1 of 16

法律信息

General Legal

User Agreement

View our User Agreement regarding the use of Backpack Exchange
View our Terms of Service for Borrow and Lending Services
View our Terms of Service for Margin Trading Services
View our Terms of Service for Line of Credit

Privacy Policy

Privacy policy for the processing of personal data on the Backpack Exchange regarding the use of our services, products, website or mobile application.

View our Privacy Policy

For Backpack Europe Users

View our Backpack Europe Privacy Policy

Cookie Policy

Learn about our Cookie Policy for the collection and management of user information when using Backpack Exchange services, products, website, or mobile application.

VARA Disclosures

Virtual Asset Standards

Virtual Asset Standards (VA Standards) for the Backpack Exchange in according with requirements set by the Dubai Virtual Assets Regulatory Authority (VARA).

‍

At Trek Labs Ltd FZE d/b/a Backpack Exchange (Backpack Exchange), we take our regulatory obligations seriously, and as such, we have established a set of VA Standards in accordance with the requirements set out by our regulator, the Dubai Virtual Assets Regulatory Authority (VARA). These Virtual Asset Standards (VA Standards) are designed to ensure that all Virtual Assets (VA) supported by Backpack Exchange meet appropriate regulatory requirements and are suitable for our clients. Our VA Standards are disclosed on our website, and we take all reasonable steps, including relevant due diligence, to ensure that all Virtual Assets we support meet these standards.

‍

Our VA Standards are set forth below.

‍

For any VA to be listed, or remain listed, on the Backpack Exchange:

it must be sufficiently liquid and meet minimum market capitalization and fully diluted value requirements.
it must have clear features, use cases, utility or community interest.
it must not be a “privacy coin” or contain any anonymity features that prevent traceability of transactions.
It must not be predominantly used for money laundering or terrorist financing activities.
it must comply with all laws, regulations, rules and directives applicable to it.
it must not be prohibited by VARA or any other appropriate authorities.

‍

Furthermore, when considering the listing of any VA on, or keeping any VA listed on, the Backpack Exchange;

We will take into consideration any guidance as to the regulatory treatment of a VA by VARA and other appropriate authorities.
We will assess the security and immutability of the underlying DLT protocol, considering factors such as 51% attack likelihood, uptime, frequency and severity of transaction backlogs/ability to make transfers effectively, and any hacks or protocol errors.
We will take into consideration the future development of the VA as communicated by the Issuer and/or relevant developers, whether this exists and to what extent, as well as the content of it.
We will assess any previous instances of price manipulation, as well as the potential susceptibility of price manipulation, considering factors like team and holder concentration, and market liquidity, and any relevant mitigants that could be put in place.
We will assess any potential or actual conflicts of interest, and any relevant mitigants to such conflicts that could be put in place.
We will assess the background of the issuer of the VA, including their experience in the VA sector, any adverse media, and any investigations or claims in relation to fraud, deceit, market manipulation or other illicit behaviour.
We will consider any rights related to the VA, including whether they represent rights to any other assets (such as real world assets or airdrops of other VAs), and the enforceability of those rights.
we will assess the availability of sufficient assets in order that we are able to satisfy any obligation we have with respect to the VA and any relevant VA Activities.
We will, if the VA has an underlying physical market, assess and form an understanding of the underlying physical market and assess whether, and to what extent, the VA in question can have adverse impacts on such a market.
We will, if applicable, review, and periodically review, any terms and conditions for appropriate correlation with any physical market to ensure conformity with standards and practices in that physical market.
We will take into consideration any other factors, benefits and risks we may deem relevant, to our clients and to the exchange.

‍

As part of Backpack Exchange’s VA Listing Policy, VA Standards will all be assessed when any VA is being considered for listing on Backpack Exchange. The information gathered, analysis performed and decision on whether to list will be documented, with such documentation kept on file for eight years and available to VARA upon request.

‍

Similarly, Backpack Exchange reviews listed VAs to ensure they continually meet the VA Standards every six months, or as soon as possible if Backpack Exchange becomes aware of any developments, related to the VA in question, that would potentially result in the VA no longer meeting the VA Standards. The information gathered, analysis performed and any decisions reached on whether the VA remains listed or not will be documented, with such documentation kept on file for eight years and available to VARA upon request.

‍

Backpack Exchange shall regularly, and on an ongoing basis, assess relevant information to ensure that a Virtual Asset that it provides VA Activities in relation to continues to meet its VA Standards. A Virtual Asset that initially meets Backpack Exchange’s VA Standards may no longer fulfil such standards in the event of certain events, such as evidence of market manipulation by the issuer, lack of sufficient assets to satisfy the issuer’s obligations, treatment of a Virtual Asset as a regulated financial instrument by VARA or other appropriate authorities, fraud, or other similar events. In the event that a Virtual Asset no longer meets our VA Standards, we may suspend support for such Virtual Assets. We have necessary operational procedures and controls in place for such suspensions, and we will notify the appropriate regulators as soon as possible after becoming aware of any such issues. We take all necessary steps as directed by regulators to minimise any adverse impact on our clients arising as a result.

VARA License Information

Information regarding the Backpack Exchange VARA license including license number, licensed activities and names of all responsible individuals.

‍

License Number

License No. VL/23/07/001

‍

Licensed Activities

Virtual Asset Service Provider (Full Market Product) License

‍

Names of All Responsible Individuals

Sherif Eid, Head of Compliance

Nicholas Ting, Head of Operations

Risk Disclosures

Risk disclosures for trading Virtual Assets and use of the services and services provided on the Backpack Exchange website and mobile application.

‍

Last Updated: October 31, 2023

Virtual Asset means any Virtual Asset (including any virtual currency or virtual commodity) which is a digital representation of value based on (or built on top of) a cryptographic protocol of a computer network. You should not trade or invest in Virtual Assets unless you fully understand the highly speculative nature, complexity, and risk inherent in the transactions you enter into, and your exposure to financial loss. Only persons with adequate understanding of the economic, legal, and other risks associated with Virtual Assets, and who are willing to assume such risks, should trade in Virtual Assets. We set out below the risks of trading Virtual Assets and of the use of the services provided by Trek Labs Ltd FZE dba Backpack Exchange (“Backpack Exchange”). Note that there may be additional risks that we have not foreseen or identified as part of this risk disclosure statement. You should carefully assess whether your financial situation and risk tolerance is suitable for trading in Virtual Assets. Backpack Exchange does not provide trade recommendations, investment advice or financial advisory services.The risks described below may result in the loss of Virtual Assets, a decrease in or loss of all value for Virtual Assets, an inability to access or transfer Virtual Assets, an inability to trade Virtual Assets, an inability to receive financial benefits available to other Virtual Asset holders, and other financial losses to you.

1. General risks associated with Virtual Assets

Total loss - A Virtual Asset may lose all of its value, and subsequently you may lose any fund invested in such Virtual Asset and losses may occur over a short period of time.
Not a legal tender or backed by a government - Virtual Assets are not a legal tender and are not backed by any government.
Complexity - The features, functions, characteristics, operation, use and other properties of any Virtual Asset and the software, networks, protocols, systems, and other technology (including, if applicable, any blockchain) used to administer, create, issue, transfer, cancel, use or transact in any Virtual Asset may be complex, technical or difficult to understand or evaluate.
Valuation and market/price - The price of Virtual Assets traded on an exchange is derived based on the market data and price information on the exchange. Such market data and price information may be different from the information available on other exchanges given the fact that Virtual Assets can be traded on other exchange platforms. Prices can and do fluctuate at any given time. Due to such price fluctuations, the value of your investment in Virtual Assets may decrease at any given moment. Virtual Assets may be subject to large swings in value and may even become worthless. Trading activity in a particular Virtual Asset traded on another exchange could affect the price of that Virtual Asset on Backpack Exchange’s online trading platform.
Volatility - The price of Virtual Assets can be subject to large fluctuations (whether in a Virtual Asset/fiat pairing or Virtual Asset/Virtual Asset pairing). The price of a Virtual Asset can be volatile, unpredictable, and inconsistent. Sudden shifts in prices are possible at any given moment and could result in significant loss.
Liquidity - Markets for Virtual Assets can at times become “illiquid,” which means there can be a scarcity of persons who are willing to trade at any one time. Thinly traded or illiquid markets have potential increased risk of loss because Virtual Assets can experience high volatility of prices and in such markets market participants may find it impossible to liquidate market positions except at very unfavorable prices. There is no guarantee that the markets for any Virtual Asset will be liquid or permit you to establish or liquidate Virtual Assets positions when you want, or at favorable prices.
Irrational market forces - Virtual Assets are probably susceptible to irrational loss of confidence or market forces (e.g. as a result of any misleading statements or rumors), which could cause a collapse in the demand relative to supply without a reason anchored in reality. Many Virtual Assets have no underlying value other than the trust the holder of such Virtual Assets places in them. References to ''market capitalisation'' in connection to Virtual Assets should not be confused with the intrinsic value of other assets, such as equities, which are valued and whose market capitalisation depends on the intrinsic value of the legal entity which they represent a share in i.e. the value of the underlying assets and liabilities of a corporation.
Financial crime risk - Virtual Assets provide a higher degree of anonymity for their holders and makes it more difficult to trace them compared to conventional assets, which can lead to an increased risk of Virtual Assets being used for, or being connected to, financial crime (which includes (i) fraud or dishonesty; (ii) money laundering such as the handling of proceeds of crime; (iii) the financing of terrorism; or (iv) dealing with sanctioned persons or breaching economic sanctions).
Cyber-attack risks - The intangible nature of Virtual Assets and their heavy reliance on technology may make them subject to an increased risk of cyber-attack and theft. Virtual Assets are susceptible to specific types of cyber-attacks as a result of their network architecture. For example, Bitcoin and Ethereum rely on a Proof-of-Work consensus mechanism, in which a distributed network of computers (known as miners) complete complex mathematical problems in order to validate and record transactions. Theoretically, a malicious actor could gain control of >50% of the network computing power (known as a 51% attack) to rewrite transactions or create fake ones in order to steal assets from exchanges and other service providers. Polkadot relies on a Proof of Stake consensus mechanism, in which a set number of node operators (known as validators) post collateral in order to validate and record transactions. A validator will lose some or all of its collateral if it behaves maliciously or carelessly. Theoretically, a validator or group of validators could post enough collateral to control the validation and recording of transactions. While these kinds of attacks are theoretically possible, they require significant capital to be carried out successfully.
Technology risks - Trust and confidence may collapse in a Virtual Asset such as Bitcoin because of, but not limited to, unexpected changes imposed by the software developers or others, changes introduced by the relevant authority or regulator, the creation of superior competing alternative Virtual Assets, or a deflationary or inflationary spiral. Confidence may 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 are able to prevent any transactions from settling. There may be no mechanism for the recovery of lost or stolen Virtual Assets. Any Virtual Asset or technology may change or otherwise cease to operate as expected due to a change made to the underlying technology, a change made using features or functions built into the underlying technology or a change resulting from an attack. These changes may include, without limitation, a “fork” or “rollback” of a Virtual Asset or blockchain. Finally, due to their nature, technological difficulties experienced by Backpack Exchange may prevent access or use of Virtual Assets.
Irreversible transactions - Each Virtual Asset has its unique deposit address. If an exchange user accidentally deposits any other Virtual Assets into the address, those Virtual Assets would be lost forever and cannot be recovered. Likewise, if an exchange user accidentally types in a wrong withdrawal address, once the withdrawal request is processed and the transaction is completed from the Exchange’s end (once the Virtual Asset leaves Backpack Exchange’s wallet system), the transaction is irreversible, and the withdrawn amount cannot be retrieved by the exchange user. Finally, and for the same reason, Virtual Assets which are stolen as a result of a cyber-attack, as well as Virtual Assets where the private keys are lost, destroyed or stolen, may not be recoverable.
Acceptance as payment - There is no assurance that a counterparty who accepts a Virtual Asset as payment today will continue to do so in the future. Changes to laws and regulations might prevent a counterparty from accepting a Virtual Asset as payment. Virtual Assets not being a "legal tender", a counterparty could refuse to accept them as a means of payment.
No central bank or other official support - There is no central bank that can take corrective measures to protect the value of Virtual Assets in a crisis. Virtual Assets are only backed by technology and mutual trust, and therefore rely heavily on the technology and economic model its community and developers have built. Any changes in the core logics of these could result in a collapse of its price and value.
Regulatory risk - The regulation of Virtual Assets continues to evolve in various jurisdictions. Regulation may develop that restricts the use of Virtual Assets or otherwise influences the demand for Virtual Assets, which may affect the price of Virtual Assets. Furthermore, banks and other financial institutions may refuse to process funds for Virtual Asset transactions, process wire transfers to or from Virtual Asset trading platforms, Virtual Asset-related companies or service providers, or maintain accounts for persons or entities transacting in Virtual Assets. This might result in you holding Virtual Assets which you are unable to convert into fiat currency to use.
Tax risk - Virtual Assets gains are typically subject to tax, depending on the user’s country of residence, and may impact a user’s tax footprint or optimization. If you have any further tax concerns pertaining to Virtual Assets you are best advised to visit the relevant country’s tax website or consult your own financial, investment, tax, or legal adviser.
Stablecoin Risks. Stablecoins are often backed by reserves including fiat currencies, short term government and other bonds, as well as other assets. However, they are generally not subject to any form of deposit or government insurance. For some stablecoins, the underlying reserves may not be audited, and the types of reserves backing the stablecoin is unable to be confirmed. As a result, in addition to fees charged by the issuers, users and investors may face difficulties redeeming stablecoins for their underlying assets. In addition, if the collateral loses value, or are seen as unstable, non-redeemable, or not otherwise protected, whether in actuality or in perception, then the stablecoin may destabilize, resulting in a loss of the peg. The security and operational integrity of the custody and mint and redemption platforms associated with stablecoins are also critical. Any breach or failure can result in significant losses to stablecoin holders. Stablecoin issuers and operators also navigate complex and evolving regulatory landscapes across jurisdictions. Failure to comply with these financial laws and regulations can result in fines, restrictions or the shutdown of operations, affecting the value and liquidity of the stablecoin.
Memecoin Risks. Memecoins often rely on social media buzz, hype and endorsements from influencers and opinion leaders for their valuation. Any negative shift in sentiment or fading interest can rapidly cause their value to depreciate, including to zero in a short amount of time. In addition, unlike traditional assets or some crypto assets with utility or underlying projects, meme coins often lack intrinsic value, making their long-term viability and price stability highly uncertain. In addition, the memecoins are susceptible to manipulation through pump-and-dump schemes, where prices are artificially inflated to attract buyers before the assets are sold off, leading to a sharp decline in value. Many meme coins are also launched with minimal planning or long-term vision, and the risk of developers abandoning the project is significant. The success of certain meme coins has led to a proliferation of similar tokens, many of which are created solely to scam unwary investors. Distinguishing legitimate projects from scams in a hype-driven market can be highly challenging.

‍

2. Risks associated with Backpack Exchange products and services

Trade execution risk - Backpack Exchange may perform additional reviews or monitoring of a user’s onboarding or any Virtual Asset trade and transaction request which might require, among other things, requesting additional documentation during such review or monitoring. This additional review or monitoring, which may be required for compliance reasons, may delay trading, and therefore could potentially cause a user to miss out on a trade opportunity or expected profit.
Internet trading risks - There are risks associated with Backpack Exchange’s technology service providers which enable its users to trade on its exchange. Although Backpack Exchange carefully chooses its providers and the solutions it uses, Backpack Exchange’s users would still be exposed to risks which include, but are not limited to, the failure of hardware, software and hacking through internet connection. users may experience communication failures, disruptions, errors, distortions, or delays when trading due to network failure from the user’s end, which might result in losses.
Risks of cyber-attack
- Website Phishing Risk: Attackers may host a similar website which has a similar domain name as the Backpack Exchange website. By sending phishing emails or chat messages, attackers may induce users to access the phishing website where they would input their password or disclose other sensitive information, which could then be used by the attackers.
- Official Account Phishing Risk: Attackers may create accounts with the same nickname and avatar as Backpack Exchange employees on websites, social media pages or chat rooms. With these fake accounts, attackers may induce users to disclose their passwords or other sensitive information.
- "Remote Hacking" Risk: users can expose their computer or mobile device to remote hacking by unconsciously downloading viruses from the internet or other connecting devices. Hackers can then access and control a user’s device without the user being aware. In this case, a hacker might login to and operate a user’s trading account. If a hacker has obtained enough information for him to pass all security measures on the Backpack Exchange online trading platform, and the system is tricked into considering the attacker as the legitimate user, the attacker would be able to transfer all funds or Virtual Assets in the user’s account to other addresses.
Weak User Password/"Brute force" attack risk - Users sometimes use weak passwords to protect their Backpack Exchange accounts. Attackers may attempt to login to the Backpack Exchange online trading platform by attempting to guess a user’s password through trial and error, by enumerating weak or common passwords, or by using username password combinations leaked from other websites.
"Hard Forking" risk - A "hard fork" results in a Virtual Asset forked from the original one. Accepting the original Virtual Asset does not mean Backpack Exchange automatically accepts any new Virtual Asset that is forked from the original accepted one. In case that Backpack Exchange does not support the forked Virtual Asset, users will not be able to trade the forked Virtual Asset and need to withdraw it to other addresses for further action. During this time the price of the forked Virtual Asset might decrease.
Regulatory risk - Backpack Exchange may be subject to supervisory or enforcement action by certain regulators or government agencies, which may result in suspension of trading on the Backpack Exchange Platform or in users being unable to have control or access over their Virtual Assets for a period of time. This could eventually impact the value of Virtual Assets.

Price Quotes

For spot trading, the price of each Virtual Asset is solely determined by users on the orderbook (i.e., the price other users are willing to buy or sell).

Such market price may be influenced by a number of factors, such as liquidity of the token and market volatility.

For the convert feature, Backpack Exchange operates a request-for-quote system whereby (1) a user will submit a request to purchase or sell a given number of Virtual Assets, (2) Backpack Exchange will request quotes from liquidity providers to fulfill the users' request, and (3) provide the user with the best quote with a small additional spread charged by Backpack Exchange.

