5.1 K33 Markets offers services relating to trade and storage of cryptocurrencies (e.g. bitcoin and ether). There is a high risk associated with buying/selling and owning cryptocurrency. Cryptocurrencies are highly risky and speculative products, and investments, therefore, involve a high risk of loss. The Customer must take responsibility for its financial situation and risk tolerance. Historical value development and returns cannot be used as an indicator of future development and returns. A rule of thumb is to not trade for, or store more than one can tolerate losing in its entirety.
5.2 Investment and trading in cryptocurrency also involve the risk of being exposed to hacking and fraud. If the Customer loses its cryptocurrency as a result of such activities, the Customer solely bears this loss.
5.3 If the Customer does not make use of K33 Markets’ custodial wallet, but of a third-party custodial wallet, the Customer is fully responsible for the security associated with that wallet. Hereunder the Customer is responsible for safeguarding "private keys" as well as their backups. If the Customer loses such a private key, without having backups, it will permanently lose its cryptocurrency at the same time. The Customer is encouraged to never share its own private keys with anyone, nor with K33 Markets. K33 Markets will never ask for private keys, "mnemonic phrase" or equivalent.
5.4 K33 Markets is completing transactions based on the Customer's instructions. The Customer is fully and solely responsible to provide accurate and complete instructions. This includes providing the correct address for sending/receiving funds, verifying the network to be used for transfer of a token and checking that the crypto sent to the Customer's wallet is supported by K33 Markets’ storage solution. Balance of non-completed transactions due to inaccurate/insufficient instruction and/or Customer's lack of feedback are kept in K33 Markets’ Client Bank Accounts or Client Cryptocurrency Wallet until settlement or return of funds. For NOK, the balance of non-completed transactions will be transferred to a Client Bank Account after 24 hours.
5.5 K33 Markets advises the Customer to complete its own whitelisting processes prior to sending funds to K33 Markets’ account/address or the Customer's own wallet address. This can be done, for example, by sending a small transaction first, and then sending the rest of the amount. It is the Customer's sole responsibility to complete its own whitelisting processes for K33 Markets’ account/address.
5.6 K33 Markets is not liable for any loss, damage or coverage of any kind of cost associated with the Customer's use of its services, unless it is caused by K33’s gross negligence or wilful misconduct.
5.7 K33 Markets reserves the right to accept or reject to undertake a transaction or to stop active orders and/or reject to provide its services to a specific customer at its own discretion. K33 Markets will provide the basis for the rejection to the extent not prohibited by law or by order of court, government agency or regulatory body. Reasons for rejection may, for example, be the Customer's lack of liquidity, errors in pricing, that rejection is required by law or by any court of competent jurisdiction, any public authority or regulatory body requesting the same, or exceptionally abnormal fluctuations in the market that prevent a normal flow of trade. K33 Markets may also reject the Customer to trade if K33 Markets has a strong suspicion that the Customer is scammed. If K33 Markets refuses to undertake a transaction, the Customer will be contacted by K33 Markets for the return of the funds to the extent not prohibited by law or by order of court, public authority or regulatory body.
5.8 K33 Markets strives to complete transactions as quickly as possible. However, transactions may be delayed as a result of:
(i) compliance with legal or regulatory obligations including but not limited to Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements.
(ii) delays, operational interruptions or service disruptions attributable to K33.
(iii) operational interruptions, service disruptions or delays attributable to banks and other financial institutions, including but not limited to bank holidays.
(iv) operational interruptions, service disruptions or delays caused by other partners or third-party service providers essential to the operation of K33 services.
(v) delay, congestion, latency or failures within cryptocurrency networks.
5.9. K33 Markets expressly disclaims any and all liability for:
(i) any delays, operational interruptions or service disruptions arising from the circumstances specified in Section 5.8(i)-(v) or any other event beyond its reasonable control.
(ii) fluctuations in exchange rates or market conditions that may occur before the transaction is executed by K33 Markets.
The exclusion of liability set forth in this Section 5.9 shall not apply to the extent such delays, operational interruptions or service disruptions are caused by gross negligence or wilful misconduct on the part of K33 Markets.
