any Digital Assets or fiat currency that were lost, stolen or misappropriated as a result of the Third-Party Custodian’s conduct;
  2. BTC Markets will keep you reasonably informed of the progress of any recovery action, subject to any confidentiality, legal professional privilege or other legal restrictions;
  3. BTC Markets is entitled to deduct from any amounts recovered from the Third-Party Custodian (whether by way of damages, settlement, insurance proceeds or otherwise) all reasonable costs and expenses incurred by BTC Markets in connection with the recovery, including legal fees, enforcement costs, expert and adviser fees, court costs and any applicable taxes (Recovery Costs), before any distribution to affected Users;
  4. BTC Markets’ liability to you in respect of such claim is limited to your Pro Rata Share of the Net Recovery Amount. For this purpose:
    1. the Net Recovery Amount is the total amount recovered by BTC Markets from the Third-Party Custodian (whether by way of damages, settlement, insurance proceeds or otherwise) less the Recovery Costs; and
    2. your Pro Rata Share means the proportion that the value of your claim bears to the aggregate value of all claims by affected Users arising from the same or related conduct of the Third-Party Custodian, as determined by BTC Markets acting reasonably and in good faith. Where the Net Recovery Amount is insufficient to satisfy the claims of all affected Users in full, BTC Markets will allocate the Net Recovery Amount among affected Users on a pro rata basis by reference to each affected User’s proportionate share of the total loss, unless BTC Markets determines (acting reasonably) that a different basis of allocation is more appropriate in the circumstances; and
  5. BTC Markets has no liability to you in respect of such claim to the extent that the Net Recovery Amount, after allocation in accordance with this clause, is insufficient to satisfy your claim in full.
2. Your right to claim damages or other relief from BTC Markets is subject to your duty to take reasonable steps to mitigate any Loss. BTC Markets is not liable for any Loss to the extent that you fail to take reasonable steps to mitigate that Loss.
3. Nothing in this clause 50 or in any other provision of these Terms excludes or limits BTC Markets’ liability for:
  1. BTC Markets’ own fraud or wilful misconduct;
  2. death or personal injury caused by BTC Markets’ gross negligence; or
  3. any liability that cannot be excluded or limited under Applicable Law, including any Non-Excludable Provision.
4. To the extent of any inconsistency between clause 50(h) and any other liability exclusion or limitation in these Terms, clause 50(h) prevails.

INDEMNITY
1. You agree to indemnify BTC Markets and its officers, directors, employees, shareholders, agents, advisers, consultants, contractors and related entities (each a BTC Markets Indemnitee) from and against any Loss arising out of, relating to, or in connection with any claim, complaint, action, audit, investigation, inquiry or other proceeding that arises or relates to:
  1. your breach of these Terms (including the Prohibited Uses Policy);
  2. your breach of any Applicable Law, including any Sanctions Law or the AML/CTF Act;
  3. your fraud or wilful misconduct,
1. except to the extent the Loss is caused or contributed to by BTC Markets’ fraud, gross negligence, wilful misconduct or breach of these Terms.
1. Your obligations under this clause 51 survive the termination or expiry of these Terms and the closure of your Account.
FORCE MAJEURE
1. Neither party will be liable for any failure or delay in performing any of its obligations under these Terms if such failure or delay is caused by a Force Majeure Event.
2. If a Force Majeure Event continues for more than 30 days, either party may terminate these Terms by giving 21 days’ written notice to the other party.
DISPUTE RESOLUTION
1. If you have a complaint or dispute about the BTC Markets Services or these Terms, you must first raise it with us through our internal dispute resolution (IDR) process by contacting us through the support channels on our Website.
2. We will acknowledge your complaint within 5 Business Days and will endeavour to resolve it within 30 days. If we need more time, we will let you know and keep you informed of progress.
3. If you are not satisfied with the outcome of our IDR process, or if we have not resolved your complaint within 30 days (or such longer period as we have notified you), you may escalate the dispute to the Australian Financial Complaints Authority (AFCA) as our external dispute resolution (EDR) provider:
  Website: www.afca.org.au
  Email: [email protected]
  Telephone: 1800 931 678 (free call)
  Mail: Australian Financial Complaints Authority,
  GPO Box 3, Melbourne VIC 3001.
4. If your dispute is not within AFCA’s jurisdiction, or if both parties agree, the dispute may be referred to mediation to be conducted in Melbourne, Victoria, in accordance with the mediation rules of the Resolution Institute (or its successor). The costs of mediation will be shared equally unless the mediator determines otherwise.
5. Nothing in this clause prevents either party from seeking urgent interlocutory or injunctive relief from a court at any time.

