Deribit (website: https://www.deribit.com) is a platform operated by Deribit B.V. incorporated in the Netherlands with registered address Stationsstraat 2, 3851 NH, Ermelo in the Netherlands and is a Bitcoin only based online trading platform. Deribit B.V. (in the future referred to as Deribit) was incorporated under the laws of the Netherlands.
Use of this Deribit website (“Website”) and the service offered on the Website (“Service”) are governed by the terms contained on this Terms of service page (“Terms”). This agreement entirely constitutes the agreement between the parties. All other information provided on the Website or oral/written statements made are excluded from this agreement; the exchange policy is provided for guidance only and does not constitute a legal agreement between the parties.
By accessing and using the website in any manner, you acknowledge that you have read, understood and agree to the Terms listed. Deribit can change any terms listed in this agreement without prior notice. You agree that you will continue to be bound to the terms listed and all of the conditions and that Deribit has no obligation to notify you of the changes. You understand this is your responsibility and that you have the ability to access and review these terms of service at any time and that you agree to do so.
All of the content, images, and any other material on the website is protected by copyright laws. Deribit owns these items as well as all trademarks and intellectual property and no permission implied for any use without expressed written consent by Deribit. You may, however, print excerpts from the website for non-commercial use as long as no alterations of the material are made.
You shall not in any circumstances obtain any rights over or in respect of the Website (other than rights to use the Website pursuant to these Terms and any other terms and conditions governing a particular service or section of the Website) or hold yourself out as having any such rights over or in respect of the Website.
The trading of goods and products, real or virtual, as well as virtual currencies, involves significant risk. Prices can and do fluctuate on any given day. Due to such price fluctuations, you may increase or lose value in your assets at any given moment. Any currency – virtual or not – may be subject to large swings in value and may even become worthless. There is an inherent risk that losses will occur as a result of buying, selling or trading anything on a market.
Bitcoin trading also has special risks not shared with official currencies or goods or commodities in a market. Unlike most currencies, which are backed by governments or other legal entities, or by commodities such as gold or silver, Bitcoin is a unique and backed by technology and trust. There is no central bank that can take corrective measure to protect the value of Bitcoins in a crisis or issue more currency.
Instead, Bitcoin is an as-yet autonomous and largely unregulated worldwide network. Traders put their trust in a digital, decentralized and partially anonymous system that relies on peer-to-peer networking and cryptography to maintain its integrity.
Bitcoin trading is probably susceptible to irrational (or rational) bubbles or loss of confidence, which could collapse demand relative to supply. For example, confidence might collapse in Bitcoin because of unexpected changes imposed by the software developers or others, a government crackdown, the creation of superior competing alternative currencies, or a deflationary or inflationary spiral. Confidence might also collapse because of technical problems: if the anonymity of the system is compromised, if money is lost or stolen, or if hackers or governments can prevent any transactions from settling.
Because on this platform there are derivatives being traded, there is additional counter party risk. Under extreme market circumstances Deribit could decide to partially or entirely close winning positions to be able to close loosing positions. Derivatives settle every day in 24h sessions. If bankruptcies in a session deplete the insurance fund, any further losses will be covered by profits made by traders on the platform on a pro rata basis. In such a case a all winning traders of a session would get taxed a percentage on their earnings to cover for other traders bankruptcies.
Though Deribit is only allowed to take such steps after the Deribit insurance fund is depleted. The fund was credited by Deribit with 25BTC. The fund will be used to cover for system losses due to bankruptcies. The current status of the insurance fund is shown in real-time on the “Insurance” page accessible on the platform.
Due to the nature of cryptocurrencies, there could occur situations where Deribit takes the step where contracts will be closed prematurely for platform integrity. Users of the platform are assumed to understand those risks. An extreme situation could for example occur during forks and splits of the bitcoin network.
You should carefully assess whether your financial situation and tolerance for risk is suitable for buying, selling or trading Bitcoins.
