These Over-the-Counter (OTC) Trading Terms of Use (“OTC Terms”) apply to your access to and use of OTC trading services provided by WhiteBIT Kazakhstan Ltd. (“WhiteBIT Kazakhstan”, “we”, “us”, or “our”).
By engaging in OTC trading services, you agree to comply with these OTC Terms in addition to the WhiteBIT Kazakhstan User Agreement. In the event of a conflict between these OTC Terms and the User Agreement, the provisions specific to OTC trading shall prevail.
Separate OTC trading agreement will be concluded between you and WhiteBIT Kazakhstan, which shall govern the commercial terms of OTC trading, including without limitation fees, settlement instructions, pricing, and any applicable limits. In the event of any inconsistency, the provisions of that separate agreement shall prevail over these OTC Terms.
Website refers to the official website located at www.whitebit.kz.
1. Use of OTC Trading Services.
1.1. WhiteBIT Kazakhstan provides OTC Trading Services, enabling clients to execute large cryptocurrency transactions directly through WhiteBIT Kazakhstan, outside of the public exchange order books.
1.2. You hereby represent and warrant to us on an ongoing basis that:
you are authorized and permitted to use the OTC Trading Services;
these OTC Terms constitute legal, valid, and binding obligations enforceable against you in accordance with their terms;
your access to and use of the OTC Trading Services, and WhiteBIT Kazakhstan’s provision of such services to you, is not unlawful under the laws of any jurisdiction to which you are subject.
You agree to advise us immediately should there be any change in law or other circumstances that could make this representation and warranty untrue or in any way in doubt. You hereby agree to indemnify WhiteBIT Kazakhstan on demand against each loss, liability and cost incurred as a result of any claim or demand (including legal fees and any fines, fees or penalties imposed by any regulatory authority) arising out of or related to your breach of this representation and warranty or your obligation to advise us of changes in law or circumstances or of any failure to notify WhiteBIT Kazakhstan of a change in circumstances. To the extent permitted by Acting Law of the AIFC, the indemnity in this clause 1.3 constitutes a separate and independent obligation from the other obligations in these OTC Terms, will be enforceable as separate and independent causes of action, will apply notwithstanding any indulgence granted by the party to which any payment is owed and will not be affected by judgment being obtained or claim or proof being made for any other sums payable in respect of these OTC Terms.
1.3. We may suspend or discontinue the availability of the OTC Trading Services in relation to any Digital Asset and/or in relation to users located in any jurisdiction, in whole or in part, at any time and for any reason and in such circumstances we may, without liability to you, reduce, cancel, close out or vary any OTC Trade, or impose additional restrictions on accounts (including, without limitation, requirements to reduce exposure). If we do so, we shall endeavor to provide notice to you except in circumstances where we determine (in our sole and absolute discretion) that we are required to discontinue the availability of the OTC Trading Services in relation to a particular Digital Asset to comply with our understanding of Applicable Law in any jurisdiction, or to comply with an order or request from any competent regulatory, governmental or law enforcement authority, or as required by our internal policies, in which case such suspension or discontinuance may take effect immediately, with or without notice.
1.4. OTC Trading Services may be restricted in certain jurisdictions or regions or to certain users, in accordance with applicable legal and regulatory requirements. These OTC Terms are intended only for those users who are permitted to access and receive the products and services referred to and are not intended for users to whom restrictions apply. You are responsible for informing yourself about and observing any restrictions and/or requirements imposed with respect to the access to and use of the OTC Trading Services in each country or region from which they are accessed by you or on your behalf.
1.5. You shall be responsible, and you assume and shall bear all risk of loss, for all conduct relating to the OTC Trading Services and WhiteBIT Kazakhstan does not take any responsibility for any loss or damage incurred as a result of your access to and use of the OTC Trading Services (including, without limitation, any loss or damage resulting from, or otherwise in connection with, the conduct of any other user of the WhiteBIT Kazakhstan Services), except to the extent that such liability cannot be excluded under applicable law or is expressly provided for in the User Agreement.
2. Availability of OTC Trading Services.
2.1. The OTC Trading Services are available during such times as notified by WhiteBIT Kazakhstan on the Website, Platform, or as otherwise communicated in writing by WhiteBIT Kazakhstan.
2.2. We may periodically suspend access to the OTC Trading Services, including chat-based and automated RFQ systems, for the following reasons:
emergency maintenance (including unscheduled maintenance);
planned or unplanned system or infrastructure updates; or
any other event or occurrence that WhiteBIT Kazakhstan considers, in its sole discretion, a valid reason to suspend the provision of OTC Trading Services.
2.3. You acknowledge and agree that WhiteBIT Kazakhstan reserves the right to disable, update, cancel, restrict or otherwise modify any content, components, or features of the OTC Trading Services at any time, with the prior notice sent to your registered email address, account dashboard, or published on the official website.
3. Matching and Cancellation.
3.1. OTC Trades are conducted directly between you and WhiteBIT Kazakhstan or with a counterparty facilitated by WhiteBIT Kazakhstan. OTC Trading does not involve an automatic order book or matching engine. Instead, Orders are executed based on individually negotiated or quoted terms, either through chat-based communication or automated request-for-quote (RFQ) mechanisms, where available.