GOVERNING LAW AND JURISDICTION
1. These Terms are governed by the laws of Victoria, Australia.
2. Each party submits to the non-exclusive jurisdiction of the courts of Victoria, Australia, and any courts with jurisdiction to hear appeals from those courts.
SEVERABILITY
1. If any provision of these Terms is held to be unenforceable, invalid or illegal by a court of competent jurisdiction, the provision will be given effect to the greatest extent possible and the remaining provisions will remain in full force and effect.
WAIVER
1. No waiver, delay or failure by us to exercise any right, power or remedy under these Terms constitutes a waiver of that or any other right, power or remedy. A waiver is only effective if it is in writing and signed by us.
ENTIRE AGREEMENT
1. These Terms (including the Schedules, Fee Schedule, Privacy Policy and any other documents expressly incorporated by reference) constitute the entire agreement between you and BTC Markets in relation to their subject matter and supersede all previous agreements, understandings, negotiations, representations and warranties.
ASSIGNMENT
1. You may not assign, transfer, novate or otherwise deal with any of your rights or obligations under these Terms without our prior written consent.
2. We may assign, transfer or novate any of our rights or obligations under these Terms to a related body corporate (as defined in the Corporations Act 2001 (Cth)) or in connection with a corporate restructure, merger, acquisition or sale of assets, upon giving you reasonable notice.
NOTICES
1. Any notice required or permitted under these Terms must be in writing and may be given by email, through the Platform or by any other electronic means we agree to.
2. A notice is taken to be received: (a) if sent by email, at the time the email is sent (unless the sender receives a delivery failure notification); and (b) if posted on the Platform, at the time it is posted.
SURVIVAL AND GENERAL
1. The provisions of these Terms that by their nature are intended to survive termination or expiry will survive, including (without limitation) clauses relating to intellectual property, limitation of liability, indemnity, taxes, governing law, dispute resolution and definitions.
2. The word “including” and words of similar import are not words of limitation.
3. Headings are for convenience only and do not affect the interpretation of these Terms.
4. These Terms do not create any relationship of agency, partnership, joint venture or employment between you and BTC Markets.
SANCTIONS SCREENING AND ENFORCEMENT
1. We may screen Transactions, OTC Transactions, Instructions, deposits and withdrawals against applicable sanctions lists maintained by Australia, the United Nations Security Council and other relevant jurisdictions. We may freeze, block or refuse to process any Transaction, OTC Transaction, Instruction, deposit or withdrawal that we reasonably believe may involve a Restricted Person or may breach any Sanctions Law. We are not liable for any Loss you suffer as a result of such action.
2. If we determine or reasonably suspect that you or your Account are associated with a Restricted Person or a breach of Sanctions Law, we may immediately and without notice suspend or terminate your Account, freeze any assets in your Account, and report the matter to the relevant authorities. We are not required to notify you of any such report.
ERRONEOUS TRANSACTIONS AND SYSTEM ERRORS
1. If you receive Digital Assets or fiat currency to your Account or otherwise as a result of an error (including a system error, operational error, duplicate transaction, or mistaken payment) (Erroneous Credit), you must notify us as soon as reasonably practicable and you must not deal with, withdraw, trade or otherwise use the Erroneous Credit. You acknowledge that you have no entitlement to any Erroneous Credit.
2. We may, without your prior consent, reverse, cancel or claw back any Erroneous Credit from your Account. If you have already dealt with, withdrawn or traded the Erroneous Credit, you must repay us the equivalent value immediately on demand, and you authorise us to deduct the equivalent value from any other funds or Digital Assets in your Account.
3. If we make an error that results in you receiving fewer Digital Assets or fiat currency than you are entitled to, we will use reasonable endeavours to correct the error and credit the shortfall to your Account as soon as reasonably practicable after we become aware of the error.
4. We may, at our discretion, void, reverse or amend any Transaction or OTC Transaction that we reasonably determine was executed at a price or on terms that constituted a Manifest Error, regardless of whether the Transaction or OTC Transaction has settled. Where we exercise this right, we will notify you as soon as reasonably practicable and provide you with an explanation of the Manifest Error.
LISTING OF DIGITAL ASSETS – NO ENDORSEMENT
1. The listing or availability of a Digital Asset on the Exchange or the Broker Services does not constitute a recommendation, endorsement, guarantee or opinion by BTC Markets as to the quality, value, suitability, legality, safety or prospects of that Digital Asset.
2. BTC Markets does not verify the accuracy or completeness of information provided by Digital Asset issuers, developers or promoters. You are solely responsible for conducting your own due diligence and research before buying, selling or holding any Digital Asset.
3. We may apply listing criteria and conduct internal assessments before listing a Digital Asset, but the fact that a Digital Asset has passed our listing criteria does not constitute advice or assurance that the Digital Asset is a sound investment, legitimate, free from defects, or compliant with Applicable Law.
4. You acknowledge that Digital Assets listed on the Platform may, without limitation: lose some or all of their value; be or become subject to regulatory action, prohibition or restriction; contain undiscovered vulnerabilities, defects or exploits; or be the subject of fraud, manipulation or misrepresentation by their issuers or promoters. BTC Markets has no liability for any Loss arising from these matters.
RIGHT OF SET-OFF
1. Without limiting any other right or remedy available to us, if you owe us any amount under these Terms (whether due and payable or contingent), we may, at any time and without prior notice, set off that amount against any fiat currency or Digital Assets held in your Account.
2. Where we exercise a right of set-off against Digital Assets, we may sell the relevant Digital Assets at the prevailing market price and apply the proceeds against the amount you owe. You acknowledge that the sale price may differ from the price at which the Digital Assets were acquired or last traded, and we are not liable for any difference.
3. Where we exercise a right of set-off, we will notify you as soon as reasonably practicable after the set-off has been applied and provide details of the amounts set off.
REGULATORY CHANGE
1. You acknowledge that the legal and regulatory framework applicable to Digital Assets and the BTC Markets Services is evolving and may change. If any Applicable Law, regulation, regulatory guidance, court order or government directive is introduced or changed in a way that:
  1. prohibits, restricts or materially affects BTC Markets’ ability to provide any or all of the BTC Markets Services;
  2. prohibits, restricts or materially affects your ability to hold, trade, deposit or withdraw any Digital Asset;
  3. requires BTC Markets to obtain a licence, registration or authorisation that it does not currently hold; or
  4. otherwise materially impacts the operation of the Platform or the BTC Markets Services,