Exchange Trading Rules

‍Last updated: November 19, 2023

‍

Introduction
1. These exchange trading rules (“Rules”) specify the requirements and conditions for Users to trade on the Virtual Asset exchange platform, mobile application or other platforms (collectively, “Platform”) operated by Trek Labs Ltd FZE d/b/a Backpack Exchange (“Backpack Exchange”), a company established in the Emirate of Dubai and licensed and regulated by Dubai Virtual Assets Regulatory Authority (“VARA”) under license number VL/23/07/001.
2. These Rules govern the use of the Platform including access to the Order Book and the Orders placed via Platform.
3. Capitalized terms not defined herein shall have the meanings ascribed to them in the Backpack Exchange User Agreement (“User Agreement”) entered into between the User and Backpack Exchange.
4. Each User expressly agrees to be bound and comply with these Rules and any rules, procedures, notices, instructions or directions issued by Backpack Exchange pursuant to these Rules.
5. Users must read and acknowledge the Risk Disclosure Statement, before trading on the Platform.
6. These Rules form part of the User Agreement entered into between each User and Backpack Exchange and in the event of any conflict between these Rules and the User Agreement, these Rules shall prevail.
7. These Rules along with the User Agreement and the Risk Disclosure Statement constitute a binding contract between Backpack Exchange and each User of the Platform.
Applicability
1. These Rules shall be applicable to all Users and to all transactions facilitated on the Platform.
2. These Rules and amendments thereto shall be effective from the date of the publication.
3. Users of the Platform shall be subject to these Rules until they cease to be a User, for any reason whatsoever. A former User shall be bound by these Rules in respect of all activities which took place prior to termination of the User’s access and privileges.
Scope of Backpack Exchange’s powers
1. Backpack Exchange is empowered under these Rules to supervise its market. Without limitation, Backpack Exchange reserves the right to:
  1. notify terms, conditions, rules, restrictions, and procedures for registration of Users;
  2. notify terms, conditions, rules, restrictions and procedures to be complied with for admission and continued inclusion, of Virtual Asset(s) or other tokens, for trading on the Platform;
  3. stipulate the terms, conditions, rules, restrictions, and procedures, including the time, mode and manner, for Execution of trades between Users and the trading and settlement procedures for Backpack Exchange’s market in compliance with the Applicable Laws and Regulations;
  4. determine fees and other charges payable to Backpack Exchange by Users;
  5. initiate disciplinary proceedings against Users and impose disciplinary actions as per Rules 13 and 14 of these Rules;
  6. take such actions as Backpack Exchange deems necessary to ensure fair and orderly trading in the market;
  7. notify the terms, conditions and procedures to suspend or terminate a User’s access to the Platform;
  8. Impose restrictions on a User’s usage of the Platform including trading limits;
  9. impose suspension of trading;
  10. amend these Rules from time to time;
  11. undertake any measures or steps as may be mandated by VARA, or any other Competent Authority in relation to Backpack Exchange’s Platform, the listed Virtual Assets or the Users;
  12. exercise any other powers which Backpack Exchange may have under the User Agreement; and
  13. exercise any powers which it may have under Applicable Laws and Regulations.
User Access and Code of Conduct
1. Backpack Exchange enables Users to directly trade on the Platform, without the involvement of any intermediary or member, upon successful completion of the onboarding process of Backpack Exchange.
2. Backpack Exchange conducts due diligence of each new User before onboarding and monitors their ongoing compliance with the Applicable Laws and Regulations.
3. The admission of any applicant as a User shall be at the sole discretion of Backpack Exchange.
4. Backpack Exchange will grant access to the Platform or its services only to an applicant who has completed Backpack Exchange's onboarding requirements, including AML-KYC procedures.
5. As part of the onboarding process, applicants are required to provide Backpack Exchange with relevant information and documentation for identity verification and other screening procedures. Based on Backpack Exchange’s risk assessment, Backpack Exchange may at its discretion, require an applicant to provide additional documents/information.
6. Backpack Exchange shall, on an ongoing basis, review client due diligence (“CDD”) records to ensure that the records are up-to-date and that no identification documents provided have expired.
7. The User acknowledges that Backpack Exchange, either directly or through a third party, may conduct necessary checks to verify the User's identity, identify traces of money laundering, terrorist financing, fraud or other financial crimes or for other lawful purposes. These checks may include but are not limited to (a) verifying the User's identity information in public reports, such as their name, address, past addresses, or date of birth; and (b) taking actions that Backpack Exchange deems reasonably necessary based on the results of such verifications and reports.
8. Backpack Exchange may, in its absolute discretion, accept the applicant as a User, if the applicant complies with Rule 4.2 and Rule 4.3, and satisfies the criteria in Rule 5.
9. Backpack Exchange retains the absolute right, without any liability or obligation to provide an explanation, to suspend or terminate a User's access to the Platform in accordance with the terms outlined in the User Agreement and these Rules. In case of such suspension or termination of access, Backpack Exchange will notify the user via email or other forms of communications permitted by the User.
10. Backpack Exchange shall engage in ongoing monitoring of the User's transactions on the Platform and retains the right to request supplementary documentation or information from the User concerning any transaction conducted on the Platform.
11. Backpack Exchange reserves the right to classify the User as a Retail Investor or an Institutional Investor, in accordance with the Applicable Laws and Regulations.
Eligibility Criteria
1. By registering to open and use a Backpack Exchange Account, the applicant represents and warrants that the applicant:
  1. is a natural person above 21 years of age or a legal person validly organized and in good standing under the Applicable Laws and Regulations;
  2. as a natural person or legal person has full legal capacity and sufficient authorizations to be bound and comply with these Rules;
  3. has not previously been suspended or terminated as a User of Backpack Exchange or any other Virtual Asset exchange;
  4. does not have an existing account with Backpack Exchange;
  5. if a natural person, is applying for an Account exclusively for their own use and not on behalf of any other person;
  6. if acting as an employee, agent of or on behalf of a legal entity, the applicant has all the necessary rights and authorizations to bind such legal entity and to access and use the Platform on behalf of such legal entity;
  7. has full power and authority to enter into the User Agreement and in doing so will not violate any other agreement to which the applicant is a party;
  8. is not located in, or a citizen or resident of any state, country, territory, or other jurisdiction where access to the Platform or the use of Backpack Exchange’s services may be restricted or prohibited by Backpack Exchange (for example, jurisdictions that are subject to economic sanctions);
  9. has not been named on any sanctions list or otherwise subject to any applicable sanctions;
  10. is of sufficient good repute;
  11. has sufficient technical competence to use the facilities of the Platform;
  12. has read and understood the Risk Disclosure Statement and other risks associated with the use of the Platform or Virtual Assets in general.
  13. has not been convicted of an offense involving any crime or financial impropriety; and
  14. is not a Politically Exposed Person (“PEP”) in accordance with Applicable Rules and Regulations.
2. An applicant will only be granted access to the Platform if they meet all of the criteria outlined in Rule 5.1 to Backpack Exchange’s satisfaction. This procedure has been implemented to ensure that only qualified and appropriate applicants are granted access, thereby enhancing the safety and reliability of the Platform for all Users.
Compliance
1. It is the User’s responsibility to abide by these Rules, the User Agreement and the Applicable Laws and Regulations, in relation to the usage of the Platform.
2. The User hereby declares that the funds used by the User for trading on the Platform originate from legitimate sources and do not originate from illegal activities. The User further agrees that Backpack Exchange may require a User to provide or otherwise collect the necessary information and materials in accordance with Applicable Laws and Regulations to verify the legality of the sources of their funds.
3. Backpack Exchange maintains a stance of cooperation with Competent Authorities globally and has the authority to seize, freeze, and terminate Users’ accounts and funds which are flagged out or investigated by a Competent Authority.
4. A User must comply or procure compliance with any request by Backpack Exchange for explanation or verification of information provided by or on behalf of that User to Backpack Exchange.
5. Backpack Exchange may immediately report to the Competent Authority any User conduct which may comprise market abuse, financial crime, or a breach of Applicable Laws and Regulations or Backpack Exchange suspects of it, and share the required details relating to the User including User’s positions in the Order Book, in particular, details of any large positions held and changes to the position limits.
6. Backpack Exchange may, by written notice, require information from a User about any matter which Backpack Exchange considers may relate to these Rules or to the integrity of the Platform, or the market or which Backpack Exchange may require for the purpose of compliance with Applicable Law and Regulations.
7. A User must not knowingly, recklessly or carelessly provide Backpack Exchange with any information (including information for the purpose of becoming a User) which is false, misleading or inaccurate.
Enforcement
1. These Rules empower Backpack Exchange to supervise its market and the conduct of the Users on the Platform. To this effect, Backpack Exchange may use a wide range of powers, including but not limited to surveillance, monitoring, review, examination, and investigation. Backpack Exchange may also exercise these powers to ensure that the Users comply with these Rules, the User Agreement and the Applicable Law and Regulations. .
2. In the exercise of these powers, Backpack Exchange, at its absolute discretion, may request the User to produce any accounts, documents, books, contracts, or any other records.
3. Backpack Exchange may, through its officers, employees or agents including auditors, investigate into the conduct and affairs of a User including, inter-alia:
  1. any suspected breach of these Rules by a User regardless of how a suspected breach comes to its attention;
  2. any complaint against a User for any acts or omissions; or
  3. any matter which may affect fair and orderly trading.
4. In furtherance to the investigation under Rule 7.3, the User acknowledges that Backpack Exchange reserves the right to disclose information and documents provided by or relating to a User:
  1. for the purpose of enabling it to institute, carry on or defend any proceedings including any court proceedings;
  2. under compulsion of law in any jurisdiction;
  3. for the purpose of enabling Backpack Exchange to discharge its functions having regard in particular to the maintenance of high standards of integrity and fair dealing; or
  4. for any other purpose with the consent of the User from whom the information was obtained or to whom the information relates.
5. Backpack Exchange has no obligation to notify a User that an investigation is underway.
6. Following an investigation pursuant to Rule 7.3., if Backpack Exchange determines, in its absolute discretion, that a breach of these Rules has occurred and was committed by a User, Backpack Exchange may take disciplinary action against such a User in accordance with these Rules.
7. Backpack Exchange shall record any investigations and disciplinary actions taken against a User on a User’s compliance record.
8. The User must provide all reasonable assistance requested by Backpack Exchange (whether acting directly or through its agents) in relation to an investigation. The User agrees to provide assistance within the timeframes specified by Backpack Exchange.
User’s ongoing responsibilities
1. The User agrees to comply with the following ongoing obligations:
  1. refrain from engaging in prohibited activities such as market manipulation, market abuse, misleading acts or practices, fraudulent transactions, or actively participating in financial crime;
  2. refrain from using web crawlers or similar techniques to access the Platform or extract data;
  3. abstain from sending or receiving Virtual Assets to or from wallet addresses that are suspected of involvement in financial crimes;
  4. abstain from taking actions that place an excessive or unfairly large burden on the Platform, or interfere with, intercept, or appropriate any system, data, or information on the Platform;
  5. abstain from attempting to reverse engineer or disassemble any part of the Platform to gain access to source code, underlying ideas, concepts, or algorithms;
  6. abstain from infringing upon Backpack Exchange’s or any third party's copyright, patent, trademark, or intellectual property rights;
  7. maintain a strong password to ensure the security of their Account and protect their password from unauthorized access or use;
  8. implement and maintain suitable security systems for the environment in which the Platform is used, to prevent computer virus attacks and unauthorized access;
  9. cooperate with Backpack Exchange and any Competent Authority during any investigation that is conducted in relation to the User’s conduct on the Platform;
  10. ensure that they make all the notifications required under Rule 9 in a timely manner;
  11. abide by any undertaking made by them and the User Agreement;
  12. adhere to the procedural, operational, and technical requirements of Backpack Exchange as stipulated by Backpack Exchange from time to time, which are necessary for using the Platform;
  13. ensure any information or documents provided to Backpack Exchange, including CDD information and documents, are kept up-to-date and are accurate;
  14. pay such fees and charges as may be applicable to the User under these Rules;
  15. indemnify and hold harmless Backpack Exchange, its directors, officers, employees and agents from and against any liabilities, claims, actions (or threatened actions), proceedings, demands, costs expenses, damages (including attorney fees and fines or penalties imposed by any Competent Authority), suits, investigations, arising from or related to the (i) User’s access or use of the Platform; (ii) breach of these Rules or the User Agreement; (iii) violation of Applicable Law or Regulations or rights of any third party. This indemnity includes any damages resulting from direct acts or omissions, such as a breach of these Rules or violation of any Applicable Laws and Regulations. Backpack Exchange shall have the right to undertake, conduct and control, through counsel of its own choosing and at the sole expense of the User, the conduct and settlement of any third party claim.;
  16. observe high ethical standards to ensure fair and orderly trading, preserve market integrity and act with honesty, integrity, fairness, due skill and care when conducting any activities on the Platform;
  17. refrain from any action or conduct which may impact or harm the reputation of Backpack Exchange;
  18. continue to always meet the criteria under Rule 5 as long as they are Users on the Platform; and
  19. ensure that any personal data provided to Backpack Exchange is up-to-date and correct.
2. The User is responsible for all acts, omissions, and activities conducted on their Accounts.
3. The User shall act as principal in respect of all of its interactions with Backpack Exchange and activity on the Platform.
4. The User must refrain from participating in any Prohibited Conduct as outlined in Rule 12 of these Rules.
5. The User shall not:
  1. Coordinate prices (including quotations), trades, or trade reports with any other market participant or any other person;
  2. Direct or request another market participant to alter a price (including a quotation); or
  3. Engage, directly or indirectly, in any conduct that threatens, harasses, coerces, intimidates, or otherwise attempts improperly to influence another User, market participant or any other person.
6. The User is responsible for ensuring that they have:
  1. sufficient authority to transact business on the Account;
  2. sufficient knowledge and understanding of their responsibilities under these Rules and the Applicable Law and Regulations at all times;
  3. sufficient knowledge, understanding and experience with respect to financial markets, Virtual Assets, and trading.
Notification obligations
1. The User must notify Backpack Exchange as soon as practicable:
  1. if they have or may have committed a breach of these Rules, the User Agreement or any relevant Applicable Laws and Regulations;
  2. if a Competent Authority is investigating the User or instituting any investigation, disciplinary or enforcement proceedings against the User;
  3. the receipt of an injunction, or the imposition of a sanction against the User by any Competent Authority, which may be material in the context of the User’s usage of the Platform or their obligations under these Rules;
  4. if they discover or suspect any unauthorized access or use of their Account or any security breaches related to their Account;
  5. any material change in the User’s ability to comply with these Rules, the User Agreement or the Applicable Laws and Regulations;
  6. any changes or prospective changes affecting their ability to meet the criteria set out herein or any matter which results in the User being unable to comply with the criteria under Rule 5; and
  7. if there is a need to report a material incident in relation to their Account, including any material operational problems or security concerns related to their Account.
2. The aforementioned notifications must be made using the appropriate means as notified by Backpack Exchange to the User from time to time, including through the user interface. Failure of a User to notify Backpack Exchange in such circumstances will be considered a breach of these Rules by that User.
Listing and trading
1. The decision to permit a Virtual Asset for trading on the Platform is solely at the discretion of Backpack Exchange. A notice will be issued by Backpack Exchange containing important information about the new Virtual Asset's admission, such as the effective date of admission and the duration of the pre-open session for trading, if any.
2. Order Book: Backpack Exchange operates an Order Book-based trading platform offering various Virtual Asset-to-Virtual Asset and Virtual Asset-to-fiat currency Trading Pair. Trades are settled in either Virtual Assets or fiat currencies. Each User’s Account will display which Order Books are available to the User.
3. The Platform and its Order Books are available for trading 24 hours a day, 7 days a week, except for Interruptions and Downtime as provided under these Rules.
4. Orders
  1. Backpack Exchange may offer various order types to its users from time to time, as described in more details herein.
  2. A User may place an Order on an Order Book provided that the User must have an Available Balance of the relevant Virtual Asset and/or fiat currency in their Account, which is sufficient to cover the total value of the Order including any applicable fees chargeable by Backpack Exchange.
  3. Upon placing an Order, the relevant quantity of the applicable Virtual Asset / fiat currency the User’s Account becomes subject to a Hold.
  4. A User can place an Order in three different ways i.e., (i) a Limit Order; (ii) a Market Order; or (iii) a Stop Order.
  5. A User can cancel an open Limit Order or a Stop Order at any time before it is Executed. No fee is charged for successfully canceled Orders.
5. Limit Orders
  1. Limit Order: A Limit Order is an Order where the User sets a maximum or minimum price at which the Order can be Executed.
  2. A Limit Order will only be Executed at the specified price or a better price, i.e. a lower price than the specified price for a purchase and a higher price than the specified price for a sale.
  3. A Limit Order, if selected with the ‘post-only’ option, will be posted to the Order Book if there are no existing orders on the other side of the Order Book. A User’s Limit Order with ‘post-only’ selected will always be a Maker Order.
  4. A Limit Order without ‘post-only’ option, will be immediately posted to the Order Book (subject to any Time in Force Instructions) and can result in a Maker Order or a Taker Order, or an Order that is partially a Maker Order and partially a Taker Order.
  5. Limit Orders may be placed with one of the following “Time in Force Instructions”, which may vary by Platform:
    Good till canceled: If posted, the Order will remain on the Order Book until canceled by the User. This is the default Time in Force Instruction.
    Immediate or Cancel: The Order will be posted to the Order Book only to the extent that it would immediately be Executed and any remaining quantity is canceled. This results in a Taker Order.
    Fill or Kill: The Order will only be posted to the Order Book if it would be immediately and completely Executed. This results in a Taker Order.
  6. The default setting for the User will be Good till canceled, which will apply unless the User specifies a different Time in Force Instruction as provided under Rule 10.5.5.
6. Market Orders
  1. Market Order: A Market Order is an Order to buy or sell a specified quantity of a Virtual Asset at the current best available market price of existing Orders on the Order Book.
  2. A Market Order is not guaranteed to Execute at a particular price. A Market Order may be Executed at a number of different prices, based on the quantity of the Market Order and the quantities of the existing Orders on the Order Book at the time of placing a Market Order.
  3. Depending on the volume and prices of Orders on the Order Book, when a Market Order is posted, the Market Order may be Executed at a price less favorable than the most recent trade price which is considered as a ‘slippage’.
  4. A valid Market Order will be immediately posted to the Order Book.
  5. A Market Order is always a Taker Order.
7. Stop Orders
  1. A Stop Order is an instruction to post an Order to buy or sell a specified quantity of a Virtual Asset but only if and when the last trade price on the Order Book equals or surpasses the Stop Price.
  2. Once a Stop Order has been placed, it is considered ‘active’ until it executes by posting the relevant Order when the Stop Price is triggered.
  3. A Stop Order is not posted to the Order Book and is not visible to other Users, but any resulting Order is posted and visible. All Stop Orders are placed without 'post-only' enabled.
  4. A Stop Order must be placed as a Stop Limit Order, which posts a Limit Order when the Stop Price is triggered.
  5. A Stop Limit Order is not guaranteed to Fill.
  6. Stop Orders may only be placed with a Good till cancelled under Time in Force Instruction.
8. Posting of Orders to the Order Book
  1. “Taker Order”: If an Order is posted to the Order Book at the same price on the other side as one or more existing Orders, it is a Taker Order which will result in an immediate Fill at that price, to the extent of the total quantity of those existing Orders.
  2. “Maker Order”: To the extent that an Order is posted to the Order Book at a different price to all existing Orders, it is a Maker Order which will remain open at that price on the Order Book until:
    it is canceled by the User;
    it expires due to a Time in Force Instruction; or
    it is completely Filled by one or more Taker Orders placed by another User at the same price.
  3. A User may modify an Order entered in the Order Book at any time before the Order is Filled.
  4. Modified Orders shall lose their original time priority and be given a new time stamp.
Order Protections

You can elect to subject all of your Market Orders and Limit Orders to a price protection point (PPP) as set forth at Backpack Exchange. If enabled, Market and Limit Orders will Fill or be Executed at prices up to the PPP from the mid-point price between the best bid and best offer on the Order Book at the time the Order was placed by the User. If a Market or Limit Order would Fill against Orders beyond the PPP, the Order will partially Fill up to the PPP level and the matching engine will cancel all remaining portions of the Order.

