Bybit (website: www.bybit.com) is a platform operated by Bybit Fintech Limited (which owns Bybit Fintech (Canada) Limited, a company registered as a money services business with FINTRAC with registration number M20624645).
Use of this Bybit website (the “Website”) and the service offered on the Website (the “Service”) are governed by the terms and conditions contained herein (the “Terms of Service” or “this Agreement”). This Agreement is entered into by and between you as the user and Bybit, and constitutes the entire agreement between the parties. All other information provided on the Website or oral/written statements made are excluded from this Agreement. Use of the words “Bybit”, “we,” “us,” or “our” in this Agreement refers to Bybit Fintech Limited and any or all of its affiliates.
Bybit reserves the right to change any of the terms and conditions in this Agreement without prior notice. You agree that you will continue to be bound by the terms and conditions in this Agreement as amended from time to time. You understand that Bybit has no obligation to notify you of any change or amendment made to this Agreement, and it is within your power and responsibility to access this page and review the most updated version of these Terms of Service at any time, and you agree to do so. Any and all amendments or changes to these Terms of Service will become effective upon publication. THEREFORE, YOUR CONTINUED USE OF THE WEBSITE AND THE SERVICE IS DEEMED YOUR ACCEPTANCE OF THE TERMS AND CONDITIONS IN THIS AGREEMENT AS AMENDED FROM TIME TO TIME.
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 of Service 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.
IF YOU DO NOT ACCEPT THE TERMS OF SERVICE OUTLINED IN THIS AGREEMENT OR ANY CHANGES THERETO, DO NOT ACCESS THIS SITE AND DO NOT USE THIS SERVICE.
PROHIBITION OF USE: YOU REPRESENT AND WARRANT THAT YOU HAVE NOT BEEN INCLUDED IN ANY TRADE EMBARGOES OR ECONOMIC SANCTIONS LIST (SUCH AS THE UNITED NATIONS SECURITY COUNCIL SANCTIONS LIST), THE LIST OF SPECIALLY DESIGNATED NATIONALS MAINTAINED BY OFAC (THE OFFICE OF FOREIGN ASSETS CONTROL OF THE U.S. DEPARTMENT OF THE TREASURY), OR THE DENIED PERSONS OR ENTITY LIST OF THE U.S. DEPARTMENT OF COMMERCE. YOU REPRESENT AND WARRANT THAT YOU ARE NOT LOCATED IN AND ARE NOT A RESIDENT OF ANY JURISDICTION WHERE THE SERVICES OFFERED BY BYBIT ARE RESTRICTED. For the avoidance of doubt, the prohibition of use shall cover a jurisdiction (i) where it would be illegal according to any applicable law (by reason of your nationality, domicile, citizenship, residence or otherwise) to access or use the Service or the Website; or (ii) where the publication or availability of the Service or the Website is prohibited or contrary to local law or regulation, or could subject Bybit or any member of its group to any local registration or licensing requirements.
YOU ACKNOWLEDGE AND AGREE THAT (1) YOU ARE AWARE OF THE RISKS ASSOCIATED WITH TRANSACTIONS OF DIGITAL CURRENCIES AND THEIR DERIVATIVES; (2) YOU SHALL ASSUME ALL RISKS RELATED TO THE USE OF THE SERVICE AND TRANSACTIONS OF DIGITAL CURRENCIES AND THEIR DERIVATIVES; AND (3) BYBIT SHALL NOT BE LIABLE FOR ANY SUCH RISKS OR ADVERSE OUTCOMES.
1.1. 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.
1.2. Bitcoin and Ethereum and any other virtual currency 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 and Ethereum and any other virtual currency are unique and backed by technology and trust. There is no central bank that can take corrective measure to protect the value of Bitcoin and/or Ethereum and/or any other virtual currency in a crisis or issue more currency. Instead, Bitcoin and Ethereum and any other virtual currency are as-yet autonomous and largely unregulated worldwide networks. 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.
1.3. Bitcoin, Ethereum or any other virtual currency 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, Ethereum or any other virtual currency 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.
1.4. Because on this platform there are derivatives being traded, there are additional risks involved. Under extreme market circumstances, whenever necessary, Bybit could decide to close partial or entire winning positions to be able to close losing positions. Derivatives are settled every day at a stipulated time determined by Bybit. If bankruptcies in a session deplete the insurance fund, any further losses will be covered by profits made by other traders on the platform based on Auto-Deleveraging ranking system determined by Bybit. In such circumstances, higher ranked profitable traders will get their winning positions partially or fully closed, depending on the size of the losses, to cover for other traders’ bankruptcies.
1.5. Though Bybit is only allowed to take such steps after the Bybit insurance fund is depleted. 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 History” page accessible on the platform.
1.6. Due to the nature of cryptocurrencies, there could occur situations where Bybit 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.
