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7marketplace - Terms of Service

7marketplace - Terms of Service

Chapter 1. General Provisions


Article 1 (Purpose)
The purpose of the Terms of Service (the “Agreement”) is to define and specify the rights, obligations, responsibilities and other necessary matters between 7marketplace., Ltd. (the “Company”) and members concerning the conditions and procedures to use 7marketplace Shop and various related services (the “Service”) provided by the Company.
The terms of this agreement shall apply mutatis mutandis to e-commerce transactions that use wireless communications and mobile applications.

 

 

Article 2 (Specification, Explanation, and Amendment of Terms of Service) 
 The contents of this ‘Terms of Service’ shall become effective when the Company posts this Agreement at the website for membership enrollment for the use of the Company’s services or notifies users via other means as well as when a user enrolls to become a member by consenting to this Agreement. 
 The Company may amend this Agreement within the scope that doesn’t violate the applicable laws and regulations such as the “Act on the Regulation of Terms and Conditions” and the “Act on Promotion of Information and Communications Network utilization and Information Protection”.
 If the Company amends the Agreement, the Company shall make a public announcement of the amendments with the currently executed Agreement on the initial screen, pop-up windows or public announcement section of the Company’s website by clearly indicating the enforcement date of the amendments and the grounds for amendments starting 7 days prior to the enforcement date to the day before the enforcement date. 
In the event where a member fails to express his/her intent of refusal even when the Company clearly notifies members of the fact that any members who fail to indicate his/her intent within the 7 day period after the Company notifies members of the amendment pursuant to the above Section 3 shall be deemed to have consented to the amendment.
 If a member expressly indicates his/her intent to disagree to the amendment, the Company may not apply the contents of the amendment, and in such a case, the member concerned may cancel the service agreement. However, if there is a special circumstance where the existing Agreement cannot be applied, the Company may terminate the service agreement.

 

 

Article 3 (Subsidiary Regulations)
The matters not prescribed in this Agreement and the interpretation of this Agreement shall be subject to the Consumer Protection Act in Electronic Commerce, etc., the Act on the Regulation of the Terms, Guidelines for Consumer Protection in Electronic Commerce and relevant laws and regulations as well as the common practices. However, regarding the transactions made between the members and the transaction between the Company and the members through the Services provided by the Company, relevant statutes of Home Solicitation Sales Act, Framework Act on Electronic Commerce, and Consumer Protection Act are applied first, and members can not claim exemption of a trading partner based on the regulations of this Agreement.

 

 

Article 4 (Definitions of Terms)
 The terms used in this Agreement shall be defined as follows: 
1. Member(s): This term refers to a person who enters into a service agreement with the Company by approving this Agreement and completing member enrollment.
2. ID: This term refers to a combination of letters and numbers designated by a member and approved by the Company for the purpose of member identification and use of the service.
3. Website: This term refers to a website such as an online exchange provided by the Company for the purpose of member using the services of the Company.
4. Password: This term refers to a combination of letters and numbers designated by a member and approved by the Company for the purpose of verifying member identification and protecting member information.
5. Seller: This term refers to a member who either registers or requests for a given cryptocurrency in a format provided online by the Company with the intent to sell.
6. Buyer: This term refers to a member who either registers or requests for a given cryptocurrency in a format provided online by the Company with the intent to buy.
7. Autonomous Trading: This term refers to the seller and the buyer trading through the methods specified by each other without the involvement of the Company in the course of delivering cryptocurrency. However, involvement of the Company may be necessary in certain cryptocurrency that can only be traded in the manner specified by the Company.

 

Chapter 2. Request and Approval for Use of Service (Enrollment and Cancellation of Membership)


Article 5 (Validation of Service Agreement)
 A user shall apply for membership enrollment by indicating his/her intent to consent to this Agreement after providing membership information in accordance with the enrollment process prescribed by the Company.
 Membership enrollment shall be established at the time when the approval of the Company reaches the member.
 A service agreement shall be executed by each member’s ID. Once a service agreement is concluded, the applicant for the service shall be enrolled as a member.
 Legal protection shall not be guaranteed to any member who enrolled not with his/her real name or enrolled with someone else’s information, and these members shall be held fully accountable for both civil and criminal liabilities.
 Any person who is under 19 years old shall not be able to access the services of cryptocurrency trade provided by Airisu Exchange.