then BTC Markets will provide at least 21 days’ notice to you before taking any action in response to the regulatory change, where reasonably practicable. BTC Markets may take any action it considers necessary to comply with or respond to the regulatory change, including (without limitation):

1. 1. amending these Terms;
  2. suspending or discontinuing any or all of the BTC Markets Services;
  3. delisting one or more Digital Assets;
  4. restricting or suspending your Account or access to the Platform;
  5. modifying Fees, Commissions, Limits or other conditions; or
  6. taking any other step BTC Markets considers reasonably necessary in the circumstances.

1. Where BTC Markets takes action under clause 65(a), it will use reasonable endeavours to give you as much notice as is practicable in the circumstances and, where possible, will give you a reasonable opportunity to withdraw your fiat currency and Digital Assets from the Platform before the action takes effect.

ELECTRONIC EXECUTION AND CONSENT
1. You acknowledge and agree that by clicking “I Agree”, “Accept”, or any similar button or checkbox presented to you when registering for an Account or using the BTC Markets Services, or by continuing to access or use the Platform after being notified of amended Terms, you are providing your electronic signature and agree to be bound by these Terms.
2. You consent to receiving all documents, notices, disclosures, agreements and communications from BTC Markets in electronic form. You acknowledge that electronic records of your acceptance and any communications between you and BTC Markets are admissible as evidence to the same extent as paper records.

SCHEDULE 1 – RISK WARNING

YOU MUST READ THIS RISK WARNING CAREFULLY BEFORE USING ANY BTC MARKETS SERVICE

This Risk Warning does not explain all risks, or how risks relate to your personal circumstances. You should seek independent professional advice if you are unsure whether the BTC Markets Services are appropriate for you.