THERE MAY BE ADDITIONAL RISKS THAT WE HAVE NOT FORESEEN OR IDENTIFIED IN OUR TERMS OF SERVICE.
YOU SHOULD CAREFULLY ASSESS WHETHER YOUR FINANCIAL SITUATION AND TOLERANCE FOR RISK IS SUITABLE FOR BUYING, SELLING OR TRADING PERPETUAL CONTRACT.
2. Accessing the Website
2.1 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.
2.2 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.
2.3 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 Bybit’s express written consent.
2.4 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 Bybit immediately. Upon being notified, Bybit will initiate a reset of your password.
2.5 You understand that maintaining a secure trading website is Bybit’s highest concern. You must not attempt at any time to undermine the security or integrity of the Bybit website or that of any third-party software provider.
2.6 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.
2.7 All users have no expressed authority to use the Bybit website to interfere or access any account except those in which the user has authority to access.
2.8 No authority has been given for any user to upload any material into the Bybit website, and no authorization has been given to download any material from the site except where files have been made available for public download.
2.9 By accessing the Bybit website, you agree and acknowledge that all business is conducted for the legal benefit of the user’s account.
2.10 By opening an account you represent and warrant:
a) that you have accepted the Terms of Service; and
b) that you are at least 18 years of age and have the capacity to accept the Terms;
c) that you are the legal owner of the Bitcoin or Ethereum or any other virtual currency you add to your account with Bybit;
d) that using Bybit services does not constitute a breach of your home jurisdictions’ laws or violate any laws and regulations applicable to you, including but not limited to regulations on anti-money laundering, anti-corruption, and counter-terrorist financing;
e) that you are aware of the risks in using the Services provided by Bybit, including without limitation to those set out in Section 1 of this Agreement. These risks include the high volatility risks of Bitcoin and Ethereum and any other virtual currency themselves, the fact that you may lose all of the Bitcoin or Ethereum or any other virtual currency in your trading account if the market moves against you;
f) that you will not be involved or initiate any form of market manipulation, including spoofing orders or otherwise;
g) that the information or documents you provide are correct, genuine and up-to-date and you have the obligations to maintain them so on an ongoing basis whenever you use the Services and notify Bybit of any change of such information or documents;
h) that the Bitcoin or Ethereum or any other virtual currency withdrawal address you have provided is your own and that you have full control over this address;
i) that you are not located in and are not a resident of any jurisdiction where the Services offered by Bybit are restricted. For the avoidance of doubt, this statement shall cover a jurisdiction (i) where it would be illegal according to any applicable law (by reason of your nationality, domicile, citizenship, residence or otherwise) to access or use the Service or the Website; or (ii) where the publication or availability of the Service or the Website is prohibited or contrary to local law or regulation, or could subject Bybit or any member of its group to any local registration or licensing requirements.
You understand and acknowledge that if it is determined that you have given false representations as to your location or place of residence, Bybit reserves the right to close your account immediately and to liquidate any open positions.
2.11 Bybit will provide Market Data to facilitate the users’ use of the Website. Bybit makes NO WARRANTIES about the timelines, sequence, accuracy, or completeness of the Market Data, and you accept and agree that Bybit shall not be held liable for any inaccuracy, error, delay or omission resulting from your use of such Market Data.
2.12 Bybit reserves the right to revise and/or discontinue any or all Services without prior notice.
2.13 Bybit makes no warranty that the Website will be uninterrupted or error free. Among other things, the operation and availability of the Bybit platform can be unpredictable and may from time to time be inaccessible. Bybit is not in any way responsible for any such interference that prevents your access or use of the Website and the Service.
2.14 Bybit reserves the right at any time to verify your identity.
2.15 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 or information that we may require.
2.16 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.
2.17 Bybit 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.
3. Intellectual Property Rights
3.1 All intellectual property rights relating to all the material used on the Website including, but not limited to, design, structure, layouts, graphical images and underlying source code belongs to Bybit. All rights are reserved.
3.2 You acknowledge that, except as otherwise agreed between the parties in writing, all intellectual property rights of Bybit and the Website shall remain with Bybit.
3.3 By submitting content to any public area of the Website, including blogs, message boards, and forums, you grant Bybit a royalty-free, perpetual, irrevocable, non-exclusive right and licence to use, reproduce, modify, adapt, publish, translate, create derivative works from, distribute, communicate to the public, perform and display the content (in whole or in part) worldwide and to incorporate it in other works in any form, media, or technology now known or later developed, for the full term of any rights that may exist in such content. You also permit any subscriber to access, display, view, store and reproduce such content for personal use.
3.4 By submitting any content to the Website, you warrant that you are entitled to and have all necessary intellectual property rights over that content.