 

Article 6 (Request for Use of Service)
 A user shall make a request for the use of the Service by submitting information requested on an enrollment form provided by the Company.
As for the enrollment of a corporate customer, he/she shall submit additional documents required by the Company in addition to the submission of the enrollment form. 
 All the information filled out on the membership enrollment form shall be deemed as actual data, and any user who fails to provide real name and actual information shall not be legally protected and may be limited to the use of the Service.
 If a member provides false or incorrect information or is found later in time to have provided false or incorrect information, the Company may temporarily or permanently suspend the use of the Service or may even cancel the Agreement. All damages or losses incurred by the Company or any third party shall be the sole responsibility of such member.
 The Company shall provide members with various beneficial information about the Company’s related services through email, mail, or telephone.

 

 

Article 7 (Consent for the Use of Membership Information)
 The Company shall use the personal information of members for the purposes of fulfilling this Agreement and providing the Service under the Agreement.
 Membership information may be provided to business partners of the Company in order for members to easily access the services provided by the Company and its business partners. However, the Company shall notify members of its business partners, and purposes and details of membership information to be provided and obtain consent of the members in advance prior to providing such information to the business partners. 
 The Company shall not transmit the advertising information of affiliated services against the member’s explicit opt out. However, the Company may send SMS messages and SMS messages in URL format of information on user guide and products for the convenience of affiliate services, and members may opt out of receiving them if they don’ wan to through membership cancellation.
 Members may, at any time, access and modify personal information through modification of membership information.
 Members providing membership information in the enrollment for the use of the Service, and consenting to this Agreement and Privacy Policy of the Company shall be deemed to have consented to the Company’s collection, use and provision of membership information provided in the enrollment for the use of the Service.

 

Article 8 (Approval of Service Agreement)
 The Company may approve the membership enrollment when a member requests for the use of the Service by clearly indicating all the matters required in the enrollment form prescribed by the Company. However, the Company may suspend the approval or refuse to approve in the cases described in Sections 2 and 3.
 The Company may suspend the approval on the request for the use of the Service in the following cases:
1. When the resource of the facility is limited;
2. When technical difficulties arise;
3. When other circumstances arise for the Company to be unable to approve the request. 
 The Company may refuse to approve the request for the use of the Service in the following cases:
1. When the name provided is not a real name;
2. When a member submits the request under someone else’s name;
3. When a member submits false information in the required fields when requesting for the use of the Service;
4. When a member submits the request for the purpose of obstructing public peace and order or social morals and good customs; 
5. When the requirements of the request prescribed by the Company for the use of the Service are incomplete.

 

Article 9 (Suspension and Cancellation of Service Agreement)
 When a member wants to cancel the Service Agreement, the member himself/herself or the Person-In-Charge of a corporate member must submit a request for cancellation to the Company.
 When a member falls under any of the following conditions, the Company may restrict the member from the use of the Service for a certain period of time or terminate the Service Agreement.
1. When a member fraudulently uses someone else’s ID and/or password;
2. When a member intentionally obstructs the operation of the Service;
3. When the enrolled name by a member is not his/her real name;
4. When a member intentionally circulate contents that obstruct public order or social morals and good customs;  
5. When a member makes plan to or use the Service for the purpose of obstructing national, social or public interests;
6. When a member engages in acts to damage someone else’s reputation or cause disadvantages to others;
7. When a member transmits massive information or advertising information for the purpose of obstructing stable operation of the Service;
8. When a member distributes computer virus programs that cause malfunction of information communication equipment or destruction of information; 
9. When a member fraudulently uses someone else’s personal information, user ID and password;
10. When a member reproduces, circulates or commercially use the information acquired from the use of Service without prior consent from the Company;
11. When a member posts pornographic materials or obscene links on the website and notification section of the Company;
12. When a member commits dual enrollment with different IDs; 
13. When a member infringes intellectual property rights of the Company, other members or third party;
14. When a member receives an order for corrective measure from outside agencies, such as the Korea Communications Standards Commission, or receives an authoritative interpretation on illegal election campaign from the National Election Commission; 
15. When a member violates the terms of service including this Agreement stipulated by the Company;
16. When a long-term inactive member fails to respond to express his/her intention on the use of the Service within the specified period notified by the Company;
17. When a member collects, stores, and discloses other users’ personal information without their consent;
18. When a member, without an intent to buy, refuses to buy after registering cryptocurrency for sale.
19. When a member encourages direct trade with the information obtained from the Company’s service information;
20. When a member registers duplicate or vulnerable (to hacking) cryptocurrency as well as cryptocurrency not for the purpose of sale;
21. When it becomes inevitable, in regards to the Company policies, for the service improvement of the Company; 
22. When an administrator or the Person-in-Charge finds a member inappropriate to use the Service; 
23. When an objective decision is made that the use of Service by a member is connected to criminal acts; 
24. When a member commits an act which violates other applicable laws and regulations.
  When the Company intends to restrict the use of the Service, the Company shall specify the grounds, date and duration of suspension and notify the member concerned or his/her representative in writing or by means of telephone or messenger function on the Company’s official website.
 Nevertheless, if the Company recognizes the urgency to immediately suspend the use of the Service, the Company may restrict the use of the Service without the procedures prescribed in the previous Section.
 A member who receives the notice of suspension on the use of the Service or his/her representative may file an appeal if he/she objects to the suspension.
 The Company shall immediately remove the suspension on the use of the Service only when the grounds for suspension is resolved during the period of suspension.
 The Company may terminate the service agreement when an identical violation is repeated twice or more or when the grounds for suspension are not corrected within 30 days from the day of initial suspension or restriction on the use of the Service, as well as when the member concerned commits other violations specified in the above Section 2. 
 When the Company terminates the Agreement, enrollment shall be cancelled as well. In such a case, the Company shall notify the member concerned and grant the member an opportunity for vindication.