Order Minimums/Maximums

All Orders placed on the Backpack Exchange Platform are subject to a minimum order size depending on the Order Book, which you can view at backpack.exchange. In addition, all Orders are subject to a dynamic maximum order size that varies based on the order book depth. Updating Order Parameters: Backpack Exchange will periodically update these Order parameters. Users can refer to the latest parameters on the Backpack Exchange’s website at backpack.exchange.

Position Limits

A User’s maximum position limit in any Order Book shall be the greater of (a) US$1,000,000 or (b) 1% of the average daily transaction volume for the market in the immediately preceding 30 days.

Matching Engine and Order Priority
1. Backpack Exchange matches Taker Orders with Open Maker Orders on each Order Book based on Price-Time Priority as defined under Rule 10.12.2.
2. “Price-Time Priority” means that each time a Taker Order is posted: The Taker Order is matched with the earliest in-time Maker Order at the best price on the Order Book; and to the extent that the Taker Order is not completely Filled by that Maker Order, it is matched with any subsequent Maker Orders at that price, in the sequence those Maker Orders were posted; and to the extent that the Taker Order is not completely Filled by one or more Maker Orders described above, it is matched with one or more Maker Orders at the next best price, in the sequence those Maker Orders were posted, and this process is repeated until the Taker Order is completely Filled.
3. All Users on Backpack Exchange are subject to the same Price-Time Priority.
4. Subject to Time in Force Instructions, an Order may be matched with a number of corresponding Orders at the same price.
5. Users understand and acknowledge that the Taker Orders are matched with the best available existing Maker Orders. This means that a Limit Order placed outside the market (i.e. a Sell Order below the highest existing Buy Order, or a Buy Order above the lowest existing Sell Order) will be Filled by the best available existing Order rather than an existing Order with the same price as the Limit Order.
Fills and Settlement
1. When a Maker Order is matched with a Taker Order, those Orders are Filled. An Order may be matched with and Filled by one or more Orders at the same price.
2. All partially or fully Filled Orders are settled in real-time, by debiting and crediting the relevant balances of Virtual Assets and/or amount of fiat currency in both Users’ Accounts. Backpack Exchange acknowledges that it is responsible for completing the final settlement of a Virtual Asset transaction within 24 hours of its execution on the trading venues, subject to circumstances beyond the control of Backpack Exchange. This includes any limitations or malfunctioning of any DLT that is not controlled by the Backpack Exchange or its group.
3. Subject to daily withdrawal limits and the User Agreement, a User may immediately withdraw all Virtual Assets and/or amount of fiat currency in their Account.
Trading Fees
1. Backpack Exchange understands and acknowledges that Backpack Exchange’s fee structures are transparent, fair, and non-discriminatory. Backpack Exchange further acknowledges that Backpack Exchange will not impose any fee that disrupts the fair and orderly functioning of any market involving Virtual Assets. Fees may vary between Order Books. The current fee rates can be found at https://support.backpack.exchange/en/articles/394945.
2. Backpack Exchange charges a Maker fee for each Maker Order and a Taker fee for each Taker Order that is posted to the Order Book. The fee is charged in the Quote Asset and is calculated as a percentage of the Order quantity.
3. A fee is charged by debiting the User’s Order for the amount of the fee at the time the Order is Filled.
4. If an Order is posted to the Order Book partially as a Maker Order and partially as a Taker Order, a Maker fee applies to the portion posted as a Maker Order and a Taker fee applies to the portion posted as a Taker Order.
5. Users understand and acknowledge that certain Users may be eligible for volume-based fee discounts based on their historical trading volume across all Order Books. Such Users will be notified of any applicable discounts while trading on the Platform.
Notification

Users will receive a confirmation notification every time they have placed an Order, canceled an Order, and when that Order is partially or completely Filled.

Order Records
1. Backpack Exchange shall maintain a full audit trail of the following details for every Order:

User identification number;
Date and time of the Order;
Trading Pair;
Order type and whether it is to buy or sell a Virtual Asset;
Order Status whether the Order is open, partially filled, filled or cancelled;
Price at which the Order is placed, Filled and/or canceled;
Price and Fee where the Order is Filled; and
Quantity: order size measured in Virtual Asset units (Trading Pair).

Market Integrity
1. All Executed Orders are final and will not be reversed unless:

Backpack Exchange is compelled to do so by any Applicable Laws and Regulations;
The Order has been Filled or Executed due to a serious technical error. In such circumstances, Backpack Exchange will make all reasonable efforts to restore all Users to the position they would have been in if the error had not occurred.

Backpack Exchange may cancel Open Orders for any reason, in its sole discretion, including, but not limited to, in the following circumstances:

Orders placed by Users who, in Backpack Exchange’s sole discretion, have engaged in abusive use of the Platform, for example, market manipulation, wash trading, using the API in a manner which unreasonably burdens the Platform, or other illegal or similar activities.
Orders which under the circumstances involve an error with respect to price, quantity, or other parameters - a ‘clearly erroneous transaction’.
If required by any Applicable Law and Regulations, including specifically where Backpack Exchange is required to suspend or terminate a User’s Account in accordance with these Rules.
If required for routine or unscheduled maintenance, or other technical reasons.

Access
1. All Users have equal access to the Backpack Exchange Order Books. Backpack Exchange does not provide prioritized access to any User.
2. Backpack Exchange has the authority to take any action deemed appropriate to preserve market integrity. Such actions include, but are not limited to, the halting of trading, modifying risk-mitigating parameters, restricting User access to the Platform or any Order Book, restricting order types to post-only or limit only, canceling orders resting in the Order Book, or any other actions deemed to be in the best interest of the Platform.
3. Backpack Exchange may periodically shut down access to the Platform, and interrupt any automatic functions for the following reasons:

emergency maintenance (including unscheduled maintenance);
planned or unplanned system and software updates; and
due to any other event or occurrence that Backpack Exchange considers, in its sole discretion, to be a reason to suspend or shut down the operations on the Platform.
In addition to the actions that Backpack Exchange may undertake as provided under Rule 10.19, Users acknowledge and agree that Backpack Exchange reserves the right (without any liability resulting of Backpack Exchange or any Backpack Exchange affiliates involved in the provision of the Backpack Exchange services) to disable, update, cancel, restrict or otherwise modify any content, components or features of the Platform.

Interruptions
1. If technical reasons prevent or degrade Users’ ability to place or cancel Orders, or prevent or degrade access to Backpack Exchange APIs or the Platform or affect the operation of Order Books or matching engines, then Backpack Exchange may, in its own discretion, take one or more of the following actions in respect of one or more Order Books;

Temporarily disable depositing or withdrawing Assets.
Cancel Open Orders.
Disable the ability to place new Orders (Cancel-only Mode).
Disable Order Books altogether.
Disable sign-in.
Disable the Backpack Exchange APIs.
Disable access to the Site.

If access to the Platform is unavailable for 5 minutes or longer, Backpack Exchange may move the Platform to Cancel-Only Mode.
In the event that the Platform is in Cancel-only Mode, it will be restored to full operation once access through the Platform is available for at least 5 minutes and Backpack Exchange deems it is safe to restore the Platform to fully operational.
Backpack Exchange will notify Users of the move to or from Cancel-only Mode via @xNFT_Backpack on Twitter or at https://status.backpack.exchange.
Self-Trade Prevention
1. Users are not able to place an Order which would result in self-execution—i.e., where the same User would act as both the maker and taker for the trade.
2. If two Orders of the same quantity would result in self-execution, Users will have the option of either (a) canceling the Maker Order, (b) canceling the Taker Order, or (c) canceling both the Maker and Taker Orders.
Flash Crashes and Circuit Breakers

Backpack Exchange does not utilize circuit breakers or automated trading halts based on predetermined price thresholds. As provided in Rules 10.19 and 10.20, Backpack Exchange may, in its discretion, halt trading.

Prohibition of Market Manipulation
1. Users are prohibited from engaging in market manipulation.
2. Market manipulation of any kind is strictly prohibited. Market manipulation is defined as actions taken by any market participant or a person acting in concert with a participant which are intended to:
  - Deceive, mislead, or improperly take advantage of other Users or Backpack Exchange;
  - Artificially control or manipulate the price or trading volume of an Asset; or
  - Aid, abet, enable, finance, support, or endorse either of the above.
3. Market Manipulation specifically includes, without limitation: front-running, wash trading, spoofing, layering, churning, and quote stuffing.
Delisting of virtual assets and suspension of trading
Backpack Exchange reserves the right to delist a listed Virtual Asset or suspend trading in relation to a Virtual Asset if:
1. such delisting or suspension is required by a Competent Authority or has been approved by the VARA;
2. such delisting or suspension is required for Backpack Exchange to comply with Applicable Laws and Regulations;
3. such delisting or suspension is required to protect the fair and orderly operation of the Platform;
4. the relevant Virtual Asset exceeds or is likely to exceed any specific parameters published on the Platform, including where, in Backpack Exchange’s discretion, a Virtual Asset, is exhibiting unusual or excessive price volatility;
5. such delisting or suspension is required as a result of a hard fork affecting the relevant Virtual Asset; and
6. such delisting or suspension is required in connection with a Downtime.
Prohibited Conduct

Users are strictly prohibited from participating in, aiding, abetting, allowing, financing, supporting, or otherwise endorsing any behaviour involving market abuse, fraud or any conduct contrary to Backpack Exchange’s AML procedures including:
1. engaging in any conduct that is calculated to, or that creates a significant risk of, misleading the market including sharing, publishing, broadcasting or otherwise disseminating false or misleading information on Virtual Assets;
2. engaging in any conduct amounting to market manipulation, including the placing of any Order:
  - create or execute fictitious transactions or place any Order for a fictitious transaction with knowledge of its nature;
  - place any Order on the Platform which has been pre-arranged (or discussed with another market participant prior to being placed on the Platform) for the purpose of creating an artificial price, fictitious trade, or other disruptive, fraudulent, non-competitive, or unfair impact on the Platform;
  - to give or potentially give a false or misleading interpretation of the supply and/or demand for a Virtual Asset; and/or
3. creating an abnormal or artificial price.
4. engaging in any conduct that is calculated to create, or creates, a significant risk of, overloading or otherwise impairing the operation of the Platform.

Each User acknowledges and agrees that if any such techniques or activities are detected (or are reasonably suspected) by Backpack Exchange then any User found or reasonably suspected by Backpack Exchange to have participated, aided, abetted, allowed, financed, supported or otherwise endorsed any behaviour will be subject to disciplinary action in accordance with these Rules.
The User shall not engage in any trading, practice, or conduct on the Platform that:

demonstrate an intentional or reckless disregard for the orderly Execution of transactions; or
is, of the character of, or is commonly known as “spoofing” (bidding or offering with the intent to cancel the bid or offer before execution).

Default rules and disciplinary actions
Backpack Exchange defines a Default Event as any one of the following:
1. material failure by a User to meet any of its obligations under the User Agreement, these Rules, undertakings given by the User or any other agreement between the User and Backpack Exchange;
2. material breach of these Rules or the User Agreement by a User;
3. material misrepresentations made by a User;
4. User is declared bankrupt or seeks a voluntary arrangement in respect of its debts;
5. User engages in or attempts to engage in any form of Market Abuse; or
6. an event of an enforcement proceeding, sanction, formal notification or injunction against the User by a Competent Authority.
Backpack Exchange may, at its absolute discretion, declare the relevant User as a ‘Defaulter’ on the occurrence of a Default Event. Declaration of a User as a Defaulter shall be made by email to the Defaulter.
Upon declaring a User as a Defaulter, Backpack Exchange may initiate, taking into account the severity of the Default Event, inter-alia, any of the following disciplinary actions:
1. Issuing a written warning to the Defaulter;
2. requiring the Defaulter, via a notice, to provide any information or document within a specified time to assist Backpack Exchange in its investigation of the Default Event;
3. requiring the Defaulter, via a written notice, to remedy the Default Event, where possible or desirable by Backpack Exchange in its sole discretion, within the time it specifies;
4. canceling some or all Orders or transactions of the Defaulter;
5. selling some or all of Defaulter’s Virtual Assets to the credit of the Defaulter's Account;
6. suspending or terminating the Defaulter’s access to the Platform; and
7. blocking the Defaulter’s access to their Accounts.
Backpack Exchange reserves the right to report any Default Event and any disciplinary action taken by Backpack Exchange in respect of any such Default Event to the relevant Competent Authorities. Backpack Exchange will not, and has no obligation to, notify a User before reporting any Default Event to any of the Competent Authorities.
Penalties
In the event of a violation of any of these Rules, the User shall be subject to penalties as determined by Backpack Exchange.
The penalties for the violation of these Rules may include but are not limited to, fines, suspension or termination of the User's account, or any other action deemed appropriate by Backpack Exchange.
The User acknowledges and agrees that Backpack Exchange may, at its sole discretion, modify the penalties for the violation of these Rules from time to time.
The User shall be notified of any changes to the penalties for Rules violations, as and when they occur.
Access to Information
All Users have full and equal real-time access to Backpack Exchange’s market data (“Market Data”). Market Data is made available through the Platform.
Market Data comprises the following:

All Limit Orders placed on the Order Book (price, quantity, and time).
All Fills or Executions (price, quantity, and time).

Market Data does not include the following:

All canceled Orders on the Order Book (price, quantity, and time).
Resting Stop Orders (Stop Orders that have been placed but not triggered).
Any information about which User placed or canceled an order.

Backpack Exchange Corporate Operations

Backpack Exchange itself does not engage in any trading activities on the Platform. Backpack Exchange operates as an intermediary, allowing Users to interact with each other to Execute trades on the Platform. This ensures that the trading activities on the Platform are conducted independently by the Users without any influence or bias from Backpack Exchange.

Backpack Exchange Employee Access

Backpack Exchange policies prohibit all Backpack Exchange employees from using inside, corporate, or proprietary information to trade Virtual Assets on the Platform.

Downtime
From time to time, Backpack Exchange may suspend trading temporarily for maintenance or upgrades. Backpack Exchange will endeavor to follow the following process for closing and re-opening trading, when appropriate:

Step 1: Announce Downtime

Announce scheduled Downtime via status.backpack.exchange, or Twitter
For scheduled Downtime, Backpack Exchange will endeavor to announce at least ten (10) days prior to the start of the scheduled Downtime.
For unscheduled Downtime, Backpack Exchange will endeavor to provide as much prior notice as possible

Step 2: Downtime BeginsStep 3: Immediately after Downtime is Completed

All books enter the 'Post-only' Mode
Announce the above via status.backpack.exchange
To ensure a fair and orderly marketplace, Backpack Exchange may in its discretion cancel all resting Limit Orders in an Order Book before moving the market to Post-only Mode or to Limit-only Mode

Step 4: At least 1 minute after Step 3; or longer duration if necessary

All books enter Limit-Only Mode
Announce the above via status.backpack.exchange or Twitter

Step 5: At least 10 minutes after Step 4; or longer if necessary

All books enter into full-trading Mode
Announce the above via backpack.exchange

Amendment

Backpack Exchange may from time to time amend these Rules by publishing an updated Rules on backpack.exchange at least fifteen (15) days prior to the effective date of such amended Rules.

Custody and safekeeping arrangements
Title and control
1. The ownership of fiat currency and Virtual Assets held by Users shall remain with them at all times. Users bear the risk of any loss incurred as the owner of such assets. It should be noted that none of the fiat currency and Virtual Assets held in a User's Account are the property of Backpack Exchange.
2. Users shall have full control over the fiat currency and Virtual Assets held in their Account. They may withdraw their assets at any time, subject to Downtimes and other restrictions under these Rules and other applicable policies.
User Virtual Assets
1. A User's Virtual Assets, to the credit of such User's Account, shall be held by Backpack Exchange, on behalf of the User, in a User Virtual Asset wallet segregated from Backpack Exchange’s proprietary assets at all times.
2. Any Virtual Asset received by Backpack Exchange from Users will be received and securely stored by Backpack Exchange or the Custodian. Backpack Exchange will be the sole custodian of the private keys.
3. Backpack Exchange does not provide any interest on the Virtual Assets held on behalf of Users.
4. Users’ Virtual Assets shall be pooled into an omnibus wallet. While the Virtual Assets belonging to different Users are not physically segregated, they shall remain segregated from Backpack Exchange’s proprietary Virtual Assets.
5. Backpack Exchange will perform a daily reconciliation of the Virtual Assets held by Backpack Exchange on the User’s behalf. Users shall have the option to access their Virtual Asset balances by logging into their Account for their Virtual Assets.
Fiat currency
1. Backpack Exchange does not currently provide fiat currency services to its customers.
Complaints
1. Any person may lodge a complaint with Backpack Exchange in accordance with Backpack Exchange’s Complaints Handling Policy, in relation to any aspect of Backpack Exchange’s operation of the Platform. Backpack Exchange will address such complaints in accordance with the Complaints Handling Policy, which is published on the Platform.
Definitions

In these Trading Rules, the following words and phrases have the corresponding meanings.

