These Terms and Conditions of Use relate to the use of fofmine.com-related sites (hereinafter referred to as “sites”) provided by FOF association (hereinafter referred to as “company”) (hereinafter referred to as “members”). The purpose of this is to stipulate matters such as rights, obligations and responsibilities, conditions of use and procedures, etc..
By agreeing to these terms and conditions, the member agrees to have read, understand, and accept all terms and conditions set forth below.
PLEASE CAREFULLY READ THE TERMS APPLICABLE TO YOUR USE OF THE FOF SERVICES.
These Terms contain important provisions, including those that are legally binding.
As with all assets, the value of a “digital currency” (as defined below) such as FOF can fluctuate significantly and there is a significant risk of economic loss when buying, selling, holding or investing in digital currency and its derivatives. The user (“Member”) bears the risk of economic loss as a result. In addition, after FOF token is listed on a global exchange, the price may rise or fall according to market principles, and this price is not guaranteed by the company for any reason.
While using the FOF service, the member acknowledges and agrees that (1) he/she is aware of the risks associated with the transaction of FOF coins and related products. (2) The member acknowledges and agrees to assume all risks related to the use of FOF service and transaction of coins and related products. (3) The “Company” is not responsible for any risks or adverse results caused by the contents recognized and agreed by the “Member” as in the preceding paragraph.
By accessing, using or attempting to use the FOF service through membership registration in any way, the member is deemed to have accepted and agreed to these terms and conditions. If you do not agree to the terms and conditions, you may not access FOF or use the FOF service.
1. FOF service means an ecosystem and an independent platform, on which it operates, composed of FOF website (domain names include, but are not limited to, www.fofmine.com and fofswap.com), mobile applications, other applications developed to provide FOF services.
2. FOF service means various services provided to members by the company based on the Internet and/or blockchain technology and provided through the FOF website, mobile application, client and other forms (supported by future technology developments) including new services). FOF services include digital asset trading platforms, FOF decentralized exchanges (DEX), FOF academy, etc.
3. FOF account includes basic accounts, including primary accounts and sub-accounts, that members open on FOF-related sites to record FOF service use, transactions, mining, asset changes, and basic information. FOF accounts serve as the basis for members to enjoy and exercise their rights in the company. 4. Digital currency refers to cryptographic or digital tokens or cryptocurrencies of specific value that are based on blockchain and cryptographic technology and are issued and managed in a decentralized form.
5. Digital asset means digital currency, its commodities, or other types of digital assets with a specific value.
6. Cryptocurrency-to-cryptocurrency trading refers to spot trading in which one digital currency is exchanged for another digital currency.
Article 2[Effect of Contract and Changes]
1. These terms and conditions become a legally binding contract with respect to the rights and obligations between the member and the company.
2. The company may, if necessary, change or modify these terms and conditions at any time within the scope of not violating the relevant laws and regulations.
3. If the company changes or modifies these terms and conditions, the contents of the amendment and the date of application shall be specified and the contents will be posted on the "site" 7 days before the effective date.
4. Any amendments or changes to these Terms and Conditions will become effective immediately upon posting on the website or disclosure to Members. Therefore, if the member continues to use the FOF service or does not expressly express his/her intention to reject the modified or changed terms, it is deemed that the member agrees to the amended agreement and rules.
5. If the member does not agree to the changes in these terms and conditions, the member must immediately stop using the FOF-related service and may withdraw from the member. (Any use of FOF-related services right before leaving the service is deemed to have agreed to these terms and conditions)
6. Members are obliged to regularly check and familiarize themselves with the terms and conditions governing access to and use of the FOF service.
Article 3[Account Registration and Protection]
1. All members must provide their email address and password when registering for the FOF service and agree to these terms and conditions. The company may withhold or reject a member's FOF account opening if necessary.
2. Members must strictly abide by all mechanisms or procedures and guidelines of the company in relation to security, authentication, transaction, billing and withdrawal, and must take appropriate measures to log out of the FOF account each time the use of the service is terminated.
3. The member has the duty and responsibility to safely manage the FOF account and password, and if the member recognizes that the password has been stolen or used by a third party, it must immediately notify the company and follow the company's instructions. However, members are responsible for hacking and illegal use by third parties.
4. The member is solely responsible for all transactions according to the FOF account held by the member, and the company is not responsible for the transaction in the account.
5. The company is not responsible for any abnormal use of the account or for any loss, damage, liability, or cost that may occur when another person uses the member's password or account.