 

Article 10 (Modification of Membership Information)
 Members may, at any time, access and modify their personal information through modification screen of membership information. However, modification of the real name and ID, which are essential for service management, shall not be allowed.
 When any information used during the enrollment process changes, members shall modify the information concerned via online or by means of email or other ways to notify the Company of such changes.
 The Company shall not be held liable for any disadvantages caused by the changes under Section 2 not notified to the Company.

 

Chapter 3. Obligations of Members


Article 11 (Obligations of Members Concerning Management of Member ID and Password)
 Members shall be solely responsible for the overall management of their ID and password. Members shall be held liable for all consequences arising from negligent management or illegal use of ID and password granted to the members.
When a member becomes aware of his/her ID being illegally used, the member must notify the Company immediately and follow the guideline given by the Company. 
 In the event of Section 2, the Company shall not be held liable for any disadvantages arising from the member’s failure to notify the Company or to comply with the guideline given by the Company after notifying the Company.

Article 12 (Provision of Information)
 The Company may provide information on the use of the Service and products for the members’ convenience to use the Service as follows by means of email or mail, and members may refuse to receive such information on the Enrollment Request Menu or the Change Membership Information Menu. 
1. Services related to the trade of cryptocurrency;
2. Services related to events and promotions;
3. Other services determined by the Company from time to time to provide to members.

 

Chapter 4. General Provisions on Use of Service


Article 13 (Types of Service)
 The Service provided by the Company includes trade of cryptocurrency (sale-related, purchase-related, and services related to market price search).
 The types of Service provided by the Company may be subject to change frequently depending on the Company’s circumstances.

Article 14 (Notice and Modification of Service)
 The Company shall notify its members of matters concerning characteristics, procedures, and methods of each service based on the type of services through a service screen, and members shall use the Service after understanding the notices notified by the Company in regards to each type of service.
 If the contents of the Services are changed, the Company shall notify its members of such changes by means of emails registered by members as well as through notification section of the Company. The Company shall not be held liable for any damages incurred by members as a result of not viewing the notice.

Article 15 (Maintenance and Suspension of Service)
 In principle, the use of the Service shall be allowed for 24 hours a day unless special circumstances arise due to operational or technical difficulties of the Company.  The above shall not apply to the day or time specified by the Company for the purpose of regular maintenance.
 The Company may separately determine the time for the use of Service by each scope of Service after dividing the Service into specific scopes. In such a case, the Company shall notify of the details in advance.
 The Company may suspend the Service if any of the following cases arise:
1. When it is unavoidable due to repair or maintenance of equipment used for the Service;
2. When a contract wireless provider prescribed by the Telecommunications Business Act suspends telecommunication service;
3. When the Service not provided directly by the Company but provided by a third party such as business partners, is suspended by the third party;
4. When other unavoidable causes occur.
 The Company may limit or suspend all or part of the Service in case of interruption of normal service due to national emergency, power outage, disruption of service facilities, or excessive use of services.