Account means an account held with Backpack Exchange in the name of the User on the Platform.
Applicable Laws and Regulations means provisions of laws, statutes, ordinances, rules, regulations, permits, certificates, judgments, decisions, decrees or orders of any Competent Authority applicable to Backpack Exchange or the Users.
Available Balance means a User’s Total Asset Value less any amounts held for Open Orders and fees.
Base Asset means the Asset being traded on the Order Book; the first Asset in the Trading Pair. For example, on the BTC-USD Order Book, BTC is the Base Asset and USD is the Quote Asset.
Cancel-only Mode means that Users cannot place new Orders. Users are able to cancel open Orders. No Orders will be Filled.
Competent Authority means VARA and any other regulatory, judicial or law enforcement authority that has jurisdiction over the activities of Backpack Exchange, the Platform, or the Users.
Default Event shall have the same meaning as defined in Rule 13 of these Rules.
Fill or Execution means matching of two Orders.
Full-Trading Mode means normal operation of the Backpack Exchange Platform. Users can place Market Orders and Limit Orders and can cancel Orders.
Hold means the setting aside of Assets allocated to an Order.
Limit Order means an Order to buy or sell a specified quantity of an Asset at a specified price.
Limit-only Mode means that Users can place and cancel only Limit Orders. Only Limit Orders can be Filled during this mode. Market Orders will be rejected.
Market Order means an Order to buy or sell a specified quantity of an Asset at the best available price of existing Orders on the Order Book.
Order means an instruction to buy or sell a specified quantity of the Base Asset at a specified price in the Quote Asset.
Order Book(s) means each Order Book on which Orders are placed for trading in a Trading Pair.
Open Order means a Maker Order which has been posted but not Filled, canceled or expired, or a Stop Order which is currently active.
Post-only Mode means that Users can only place an Order if it would be posted to the Order Book as a Maker Order. An Order which would be posted as a Taker Order will be rejected. No Market Orders may be placed and no Orders will be Filled. Resting orders may be canceled in post-only mode.
Quote Asset means the Asset which is used as the denomination in trading on the Order Book and is also the second Asset in the Trading Pair. For example, on the BTC-USD Order Book, BTC is the Base Asset and USD is the Quote Asset.
Scheduled Downtime means a planned temporary outage for maintenance or upgrades. See section 4.
Stop Order means an instruction to post an Order to buy or sell a specified quantity of an Asset but only if and when the last trade price on the Order Book equals or surpasses the Stop Price.
Stop Price means the price specified in a Stop Order.
Total Asset Value means the gross value of all of a User’s Assets for the relevant Order Book, expressed in the Quote Asset based on the last trade price. This includes all Assets allocated to Open Orders.
Trading Pair means each pair of a Base Asset and a Quote Asset offered on the Backpack Exchange Platform.
User refers to any person (including individuals or legal persons) that access, download or use the Platform or any services of Backpack Exchange, and who meet the eligibility criteria specified by Backpack Exchange.
Virtual Asset means a digital representation of value that may be digitally traded, transferred, or used as an exchange or payment tool, or for investment purposes. This includes Virtual Tokens, and any digital representation of any other value as determined by VARA.
Virtual Token means a digital representation of a set of rights that can be digitally offered and traded through a Virtual Asset platform.

Complaints

Process and contact information for submitting a complaint about products or services of the Backpack Exchange website or mobile application.

‍

You may file a complaint here. You may also contact us at support@backpack.exchange or submit your complaint in writing to:

Trek Labs Ltd FZE dba Backpack Exchange

Attn: Complaints Department08-116

The Offices 4 One Central

World Trade Center

Dubai, UAE

If you are emailing or writing to us directly, please include the following information in your complaint:

Your name and account email address
Date of complaint
Your contact information
Details of your complaint
Any supporting documentation relating to your complaint

We will acknowledge all complaints as soon as possible, but in no event later than one week of receiving your complaint.

Available Digital Assets

Information about digital assets that are relevant on the Backpack Exchange including name, symbol, date of issuance, market capitalisation and fully diluted value, circulating supply, total supply, price variation history and other information.

‍

The live information for each VA listed is available on the corresponding links next to each VA in the following table:

‍

Token Name

‍

AAVE https://www.coingecko.com/en/coins/aave

ACT

https://www.coingecko.com/en/coins/act-i-the-ai-prophecy

APE

https://www.coingecko.com/en/coins/apecoin

BLUR

https://www.coingecko.com/en/coins/blur

BODEN

https://www.coingecko.com/en/coins/jeo-boden

BOME

https://www.coingecko.com/en/coins/book-of-meme

BONK

https://www.coingecko.com/en/coins/bonk

BTC

https://www.coingecko.com/en/coins/bitcoin

cbBTC

https://www.coingecko.com/en/coins/coinbase-wrapped-btc

CHILLGUY

https://www.coingecko.com/en/coins/just-a-chill-guy

CLOUD https://www.coingecko.com/en/coins/cloud

DBR

https://www.coingecko.com/en/coins/debridge

DRIFT

https://www.coingecko.com/en/coins/drift-protocol

ETH

https://www.coingecko.com/en/coins/ethereum

ENA

https://www.coingecko.com/en/coins/ethena

FTM https://www.coingecko.com/en/coins/fantom

GALA https://www.coingecko.com/en/coins/gala

GOAT

https://www.coingecko.com/en/coins/goatseus-maximus

HABIBI https://www.coingecko.com/en/coins/habibi

HLG

https://www.coingecko.com/en/coins/holograph

HNT

https://www.coingecko.com/en/coins/helium

HONEY

https://www.coingecko.com/en/coins/hivemapper

IO https://www.coingecko.com/en/coins/io-net

JTO

https://www.coingecko.com/en/coins/jito

JUP

https://www.coingecko.com/en/coins/jupiter

KMNO

https://www.coingecko.com/en/coins/kamino

LDO https://www.coingecko.com/en/coins/lido-dao

LINK

https://www.coingecko.com/en/coins/chainlink

MANEKI https://www.coingecko.com/en/coins/maneki

POL (ex-MATIC)

https://www.coingecko.com/en/coins/pol-ex-matic

MAX https://www.coingecko.com/en/coins/matr1x

https://www.coingecko.com/en/coins/magic-eden

MEW

https://www.coingecko.com/en/coins/mew

MOBILE

https://www.coingecko.com/en/coins/helium-mobile

MON

https://www.coingecko.com/en/coins/mon-protocol

MOODENG

https://www.coingecko.com/en/coins/moo-deng

MOTHER

https://www.coingecko.com/en/coins/mother-iggy

NYAN

https://www.coingecko.com/en/coins/nyan

ONDO

https://www.coingecko.com/en/coins/ondo

PEPE

https://www.coingecko.com/en/coins/pepe

PENGU

https://www.coingecko.com/en/coins/pudgy-penguins

POL (ex - MATIC)

https://www.coingecko.com/en/coins/pol-ex-matic

PRCL

https://www.coingecko.com/en/coins/parcl

PYTH

https://www.coingecko.com/en/coins/pyth-network

RAY

https://www.coingecko.com/en/coins/raydium

RENDER

https://www.coingecko.com/en/coins/render

SHFL

https://www.coingecko.com/en/coins/shuffle

SHIB

https://www.coingecko.com/en/coins/shiba-inu

SOL

https://www.coingecko.com/en/coins/solana

SONIC https://www.coingecko.com/en/coins/sonic-svm

STRK

https://www.coingecko.com/en/coins/starknet

TNSR

https://www.coingecko.com/en/coins/tensor

UNA https://www.coingecko.com/en/coins/unagi-token

UNI

https://www.coingecko.com/en/coins/uniswap

USDC

https://www.coingecko.com/en/coins/usdc‍

USDT

https://www.coingecko.com/en/coins/tether

https://www.coingecko.com/en/coins/wormhole

WEN

https://www.coingecko.com/en/coins/wen-solana

WIF

https://www.coingecko.com/en/coins/dogwifhat

WLD

https://www.coingecko.com/en/coins/worldcoin

ZEX https://www.coingecko.com/en/coins/zeta

ZKJ https://www.coingecko.com/en/coins/polyhedra-network

ZRO https://www.coingecko.com/en/coins/layerzero

Backpack Wallet

Terms and Conditions

Please read these Backpack Terms and Conditions (these “Terms”) and our Privacy Policy ([backpack.app/privacy]) (“Privacy Policy”) carefully because they govern your use of the Backpack, a platform enabling you to hold, manage your assets and accounts on, and interact with, the Supported Networks, Supported Digital Assets, Supported Digital Asset Accounts, and Supported Applications (as each are defined below)(collectively, the “Platform”) as more fully described in these Terms, accessible through www.backpack.app (the “Site”), mobile application (“App”) and browser extension.

To make these Terms easier to read:

200ms Labs Ltd. is referred to as “200ms Labs”, “we,” “us,” or “our.”
The Site, the Platform, App, browser extension, and any other features, tools, materials, and other services offered from time to time by 200ms Labs are referred to collectively as the “Services.”
“You” and “your” refer to you, as a user of the Services. A “user” is someone who accesses or in any way uses the Service.

‍

IMPORTANT NOTICE REGARDING ARBITRATION: WHEN YOU AGREE TO THESE TERMS YOU ARE AGREEING (WITH LIMITED EXCEPTION) TO RESOLVE ANY DISPUTE BETWEEN YOU AND 200MS LABS THROUGH BINDING, INDIVIDUAL ARBITRATION RATHER THAN IN COURT. PLEASE REVIEW CAREFULLY SECTION 19 “DISPUTE RESOLUTION” BELOW FOR DETAILS REGARDING ARBITRATION. HOWEVER, IF YOU ARE A RESIDENT OF A JURISDICTION WHERE APPLICABLE LAW PROHIBITS ARBITRATION OF DISPUTES, THE AGREEMENT TO ARBITRATE IN SECTION 19 WILL NOT APPLY TO YOU BUT THE PROVISIONS OF SECTION 18 (GOVERNING LAW) WILL APPLY INSTEAD.

‍

1. Agreement to Terms and Privacy Policy

By using or accessing the Services, you agree to be bound by these Terms as well as our Privacy Policy which provides information on how we collect, use and share your information. If you don’t agree to be bound by these Terms or our Privacy Policy, do not use or access the Services. If you are accessing or using the Services on behalf of a company (such as your employer) or other legal entity, you represent and warrant that you have the authority to bind that entity to these Terms. In that case, “you” and “your” will also refer to that entity.

‍

2. Changes to these Terms or the Services

The Services and related libraries may need to be updated, for example, for bug fixes, enhanced functions, missing plug-ins and new versions (collectively, "Updates"). Such Updates may be necessary in order for you to use the Services or to access, download, or use the Platform and Supported Applications. By agreeing to these Terms and using the Services, you agree to receive such Updates automatically. We may update these Terms and the Services, from time to time, at our sole discretion. If we do, we will let you know by providing the updated Terms through the Services or on the Site. It’s important that you review these Terms whenever we update them or you use or access the Services. If you continue to use or access the Services after we have provided updated Terms it means that you accept and agree to the changes. If you don’t agree to be bound by the changes, you may not use or access the Services anymore. Because the Services are 2 evolving over time we may change or discontinue all or any part of the Services, at any time and without notice, at our sole discretion.

‍

3. Eligibility

You may use the Services only if you are 18 years or older, are capable of forming a binding contract with 200ms Labs and are not otherwise barred from using the Services under applicable law. By using or accessing the Services, you represent to us that you are: (1) not subject to sanctions, embargoes, export restrictions or otherwise designated on any list of prohibited or restricted parties, including but not limited to the lists maintained by the United Nations Security Council, the U.S. Government (e.g., the Specially Designated Nationals List and Foreign Sanctions Evaders List of the U.S. Department of Treasury and the Entity List of the U.S. Department of Commerce), the European Union or its Member States, or other applicable government authority; (2) not located in (or a citizen of) any jurisdiction to which the United States has embargoed goods or has otherwise applied any sanctions; and (3) are otherwise authorized access to the Services under applicable law.

‍

4. Feedback

We appreciate feedback, comments, ideas, proposals and suggestions for improvements to the Services (“Feedback”). If you choose to submit Feedback, you agree that we are free to use it without any restriction or compensation to you.

‍

5. Fees

We may charge fees for some or part of the Services, including fees charged on token swaps that you execute on decentralized exchanges by accessing such exchanges via the Platform. We reserve the right to change those fees at any time. Currently, we charge a flat 0.85% transaction fees on swaps. Rates that appear in the Platform are calculated with fees applied. You may incur fees from third parties for use of their services in connection with your use of the Services we provide. For example, you may be charged fees via the decentralized exchanges that you may access via the Platform. Under no circumstances shall we incur any liability, of any kind, to you arising from or relating to the services provided to you by third parties linked to or accessed through our Platform or Services. Although we attempt to provide accurate fee information, any such information reflects our estimate of fees, which may vary from the fees actually paid to use the Services and interact with the Solana blockchain or any other network. You understand that the fees, swap rates, and prices are estimates only and may be inaccurate. We are not liable for, and you hereby forever release us from, any losses or other liabilities arising from an inaccurate estimate of fees provided in connection with any use of the Services.

‍

6. Your Content

6.1. Posting Content

‍Our Services may allow you to store or share content such as text (in posts or communications with others), files, documents, graphics, images, music, software, audio and video. Anything (other than Feedback) that you post or otherwise make available through the Services is referred to as “User Content”. 200ms Labs does not claim any ownership rights in any User Content and nothing in these Terms will be deemed to restrict any rights that you may have to your User Content.

‍6.2. Permissions to Your User Content

‍By making any User Content available through the Services you hereby grant to 200ms Labs a nonexclusive, transferable, worldwide, royalty-free license, with the right to sublicense, to use, copy, modify, create derivative works based upon, and distribute, your User Content in connection with operating and providing the Services.

‍6.3. Your Responsibility for User Content

‍You are solely responsible for all your User Content. You represent and warrant that you have (and will have) all rights that are necessary to grant us the license rights in your User Content under these Terms. You represent and warrant that neither your User Content, nor your use and provision of your User Content to be made available through the Services, nor any use of your User Content by 200ms Labs on or through the Services will infringe, misappropriate or violate a third party’s intellectual property rights, or rights of publicity or privacy, or result in the violation of any applicable law or regulation.

‍6.4. Removal of User Content

‍You can remove your User Content by specifically deleting or removing it from the Services. You should know that in certain instances, some of your User Content (such as posts or comments you make) may not be completely removed and copies of your User Content may continue to exist on the Services. To the maximum extent permitted by law, we are not responsible or liable for the removal or deletion of (or the failure to remove or delete) any of your User Content.

‍6.5. 200ms Labs’ Intellectual Property

‍We may make available through the Services content that is subject to intellectual property rights. We retain all rights to that content.

‍6.6. User Name

‍We reserve the right to recall or change your user name during the Beta period.

‍

7. App License

If you comply with these Terms, 200ms Labs grants to you a limited non-exclusive, non-transferable license, with no right to sublicense, to download and install the App on your devices and to run the App solely for your own personal non-commercial purposes. Except as expressly permitted in these Terms, you may not: (i) copy, modify or create derivative works based on the App; (ii) distribute, transfer, sublicense, lease, lend or rent the App to any third party; (iii) reverse engineer, decompile or disassemble the App (unless applicable law permits, despite this limitation); or (iv) make the functionality of the App available to multiple users through any means.

‍

8. General Prohibitions and 200ms Labs’ Enforcement Rights

You agree not to do any of the following:8.1. Use, display, mirror or frame the Services or any individual element within the Services, 200ms Labs’ name, any 200ms Labs’ trademark, logo or other proprietary information, or the layout and design of any page or form contained on a page, without 200ms Labs’ express written consent;8.2. Access, tamper with, or use non-public areas of the Services, 200ms Labs’ computer systems, or 4 the technical delivery systems of 200ms Labs’ providers;8.3. Attempt to probe, scan or test the vulnerability of any 200ms Labs’ system or network or breach any security or authentication measures;8.4. Avoid, bypass, remove, deactivate, impair, descramble or otherwise circumvent any technological measure implemented by 200ms Labs or any of 200ms Labs’ providers or any other third party (including another user) to protect the Services;8.5. Attempt to access or search the Services or download content from the Services using any engine, software, tool, agent, device or mechanism (including spiders, robots, crawlers, data mining tools or the like) other than the software and/or search agents provided by 200ms Labs or other generally available third-party web browsers;8.6. Use any meta tags or other hidden text or metadata utilizing a 200ms Labs’ trademark, logo URL or product name without 200ms Labs’ express written consent;8.7. Use the Services, or any portion thereof, for any commercial purpose or for the benefit of any third party or in any manner not permitted by these Terms;8.8. Forge any TCP/IP packet header or any part of the header information in any email or newsgroup posting, or in any way use the Services to send altered, deceptive or false source-identifying information;8.9. Attempt to decipher, decompile, disassemble or reverse engineer any of the software used to provide the Services;8.10. Interfere with, or attempt to interfere with, the access of any user, host or network, including, without limitation, sending a virus, overloading, flooding, spamming, or mail-bombing the Services;8.11. Violate any applicable law or regulation; or8.12. Encourage or enable any other individual to do any of the foregoing.200ms Labs is not obligated to monitor access to or use of the Services or to review or edit any content. However, we have the right to do so for the purpose of operating the Services, to ensure compliance with these Terms and to comply with applicable law or other legal requirements. We reserve the right, but are not obligated, to remove or disable access to any content, including User Content, at any time and without notice, including, but not limited to, if we, at our sole discretion, consider it objectionable or in violation of these Terms. We have the right to investigate violations of these Terms or conduct that affects the Services. We may also consult and cooperate with law enforcement authorities to prosecute users who violate the law.

‍

9. Functionality

The Services enable you to interact with the Solana Network and/or other supported networks (together, the “Supported Networks”) associated with the non-fungible tokens (“NFTs”), executable NFTs (“xNFTs”) and other digital assets that the Services may, in our sole discretion, elect to support (together, “Supported Digital Assets”). Through such interaction, you will be able to: (a) the create Supported Digital Asset account(s) and/or wallets (“Supported Digital Asset Accounts”) to facilitate transactions; and (b) monitor, maintain, and transact with the associated Supported Digital Assets. In addition, the Services may enable you to access services, content, features, products, applications, smart contracts, or other functionality 5 provided through integration with our Services (“Supported Applications”).

‍

10. Password and Security

You will be responsible for securing your own access credentials, which may include a “wallet password,” twelve-word seed phrase, “private key,” and/or other private access information (“Access Credentials”). You understand and agree that 200ms Labs cannot, and will not, restore or recover your Access Credentials and you agree to keep your Access Credentials confidential and immediately notify 200ms Labs of any unauthorized use of your account or breach of security. You further represent and agree that 200ms Labs shall not be liable for any loss or damage arising from your failure to comply with this section.