Volatility Risk

The value of Digital Assets may rise or fall, sometimes rapidly and significantly. Changes may occur without warning. Past performance is not a reliable indicator of future performance. You may lose all of the value of your investment.

Liquidity Risk

Digital Assets may have limited liquidity, which may make it difficult or impossible for you to sell or exit a position when you wish to do so. This may occur at any time, including during periods of rapid price movements.

Technology and Security Risk

Digital Assets are dependent on underlying blockchain and cryptographic technologies. They are subject to technology risks including faults, cyberattacks, hacking, defects, exploits, errors, protocol failures, 51% attacks, smart contract vulnerabilities or unforeseen circumstances. Transactions in Digital Assets are generally irreversible, and Losses due to fraudulent or unauthorised transactions, or transfers to incorrect addresses, may not be recoverable.

Legal and Regulatory Risk

The legal and regulatory status of Digital Assets remains uncertain and evolving in many jurisdictions. Changes in Applicable Law, regulation, government policy or regulatory interpretation (in Australia or overseas) may adversely affect the value, use, transferability or legality of Digital Assets. Digital Assets are not recognised as legal tender in Australia and are not backed by any government or central bank.

Counterparty Risk

BTC Markets holds Digital Assets on your behalf. You hold a beneficial interest, not legal title. There is a risk that BTC Markets may become insolvent or suffer Losses that affect its ability to deliver to you some or all of the value of your Digital Assets or repay fiat currency deposited in your Account.

Third-Party Risk

Third parties such as payment providers, banks, cryptocurrency exchanges, custodians, liquidity providers and blockchain network operators may be involved in the provision of the BTC Markets Services. A failure, default, insolvency or breach by these providers may directly affect your ability to use the BTC Markets Services or to recover fiat currency or Digital Assets. The limitations on BTC Markets' liability in respect of third-party acts and omissions are set out in clause 11(h).

Availability Risk

We do not guarantee that the BTC Markets Services or the Platform will be available at any particular time or that they will not be subject to unplanned outages, network congestion, maintenance downtime or interruptions. It may not be possible for you to buy, sell, deposit, withdraw or transfer Digital Assets when you wish to do so.

System, Hardware and Fraud Risk

Digital Assets and fiat currency held with BTC Markets may be lost if you, BTC Markets or any third party holding assets on behalf of BTC Markets is subject to system or hardware failure, unauthorised access, cyberattack, social engineering, phishing or fraud. The limitations on BTC Markets' liability in respect of such events are set out in clause 11(g).

Market and Systemic Risk

The Digital Asset industry is subject to systemic risk (the risk that the failure of one participant triggers wider collapse) and systematic risk (risks inherent to the entire market, including economic, geopolitical, technological or natural events). Negative perceptions about Digital Assets may reduce confidence and cause significant depreciation. These risks may adversely affect the value of Digital Assets and your ability to trade.

Fork and Airdrop Risk

Digital Asset protocols may be subject to forks, airdrops or other protocol changes. We are under no obligation to support any fork or airdrop. You may not receive forked or airdropped tokens, and the value of your holdings may be adversely affected.

Pricing Risk

Prices on the Platform are determined by supply and demand and may not reflect prevailing market rates on other platforms. Off-market pricing may occur. BTC Markets does not guarantee the performance or market price of any Digital Asset.

Tax Risk

The tax treatment of Digital Assets is complex, uncertain and subject to change. You are solely responsible for understanding and meeting your tax obligations. You should seek independent tax advice.

No Deposit Insurance

Digital Assets held in your Account are not protected by any deposit insurance scheme or government guarantee, including the Financial Claims Scheme administered by APRA.

SCHEDULE 2 – PROHIBITED USES POLICY

You must not use the BTC Markets Services, your Account, the Platform or any BTC Markets IP to do, facilitate or attempt any of the following. This list is non-exhaustive and we may update it from time to time.

Illegal Activity

Violate any Applicable Law, including laws relating to anti-money laundering, counter-terrorism financing, sanctions, fraud, bribery, corruption, market manipulation, insider trading or other financial crime.
Use the BTC Markets Services for the purposes of money laundering or terrorism financing.
Make or receive ransomware payments or payments connected with any criminal activity.
Evade or attempt to evade any tax obligation.
Use the BTC Markets Services in connection with online gambling where prohibited by Applicable Law.
Deal in Digital Assets that are proceeds of crime or are otherwise tainted.