4. No Warranties
4.1 To the maximum extent permitted under applicable law, the Website and the Service are offered on an “as is” and “as available” basis, and Bybit expressly disclaims, and you waive, any and all other warranties of any kind, whether express or implied, including, without limitation, warranties of merchantability, fitness for a particular purpose, title or non-infringement or warranties arising from course of performance, course of dealing or usage in trade. Without limiting the foregoing, Bybit does not represent or warrant that the Website, the Service or information provided by Bybit are accurate, complete, reliable, current, error-free, or free of viruses or other harmful components. Bybit does not guarantee that any order will be executed, accepted, recorded or remain open. Except for the express statements, agreements and rules set forth in these Terms of Service, you hereby acknowledge and agree that you have not relied upon any other statement or agreement, whether written or oral, with respect to your use and access of the Website and the Service.
4.2 Without limiting the foregoing, you hereby understand and agree that Bybit will not be liable for any losses or damages arising out of or relating to: (a) any inaccuracy, defect or omission of digital assets price data, (b) any error or delay in the transmission of such data, (c) interruption in any such data, (d) regular or unscheduled maintenance carried out by Bybit and service interruption and change resulting from such maintenance, (e) any damages incurred by other users’ actions, omissions or violation of these terms, (f) any damage caused by illegal actions of other third parties or actions without authorization by Bybit; and (g) other exemptions mentioned in disclaimers and platform rules issued by Bybit.
4.3 The disclaimer of implied warranties contained herein may not apply if and to the extent it is prohibited by applicable law of the jurisdiction in which you reside.
5. External Website
5.1 Bybit makes no representation whatsoever about any external or third-party website you may access through the Site. Occasionally, the Bybit website may provide references or links to other websites (“External Websites”). We do not control these External Websites or third-party sites or any of the content contained therein. You agree that we are in no way responsible or liable for the External Websites referenced or linked from the Bybit website, including, but not limited to, website content, policies, failures, promotions, products, opinions, advice, statements, prices, activities and advertisements, services or actions and/or any damages, losses, failures or problems caused by, related to, or arising from those sites. You shall bear all risks associated with the use of such content.
5.2 External Websites have separate and independent terms of service and related policies. We request that you review the policies, rules, terms and regulations of each site that you visit. It is up to you to take precautions to ensure that whatever you select for your use is free of items such as viruses, worms, Trojan horses and other items of a destructive nature.
6. Financial Advice
6.1 At no time should any information provided in these terms or on the Website be construed as financial advice. Bybit 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 Bitcoin and Ethereum and any other virtual currency. Any decision to purchase or sell is done at the sole discretion of the user and as such, the user is liable for any loss suffered.
7. Data Protection
8.1. You agree to indemnify and hold harmless Bybit, its affiliates, contractors, licensors, and their respective directors, officers, employees and agents from and against any claims, actions, proceedings, investigations, demands, suits, costs, expenses and damages (including attorneys’ fees, fines or penalties imposed by any regulatory authority) arising out of or related to (i) your use of, or conduct in connection with, the Website or the Service, (ii) your breach or our enforcement of these Terms of Service, or (iii) your violation of any applicable law, regulation, or rights of any third party during your use of the Website or the Service.
9. Limited Liability
9.1. Except as permitted to the maximum extent by applicable laws, in no event shall Bybit, its affiliates and their respective shareholders, members, directors, officers, employees, attorneys, agents, representatives, suppliers, contractors, resellers, or service providers be liable for any 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, goodwill, cost of procurement of substitute products or services, interruption of use or loss or corruption of data, whether on the basis of contract, tort (including but not limited to negligence), statute, product liability, strict liability, or otherwise arising out of or in connection with the Website or the Service or any performance or non-performance thereof, any act or omission on the part of Bybit, or mistakes, omissions, interruptions, deletions, errors, defects, viruses, delays in operation or transmission or any failure of performance of the Website or any information transmitted by Bybit. In particular, without prejudice to the generality of the foregoing, Bybit shall have no liability for any failure or delay due to matters beyond our reasonable control.
9.2. To the maximum extent permitted by applicable laws, in no event shall the aggregate liability of Bybit, its affiliates and their respective shareholders, members, directors, officers, employees, attorneys, agents, representatives, suppliers, contractors, resellers, or service providers, whether on the basis of contract, tort (including but not limited to negligence), statute, product liability, strict liability, or otherwise arising out of or in connection with the Website or the Service or any performance or non-performance thereof, any act or omission on the part of Bybit, or mistakes, omissions, interruptions, deletions, errors, defects, viruses, delays in operation or transmission or any failure of performance of the Website or any information transmitted by Bybit, exceed the fees paid by you to Bybit during the six months immediately preceding the date of any claim giving rise to such liability.