‍

11. DISCLAIMERS; RISKS

11.1. Warranty Disclaimer‍

THE SERVICES ARE PROVIDED “AS IS,” WITHOUT WARRANTY OF ANY KIND. WITHOUT LIMITING THE FOREGOING, WE EXPLICITLY DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, QUIET ENJOYMENT AND NON-INFRINGEMENT, AND ANY WARRANTIES ARISING OUT OF COURSE OF DEALING OR USAGE OF TRADE. We make no warranty that the Services will meet your requirements or be available on an uninterrupted, secure, or error-free basis. We make no warranty regarding the quality, accuracy, timeliness, truthfulness, completeness or reliability of any information or content on the Services.200MS LABS DOES NOT REPRESENT OR WARRANT THAT ANY CONTENT ON THE SERVICES IS ACCURATE, COMPLETE, RELIABLE, CURRENT OR ERROR-FREE. WE WILL NOT BE LIABLE FOR ANY LOSS OF ANY KIND FROM ANY ACTION TAKEN OR TAKEN IN RELIANCE ON MATERIAL OR INFORMATION, CONTAINED ON THE SERVICES. WHILE 200MS LABS ATTEMPTS TO MAKE YOUR ACCESS TO AND USE OF THE SERVICES AND ANY CONTENT THEREIN SAFE, 200MS LABS CANNOT AND DOES NOT REPRESENT OR WARRANT THAT THE SERVICES, ANY CONTENT THEREIN, ANY NFTS LISTED THEREIN, OR OUR SERVERS ARE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS. WE CANNOT GUARANTEE THE SECURITY OF ANY DATA THAT YOU DISCLOSE ONLINE. YOU ACCEPT THE INHERENT SECURITY RISKS OF PROVIDING INFORMATION AND DEALING ONLINE OVER THE INTERNET AND WILL NOT HOLD US RESPONSIBLE FOR ANY BREACH OF SECURITY.200MS LABS WILL NOT BE RESPONSIBLE OR LIABLE TO YOU FOR ANY LOSS AND TAKES NO RESPONSIBILITY FOR, AND WILL NOT BE LIABLE TO YOU FOR, ANY USE OF THE SERVICES, INCLUDING BUT NOT LIMITED TO ANY LOSSES, DAMAGES OR CLAIMS ARISING FROM: (I) USER ERROR SUCH AS FORGOTTEN PASSWORDS, INCORRECTLY CONSTRUCTED TRANSACTIONS, OR MISTYPED WALLET ADDRESSES; (II) SERVER FAILURE OR DATA LOSS; (III) BLOCKCHAIN NETWORKS, CRYPTOCURRENCY WALLETS OR CORRUPT FILES; (IV) UNAUTHORIZED ACCESS TO SERVICES; OR (V) ANY THIRD PARTY ACTIVITIES, INCLUDING WITHOUT LIMITATION THE USE OF VIRUSES, PHISHING, BRUTEFORCING OR OTHER MEANS OF ATTACK. NFTS ARE INTANGIBLE DIGITAL ASSETS. THEY EXIST ONLY BY VIRTUE OF THE OWNERSHIP RECORD MAINTAINED IN THE APPLICABLE BLOCKCHAIN NETWORK. ANY TRANSFER OF TITLE THAT MIGHT OCCUR IN ANY UNIQUE DIGITAL ASSET OCCURS ON THE DECENTRALIZED LEDGER WITHIN SUCH BLOCKCHAIN NETWORK. WE DO NOT GUARANTEE THAT WE CAN AFFECT THE TRANSFER OF TITLE OR RIGHT IN ANY NFTS OR OTHER DIGITAL ASSETS, OR THAT ANY ASSOCIATED PAYMENT WILL BE SUCCESSFUL.YOU BEAR FULL RESPONSIBILITY FOR VERIFYING THE IDENTITY, LEGITIMACY, AND AUTHENTICITY OF ASSETS YOU PURCHASE THROUGH THE SERVICES. NOTWITHSTANDING INDICATORS AND MESSAGES THAT SUGGEST VERIFICATION, 200MS LABS MAKES NO CLAIMS ABOUT THE IDENTITY, LEGITIMACY, OR AUTHENTICITY OF ASSETS ON THE SERVICES.THE SERVICES MAY NOT BE AVAILABLE DUE TO ANY NUMBER OF FACTORS INCLUDING, BUT NOT LIMITED TO, PERIODIC SYSTEM MAINTENANCE, SCHEDULED OR UNSCHEDULED, ACTS OF GOD, UNAUTHORIZED ACCESS, VIRUSES, DENIAL OF SERVICE OR OTHER ATTACKS, TECHNICAL FAILURE OF THE SERVICES AND/OR TELECOMMUNICATIONS INFRASTRUCTURE OR DISRUPTION, AND THEREFORE WE EXPRESSLY DISCLAIM ANY EXPRESS OR IMPLIED WARRANTY REGARDING THE USE AND/OR AVAILABILITY, ACCESSIBILITY, SECURITY OR PERFORMANCE OF THE SERVICES CAUSED BY SUCH FACTORS. WE DO NOT MAKE ANY REPRESENTATIONS OR WARRANTIES AGAINST THE POSSIBILITY OF DELETION, MISDELIVERY OR FAILURE TO STORE COMMUNICATIONS, PERSONALIZED SETTINGS OR OTHER DATA.SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OF CERTAIN WARRANTIES. ACCORDINGLY, SOME OF THE ABOVE DISCLAIMERS OF WARRANTIES MAY NOT APPLY TO YOU.

‍

‍11.2. Sophistication and Risk of Cryptographic Systems

‍By using or accessing the Services, you represent that you understand the inherent risks associated with cryptographic systems; and warrant that you have an understanding of the usage and intricacies of cryptographic tokens, decentralized networks, and blockchain-based software systems.

‍

‍11.3. Risk of Regulatory Actions in One or More Jurisdictions

‍200ms Labs and the NFTs, as well as any other Supported Network, Supported Digital Assets, and any Supported Digital Asset Accounts, could be impacted by one or more regulatory inquiries or regulatory action, which could impede or limit the ability of 200ms Labsto continue to develop, or which could impede or limit your ability to access or use the Services, the Solana Network, any other Supported Network, Supported Digital Assets, and/or any Supported Digital Asset Accounts. By using or accessing the Services, you acknowledge these risks and agree that 200ms Labs will not be held liable for any losses or damages associated with these risks including, without limitation, losses associated with your use of Supported Digital Assets or Supported Networks.

‍

‍11.4. Risk of Weaknesses or Exploits in the Field of Cryptography

‍You acknowledge and understand that cryptography is a progressing field and that advances in cryptanalysis or technical advances such as the development of quantum computers may present risks to cryptocurrencies and the Services, which could result in the theft or loss of your Supported Digital Assets or Supported Digital Asset Accounts. To the extent possible, 200ms Labs intends to update the Services to account for any advances in cryptography and to incorporate additional security measures, but does not guarantee or otherwise represent full security of the Services. By using or accessing the Services, you acknowledge these risks and agree that 200ms Labs will not be held liable for any losses or damages associated with these risks including, without limitation, losses associated with your use of Supported Digital Assets or Supported Networks.

‍

‍11.5. Volatility of Digital Assets

‍You understand that the Supported Digital Assets, and the Supported Networks, are highly volatile due to many factors including but not limited to adoption, speculation, technology and security risks. You also acknowledge that the cost of transacting on the Supported Networks is variable and may increase at any time causing impact to any activities taking place on the Services or Supported Networks. By using or accessing the Services, you acknowledge these risks and agree that 200ms Labs will not be held liable for any losses or damages associated with these risks including, without limitation, losses associated with your use of Supported Digital Assets or Supported Networks.

‍

‍11.6. Other Affiliated Services and Third Party Services

‍The Services may include, integrate with, or be accessible through, Supported Applications including software and services provided by our affiliates and or by third parties Supported Applications. Supported Applications are made available to you under the terms of the applicable service providers (collectively, “Service Providers”). Please review the applicable terms prior to using or accessing Supported Applications. By using any Supported Applications, you acknowledge that (i) you have read and agree to the terms that apply to such Supported Applications and (ii) you may be exposed to the risks inherent in such Supported Applications. Such risks include, without limitation, delays in or inability to access funds or cryptographic tokens held by such parties or loss of funds of cryptographic tokens. You agree that 200ms Labs is not responsible for any such liability. Service Providers may charge you a fee for use of, or access to, Supported Applications. You acknowledge that 200ms Labs may earn fees from Service Providers in connection with your use of such Supported Applications. You agree that 200ms Labs and its affiliates are not in any way associated with the Supported Applications or responsible or liable for the software and services offered by the associated Service Providers. 200ms Labs does not endorse or approve and makes no warranties, representations or undertakings relating to the software, service or content of any Third Party Services. In addition, 200ms Labs disclaims liability for any loss, damage and any other consequence resulting directly or indirectly from or relating to your use or access of Third Party Services or any information that you may provide or any transaction conducted with or through the Third Party Services or the failure of any information, software or services posted or offered by such Service Providers or any error, omission or misrepresentation by such Service Providers or any computer virus arising from or system failure associated with the Third Party Services. In the event of any inconsistency between these Terms and the terms of the Supported Applications, these Terms will prevail.

‍

12. Indemnity

You will indemnify and hold 200ms Labs and its officers, directors, employees and agents, harmless from and against any claims, disputes, demands, liabilities, damages, losses, and costs and expenses, including, without limitation, reasonable legal and accounting fees arising out of or in any way connected with (a) your access to or use of the Services, (b) any User Content, or (c) your violation of these Terms.

‍

13. Limitation on Liability

‍

13.1.TO THE MAXIMUM EXTENT PERMITTED BY LAW, NEITHER 200MS LABS NOR ITS SERVICE PROVIDERS INVOLVED IN CREATING, PRODUCING, OR DELIVERING 8 THE SERVICES WILL BE LIABLE FOR ANY INCIDENTAL, SPECIAL, EXEMPLARY OR CONSEQUENTIAL DAMAGES, OR DAMAGES FOR LOST PROFITS, LOST REVENUES, LOST SAVINGS, LOST BUSINESS OPPORTUNITY, LOSS OF DATA OR GOODWILL, SERVICE INTERRUPTION, COMPUTER DAMAGE OR SYSTEM FAILURE OR THE COST OF SUBSTITUTE SERVICES OF ANY KIND ARISING OUT OF OR IN CONNECTION WITH THESE TERMS OR FROM THE USE OF OR INABILITY TO USE THE SERVICES, WHETHER BASED ON WARRANTY, CONTRACT, TORT (INCLUDING NEGLIGENCE), PRODUCT LIABILITY OR ANY OTHER LEGAL THEORY, AND WHETHER OR NOT 200MS LABS OR ITS SERVICE PROVIDERS HAVE BEEN INFORMED OF THE POSSIBILITY OF SUCH DAMAGE, EVEN IF A LIMITED REMEDY SET FORTH HEREIN IS FOUND TO HAVE FAILED OF ITS ESSENTIAL PURPOSE.13.2.TO THE MAXIMUM EXTENT PERMITTED BY THE LAW OF THE APPLICABLE JURISDICTION, IN NO EVENT WILL 200MS LABS’ TOTAL LIABILITY ARISING OUT OF OR IN CONNECTION WITH THESE TERMS OR FROM THE USE OF OR INABILITY TO USE THE SERVICES EXCEED THE AMOUNTS YOU HAVE PAID OR ARE PAYABLE BY YOU TO 200MS LABS FOR USE OF THE SERVICES OR ONE HUNDRED DOLLARS ($100), IF YOU HAVE NOT HAD ANY PAYMENT OBLIGATIONS TO 200MS LABS, AS APPLICABLE.13.3.THE EXCLUSIONS AND LIMITATIONS OF DAMAGES SET FORTH ABOVE ARE FUNDAMENTAL ELEMENTS OF THE 200MS LABS’ OFFER TO PROVIDE SERVICES.

‍

14. Limited License

We grant you limited, non-exclusive, revocable permission to make use of the Services (“Access”). This Access shall remain in effect until and unless terminated by you or us. You understand that this Access is personal to you and you promise and agree that you will not attempt to redistribute, sublicense, or otherwise attempt to transfer Access or the Services, except as expressly provided under these Terms. We, and our licensors, retain ownership of all copies of the Services, or any part thereof, even after installation on your personal computers, mobile devices, tablets, wearable devices, speakers and/or other devices. All 200ms Labs’ trademarks, service marks, trade names, logos, domain names, and any other features of the 200ms Labs’ brand (“200ms Labs Brand Features”) are the sole property of 200ms Labs or its licensors. The Terms do not grant you any rights to use any 200ms Labs Brand Features whether for commercial or non-commercial use. You agree to abide by our user guidelines and not to use the Services or any part thereof in any manner not expressly permitted by the Terms. Except for the rights expressly granted to you in the Terms, 200ms Labs grants no right, title, or interest to you in the Site, the App or the Services. Third party software (for example, open source software libraries) included in the Services are made available to you under the relevant third party software library’s license terms.

‍

15. Links

The Services provide, or third parties may provide, links to other sites, applications or resources. Because 200ms Labs has no control over such sites, applications and resources, you acknowledge and agree that 9 200ms Labs is not responsible for the availability of such external sites, applications or resources, and does not endorse and is not responsible or liable for any content, services, advertising, products or other materials on or available from such sites or resources. You further acknowledge and agree that 200ms Labs shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any such content, goods or services available on or through any such site or resource. You acknowledge sole responsibility for and assume all risk arising from, your use of any third-party links.

‍

16. Termination and Suspension

We may suspend or terminate your access to and use of the Services, including suspending access to or terminating your account, at our sole discretion, at any time and without notice to you. You may cancel your account at any time by sending us an email at admin@200ms.io. Upon any termination, discontinuation or cancellation of the Services or your account, the following Sections will survive: 5 (to the extent any fees are owed to 200ms Labs at termination), 11, 12, 13, 17, 18, 19, and 20.

‍

17. No Third Party Beneficiaries

You agree that, except as otherwise expressly provided in these Terms, there shall be no third party beneficiaries to the Terms.

‍

18. Governing Law and Forum Choice

These Terms and any action related thereto will be governed by the British Virgin Islands Arbitration Act and the laws of the British Virgin Islands, without regard to its conflict of laws provisions. Except as otherwise expressly set forth in Section 19 “Dispute Resolution,” the exclusive jurisdiction for all Disputes (defined below) that you and 200ms Labs are not required to arbitrate will be the state and federal courts located in the British Virgin Islands, and you and 200ms Labs each waive any objection to jurisdiction and venue in such courts.

‍

19. Dispute Resolution

19.1. Mandatory Arbitration of Disputes

‍We each agree that any dispute, claim or controversy arising out of or relating to these Terms or the breach, termination, enforcement, interpretation or validity thereof or the use of the Services (collectively, “Disputes”) will be resolved solely by binding, individual arbitration and not in a class, representative or consolidated action or proceeding. You and 200ms Labs agree that the British Virgin Islands Arbitration Act governs the interpretation and enforcement of these Terms, and that you and 200ms Labs are each waiving the right to a trial by jury or to participate in a class action. This arbitration provision shall survive termination of these Terms.

‍

‍19.2. Exceptions

‍As limited exceptions to Section 19.1 above: (i) we both may seek to resolve a Dispute in small claims court if it qualifies; and (ii) we each retain the right to seek injunctive or other equitable relief from a court to prevent (or enjoin) the infringement or misappropriation of our intellectual property rights.

‍

‍19.3. Conducting Arbitration and Arbitration Rules

‍The arbitration will be conducted by the JAMS pursuant to its rules then in effect, except as modified by these Terms. Disputes involving claims and counterclaims under $250,000, not inclusive of attorneys’ fees and interest, shall be subject to JAMS’ most current version of the Streamlined Arbitration Rules. All other claims shall be subject to JAMS’ most current version of the Comprehensive Arbitration Rules and Procedures (collectively, the “JAMS Rules”). The JAMS rules are available at www.jamsadr.com (under the Rules/Clauses tab) or by calling JAMS at 800-352-5267. Payment of all filing, administration, and arbitration fees will be governed by the JAMS rules, including JAMS’ Consumer Arbitration Minimum Standards. A party who wishes to start arbitration must submit a written Demand for Arbitration to JAMS and give notice to the other party as specified in the JAMS Rules. Any arbitration hearings will be held remotely where possible and permitted by the applicable rules, unless we both agree to a different location. Where required by law for the provision to be enforceable, arbitration will be held locally but otherwise will be held in the British Virgin Islands, as appropriate. The parties agree that the arbitrator shall have exclusive authority to decide all issues relating to the interpretation, applicability, enforceability and scope of this arbitration agreement.

‍

‍19.4. Arbitration Costs

‍Payment of all filing, administration and arbitrator fees will be governed by the JAMS Rules, including JAMS’ Consumer Arbitration Minimum Standards, as applicable, and we won’t seek to recover the administration and arbitrator fees we are responsible for paying, unless the arbitrator finds your Dispute frivolous. If we prevail in arbitration we’ll pay all of our attorneys’ fees and costs and won’t seek to recover them from you. If you prevail in arbitration you will be entitled to an award of attorneys’ fees and expenses to the extent provided under applicable law.

‍

‍19.5. Injunctive and Declaratory Relief

‍Except as provided in Section 19.2 above, the arbitrator shall determine all issues of liability on the merits of any claim asserted by either party and may award declaratory or injunctive relief only in favor of the individual party seeking relief and only to the extent necessary to provide relief warranted by that party’s individual claim. To the extent that you or we prevail on a claim and seek public injunctive relief (that is, injunctive relief that has the primary purpose and effect of prohibiting unlawful acts that threaten future injury to the public), the entitlement to and extent of such relief must be litigated in a civil court of competent jurisdiction and not in arbitration. The parties agree that litigation of any issues of public injunctive relief shall be stayed pending the outcome of the merits of any individual claims in arbitration.

‍

‍19.6. Class Action Waiver

‍YOU AND 200MS LABS AGREE THAT EACH MAY BRING CLAIMS AGAINST THE OTHER ONLY IN YOUR OR ITS INDIVIDUAL CAPACITY, AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS OR REPRESENTATIVE PROCEEDING. Further, if the parties’ Dispute is resolved through arbitration, the arbitrator may not consolidate another person’s claims with your claims, and may not otherwise preside over any form of a representative or class proceeding. If this specific provision is found to be unenforceable, then the entirety of this Dispute Resolution section shall be null and void.

‍

‍19.7. Severability

‍With the exception of any of the provisions in Section 19.6 of these Terms (“Class Action Waiver”), if an arbitrator or court of competent jurisdiction decides that any part of these Terms is invalid or unenforceable, the other parts of these Terms will still apply.

‍

20. General Terms

20.1. Reservation of Rights

‍200ms Labs and its licensors exclusively own all right, title and interest in and to the Services, including all associated intellectual property rights. You acknowledge that the Services are protected by copyright, trademark, and other laws of the United States and foreign countries. You agree not to remove, alter or obscure any copyright, trademark, service mark or other proprietary rights notices incorporated in or accompanying the Services.