Market Integrity

Engage in any form of market manipulation, including wash trading, spoofing, layering, front-running, pump-and-dump schemes or any other activity that creates a false or misleading appearance of market activity, supply, demand or price.
Place Instructions or enter Transactions that are intended to manipulate the price, volume or availability of any Digital Asset.
Spread false, misleading or deceptive information about any Digital Asset, the Platform, other Users or BTC Markets.
Engage in coordinated trading activity intended to artificially influence prices.

Harmful, Offensive or Abusive Conduct

Post, transmit or distribute content that is defamatory, offensive, abusive, pornographic, profane, threatening, harassing, or that racially or religiously vilifies or incites violence or hatred, or that is likely to insult or humiliate others based on race, religion, ethnicity, gender, age, sexual orientation or disability.
Create a privacy or security risk to any person, including by soliciting personal information.
Engage in conduct that would reflect negatively on the goodwill, name or reputation of BTC Markets.
Behave in an abusive, threatening or harassing manner towards BTC Markets staff, whether by email, telephone or otherwise.

Technical Interference

Tamper with, hinder, disrupt or make unauthorised modifications to the Platform, any BTC Markets Service or any Account.
Distribute viruses, spyware, malware, ransomware, corrupted files or any other harmful software or programs.
Access the Platform by any means other than the interfaces authorised by BTC Markets (including through virtual private networks where we have prohibited their use, or through unauthorised API access).
Reverse engineer, disassemble, decompile or otherwise attempt to discover, replicate or reconstruct the source code, algorithms, data structures or processes of the Platform or BTC Markets Services.
Use any data mining, scraping, crawling, spidering, web harvesting, automated tools, bots, robots or similar methods to extract, gather or index data from the Platform.
Launch any program or script that makes excessive server requests per second or that impairs the operation, performance or availability of the Platform.
Use any device, software or routine intended to damage or interfere with the proper working of the Platform or to intercept or sequester any data from the Platform.

Unauthorised Access

Access or attempt to access any Account other than your own, or assist others in doing so.
Use or attempt to use another person’s Account credentials.
Create multiple Accounts without our prior written consent.
Overcome or circumvent software security features limiting use of or protecting any content on the Platform.

Intellectual Property Infringement

Infringe the intellectual property or other rights of BTC Markets, any other User or any third party.
Copy, reproduce, distribute or publish any content from the Platform without our prior written consent.

Other Prohibited Uses

Provide financial, legal, medical or other professional advice through the Platform.
Use the BTC Markets Services for purposes that are not contemplated by these Terms or that are inconsistent with the intended use of the Platform.
Engage in any conduct that inhibits any other person from using or enjoying the BTC Markets Services.
Do anything that would result in civil or criminal liability for you, us or any third party.

SCHEDULE 3 – DEFINITIONS AND INTERPRETATION

Definitions

In these Terms, unless the context otherwise requires:

Account means a User’s trading account maintained by BTC Markets through the Platform, which allows the User to hold, trade, deposit, receive and withdraw Digital Assets and fiat currency.

Account History means the record of Transactions, Instructions, deposits, withdrawals, Fees, Commissions and other activity on a User’s Account.

AML/CTF Act means the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) and its associated rules and regulations, as amended from time to time.

Applicable Law means any law, statute, regulation, rule, code of practice, direction, determination, order, guideline or requirement of any governmental, regulatory or law enforcement authority (whether in Australia or elsewhere) that applies to a party or to the BTC Markets Services.

Approved Overseas User means a User that is not an Australian resident who has been accepted by BTC Markets as a User in accordance with these Terms.

AUSTRAC means the Australian Transaction Reports and Analysis Centre.

BTC Markets Services means any service provided by BTC Markets through or in connection with the Platform, including the Exchange, the Broker Services, OTC Transactions and any other service we offer from time to time.

Business Day means a day that is not a Saturday, Sunday or public holiday in Melbourne, Victoria, Australia.

Commission means an amount levied by BTC Markets as payment for facilitating a Transaction on the Exchange, generally calculated as a percentage of the Transaction value, as set out in the Fee Schedule.