Accessing The Website
You must not use this website in any way that causes, or may cause, damage to the website or impairment of the availability or accessibility of the website; or in any way which is unlawful, illegal, fraudulent or harmful, or in connection with any unlawful, illegal, fraudulent or harmful purpose or activity.
You must not use this website to copy, store, host, transmit, send, use, publish or distribute any material which consists of (or is linked to) any spyware, computer virus, Trojan horse, worm, keystroke logger, rootkit or other malicious computer software.
You must not conduct any systematic or automated data collection activities (including without limitation scraping, data mining, data extraction and data harvesting) on or in relation to this website without Deribit’s express written consent.
It is the users responsibility to ensure that all usernames and passwords are kept confidential. If there is a loss or compromise of your username and password, it is your responsibility to notify Deribit immediately. Upon being notified, Deribit will initiate a reset of your password.
All users must maintain the understanding that maintaining a secure trading website is Deribit’s highest concern. Any user acknowledges that they will, at no time, ever knowingly try to undermine the security or integrity of the Deribit’s website or that of any third party software provider.
At no time should any user compromise the website in a way that would cause interference in the functionality of any part of the website.
All users have no expressed authority to use the Deribit website to interfere or access any account except those in which the user has authority to access.
No authority has been given for any user to upload any material into the Deribit website, and no authorization has been given to download any material from the site except where files have been made available for public download.
By accessing the Deribit website, you agree that all business conducted for the legal benefit of the users account.
By opening an account you represent and warrant:
- that you have accepted the Terms; and
- that you are at least 18 years of age and have the capacity to accept the Terms;
- that you are the legal owner of the Bitcoin you add to your account with Deribit.
- that using Deribit services does not constitute a breach of your home jurisdictions’ laws;
- that you are aware of the risks in using the services provided by Deribit. These risks include the high volatility risk of Bitcoin itself, the fact that you may lose all of the Bitcoins in your trading account if the market moves against you;
- that you will not be involved or initiate any form of market manipulation, including spoofing orders or otherwise;
- that the information or documents you provide are correct, genuine and up-to-date;
- that the Bitcoin withdrawal address you have provided is your own and that you have full control over this address;
- sign up for the newsletter.
Deribit will provide Market Data to facilitate the User’s use of the Site. Deribit makes NO WARRANTIES about the timelines, sequence, accuracy, or completeness of the Market Data, and you accept and agree that Deribit shall not be held liable for any inaccuracy, error, delay or omission resulting from the User’s use of such Market Data.
Deribit reserves the right to revise and/or discontinue any or all Services without prior notice to the Users.
Deribit makes no guarantee that the website will be uninterrupted or error free. Among other things, the operation and availability of the Deribit platform can be unpredictable and may from time to time be unaccessible. Deribit is not in any way responsible for any such interference that prevents your access or use of the Website and the Service.
Deribit reserves the right at any time to verify your identity.
We may impose certain trading limits before you are required to supply additional personal information about yourself and your transactions. By conducting business on the website you agree to cooperate with us in this process and will provide all documentation/information that we may require.
Deribit has the right to restrict the trading activity of any account in which we deem necessary based upon suspicion of any trading activity that has breached any of the rules listed or implied in these terms. This restriction may result in the cancelling of trades. Deribit is not responsible for any losses incurred by restricting trades, reversing or closing out trades early due to a suspected breach of this contract. You agree to hold the company harmless and indemnify Deribit against any action by you or any third party that might have been harmed by our actions. During the investigation of the conduct of the account, no trades, deposits or withdrawals will be allowed. At the conclusion of this investigation period, Deribit has the right to close out the account without providing any further explanation.
At any time, if we decide to close out your account, we will provide seven days notice. You will then have seven days to close out any outstanding positions. After seven days, if the positions are not closed, Deribit will take immediate action to close out the positions and return any remaining Bitcoin to you at the address on record.