‍

‍20.2. Entire Agreement

‍These Terms constitute the entire and exclusive understanding and agreement between 200ms Labs and you regarding the Services, and these Terms supersede and replace all prior oral or written understandings or agreements between 200ms Labs and you regarding the Services. If any provision of these Terms is held invalid or unenforceable by an arbitrator or a court of competent jurisdiction, that provision will be enforced to the maximum extent permissible and the other provisions of these Terms will remain in full force and effect. You may not assign or transfer these Terms, by operation of law or otherwise, without 200ms Labs’ prior written consent. Any attempt by you to assign or transfer these Terms, without such consent, will be null. 200ms Labs may freely assign or transfer these Terms without restriction. Subject to the foregoing, these Terms will bind and inure to the benefit of the parties, their successors and permitted assigns.

‍

‍20.3. Notices

‍Any notices or other communications provided by 200ms Labs under these Terms will be given: (i) via email; or (ii) by posting to the Services. For notices made by email, the date of receipt will be deemed the date on which such notice is transmitted.

‍

‍20.4. Waiver of Rights

‍200ms Labs’ failure to enforce any right or provision of these Terms will not be considered a waiver of such right or provision. The waiver of any such right or provision will be effective only if in writing and signed by a duly authorized representative of 200ms Labs. Except as expressly set forth in these Terms, the exercise by either party of any of its remedies under these Terms will be without prejudice to its other remedies under these Terms or otherwise.

‍

21. Contact Information

If you have any questions about these Terms or the Services, please contact 200ms Labs at admin@200ms.io

Privacy Notice

Last Updated: November 24, 2022

‍

This Privacy Notice is designed to help you understand how 200ms Labs Ltd (“200ms Labs,” “we,” “us,” or “our”) collects, uses, processes, and shares your personal information, and to help you understand and exercise your privacy rights.

‍

1. SCOPE AND UPDATES TO THIS PRIVACY NOTICE

2. PERSONAL INFORMATION WE COLLECT

3. HOW WE USE YOUR PERSONAL INFORMATION

4. HOW WE DISCLOSE YOUR PERSONAL INFORMATION

5. YOUR PRIVACY CHOICES AND RIGHTS

6. SECURITY OF YOUR INFORMATION

7. INTERNATIONAL DATA TRANSFERS

8. RETENTION OF PERSONAL INFORMATION

9. SUPPLEMENTAL NOTICE FOR CALIFORNIA RESIDENTS

10. SUPPLEMENTAL NOTICE FOR NEVADA RESIDENTS

12. CHILDREN’S INFORMATION

13. OTHER PROVISIONS

14. CONTACT US

‍

1. SCOPE AND UPDATES TO THIS PRIVACY NOTICE

This Privacy Notice applies to personal information processed by us, including on our websites, mobile applications, Backpack browser extensions, and other online or offline offerings. To make this Privacy Policy easier to read, our website, mobile applications, browser extensions and other offerings are collectively called the “Services.”

‍

Changes to our Privacy Notice. We may revise this Privacy Notice from time to time in our sole discretion. If there are any material changes to this Privacy Notice, we will notify you as required by applicable law. You understand and agree that you will be deemed to have accepted the updated Privacy Notice if you continue to use our Services after the new Privacy Notice takes effect.

‍

2. PERSONAL INFORMATION WE COLLECT

The categories of personal information we collect depend on how you interact with us, our Services, and the requirements of applicable law. We collect information that you provide to us, information we obtain automatically when you use our Services, and information from other sources such as third-party services and organizations, as described below.

‍

A. Personal Information You Provide to Us Directly

We may collect personal information that you provide to us.

Wallet Creation. We may collect personal information when you request a wallet with us, such as your username and public key.
Your Communications with Us. We may collect personal information, such as email address, when you request information about our Services, register for our newsletter, request customer or technical support, or otherwise communicate with us.
Surveys. We may contact you to participate in surveys. If you decide to participate, we may collect personal information from you in connection with the survey.
Interactive Features. We and others who use our Services may collect personal information that you submit or make available through our interactive features (e.g., messaging and chat features, commenting functionalities, forums, blogs, and social media pages). Any information you provide using the public sharing features of the Services will be considered “public,” unless otherwise required by applicable law, and is not subject to the privacy protections referenced herein.
Sweepstakes or Contests. We may collect personal information you provide for any sweepstakes or contests that we offer. In some jurisdictions, we are required to publicly share information of sweepstakes and contest winners.

‍

B. Personal Information Collected Automatically

We may collect personal information automatically when you use our Services.

Cookie Policy (and Other Technologies). We, as well as third parties that provide content, advertising, or other functionality on the Services, may use cookies, pixel tags, and other technologies (“Technologies”) to automatically collect information through your use of the Services.
- Cookies. Cookies are small text files placed in device browsers that store preferences and facilitate and enhance your experience.
- Pixel Tags/Web Beacons. A pixel tag (also known as a web beacon) is a piece of code embedded in the Services that collects information about engagement on the Services. The use of a pixel tag allows us to record, for example, that a user has visited a particular web page or clicked on a particular advertisement. We may also include web beacons in e-mails to understand whether messages have been opened, acted on, or forwarded.
Our uses of these Technologies fall into the following general categories:
- Operationally Necessary. This includes Technologies that allow you access to the Services, applications, and tools that are required to identify irregular website behavior, prevent fraudulent activity, improve security, or allow you to make use of our functionality;
- Performance-Related. We may use Technologies to assess the performance of the Services, including as part of our analytic practices to help us understand how individuals use the Services (see Analytics below);
- Functionality-Related. We may use Technologies that allow us to offer you enhanced functionality when accessing or using the Services. This may include identifying you when you sign into our Services or keeping track of your specified preferences, interests, or past items viewed;
- Advertising- or Targeting-Related. We may use first party or third-party Technologies to deliver content, including ads relevant to your interests, on the Services or on third-party digital properties.

C. Personal Information Collected from Other Sources

Third-Party Services and Sources. We may obtain personal information about you from other sources, including through third-party services and organizations. For example, if you access our Services through a third-party application, such as an app store, a third-party login service, or a social networking site, we may collect personal information about you from that third-party application that you have made available via your privacy settings.
Referrals and Sharing Features. Our Services may offer various tools and functionalities that allow you to provide personal information about your friends through our referral service. Our referral services may also allow you to forward or share certain content with a friend or colleague, such as an email inviting your friend to use our Services. Please only share with us contact information of people with whom you have a relationship (e.g., relative, friend, neighbor, or co-worker).

‍

3. HOW WE USE YOUR PERSONAL INFORMATION

We use your personal information for a variety of business purposes, including to provide our Services, for administrative purposes, and to market our products and Services, as described below.

‍

A. Provide Our Services

We use your information to fulfil our contract with you and provide you with our Services, such as:

Managing your information and accounts;
Providing access to certain areas, functionalities, and features of our Services;
Answering requests for customer or technical support;
Communicating with you about your account, activities on our Services, and policy changes; and
Processing your financial information and other payment methods to facilitate purchases and transfers via the Services.

‍

B. Administrative Purposes

We use your information for various administrative purposes, such as:

Pursuing our legitimate interests such as direct marketing, research and development (including marketing research), network and information security, and fraud prevention;
Detecting security incidents, protecting against malicious, deceptive, fraudulent or illegal activity, and prosecuting those responsible for that activity;
Measuring interest and engagement in our Services;
Improving, upgrading, or enhancing our Services;
Developing new products and services;
Ensuring internal quality control and safety;
Authenticating and verifying individual identities, including requests to exercise your rights under this Privacy Notice;
Debugging to identify and repair errors with our Services;
Auditing relating to interactions, transactions, and other compliance activities;
Sharing personal information with third parties as needed to provide the Services;
Enforcing our agreements and policies; and
Carrying out activities that are required to comply with our legal obligations.

‍

C. Marketing and Advertising our Products and Services

We may use personal information to tailor and provide you with content. We may provide you with these materials as permitted by applicable law.

Some of the ways we may market to you include email campaigns, custom audiences advertising, and “interest-based” or “personalized advertising,” including through cross-device tracking.

If you have any questions about our marketing practices or if you would like to opt out of the use of your personal information for marketing purposes, you may contact us at any time as set forth in “Contact Us” below.

‍

D. With Your Consent

We may use personal information for other purposes that are clearly disclosed to you at the time you provide personal information or with your consent.

‍

E. Other Purposes

We also use your personal information for other purposes as requested by you or as permitted by applicable law.

De-identified and Aggregated Information. We may use personal information to create deidentified and/or aggregated information, such as demographic information, information about the device from which you access our Services, or other analyses we create.

‍

4. HOW WE DISCLOSE YOUR PERSONAL INFORMATION

We disclose your personal information to third parties for a variety of business purposes, including to provide our Services, to protect us or others, or in the event of a major business transaction such as a merger, sale, or asset transfer, as described below.

‍

A. Disclosures to Provide our Services

The categories of third parties with whom we may share your personal information are described below.

Notice Regarding Use of Blockchain Networks. Information about transactions you enter into via the Services will be recorded on the blockchain and may be accessible to third parties due to the public nature of the blockchain. Because entries to the blockchain are, by their nature, public, and because it may be possible for someone to identify you through your pseudonymous, public wallet address using external sources of information, any transaction you enter onto the blockchain could possibly be used to identify you, or information about you.
Other Users of the Services and Parties You Transact With. Some of your personal information may be visible to other users of the Services (e.g., information featured on generally accessible parts of the contracts or on a user profile). In addition, to complete transfers via the Services, we will need to share some of your personal information with the party that you are transacting with.
Service Providers. We may share your personal information with our third-party service providers and vendors that assist us with the provision of our Services. This includes service providers and vendors that provide us with IT support, hosting, payment processing, customer service, and related services.
Third-Party Services You Share or Interact With. Certain features and functionalities of the Services may link to or allow you to interface, interact, or share information with, access and/or use third-party websites, services, products, and technology (collectively, “Third-Party Services”). Any information shared with or otherwise collected by a Third-Party Service may be subject to the Third- Party Service’s privacy policy. We are not responsible for the processing of personal information by Third-Party Services.
Affiliates. We may share your personal information with our company affiliates.
Advertising Partners. We may share your personal information with third-party advertising partners. These third-party advertising partners may set Technologies and other tracking tools on the Services to collect information regarding your activities and your device (e.g., your IP address, cookie identifiers, page(s) visited, location, time of day). These advertising partners may use this information (and similar information collected from other services) for purposes of delivering personalized advertisements to you when you visit digital properties within their networks. This practice is commonly referred to as “interest-based advertising” or “personalized advertising.”
APIs/SDKs. We may use third-party application program interfaces (“APIs”) and software development kits (“SDKs”) as part of the functionality of our Services. For more information about our use of APIs and SDKs, please contact us as set forth in “Contact Us” below.

‍

B. Disclosures to Protect Us or Others

We may access, preserve, and disclose any information we store associated with you to external parties if we, in good faith, believe doing so is required or appropriate to: comply with law enforcement or national security requests and legal process, such as a court order or subpoena; protect your, our, or others’ rights, property, or safety; enforce our policies or contracts; collect amounts owed to us; or assist with an investigation or prosecution of suspected or actual illegal activity.

‍

C. Disclosure in the Event of Merger, Sale, or Other Asset Transfers

If we are involved in a merger, acquisition, financing due diligence, reorganization, bankruptcy, receivership, purchase or sale of assets, or transition of service to another provider, your information may be sold or transferred as part of such a transaction, as permitted by law and/or contract.

‍

5. SECURITY OF YOUR INFORMATION

We take steps to ensure that your information is treated securely and in accordance with this Privacy Notice. Unfortunately, no system is 100% secure, and we cannot ensure or warrant the security of any information you provide to us. To the fullest extent permitted by applicable law, we do not accept liability for unauthorized access, use, disclosure, or loss of personal information.

By using our Services or providing personal information to us, you agree that we may communicate with you electronically regarding security, privacy, and administrative issues relating to your use of our Services. If we learn of a security system’s breach, we may attempt to notify you electronically by posting a notice on our Services, by mail, or by sending an email to you.

‍

6. RETENTION OF PERSONAL INFORMATION

We store the personal information we collect as described in this Privacy Notice for as long as you use our Services, or as necessary to fulfill the purpose(s) for which it was collected, provide our Services, resolve disputes, establish legal defenses, conduct audits, pursue legitimate business purposes, enforce our agreements, and comply with applicable laws.

‍

7. SUPPLEMENTAL NOTICE FOR NEVADA RESIDENTS

If you are a resident of Nevada, you have the right to opt-out of the sale of certain personal information to third parties who intend to license or sell that personal information. To the extent applicable, you can exercise this right by contacting us at the email address listed in Contact Us below with the subject line “Nevada Do Not Sell Request” and providing us with your name and the email address associated with your account. Please note that we do not currently sell your personal information as sales are defined in Nevada Revised Statutes Chapter 603A. If you have any questions, please contact us as set forth in Contact Us below.

‍

8. CHILDREN’S INFORMATION

The Services are not directed to children under 16 (or other age as required by local law), and we do not knowingly collect personal information from children.

If you are a parent or guardian and believe your child has uploaded personal information to our site without your consent, you may contact us as described in “Contact Us” below. If we become aware that a child has provided us with personal information in violation of applicable law, we will delete any personal information we have collected, unless we have a legal obligation to keep it, and terminate the child’s account, if applicable.

‍

9. OTHER PROVISIONS

Third-Party Websites/Applications. The Services may contain links to other websites/applications and other websites/applications may reference or link to our Services. These third-party services are not controlled by us. We encourage our users to read the privacy policies of each website and application with which they interact. We do not endorse, screen, or approve, and are not responsible for, the privacy practices or content of such other websites or applications. Providing personal information to third-party websites or applications is at your own risk.

Supervisory Authority. If your personal information is subject to the applicable data protection laws of the European Economic Area, Switzerland, or the United Kingdom, you have the right to lodge a complaint with the competent supervisory authority if you believe our processing of your personal information violates applicable law.

EEA Data Protection Authorities (DPAs)
Swiss Federal Data Protection and Information Commissioner (FDPIC)
UK Information Commissioner’s Office (ICO)

‍

10. CONTACT US

200ms Labs is the controller of the personal information we process under this Privacy Notice.

If you have any questions about our privacy practices or this Privacy Notice, or to exercise your rights as detailed in this Privacy Notice, please contact us at:

200ms Labs Ltd.

admin@200ms.io

Terms and Conditions

To make these Terms easier to read:

200ms Labs Ltd. is referred to as “200ms Labs”, “we,” “us,” or “our.”
The Site, the Platform, App, browser extension, and any other features, tools, materials, and other services offered from time to time by 200ms Labs are referred to collectively as the “Services.”
“You” and “your” refer to you, as a user of the Services. A “user” is someone who accesses or in any way uses the Service.

‍

1. Agreement to Terms and Privacy Policy

‍

2. Changes to these Terms or the Services

‍

3. Eligibility

‍

4. Feedback

‍

5. Fees

‍

6. Your Content

6.1. Posting Content

‍6.2. Permissions to Your User Content

‍6.3. Your Responsibility for User Content

‍6.4. Removal of User Content

‍6.5. 200ms Labs’ Intellectual Property

‍We may make available through the Services content that is subject to intellectual property rights. We retain all rights to that content.

‍6.6. User Name

‍We reserve the right to recall or change your user name during the Beta period.

‍

7. App License

‍

8. General Prohibitions and 200ms Labs’ Enforcement Rights

‍

9. Functionality

‍

10. Password and Security

‍

11. DISCLAIMERS; RISKS

11.1. Warranty Disclaimer‍

‍

‍11.2. Sophistication and Risk of Cryptographic Systems

‍

‍11.3. Risk of Regulatory Actions in One or More Jurisdictions

‍

‍11.4. Risk of Weaknesses or Exploits in the Field of Cryptography

‍

‍11.5. Volatility of Digital Assets

‍

‍11.6. Other Affiliated Services and Third Party Services

‍

12. Indemnity

‍

13. Limitation on Liability

‍

14. Limited License

‍

15. Links

‍

16. Termination and Suspension

‍

17. No Third Party Beneficiaries

You agree that, except as otherwise expressly provided in these Terms, there shall be no third party beneficiaries to the Terms.