Digital Asset means a cryptographic token, digital currency, virtual currency, cryptocurrency or other digital representation of value that uses distributed ledger or blockchain technology, including BTC, ETH and other tokens supported by BTC Markets from time to time. The terms “Token” and “Digital Asset” are used interchangeably.

Dormant Account has the meaning given in clause 19(a).

Dormant Account Fee has the meaning given in clause 19(b).

Erroneous Credit has the meaning given in clause 62(a).

Exchange means the peer-to-peer trading platform operated by BTC Markets through the Platform, as described in Part B.

Fee means any fee, charge or cost levied by BTC Markets in connection with a User’s Account or use of the BTC Markets Services, as set out in the Fee Schedule.

Fee Schedule means the schedule of Fees, Commissions and charges published on the Website, as amended from time to time.

Force Majeure Event means any event beyond a party’s reasonable control, including acts of God, fire, flood, earthquake or other natural disaster; epidemic, pandemic or public health emergency; war, armed conflict, terrorism, riot, civil commotion or insurrection; strike, lockout or other industrial action; government action, sanctions, embargoes or trade restrictions; failure or interruption of utility services, internet, telecommunications, power supply or equipment (including third-party systems); cyberattack, unauthorised access, suspicious activity or other security incident affecting the Platform; or the failure of any relevant third-party supplier, financial institution, custodian or agent.

Instruction means an offer to buy, sell or otherwise deal in Digital Assets submitted through the Platform or via an OTC Communication Channel, at the price (if any) nominated in the Instruction plus any applicable Commission or Fee.

Limit means any monetary, volume, transaction or other limit imposed on a User’s Account or Transactions, as described in clause 16.

Liquidity Provider means a person or entity that provides liquidity, pricing or other related services to the Platform under a Liquidity Provider Agreement with BTC Markets.

Liquidity Provider Agreement means an agreement between BTC Markets and a Liquidity Provider setting out the terms on which the Liquidity Provider provides services.

Loss means any loss, liability, claim, demand, damage, cost or expense (including legal costs on a solicitor-and-own-client or full indemnity basis) howsoever arising.

Manifest Error means an obvious error, whether caused by system malfunction, human error or otherwise, that a reasonable person would recognise as clearly incorrect at the time the error was made.

Offshore Disclosure Consent means the consent to cross-border disclosure of personal information provided by Users in the form published on the Website.

Platform means the BTC Markets website (www.btcmarkets.net), the BTC Markets desktop application, the BTC Markets mobile application, and all associated software, APIs and other interfaces which facilitate access to the BTC Markets Services.

Privacy Policy means BTC Markets’ privacy policy, as published on the Website and amended from time to time.

Restricted Person means any person who is the subject of sanctions, restrictions or designations under any Sanctions Law or other Applicable Law.

Sanctions Law means the Charter of the United Nations Act 1945 (Cth), the Autonomous Sanctions Act 2011 (Cth) and their associated rules, regulations and instruments, as well as any other sanctions laws or regulations applicable to a party.

Third-Party Information means information, data, commentary or other content supplied by entities not affiliated with BTC Markets, as described in clause 40.

Transaction means the purchase, sale or other dealing in Digital Assets arising from an Instruction, whether on the Exchange or through the Broker Services.

User means a person who has been issued with an Account by BTC Markets.

Website means www.btcmarkets.net.

Interpretation

In these Terms, unless the context otherwise requires:

a reference to legislation includes any amendment, re-enactment, replacement or subordinate legislation made under it;
a reference to a person includes an individual, corporation, partnership, trust, association, joint venture, unincorporated body, government body or other legal entity;
a reference to a party includes that party’s successors, permitted assigns and personal representatives;
the word “including” and words of similar import are not words of limitation;
headings are for convenience only and do not affect interpretation;
a reference to “writing” or “written” includes email and other electronic communications;
a reference to fiat currency, “$”, “A$” or “AUD” is a reference to Australian dollars;
a reference to a clause, Part or Schedule is a reference to a clause, Part or Schedule of these Terms;
where a word or expression is defined, its other grammatical forms have a corresponding meaning;
a term that is given a defined meaning in the body of these Terms (whether by parenthetical definition, by use of bold text, or otherwise) has that defined meaning when used with initial capitalisation; and
if there is any inconsistency between the main body of these Terms and a Schedule, the main body prevails to the extent of the inconsistency.

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