Article 4[Scope of Personal Information Disclosure]
a. Member's counterparty
b. FOF operators, shareholders, partners, investors, directors, supervisors, senior managers and employees of such entities
c. Joint Ventures, Alliance Partners and Business Partners of the Company
d. Partners required to use the service according to these terms and conditions (Agents, contractors, suppliers, third party service providers and professional advisory, information processing, education, market research, storage and storage, etc.)
e. Third-party business partners who provide goods and services or sponsor contests or other promotional activities, whether or not with the Company
f. Insurance companies or insurance inspectors and credit providers
g. In case of breach of contract or dispute in relation to these terms and conditions, an institution for dispute resolution (credit investigation, debt collection, etc.)
h. A business partner, investor, fiduciary or assignee involved in FOF's transaction of business assets (which may be extended to include mergers, acquisitions or sale of assets)
i. Professional consultants such as auditors and lawyers
j. Comply with applicable government regulatory or law enforcement agencies, or laws or regulations enacted by government agencies
k. Assignee of rights and obligations under these Terms
l. Banks, credit card companies and their service providers
m. A person with the member's consent as determined by the member or the contract
Article 5[Business Scope]
1. The company may invest the resources generated by the member participating in mining or the member purchasing the coin or using the program in other foreign exchange, real estate, cryptocurrency, block chain, company stock, etc.
2. The Company may review and execute investments in various ways determined by the Company for the purpose of allocating investment risk, balanced investment, and generating profits. However, losses may occur due to the nature of the investment.
Article 6[Mining and other programs]
1. The company may operate mining participation or similar programs for members who hold certain digital currencies in their FOF accounts.
2. The company may pay mFOF as a reward to members participating in mining or participating in other programs, and the mFOF payment rate (APR annual payment rate) may not be paid depending on the company's profit situation and may change from time to time.
3. mFOF is paid to members who participate in mining or other programs, and this mFOF can be exchanged and re-deposited in the fofswap.com dex program, and the company’s value may change depending on policies and business conditions . In addition, mFOF is a token based on BNB (Binance Coin) and is linked to the rise and fall of the BNB price regardless of the company's business situation..
4. FOF (Company) reserves the right, in its sole discretion, to start or end any program other than mining participation in a specific digital currency, or to change or modify the rules of the program.
5. Members are obligated to ensure that the source of digital currency and currency held in their FOF account is legal and compliant, and comply with applicable laws and regulations. If illegal matters are found regarding the source of digital currency and currency held by the member, the company freezes the member's account or suspends or rejects the compensation paid to the member for violating the rules of each mining or other program You can. In addition, the company has the right to take necessary measures against members in accordance with these terms and conditions or related rules.
Article 7[mFOF's Finance and Mining Policy]
1. The company distributes the amount of mFOF presented by the company to members who deposit FOF in their FOF account for mining participation.
2. mFOF maintains its value by using a part of the foundation's profits from each foundation belonging to FOF and a part of the FOF coin sales to purchase mFOF and provide liquidity. However, if the FOF or a foundation belonging to the FOF incurs a loss, this may not be implemented and the value of mFOF may decrease, and mFOF can only be exchanged for BNB or re-deposited on the limited DEX trading platform called fofswap.com to participate in mining. When re-depositing at fofswap.com, the source of revenue is mFOF<->BNB. When swapping, 10% of the coins used for each exchange are accumulated. Mining with equipment will be distributed according to the contribution rate.
3. A member may lose the right to receive a profit sharing payment in the event of a force majeure event such as bankruptcy, natural disaster, or hacking in the company. In this case, the member cannot raise any civil or criminal objection to the company. In addition, since members have already exchanged FOF and mFOF using their BUSD or BNB, civil and criminal objections cannot be raised for reasons such as rise or fall in FOF and mFOF coin prices after exchange.
Article 8[Responsibility for purchasing and selling tokens/coins, etc.]
1. A member cannot request a refund or cancellation for the purchase or sale of tokens/coins due to the nature of the product.
2. Transactions for digital currency held by members are carried out as follows.
a. FOF held by members can participate in mining through fofmine.com to acquire mFOF or sell through a listed global exchange. (However, due to company policy, all members cannot sell until November 15th, You can withdraw part or all of it and sell it according to the company policy. All members who read these terms and conditions are deemed to have agreed to it.)
3. In any case, the company does not guarantee or take responsibility for the purchase or sale of FOF coins by members. If a loss occurs as a result of purchase and sale of tokens/coins, etc., the loss is entirely attributable to the user. Losses caused by coin/token morning transfer (deposit to contract), etc., are entirely attributable to the member.
4. The company is not involved in or responsible for sales and purchases between members and any other transactions.
Article 9 [Indemnification]
1. The company does not guarantee investment principal and investment returns for members under any circumstances. Members shall be solely responsible for profits and losses resulting from price fluctuations after purchasing digital currency.