 

Chapter 5. Use of Service Related to Cryptocurrency Trading


Article 16 (Registration of Sale/Purchase of Cryptocurrency)
 A member who intends to sell or buy cryptocurrency through the Service provided by the Company shall register the trade in accordance with a registration form provided by the Company.
 Use of Optional Service
A member who intends to sell cryptocurrency may request for optional services provided by the Company at the time of trade registration in order to make trades more effective. The specific details of the optional services shall be governed separately by the Company.
 Modification of Cryptocurrency Registration Information 
1. Modifications such as adding information to the registered cryptocurrency is not allowed after transaction processes. 
2. Cancellation of optional services requested during the cryptocurrency registration is not allowed. Only adding more optional services is allowed.
3. If a buyer is selected, deletion is not allowed.
 Income other than fees: The interest income earned by the Company in the course of using the Service shall be the sole property of the Company earned in return for providing services for cryptocurrency payment and settlement, and cryptocurrency direct transactions, and members shall not be entitled to claim the return.

 

Article 17 (Restrictions on Use of Trade Service)

Types

Reason for Suspension

Condition of Release

Effect of Suspension

Service Restriction
(Access Restricted Except Login)

- Name (Contact Information) Unverified
- Hacking/Fraud Incidents
- Members in Relation to Incident (contact and personal information match)
- Continuous Error in Payment Security
- Cancellation Request
- Monthly Transaction Amount Exceeded
- Buyer and Seller Seem to Be the Same Person 
- Other: Administrator’s Discretion (If serious failure occurs in normal service process)

- Resolve Reasons for Suspension
- Administrator’s Discretion

Restriction on Trade, Charge, &Withdrawal Except Login

Login Restriction

- Continuous Error in Password
- Hacking/Fraud Incidents 
- Suspicious Case of Identity Theft
- Other: Administrator’s Discretion

- Resolve Reasons for Suspension
- Administrator’s Discretion

Unable to Login

Partial Service Limitations
(Limitations on Purchase, Sale, and Withdrawal)

At the Administrator’s discretion, an incident is processed to limit partial services if there is no problem in the use of certain services such as Buy/Sell/Transfer, the incident is processed to limit certain services.

- Resolve Reasons for Suspension
- Administrator’s Discretion

Unable to Use Specific Services

 

 

 

Article 18 (Notification and Cancellation of Restriction on Use of Transaction Services)
 In the cases described in Article 17, the Company shall notify the contents to the members by the means of email or message on the website.
 In regards to a member with suspended membership, if he/she clears away reasons for the Company’s refusal of the member’s transaction, or explains the existence of agreement with the transaction partners, the administrator may relieve of suspension on membership by considering the overall conditions such as the credit score of the member concerned, and reducing total or some number of transaction refusals.
If the reason for the suspension is repeated, the suspension will be relieved only if all conditions are met.

 

 

Chapter 6. Service Fees


Article 19 (Service Fee Concerning Cryptocurrency Trade)
 The Company imposes service fee on sellers/buyers in return for providing the Service over the Internet. Fees are stated in the “Services Offered” section of the Company’s website, and are subject to change based on the situation and circumstances of the market and the Company. 
 The Company may discontinue any service in the event of a replacement by a new service or reasons that disable the Company from providing the Service.

Article 20 (Points) 
 Points refer to cryptocurrency used in the related services designated by the Company and can be refunded in cash.
 In principle, the Company shall accumulate points as payment to the seller at the conclusion of cryptocurrency trade. 
 The Company, at its sole discretion, may give points to members through events.
 Points granted pursuant to Section 3 may be cancelled due to the circumstances of the Company.
 The Company may restrict or prohibit cash refunds for the points granted under Section 3. These points can still be used for purchases.
 In principle, when a member cancels the membership or terminates the Service Agreement, all the points shall be refunded in cash. If there is no bank account number to send the refund to, such points may be destroyed.
 When a member cancels the membership or terminates the Service Agreement, all the points granted under Section 3 shall be destroyed.
 The Company has no obligation to pay financial interest on points.