9.3. If we are unable to perform the Services in the Terms of Service due to factors beyond our control including but not limited to an event of Force Majeure, change of law or change in sanctions policy we will not have any liability to you with respect to any failure or delay in providing the Services under this Agreement. A event of Force Majeure shall include, without being exhaustive, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; acts of terrorism; sabotage; strikes; epidemics; riots; power failures; computer failure and any such circumstances beyond our reasonable control as may cause interruption, loss or malfunction of utility, transportation, computer (hardware or software) or telephone communication service; accidents; labour disputes; acts of civil or military authority; governmental actions; or inability to obtain labour, material, equipment or transportation.
10.1 All calculations performed by the Bybit trading engine and as verified by Bybit are final.
11. Termination & Remedies for Breach of Terms
11.2 In case of any of the following events, Bybit shall have the right to directly terminate these Terms of Service by cancelling your account, and shall enjoy the right but not the obligation to permanently freeze (cancel) the authorizations of your account on Bybit: (a) you register in any other person’s name as a user again, directly or indirectly; (b) the information that you have provided is untruthful, inaccurate, outdated or incomplete; (c) when these Terms of Service are amended, you state your unwillingness to accept the amended Terms of Service by applying for cancellation of your account or by other means; (d) you request that the Service be terminated; and (e) any other circumstances where Bybit deems appropriate to terminate the Service.
11.3 Should your account be terminated, the account and transactional information that meet data retention standards will be securely stored for 5 years. In addition, if a transaction is unfinished during the account termination process, Bybit shall have the right to notify your counterparty of the situation at that time. You acknowledge that a user-initiated account exit (right to erasure under GDPR or other equivalent regulations) will also be subjected to the termination protocol stated above.
11.4 If Bybit is informed that any digital assets or funds held in your account are criminal proceeds or otherwise are not lawfully possessed by you, Bybit may, but has no obligation to, place an administrative hold on the affected funds and your account. If Bybit does lay down an administrative hold on some or all of your funds or account, Bybit may continue such hold until such time as the dispute has been resolved and evidence of the resolution acceptable to Bybit has been provided to Bybit in a form acceptable to Bybit. Bybit will not involve itself in any such dispute or the resolution of the dispute. You agree that Bybit will have no liability or responsibility for any such hold, or for your inability to withdraw digital assets or funds or execute trades during the period of any such hold.
11.5 Except as set forth in paragraph 11.6 below, once your account is closed/withdrawn, all remaining account balance (which includes charges and liabilities owed to Bybit) will be payable immediately to Bybit. Upon payment of all outstanding charges to Bybit (if any), the remaining assets will be transferred to you at the address on the record.
11.6 Bybit maintains full custody of the assets, funds and user data/information which may be turned over to governmental authorities in the event of your account’s suspension/closure arising from fraud investigations, investigations of violation of law or violation of these Terms of Service.
12. Disclosures to Legal Authorities and Authorized Financial Institutions
12.1 We may share your personal data with law enforcement agents, data protection authorities, government officials, and other authorities when:
a) required by law;
b) compelled by subpoena, court order, or other legal procedure;
c) we believe that disclosure is necessary to prevent damage or financial loss;
d) disclosure is necessary to report suspected illegal activity; or
13. Absence of Waiver
13.1 Any failure or delay by Bybit to enforce any of the terms of this Agreement or to exercise any right hereunder shall not be construed as a waiver to any extent of our rights.
14. Changes of Terms
14.1 Bybit reserves the right to change any of the terms and conditions in this Agreement without prior notice. You agree that you will continue to be bound by the terms and conditions in this Agreement as amended from time to time. You understand that Bybit has no obligation to notify you of any change or amendment made to this Agreement, and it is within your power and responsibility to access this page and review the most updated version of these Terms of Service at any time, and you agree to do so. Any and all amendments or changes to these Terms of Service will become effective upon publication. THEREFORE, YOUR CONTINUED USE OF THE WEBSITE AND THE SERVICE IS DEEMED YOUR ACCEPTANCE OF THE TERMS AND CONDITIONS IN THIS AGREEMENT AS AMENDED FROM TIME TO TIME.
15.1 Should any provision of these Terms of Service be held to be void, invalid, unenforceable or illegal by a court, the validity and enforceability of the other provisions shall not be affected. If any provision is determined to be unenforceable, you agree to an amendment by Bybit of such provision to enable the enforcement of the original intent of such provision, to the maximum extent permitted by applicable law.
16. Governing Law
16.1 The Terms are governed by and construed in accordance with BVI Law.
17. Dispute Resolution
17.1 The courts of the British Virgin Islands have exclusive jurisdiction to settle any dispute arising from or connected with these Terms of Service (including a dispute relating to the existence, validity or termination of these Terms or the consequences of their nullity or any non-contractual obligation arising out of or in connection with these Terms of Service).