3.2. Pricing, volume, and other trade terms are agreed upon before execution. Once you confirm your intention to proceed with a quoted trade, the Order becomes binding and may not be changed, revoked, or canceled by you, except where explicitly allowed by WhiteBIT Kazakhstan.
3.3. WhiteBIT Kazakhstan reserves the right, in its sole discretion, to reject, modify, or cancel any proposed OTC Order before it is executed. Once an OTC trade is executed, it is final and binding, subject only to reversal in accordance with applicable law or the terms outlined in these OTC Terms.
4. Settlement.
4.1. Once an OTC trade is confirmed between you and WhiteBIT Kazakhstan, it will be Settled as soon as reasonably and commercially practicable, in accordance with the terms agreed upon between the parties, including in any applicable separate agreement.
4.2. Settlement is final and we will not reverse a Transaction unless:
4.2.1. WhiteBIT Kazakhstan is required to do so by Applicable Law;
4.2.2. We are entitled to reverse the Transaction under these OTC Terms or the User Agreement;
4.2.3. The Transaction or any parameter relevant to the foregoing was affected by manifest error;
4.2.4. You have not complied with these OTC Terms, the User Agreement, or any applicable separate agreement.
4.3. Acting at our own discretion, we are only under an obligation to take reasonable and commercially practicable steps to return you to the position you were in prior to Settlement, in the event of a reversal. For the avoidance of doubt, in no circumstances shall WhiteBIT Kazakhstan be liable for any indirect losses (including loss of profits, business, or opportunities).
5. Order controls.
5.1. We may, in our sole discretion, impose trading and position limits and position management controls, including limits set out in the Trading Rules, and other controls to mitigate and manage our own liquidity, operational, counterparty, or other risks related to OTC trading, at any time, without prior notice and without giving reasons. As a result, you acknowledge and agree that you may be prevented from submitting an Order or undertaking other steps at certain times if such actions would cause you to exceed an applicable limit, and that we may apply filters or take other risk management measures to reject any Instruction submitted by you that does not comply with any relevant limits or controls.
5.2. We may monitor your positions against the limits or controls imposed by us. Any such limits imposed by us are solely for our protection and the protection of other users and we will have no responsibility for monitoring or ensuring your compliance with any limits imposed on your trading activities by you or by the Acting Law of the AIFC.
5.3. You agree to comply with any limits or controls imposed by us under clause 5.1 and not to take any actions that will cause you to violate any such limits or controls.
5.4. To ensure compliance with Acting Law of the AIFC or any limits or controls set by us under clause 5.1, we may decline to act on Instructions and/or execute an Order. We may also suspend your use of the Platform, require you to take certain steps, or take any other action that we consider appropriate in the circumstances.
5.5. All disclaimers and limitations of liability in the Terms apply to OTC Trading. WhiteBIT Kazakhstan makes no warranties regarding specific returns or performance results.
6. Risk Disclosure.
6.1. You are advised that using OTC Trading Services entails significant risk. For a comprehensive understanding of these potential risks, please refer to the Risk Warning published on the WhiteBIT Kazakhstan website. By accessing OTC Trading Services, you acknowledge and accept these risks.
7. Suspension and Termination of Services.
7.1. WhiteBIT Kazakhstan reserves the right to suspend or terminate OTC Trading Services, in whole or in part, under the conditions outlined in the Terms.
7.2. Without limiting any other clause in these OTC Terms or the Terms generally, we reserve the right, with or without notice, and without liability to you, to process an Order, decline to process an Order, suspend, cancel, reverse, void or partially execute your Orders on the Exchange at our discretion and without further notice to you.
7.3. WhiteBIT Kazakhstan has the exclusive authority to determine which Digital Assets are listed on the Platform and may add or remove Digital Assets from the Platform in its sole discretion, from time to time. WhiteBIT Kazakhstan may also change rules in respect of order parameters, including the order size and tick size available, for each Digital Asset. In respect of such additions, removals, or amendments, WhiteBIT Kazakhstan may, but is not obliged to, notify users in advance and WhiteBIT Kazakhstan shall have no liability to users in connection with such additions, removals or amendments.
7.4. In addition, WhiteBIT Kazakhstan may pause OTC Trading Services to conduct maintenance or address technical issues impacting the service.
7.5. Notwithstanding suspension or termination of your access to and use of OTC Trading, these OTC Trading Terms shall continue to apply to you to the extent that there are any obligations or liabilities which remain to be performed or discharged by you under these OTC Terms.
8. Modification of OTC Terms.
WhiteBIT Kazakhstan may modify these OTC Terms at any time at its discretion. Any such modifications will be communicated in accordance with the Terms, and the continued use of OTC Trading Services will constitute your acceptance of any changes. You irrevocably consent to be bound by any such changes. You further acknowledge and agree that any updates, changes or amendments to these OTC Terms shall apply to all existing and future Transactions between us.
Support
If you have any questions regarding the functionality of our exchange, you can:
- Write to the support service email support@whitebit.kz