‍

18. Governing Law and Forum Choice

‍

19. Dispute Resolution

19.1. Mandatory Arbitration of Disputes

‍

‍19.2. Exceptions

‍

‍19.3. Conducting Arbitration and Arbitration Rules

‍

‍19.4. Arbitration Costs

‍

‍19.5. Injunctive and Declaratory Relief

‍

‍19.6. Class Action Waiver

‍

‍19.7. Severability

‍

20. General Terms

20.1. Reservation of Rights

‍

‍20.2. Entire Agreement

‍

‍20.3. Notices

‍

‍20.4. Waiver of Rights

‍

21. Contact Information

If you have any questions about these Terms or the Services, please contact 200ms Labs at admin@200ms.io

Exchange Trading Rules

‍Last updated: November 19, 2023

‍

Introduction
1. These exchange trading rules (“Rules”) specify the requirements and conditions for Users to trade on the Virtual Asset exchange platform, mobile application or other platforms (collectively, “Platform”) operated by Trek Labs Ltd FZE d/b/a Backpack Exchange (“Backpack Exchange”), a company established in the Emirate of Dubai and licensed and regulated by Dubai Virtual Assets Regulatory Authority (“VARA”) under license number VL/23/07/001.
2. These Rules govern the use of the Platform including access to the Order Book and the Orders placed via Platform.
3. Capitalized terms not defined herein shall have the meanings ascribed to them in the Backpack Exchange User Agreement (“User Agreement”) entered into between the User and Backpack Exchange.
4. Each User expressly agrees to be bound and comply with these Rules and any rules, procedures, notices, instructions or directions issued by Backpack Exchange pursuant to these Rules.
5. Users must read and acknowledge the Risk Disclosure Statement, before trading on the Platform.
6. These Rules form part of the User Agreement entered into between each User and Backpack Exchange and in the event of any conflict between these Rules and the User Agreement, these Rules shall prevail.
7. These Rules along with the User Agreement and the Risk Disclosure Statement constitute a binding contract between Backpack Exchange and each User of the Platform.
Applicability
1. These Rules shall be applicable to all Users and to all transactions facilitated on the Platform.
2. These Rules and amendments thereto shall be effective from the date of the publication.
3. Users of the Platform shall be subject to these Rules until they cease to be a User, for any reason whatsoever. A former User shall be bound by these Rules in respect of all activities which took place prior to termination of the User’s access and privileges.
Scope of Backpack Exchange’s powers
1. Backpack Exchange is empowered under these Rules to supervise its market. Without limitation, Backpack Exchange reserves the right to:
  1. notify terms, conditions, rules, restrictions, and procedures for registration of Users;
  2. notify terms, conditions, rules, restrictions and procedures to be complied with for admission and continued inclusion, of Virtual Asset(s) or other tokens, for trading on the Platform;
  3. stipulate the terms, conditions, rules, restrictions, and procedures, including the time, mode and manner, for Execution of trades between Users and the trading and settlement procedures for Backpack Exchange’s market in compliance with the Applicable Laws and Regulations;
  4. determine fees and other charges payable to Backpack Exchange by Users;
  5. initiate disciplinary proceedings against Users and impose disciplinary actions as per Rules 13 and 14 of these Rules;
  6. take such actions as Backpack Exchange deems necessary to ensure fair and orderly trading in the market;
  7. notify the terms, conditions and procedures to suspend or terminate a User’s access to the Platform;
  8. Impose restrictions on a User’s usage of the Platform including trading limits;
  9. impose suspension of trading;
  10. amend these Rules from time to time;
  11. undertake any measures or steps as may be mandated by VARA, or any other Competent Authority in relation to Backpack Exchange’s Platform, the listed Virtual Assets or the Users;
  12. exercise any other powers which Backpack Exchange may have under the User Agreement; and
  13. exercise any powers which it may have under Applicable Laws and Regulations.
User Access and Code of Conduct
1. Backpack Exchange enables Users to directly trade on the Platform, without the involvement of any intermediary or member, upon successful completion of the onboarding process of Backpack Exchange.
2. Backpack Exchange conducts due diligence of each new User before onboarding and monitors their ongoing compliance with the Applicable Laws and Regulations.
3. The admission of any applicant as a User shall be at the sole discretion of Backpack Exchange.
4. Backpack Exchange will grant access to the Platform or its services only to an applicant who has completed Backpack Exchange's onboarding requirements, including AML-KYC procedures.
5. As part of the onboarding process, applicants are required to provide Backpack Exchange with relevant information and documentation for identity verification and other screening procedures. Based on Backpack Exchange’s risk assessment, Backpack Exchange may at its discretion, require an applicant to provide additional documents/information.
6. Backpack Exchange shall, on an ongoing basis, review client due diligence (“CDD”) records to ensure that the records are up-to-date and that no identification documents provided have expired.
7. The User acknowledges that Backpack Exchange, either directly or through a third party, may conduct necessary checks to verify the User's identity, identify traces of money laundering, terrorist financing, fraud or other financial crimes or for other lawful purposes. These checks may include but are not limited to (a) verifying the User's identity information in public reports, such as their name, address, past addresses, or date of birth; and (b) taking actions that Backpack Exchange deems reasonably necessary based on the results of such verifications and reports.
8. Backpack Exchange may, in its absolute discretion, accept the applicant as a User, if the applicant complies with Rule 4.2 and Rule 4.3, and satisfies the criteria in Rule 5.
9. Backpack Exchange retains the absolute right, without any liability or obligation to provide an explanation, to suspend or terminate a User's access to the Platform in accordance with the terms outlined in the User Agreement and these Rules. In case of such suspension or termination of access, Backpack Exchange will notify the user via email or other forms of communications permitted by the User.
10. Backpack Exchange shall engage in ongoing monitoring of the User's transactions on the Platform and retains the right to request supplementary documentation or information from the User concerning any transaction conducted on the Platform.
11. Backpack Exchange reserves the right to classify the User as a Retail Investor or an Institutional Investor, in accordance with the Applicable Laws and Regulations.
Eligibility Criteria
1. By registering to open and use a Backpack Exchange Account, the applicant represents and warrants that the applicant:
  1. is a natural person above 21 years of age or a legal person validly organized and in good standing under the Applicable Laws and Regulations;
  2. as a natural person or legal person has full legal capacity and sufficient authorizations to be bound and comply with these Rules;
  3. has not previously been suspended or terminated as a User of Backpack Exchange or any other Virtual Asset exchange;
  4. does not have an existing account with Backpack Exchange;
  5. if a natural person, is applying for an Account exclusively for their own use and not on behalf of any other person;
  6. if acting as an employee, agent of or on behalf of a legal entity, the applicant has all the necessary rights and authorizations to bind such legal entity and to access and use the Platform on behalf of such legal entity;
  7. has full power and authority to enter into the User Agreement and in doing so will not violate any other agreement to which the applicant is a party;
  8. is not located in, or a citizen or resident of any state, country, territory, or other jurisdiction where access to the Platform or the use of Backpack Exchange’s services may be restricted or prohibited by Backpack Exchange (for example, jurisdictions that are subject to economic sanctions);
  9. has not been named on any sanctions list or otherwise subject to any applicable sanctions;
  10. is of sufficient good repute;
  11. has sufficient technical competence to use the facilities of the Platform;
  12. has read and understood the Risk Disclosure Statement and other risks associated with the use of the Platform or Virtual Assets in general.
  13. has not been convicted of an offense involving any crime or financial impropriety; and
  14. is not a Politically Exposed Person (“PEP”) in accordance with Applicable Rules and Regulations.
2. An applicant will only be granted access to the Platform if they meet all of the criteria outlined in Rule 5.1 to Backpack Exchange’s satisfaction. This procedure has been implemented to ensure that only qualified and appropriate applicants are granted access, thereby enhancing the safety and reliability of the Platform for all Users.
Compliance
1. It is the User’s responsibility to abide by these Rules, the User Agreement and the Applicable Laws and Regulations, in relation to the usage of the Platform.
2. The User hereby declares that the funds used by the User for trading on the Platform originate from legitimate sources and do not originate from illegal activities. The User further agrees that Backpack Exchange may require a User to provide or otherwise collect the necessary information and materials in accordance with Applicable Laws and Regulations to verify the legality of the sources of their funds.
3. Backpack Exchange maintains a stance of cooperation with Competent Authorities globally and has the authority to seize, freeze, and terminate Users’ accounts and funds which are flagged out or investigated by a Competent Authority.
4. A User must comply or procure compliance with any request by Backpack Exchange for explanation or verification of information provided by or on behalf of that User to Backpack Exchange.
5. Backpack Exchange may immediately report to the Competent Authority any User conduct which may comprise market abuse, financial crime, or a breach of Applicable Laws and Regulations or Backpack Exchange suspects of it, and share the required details relating to the User including User’s positions in the Order Book, in particular, details of any large positions held and changes to the position limits.
6. Backpack Exchange may, by written notice, require information from a User about any matter which Backpack Exchange considers may relate to these Rules or to the integrity of the Platform, or the market or which Backpack Exchange may require for the purpose of compliance with Applicable Law and Regulations.
7. A User must not knowingly, recklessly or carelessly provide Backpack Exchange with any information (including information for the purpose of becoming a User) which is false, misleading or inaccurate.
Enforcement
1. These Rules empower Backpack Exchange to supervise its market and the conduct of the Users on the Platform. To this effect, Backpack Exchange may use a wide range of powers, including but not limited to surveillance, monitoring, review, examination, and investigation. Backpack Exchange may also exercise these powers to ensure that the Users comply with these Rules, the User Agreement and the Applicable Law and Regulations. .
2. In the exercise of these powers, Backpack Exchange, at its absolute discretion, may request the User to produce any accounts, documents, books, contracts, or any other records.
3. Backpack Exchange may, through its officers, employees or agents including auditors, investigate into the conduct and affairs of a User including, inter-alia:
  1. any suspected breach of these Rules by a User regardless of how a suspected breach comes to its attention;
  2. any complaint against a User for any acts or omissions; or
  3. any matter which may affect fair and orderly trading.
4. In furtherance to the investigation under Rule 7.3, the User acknowledges that Backpack Exchange reserves the right to disclose information and documents provided by or relating to a User:
  1. for the purpose of enabling it to institute, carry on or defend any proceedings including any court proceedings;
  2. under compulsion of law in any jurisdiction;
  3. for the purpose of enabling Backpack Exchange to discharge its functions having regard in particular to the maintenance of high standards of integrity and fair dealing; or
  4. for any other purpose with the consent of the User from whom the information was obtained or to whom the information relates.
5. Backpack Exchange has no obligation to notify a User that an investigation is underway.
6. Following an investigation pursuant to Rule 7.3., if Backpack Exchange determines, in its absolute discretion, that a breach of these Rules has occurred and was committed by a User, Backpack Exchange may take disciplinary action against such a User in accordance with these Rules.
7. Backpack Exchange shall record any investigations and disciplinary actions taken against a User on a User’s compliance record.
8. The User must provide all reasonable assistance requested by Backpack Exchange (whether acting directly or through its agents) in relation to an investigation. The User agrees to provide assistance within the timeframes specified by Backpack Exchange.
User’s ongoing responsibilities
1. The User agrees to comply with the following ongoing obligations:
  1. refrain from engaging in prohibited activities such as market manipulation, market abuse, misleading acts or practices, fraudulent transactions, or actively participating in financial crime;
  2. refrain from using web crawlers or similar techniques to access the Platform or extract data;
  3. abstain from sending or receiving Virtual Assets to or from wallet addresses that are suspected of involvement in financial crimes;
  4. abstain from taking actions that place an excessive or unfairly large burden on the Platform, or interfere with, intercept, or appropriate any system, data, or information on the Platform;
  5. abstain from attempting to reverse engineer or disassemble any part of the Platform to gain access to source code, underlying ideas, concepts, or algorithms;
  6. abstain from infringing upon Backpack Exchange’s or any third party's copyright, patent, trademark, or intellectual property rights;
  7. maintain a strong password to ensure the security of their Account and protect their password from unauthorized access or use;
  8. implement and maintain suitable security systems for the environment in which the Platform is used, to prevent computer virus attacks and unauthorized access;
  9. cooperate with Backpack Exchange and any Competent Authority during any investigation that is conducted in relation to the User’s conduct on the Platform;
  10. ensure that they make all the notifications required under Rule 9 in a timely manner;
  11. abide by any undertaking made by them and the User Agreement;
  12. adhere to the procedural, operational, and technical requirements of Backpack Exchange as stipulated by Backpack Exchange from time to time, which are necessary for using the Platform;
  13. ensure any information or documents provided to Backpack Exchange, including CDD information and documents, are kept up-to-date and are accurate;
  14. pay such fees and charges as may be applicable to the User under these Rules;
  15. indemnify and hold harmless Backpack Exchange, its directors, officers, employees and agents from and against any liabilities, claims, actions (or threatened actions), proceedings, demands, costs expenses, damages (including attorney fees and fines or penalties imposed by any Competent Authority), suits, investigations, arising from or related to the (i) User’s access or use of the Platform; (ii) breach of these Rules or the User Agreement; (iii) violation of Applicable Law or Regulations or rights of any third party. This indemnity includes any damages resulting from direct acts or omissions, such as a breach of these Rules or violation of any Applicable Laws and Regulations. Backpack Exchange shall have the right to undertake, conduct and control, through counsel of its own choosing and at the sole expense of the User, the conduct and settlement of any third party claim.;
  16. observe high ethical standards to ensure fair and orderly trading, preserve market integrity and act with honesty, integrity, fairness, due skill and care when conducting any activities on the Platform;
  17. refrain from any action or conduct which may impact or harm the reputation of Backpack Exchange;
  18. continue to always meet the criteria under Rule 5 as long as they are Users on the Platform; and
  19. ensure that any personal data provided to Backpack Exchange is up-to-date and correct.
2. The User is responsible for all acts, omissions, and activities conducted on their Accounts.
3. The User shall act as principal in respect of all of its interactions with Backpack Exchange and activity on the Platform.
4. The User must refrain from participating in any Prohibited Conduct as outlined in Rule 12 of these Rules.
5. The User shall not:
  1. Coordinate prices (including quotations), trades, or trade reports with any other market participant or any other person;
  2. Direct or request another market participant to alter a price (including a quotation); or
  3. Engage, directly or indirectly, in any conduct that threatens, harasses, coerces, intimidates, or otherwise attempts improperly to influence another User, market participant or any other person.
6. The User is responsible for ensuring that they have:
  1. sufficient authority to transact business on the Account;
  2. sufficient knowledge and understanding of their responsibilities under these Rules and the Applicable Law and Regulations at all times;
  3. sufficient knowledge, understanding and experience with respect to financial markets, Virtual Assets, and trading.
Notification obligations
1. The User must notify Backpack Exchange as soon as practicable:
  1. if they have or may have committed a breach of these Rules, the User Agreement or any relevant Applicable Laws and Regulations;
  2. if a Competent Authority is investigating the User or instituting any investigation, disciplinary or enforcement proceedings against the User;
  3. the receipt of an injunction, or the imposition of a sanction against the User by any Competent Authority, which may be material in the context of the User’s usage of the Platform or their obligations under these Rules;
  4. if they discover or suspect any unauthorized access or use of their Account or any security breaches related to their Account;
  5. any material change in the User’s ability to comply with these Rules, the User Agreement or the Applicable Laws and Regulations;
  6. any changes or prospective changes affecting their ability to meet the criteria set out herein or any matter which results in the User being unable to comply with the criteria under Rule 5; and
  7. if there is a need to report a material incident in relation to their Account, including any material operational problems or security concerns related to their Account.
2. The aforementioned notifications must be made using the appropriate means as notified by Backpack Exchange to the User from time to time, including through the user interface. Failure of a User to notify Backpack Exchange in such circumstances will be considered a breach of these Rules by that User.
Listing and trading
1. The decision to permit a Virtual Asset for trading on the Platform is solely at the discretion of Backpack Exchange. A notice will be issued by Backpack Exchange containing important information about the new Virtual Asset's admission, such as the effective date of admission and the duration of the pre-open session for trading, if any.
2. Order Book: Backpack Exchange operates an Order Book-based trading platform offering various Virtual Asset-to-Virtual Asset and Virtual Asset-to-fiat currency Trading Pair. Trades are settled in either Virtual Assets or fiat currencies. Each User’s Account will display which Order Books are available to the User.
3. The Platform and its Order Books are available for trading 24 hours a day, 7 days a week, except for Interruptions and Downtime as provided under these Rules.
4. Orders
  1. Backpack Exchange may offer various order types to its users from time to time, as described in more details herein.
  2. A User may place an Order on an Order Book provided that the User must have an Available Balance of the relevant Virtual Asset and/or fiat currency in their Account, which is sufficient to cover the total value of the Order including any applicable fees chargeable by Backpack Exchange.
  3. Upon placing an Order, the relevant quantity of the applicable Virtual Asset / fiat currency the User’s Account becomes subject to a Hold.
  4. A User can place an Order in three different ways i.e., (i) a Limit Order; (ii) a Market Order; or (iii) a Stop Order.
  5. A User can cancel an open Limit Order or a Stop Order at any time before it is Executed. No fee is charged for successfully canceled Orders.
5. Limit Orders
  1. Limit Order: A Limit Order is an Order where the User sets a maximum or minimum price at which the Order can be Executed.
  2. A Limit Order will only be Executed at the specified price or a better price, i.e. a lower price than the specified price for a purchase and a higher price than the specified price for a sale.
  3. A Limit Order, if selected with the ‘post-only’ option, will be posted to the Order Book if there are no existing orders on the other side of the Order Book. A User’s Limit Order with ‘post-only’ selected will always be a Maker Order.
  4. A Limit Order without ‘post-only’ option, will be immediately posted to the Order Book (subject to any Time in Force Instructions) and can result in a Maker Order or a Taker Order, or an Order that is partially a Maker Order and partially a Taker Order.
  5. Limit Orders may be placed with one of the following “Time in Force Instructions”, which may vary by Platform:
    Good till canceled: If posted, the Order will remain on the Order Book until canceled by the User. This is the default Time in Force Instruction.
    Immediate or Cancel: The Order will be posted to the Order Book only to the extent that it would immediately be Executed and any remaining quantity is canceled. This results in a Taker Order.
    Fill or Kill: The Order will only be posted to the Order Book if it would be immediately and completely Executed. This results in a Taker Order.
  6. The default setting for the User will be Good till canceled, which will apply unless the User specifies a different Time in Force Instruction as provided under Rule 10.5.5.
6. Market Orders
  1. Market Order: A Market Order is an Order to buy or sell a specified quantity of a Virtual Asset at the current best available market price of existing Orders on the Order Book.
  2. A Market Order is not guaranteed to Execute at a particular price. A Market Order may be Executed at a number of different prices, based on the quantity of the Market Order and the quantities of the existing Orders on the Order Book at the time of placing a Market Order.
  3. Depending on the volume and prices of Orders on the Order Book, when a Market Order is posted, the Market Order may be Executed at a price less favorable than the most recent trade price which is considered as a ‘slippage’.
  4. A valid Market Order will be immediately posted to the Order Book.
  5. A Market Order is always a Taker Order.
7. Stop Orders
  1. A Stop Order is an instruction to post an Order to buy or sell a specified quantity of a Virtual Asset but only if and when the last trade price on the Order Book equals or surpasses the Stop Price.
  2. Once a Stop Order has been placed, it is considered ‘active’ until it executes by posting the relevant Order when the Stop Price is triggered.
  3. A Stop Order is not posted to the Order Book and is not visible to other Users, but any resulting Order is posted and visible. All Stop Orders are placed without 'post-only' enabled.
  4. A Stop Order must be placed as a Stop Limit Order, which posts a Limit Order when the Stop Price is triggered.
  5. A Stop Limit Order is not guaranteed to Fill.
  6. Stop Orders may only be placed with a Good till cancelled under Time in Force Instruction.
8. Posting of Orders to the Order Book
  1. “Taker Order”: If an Order is posted to the Order Book at the same price on the other side as one or more existing Orders, it is a Taker Order which will result in an immediate Fill at that price, to the extent of the total quantity of those existing Orders.
  2. “Maker Order”: To the extent that an Order is posted to the Order Book at a different price to all existing Orders, it is a Maker Order which will remain open at that price on the Order Book until:
    it is canceled by the User;
    it expires due to a Time in Force Instruction; or
    it is completely Filled by one or more Taker Orders placed by another User at the same price.
  3. A User may modify an Order entered in the Order Book at any time before the Order is Filled.
  4. Modified Orders shall lose their original time priority and be given a new time stamp.
Order Protections

Order Minimums/Maximums

Position Limits

A User’s maximum position limit in any Order Book shall be the greater of (a) US$1,000,000 or (b) 1% of the average daily transaction volume for the market in the immediately preceding 30 days.