2. In the event of damage to the company or members due to the following reasons, the company is not responsible for the damage.
a. In case of force majeure, such as war, disaster, natural disaster, or equivalent national emergency
b. In case of observance of administrative dispositions and orders, etc. under de facto or law by government agencies
c. In case of service failure of telecommunication service providers including key telecommunication service providers according to the Telecommunications Business Act
d. In the event of a service failure due to a defect in the outsourcing system that cannot be managed by the company or a cause attributable to the user
e. Momentary increase in site access, server failure of some functions
f. In the event of a failure or error in the service transaction system, deposit/withdrawal system, and network of each digital asset (e.g., Ethereum network)
g. In case of damage without cause attributable to the company due to hacking, electronic crime, or other reasons similar to the above
Article 10[Account suspension, cancellation, termination, etc.]
1. In the following cases, the company immediately suspends the member's FOF account (and all accounts beneficially owned by the relevant institution or affiliate), freezes the digital assets of all such accounts, refuses to access the member's FOF account, or You reserve the right to suspend your account.
b. If the member's account is used for an unusual purpose
c. Your account is subject to government proceedings, criminal investigations, or other pending lawsuits
d. If the company detects unusual activity or unauthorized access to your account
e. Suspension or suspension of the account is required by a court order or order of a regulatory/government body
f. If other companies deem it necessary to suspend or suspend the account
g. When a member sells FOF or mFOF acquired after obtaining the FOF purchase benefit (lower price of $1 or less) under special conditions, in violation of the company's policy, or does not comply with the promises made with the company. Accounts linked to the account are frozen for any reason and cannot be permanently released.
2. The member agrees that the company will not be liable to the member for any permanent or temporary modification of the FOF account or the suspension or termination of access to all or part of the FOF service.
3. The company reserves the right to maintain and use transaction data or other information related to the member's FOF account.
4. The company reserves the right to terminate these terms and conditions directly by canceling the member's FOF account in any of the following cases.
a. In case a member is directly or indirectly registered as a FOF user (member) in the name of another person or is suspected of being registered
b. If the information provided by the member to the company is not true, inaccurate, outdated or incomplete
c. When the terms and conditions are modified or changed, the member applies for cancellation of the FOF account or expresses that he or she does not intend to accept the modified terms and conditions through other means
d. When the company becomes aware or suspects that digital assets or funds in the member's FOF account have been stolen or are not legally owned by the user (member)
5. If the Company has placed an administrative hold on some or all of a Member's funds or FOF account, the Company may continue to hold the account until objective evidence is submitted to the Company to substantiate that the dispute has been resolved.
6. The company will not be involved in the member's dispute or dispute resolution in the event of a dispute related to the member's funds or account.
7. The company may terminate the member's account ex officio in the following cases.
a. If the member does not have a log-in record for 30 consecutive days in the FOF account created by the member
b. If the member does not request the company to unblock within 30 days after the member's FOF account is blocked
c. If the company determines that it is appropriate to terminate the member's account
8. After the member's account is terminated, this account can no longer be used and the member is solely responsible for this.
1. When a member's FOF account is terminated, the account asset balance held by the member (including fees and liabilities owed by the member to the company) at the time 30 days have elapsed after the account is terminated immediately reverts to the FOF (company).
Article 12 [Law Compliance]
1. It is the member's responsibility to comply with local laws and other laws and regulations applicable to the member in relation to the legal use of the FOF service in the member's own jurisdiction. Member shall also consider all aspects of taxation, withholding, collection, reporting and remittance to the applicable tax authorities within the scope of local law and assume full responsibility for all of the above.
2. All FOF members promise to the company that their funds come from legitimate sources and not from illegal activities.
3. Members agree to require the company to provide or collect necessary information and materials about members in accordance with applicable laws.
4. The FOF Company maintains a position of cooperating with law enforcement agencies around the world and may cooperate with the confiscation, freezing or termination of accounts and funds of members displayed or investigated in accordance with legal order.
Article 13[Governing Law and Jurisdiction]
1. For disputes between the company and users (members), the law of the country to which the FOF company (Uzbekistan) or the FOF participating foundation (Malaysia, etc.) belongs shall be the governing law.
2. Where possible, the Company shall endeavor to resolve member concerns without resorting to formal legal proceedings, and each party shall endeavor to negotiate in good faith to resolve disputes.
3. In this case, the information provided during the negotiations must be kept confidential even after the end of the negotiations and cannot be used as evidence in subsequent legal proceedings.