It is our responsibility to maintain an orderly market and as such we may at our discretion halt trading on the Website due to market disruption or other relevant external events. We exclude all liability for any claimed losses or profits lost as a result of us halting trading.
Deribit has the right to reverse trades or adjust prices of trades that it regards as being traded at abnormal prices far away from the price level to be expected from an orderly market.
Nothing in this website disclaimer will exclude or limit any warranty implied by law that it would be unlawful to exclude or limit; and nothing in this website disclaimer will exclude or limit Deribit’s liability in respect of any:
fraud or fraudulent misrepresentation on the part of Deribit; or
matter which it would be illegal or unlawful for Deribit to exclude or limit, or to attempt or purport to exclude or limit, its liability.
At no time should any information provided in these terms or on the website that should be construed as financial advice. Deribit does not provide any opinion on the merits of any particular investment. Any information provided is for educational purposes to keep the investor informed of prices, ranges, and volatility of Bitcoins. Any decision to purchase or sell is done at the sole discretion of the account holder and as such, the account holder is liable for any loss suffered.
You agree to indemnify and hold harmless Deribit, its contractors, and its licensors, and their respective directors, officers, employees and agents from and against any and all claims and expenses, including attorneys’ fees, arising out of your use of the Website, including but not limited to out of your violation this Agreement.
In no event will Deribit, or its suppliers or licensors, be liable with respect to any subject matter of this agreement under any contract, negligence, strict liability or other legal or equitable theory for: (i) any special, incidental or consequential damages; (ii) the cost of procurement or substitute products or services; (iii) for interruption of use or loss or corruption of data; or (iv) for any amounts that exceed the fees paid by you to Deribit under this agreement during the twelve (12) month period prior to the cause of action. Deribit shall have no liability for any failure or delay due to matters beyond their reasonable control. The previous shall not apply to the extent prohibited by applicable law.
Any failure or delay by Deribit to enforce any of the Terms or to exercise any right under the Terms will not be construed as a waiver to any extent of our rights.
Except as permitted to the maximum extent by applicable laws, in no event shall Deribit, our directors, employees, agents, suppliers, resellers, service providers, or other users be liable for any direct, special, indirect, incidental, consequential, exemplary or punitive damages, including but not limited to damages for loss of use, loss of profits, loss of information, business interruption, revenue, or goodwill, whether on the basis of contract, tort (including but not limited to negligence), or otherwise arising out of the use or inability to use the site, or mistakes, omissions, interruptions, deletions, errors, defects, viruses, delays in operation or transmission or any failure of performance of the site or any information transmitted to Deribit.
To the maximum extent permitted by applicable laws, in no event shall the aggregate liability of Deribit, our directors, employees, agents, suppliers, resellers, service providers, or other users whether on the basis of contract, warranty, tort (including but not limited to negligence), product liability, strict liability, or other theory arising out of the use or inability to use the site, or mistakes, omissions, interruptions, deletions, errors, defects, viruses, delays in operation or transmission or any failure of performance of the site, exceed the fees paid by you to Deribit during the 6 months immediately preceding the date of any claim giving rise to such liability.
Breach of Terms
If any terms listed are violated, Deribit reserves the right to seek any and all legal remedies allowable by law to remedy the violation. These may include any and all of the following, restricting any activity in the account, freeze, close an account and limit activity to the Deribit website.
Deribit has the right and authority to disclose your user identity and personal details if required or requested by a court of law, governmental agency or any other law enforcement authority in such circumstances as Deribit in its sole discretion considers reasonably necessary or appropriate.
Changes of Terms
Deribit reserves the right to change, add or remove portions of these Terms, at any time, in an exercise of its sole discretion. You will be notified of any changes in advance through your Account. Upon such notification, it is your responsibility to review the amended Terms. Your continued use of the Site following the posting of a notice of changes to the Terms signifies that you accept and agree to the changes, and that all subsequent transactions by you will be subject to the amended Terms.
The Terms are governed by and construed in accordance with Dutch Law.