Matching Engine and Order Priority
1. Backpack Exchange matches Taker Orders with Open Maker Orders on each Order Book based on Price-Time Priority as defined under Rule 10.12.2.
2. “Price-Time Priority” means that each time a Taker Order is posted: The Taker Order is matched with the earliest in-time Maker Order at the best price on the Order Book; and to the extent that the Taker Order is not completely Filled by that Maker Order, it is matched with any subsequent Maker Orders at that price, in the sequence those Maker Orders were posted; and to the extent that the Taker Order is not completely Filled by one or more Maker Orders described above, it is matched with one or more Maker Orders at the next best price, in the sequence those Maker Orders were posted, and this process is repeated until the Taker Order is completely Filled.
3. All Users on Backpack Exchange are subject to the same Price-Time Priority.
4. Subject to Time in Force Instructions, an Order may be matched with a number of corresponding Orders at the same price.
5. Users understand and acknowledge that the Taker Orders are matched with the best available existing Maker Orders. This means that a Limit Order placed outside the market (i.e. a Sell Order below the highest existing Buy Order, or a Buy Order above the lowest existing Sell Order) will be Filled by the best available existing Order rather than an existing Order with the same price as the Limit Order.
Fills and Settlement
1. When a Maker Order is matched with a Taker Order, those Orders are Filled. An Order may be matched with and Filled by one or more Orders at the same price.
2. All partially or fully Filled Orders are settled in real-time, by debiting and crediting the relevant balances of Virtual Assets and/or amount of fiat currency in both Users’ Accounts. Backpack Exchange acknowledges that it is responsible for completing the final settlement of a Virtual Asset transaction within 24 hours of its execution on the trading venues, subject to circumstances beyond the control of Backpack Exchange. This includes any limitations or malfunctioning of any DLT that is not controlled by the Backpack Exchange or its group.
3. Subject to daily withdrawal limits and the User Agreement, a User may immediately withdraw all Virtual Assets and/or amount of fiat currency in their Account.
Trading Fees
1. Backpack Exchange understands and acknowledges that Backpack Exchange’s fee structures are transparent, fair, and non-discriminatory. Backpack Exchange further acknowledges that Backpack Exchange will not impose any fee that disrupts the fair and orderly functioning of any market involving Virtual Assets. Fees may vary between Order Books. The current fee rates can be found at https://support.backpack.exchange/en/articles/394945.
2. Backpack Exchange charges a Maker fee for each Maker Order and a Taker fee for each Taker Order that is posted to the Order Book. The fee is charged in the Quote Asset and is calculated as a percentage of the Order quantity.
3. A fee is charged by debiting the User’s Order for the amount of the fee at the time the Order is Filled.
4. If an Order is posted to the Order Book partially as a Maker Order and partially as a Taker Order, a Maker fee applies to the portion posted as a Maker Order and a Taker fee applies to the portion posted as a Taker Order.
5. Users understand and acknowledge that certain Users may be eligible for volume-based fee discounts based on their historical trading volume across all Order Books. Such Users will be notified of any applicable discounts while trading on the Platform.
Notification

Users will receive a confirmation notification every time they have placed an Order, canceled an Order, and when that Order is partially or completely Filled.

Order Records
1. Backpack Exchange shall maintain a full audit trail of the following details for every Order:

User identification number;
Date and time of the Order;
Trading Pair;
Order type and whether it is to buy or sell a Virtual Asset;
Order Status whether the Order is open, partially filled, filled or cancelled;
Price at which the Order is placed, Filled and/or canceled;
Price and Fee where the Order is Filled; and
Quantity: order size measured in Virtual Asset units (Trading Pair).

Market Integrity
1. All Executed Orders are final and will not be reversed unless:

Backpack Exchange is compelled to do so by any Applicable Laws and Regulations;
The Order has been Filled or Executed due to a serious technical error. In such circumstances, Backpack Exchange will make all reasonable efforts to restore all Users to the position they would have been in if the error had not occurred.

Backpack Exchange may cancel Open Orders for any reason, in its sole discretion, including, but not limited to, in the following circumstances:

Orders placed by Users who, in Backpack Exchange’s sole discretion, have engaged in abusive use of the Platform, for example, market manipulation, wash trading, using the API in a manner which unreasonably burdens the Platform, or other illegal or similar activities.
Orders which under the circumstances involve an error with respect to price, quantity, or other parameters - a ‘clearly erroneous transaction’.
If required by any Applicable Law and Regulations, including specifically where Backpack Exchange is required to suspend or terminate a User’s Account in accordance with these Rules.
If required for routine or unscheduled maintenance, or other technical reasons.

Access
1. All Users have equal access to the Backpack Exchange Order Books. Backpack Exchange does not provide prioritized access to any User.
2. Backpack Exchange has the authority to take any action deemed appropriate to preserve market integrity. Such actions include, but are not limited to, the halting of trading, modifying risk-mitigating parameters, restricting User access to the Platform or any Order Book, restricting order types to post-only or limit only, canceling orders resting in the Order Book, or any other actions deemed to be in the best interest of the Platform.
3. Backpack Exchange may periodically shut down access to the Platform, and interrupt any automatic functions for the following reasons:

emergency maintenance (including unscheduled maintenance);
planned or unplanned system and software updates; and
due to any other event or occurrence that Backpack Exchange considers, in its sole discretion, to be a reason to suspend or shut down the operations on the Platform.
In addition to the actions that Backpack Exchange may undertake as provided under Rule 10.19, Users acknowledge and agree that Backpack Exchange reserves the right (without any liability resulting of Backpack Exchange or any Backpack Exchange affiliates involved in the provision of the Backpack Exchange services) to disable, update, cancel, restrict or otherwise modify any content, components or features of the Platform.

Interruptions
1. If technical reasons prevent or degrade Users’ ability to place or cancel Orders, or prevent or degrade access to Backpack Exchange APIs or the Platform or affect the operation of Order Books or matching engines, then Backpack Exchange may, in its own discretion, take one or more of the following actions in respect of one or more Order Books;

Temporarily disable depositing or withdrawing Assets.
Cancel Open Orders.
Disable the ability to place new Orders (Cancel-only Mode).
Disable Order Books altogether.
Disable sign-in.
Disable the Backpack Exchange APIs.
Disable access to the Site.

If access to the Platform is unavailable for 5 minutes or longer, Backpack Exchange may move the Platform to Cancel-Only Mode.
In the event that the Platform is in Cancel-only Mode, it will be restored to full operation once access through the Platform is available for at least 5 minutes and Backpack Exchange deems it is safe to restore the Platform to fully operational.
Backpack Exchange will notify Users of the move to or from Cancel-only Mode via @xNFT_Backpack on Twitter or at https://status.backpack.exchange.
Self-Trade Prevention
1. Users are not able to place an Order which would result in self-execution—i.e., where the same User would act as both the maker and taker for the trade.
2. If two Orders of the same quantity would result in self-execution, Users will have the option of either (a) canceling the Maker Order, (b) canceling the Taker Order, or (c) canceling both the Maker and Taker Orders.
Flash Crashes and Circuit Breakers

Prohibition of Market Manipulation
1. Users are prohibited from engaging in market manipulation.
2. Market manipulation of any kind is strictly prohibited. Market manipulation is defined as actions taken by any market participant or a person acting in concert with a participant which are intended to:
  - Deceive, mislead, or improperly take advantage of other Users or Backpack Exchange;
  - Artificially control or manipulate the price or trading volume of an Asset; or
  - Aid, abet, enable, finance, support, or endorse either of the above.
3. Market Manipulation specifically includes, without limitation: front-running, wash trading, spoofing, layering, churning, and quote stuffing.
Delisting of virtual assets and suspension of trading
Backpack Exchange reserves the right to delist a listed Virtual Asset or suspend trading in relation to a Virtual Asset if:
1. such delisting or suspension is required by a Competent Authority or has been approved by the VARA;
2. such delisting or suspension is required for Backpack Exchange to comply with Applicable Laws and Regulations;
3. such delisting or suspension is required to protect the fair and orderly operation of the Platform;
4. the relevant Virtual Asset exceeds or is likely to exceed any specific parameters published on the Platform, including where, in Backpack Exchange’s discretion, a Virtual Asset, is exhibiting unusual or excessive price volatility;
5. such delisting or suspension is required as a result of a hard fork affecting the relevant Virtual Asset; and
6. such delisting or suspension is required in connection with a Downtime.
Prohibited Conduct

Users are strictly prohibited from participating in, aiding, abetting, allowing, financing, supporting, or otherwise endorsing any behaviour involving market abuse, fraud or any conduct contrary to Backpack Exchange’s AML procedures including:
1. engaging in any conduct that is calculated to, or that creates a significant risk of, misleading the market including sharing, publishing, broadcasting or otherwise disseminating false or misleading information on Virtual Assets;
2. engaging in any conduct amounting to market manipulation, including the placing of any Order:
  - create or execute fictitious transactions or place any Order for a fictitious transaction with knowledge of its nature;
  - place any Order on the Platform which has been pre-arranged (or discussed with another market participant prior to being placed on the Platform) for the purpose of creating an artificial price, fictitious trade, or other disruptive, fraudulent, non-competitive, or unfair impact on the Platform;
  - to give or potentially give a false or misleading interpretation of the supply and/or demand for a Virtual Asset; and/or
3. creating an abnormal or artificial price.
4. engaging in any conduct that is calculated to create, or creates, a significant risk of, overloading or otherwise impairing the operation of the Platform.

Each User acknowledges and agrees that if any such techniques or activities are detected (or are reasonably suspected) by Backpack Exchange then any User found or reasonably suspected by Backpack Exchange to have participated, aided, abetted, allowed, financed, supported or otherwise endorsed any behaviour will be subject to disciplinary action in accordance with these Rules.
The User shall not engage in any trading, practice, or conduct on the Platform that:

demonstrate an intentional or reckless disregard for the orderly Execution of transactions; or
is, of the character of, or is commonly known as “spoofing” (bidding or offering with the intent to cancel the bid or offer before execution).

Default rules and disciplinary actions
Backpack Exchange defines a Default Event as any one of the following:
1. material failure by a User to meet any of its obligations under the User Agreement, these Rules, undertakings given by the User or any other agreement between the User and Backpack Exchange;
2. material breach of these Rules or the User Agreement by a User;
3. material misrepresentations made by a User;
4. User is declared bankrupt or seeks a voluntary arrangement in respect of its debts;
5. User engages in or attempts to engage in any form of Market Abuse; or
6. an event of an enforcement proceeding, sanction, formal notification or injunction against the User by a Competent Authority.
Backpack Exchange may, at its absolute discretion, declare the relevant User as a ‘Defaulter’ on the occurrence of a Default Event. Declaration of a User as a Defaulter shall be made by email to the Defaulter.
Upon declaring a User as a Defaulter, Backpack Exchange may initiate, taking into account the severity of the Default Event, inter-alia, any of the following disciplinary actions:
1. Issuing a written warning to the Defaulter;
2. requiring the Defaulter, via a notice, to provide any information or document within a specified time to assist Backpack Exchange in its investigation of the Default Event;
3. requiring the Defaulter, via a written notice, to remedy the Default Event, where possible or desirable by Backpack Exchange in its sole discretion, within the time it specifies;
4. canceling some or all Orders or transactions of the Defaulter;
5. selling some or all of Defaulter’s Virtual Assets to the credit of the Defaulter's Account;
6. suspending or terminating the Defaulter’s access to the Platform; and
7. blocking the Defaulter’s access to their Accounts.
Backpack Exchange reserves the right to report any Default Event and any disciplinary action taken by Backpack Exchange in respect of any such Default Event to the relevant Competent Authorities. Backpack Exchange will not, and has no obligation to, notify a User before reporting any Default Event to any of the Competent Authorities.
Penalties
In the event of a violation of any of these Rules, the User shall be subject to penalties as determined by Backpack Exchange.
The penalties for the violation of these Rules may include but are not limited to, fines, suspension or termination of the User's account, or any other action deemed appropriate by Backpack Exchange.
The User acknowledges and agrees that Backpack Exchange may, at its sole discretion, modify the penalties for the violation of these Rules from time to time.
The User shall be notified of any changes to the penalties for Rules violations, as and when they occur.
Access to Information
All Users have full and equal real-time access to Backpack Exchange’s market data (“Market Data”). Market Data is made available through the Platform.
Market Data comprises the following:

All Limit Orders placed on the Order Book (price, quantity, and time).
All Fills or Executions (price, quantity, and time).

Market Data does not include the following:

All canceled Orders on the Order Book (price, quantity, and time).
Resting Stop Orders (Stop Orders that have been placed but not triggered).
Any information about which User placed or canceled an order.

Backpack Exchange Corporate Operations

Backpack Exchange Employee Access

Backpack Exchange policies prohibit all Backpack Exchange employees from using inside, corporate, or proprietary information to trade Virtual Assets on the Platform.

Downtime
From time to time, Backpack Exchange may suspend trading temporarily for maintenance or upgrades. Backpack Exchange will endeavor to follow the following process for closing and re-opening trading, when appropriate:

Step 1: Announce Downtime

Announce scheduled Downtime via status.backpack.exchange, or Twitter
For scheduled Downtime, Backpack Exchange will endeavor to announce at least ten (10) days prior to the start of the scheduled Downtime.
For unscheduled Downtime, Backpack Exchange will endeavor to provide as much prior notice as possible

Step 2: Downtime BeginsStep 3: Immediately after Downtime is Completed

All books enter the 'Post-only' Mode
Announce the above via status.backpack.exchange
To ensure a fair and orderly marketplace, Backpack Exchange may in its discretion cancel all resting Limit Orders in an Order Book before moving the market to Post-only Mode or to Limit-only Mode

Step 4: At least 1 minute after Step 3; or longer duration if necessary

All books enter Limit-Only Mode
Announce the above via status.backpack.exchange or Twitter

Step 5: At least 10 minutes after Step 4; or longer if necessary

All books enter into full-trading Mode
Announce the above via backpack.exchange

Amendment

Backpack Exchange may from time to time amend these Rules by publishing an updated Rules on backpack.exchange at least fifteen (15) days prior to the effective date of such amended Rules.

Custody and safekeeping arrangements
Title and control
1. The ownership of fiat currency and Virtual Assets held by Users shall remain with them at all times. Users bear the risk of any loss incurred as the owner of such assets. It should be noted that none of the fiat currency and Virtual Assets held in a User's Account are the property of Backpack Exchange.
2. Users shall have full control over the fiat currency and Virtual Assets held in their Account. They may withdraw their assets at any time, subject to Downtimes and other restrictions under these Rules and other applicable policies.
User Virtual Assets
1. A User's Virtual Assets, to the credit of such User's Account, shall be held by Backpack Exchange, on behalf of the User, in a User Virtual Asset wallet segregated from Backpack Exchange’s proprietary assets at all times.
2. Any Virtual Asset received by Backpack Exchange from Users will be received and securely stored by Backpack Exchange or the Custodian. Backpack Exchange will be the sole custodian of the private keys.
3. Backpack Exchange does not provide any interest on the Virtual Assets held on behalf of Users.
4. Users’ Virtual Assets shall be pooled into an omnibus wallet. While the Virtual Assets belonging to different Users are not physically segregated, they shall remain segregated from Backpack Exchange’s proprietary Virtual Assets.
5. Backpack Exchange will perform a daily reconciliation of the Virtual Assets held by Backpack Exchange on the User’s behalf. Users shall have the option to access their Virtual Asset balances by logging into their Account for their Virtual Assets.
Fiat currency
1. Backpack Exchange does not currently provide fiat currency services to its customers.
Complaints
1. Any person may lodge a complaint with Backpack Exchange in accordance with Backpack Exchange’s Complaints Handling Policy, in relation to any aspect of Backpack Exchange’s operation of the Platform. Backpack Exchange will address such complaints in accordance with the Complaints Handling Policy, which is published on the Platform.
Definitions

In these Trading Rules, the following words and phrases have the corresponding meanings.

Account means an account held with Backpack Exchange in the name of the User on the Platform.
Applicable Laws and Regulations means provisions of laws, statutes, ordinances, rules, regulations, permits, certificates, judgments, decisions, decrees or orders of any Competent Authority applicable to Backpack Exchange or the Users.
Available Balance means a User’s Total Asset Value less any amounts held for Open Orders and fees.
Base Asset means the Asset being traded on the Order Book; the first Asset in the Trading Pair. For example, on the BTC-USD Order Book, BTC is the Base Asset and USD is the Quote Asset.
Cancel-only Mode means that Users cannot place new Orders. Users are able to cancel open Orders. No Orders will be Filled.
Competent Authority means VARA and any other regulatory, judicial or law enforcement authority that has jurisdiction over the activities of Backpack Exchange, the Platform, or the Users.
Default Event shall have the same meaning as defined in Rule 13 of these Rules.
Fill or Execution means matching of two Orders.
Full-Trading Mode means normal operation of the Backpack Exchange Platform. Users can place Market Orders and Limit Orders and can cancel Orders.
Hold means the setting aside of Assets allocated to an Order.
Limit Order means an Order to buy or sell a specified quantity of an Asset at a specified price.
Limit-only Mode means that Users can place and cancel only Limit Orders. Only Limit Orders can be Filled during this mode. Market Orders will be rejected.
Market Order means an Order to buy or sell a specified quantity of an Asset at the best available price of existing Orders on the Order Book.
Order means an instruction to buy or sell a specified quantity of the Base Asset at a specified price in the Quote Asset.
Order Book(s) means each Order Book on which Orders are placed for trading in a Trading Pair.
Open Order means a Maker Order which has been posted but not Filled, canceled or expired, or a Stop Order which is currently active.
Post-only Mode means that Users can only place an Order if it would be posted to the Order Book as a Maker Order. An Order which would be posted as a Taker Order will be rejected. No Market Orders may be placed and no Orders will be Filled. Resting orders may be canceled in post-only mode.
Quote Asset means the Asset which is used as the denomination in trading on the Order Book and is also the second Asset in the Trading Pair. For example, on the BTC-USD Order Book, BTC is the Base Asset and USD is the Quote Asset.
Scheduled Downtime means a planned temporary outage for maintenance or upgrades. See section 4.
Stop Order means an instruction to post an Order to buy or sell a specified quantity of an Asset but only if and when the last trade price on the Order Book equals or surpasses the Stop Price.
Stop Price means the price specified in a Stop Order.
Total Asset Value means the gross value of all of a User’s Assets for the relevant Order Book, expressed in the Quote Asset based on the last trade price. This includes all Assets allocated to Open Orders.
Trading Pair means each pair of a Base Asset and a Quote Asset offered on the Backpack Exchange Platform.
User refers to any person (including individuals or legal persons) that access, download or use the Platform or any services of Backpack Exchange, and who meet the eligibility criteria specified by Backpack Exchange.
Virtual Asset means a digital representation of value that may be digitally traded, transferred, or used as an exchange or payment tool, or for investment purposes. This includes Virtual Tokens, and any digital representation of any other value as determined by VARA.
Virtual Token means a digital representation of a set of rights that can be digitally offered and traded through a Virtual Asset platform.