 

Chapter 7. Protection of Personal Information


Article 21 (Consent for the Use of Member Information)
 Privacy Policy of the Company shall be applied to members’ personal information. Members providing their membership information during enrollment and consenting to this Agreement and Privacy Policy shall be deemed to have given consent for the Company to collect, use and disclose the membership information given on the enrollment form.  The Person-in-Charge of the management of membership information is the administrator designated by the Company.
 In order to provide more beneficial and convenient use of the Services of the Company as well as the affiliated services of its business partners, the Company may use the membership information in accordance with the procedures set forth in this Agreement or disclose such information to the business partners affiliated with the Company. Except in the case of a request from a national agency based on the provisions of laws and regulations such as the Electronic Communication Fundamental Law, or in the case of a request from the Korea Information Communication Ethics Committee (ICEC) for the purpose of criminal investigation, or in the case of a request in accordance with the procedures stipulated by other related laws and regulations, the Company, at any time, may disclose or provide members’ personal information to third parties only after notifying the purpose and details of information to be provided to its business partners and acquiring the members’ consent in advance.  However, the limitations described in this Section shall not be applied to the mutual exchange of transaction related information between the two parties upon the successful conclusion of a transaction.
 If the personal information provided on the request for the use of the Service or during the membership enrollment change, such changes must be immediately reported to the administrator or corrected in the Change Membership Information Menu.
 In regards to the preceding Section, members shall be held liable for any damages resulting from failure to update the information in time, and the Company shall have no liability for this.
 Article 9 of this Agreement shall be applied to member’s cancellation of the use of the Service. Upon cancellation of the use of the Service, data specified in the relevant laws and regulations such as the Consumer Protection Act in Electronic Commerce shall be preserved for a specified period of time and then destroyed upon expiration of time period. 
 The Company, even when obligated to destroy personal information, shall preserve personal information of members for a period time specified by relevant laws and regulations if there is a necessity to preserve information in accordance with the relevant laws and regulations such as the Commercial Law.
 Personal information provided by members shall not be provided for purposes other than those consented by the members, except in the following cases: 
1. When providing personal information to the payment agency for cryptocurrency billing and fee requests;
2. When providing personal information to the investigation institutions as legal evidence (in accordance with the legal procedures).

 

Chapter 8. Compensation for Damages and Exemption Clause


Article 22 (Compensation for Damage)
The Company shall not be liable for any accidents arising from transactions made outside of the rules on cryptocurrency trading set forth in this Agreement by the Company, and shall not be liable for any disputes arising from the negligence of a seller and/or a buyer. The damage caused by the Company’s business partners shall be in accordance with the terms and conditions of such business partners, and the Company, in principle, shall engage in the mediation to reach a settlement between the business partners and the members.

Article 23 (Exemption Clause)
 The Company shall be exempt from all liabilities in the following cases:
1. In the event of force majeure such as war, armed conflict, natural disasters or any events of national emergency; 
2. In the event of damages caused by intentional or negligent acts of the user;
3. In the event of a telecommunication service failure by a contact telecommunication provider under the Telecommunication Business Act.
 The Company shall not be liable for any disruption in the use of the Service due to the reasons attributed to members.
 The Company shall not be liable for member’s civil or criminal liabilities arising out of defamation or other illegal activities occurring during the use of the Service. 
 The Company shall not be liable for the contents of materials posted or transmitted by users.
 The Company shall not be liable for errors in the delivery of cryptocurrency occurring from service failure in the cryptocurrency issuance management system or telecommunication service system or due to periodical server inspection.
 The contents of the cryptocurrency registered on Airisu Exchange are registered by each member and thus the Company shall not be exempt from all liabilities on the contents.

 

Article 24 (Denial of Representation and Warrant)
 The Company does not have the authority to represent a member who sells or buys cryptocurrency, and any acts of the Company shall not be deemed as acts to represent a seller or buyer.
 The Company does not warrant the fact, authenticity or legality of the intents to buy or sell concerning the trades between members which are executed through the Service provided by the Company. Any act of the Company in regards to the trades of certain cryptocurrency between the Company and the members shall not be deemed as acts to represent a seller or buyer.
 The Company shall not be liable for any warranties of merchandise or service handled by the site links to the Company. The site links to the Company are operated independently and the Company shall not be held liable for any transactions made between the linked sites and the members.

Article 25 (Jurisdiction and Government Laws)
 Any litigations arising from disputes between the Company and members  in regards to the use of the Service including the Company’s fee system shall be settled by a court of competent jurisdiction that has the jurisdiction over the location of the Company’s headquarter.
 Any lawsuits between the Company and members concerning the use of the Service shall be governed by the Laws of the Switzerland.

Addenda  

This ‘Terms of Service’ shall enter into force on June 1, 2018.