Depending on the services you use, you may be subject to the additional terms below. To the
extent the service specific terms below are inconsistent with the terms above, the terms
CoinList Markets User Agreement
This is a contract between CoinList Markets LLC and its affiliates (“CoinList Markets,”
“we” or “us”) and you, as a user of CoinList Markets services (“you” or the “user”). By
signing up to use an account through https://coinlist.co/
, or any associated websites, APIs, or
mobile applications (collectively the “CoinList Markets Site”), you agree that you have
read, understood, and accept all of the terms and conditions contained in this Agreement, as
and E-Sign Consent.
CoinList Markets can only provide services to residents of the following states:
Alabama; Arkansas; Arizona; California; Colorado; Delaware; District of Columbia; Florida; Georgia; Idaho; Iowa; Illinois; Indiana; Kansas; Kentucky; Maine; Maryland; Massachusetts; Michigan; Missouri; Mississippi; Montana; North Carolina; North Dakota; Nebraska; New Jersey; New Hampshire; New Mexico; Ohio; Oklahoma; Oregon; Pennsylvania; Rhode Island; South Carolina; South Dakota; Utah; Tennessee; Vermont; Virginia; Wisconsin; West Virginia; Wyoming; American Samoa; United States Minor Outlying Islands; Armed Forces Americas; Armed Forces Pacific; Armed Forces Europe; Guam; Northern Mariana Islands; and certain foreign
jurisdictions. CoinList Markets’ licenses are further described in Appendix 4 below. If you
are not a resident of one of the above jurisdictions you may not use CoinList Markets'
services. Certain of the services described below may be in development or limited release and
may not be available to any or all users of CoinList Markets at this time. CoinList Markets is
registered as a money services business with the Financial Crimes Enforcement Network
(FinCEN), Registration Number 31000169349738. CoinList Markets is registered with the
Nationwide Multistate Licensing System and Registry (NMLS), ID number 1785267.
Last updated: July 22, 2020
PART 1: General use
1) Basic CoinList Markets Services.
To be eligible to use CoinList Markets Services, as defined below, you must be at least
18 years old. We request your age during the onboarding process.We also prohibit certain
types of entities and individuals from using CoinList Market Services including but not
limited to foreign financial institutions, foreign shell banks, private banking accounts,
senior foreign political figures, FINRA employees and US broker-Dealer employees.
CoinList Markets Services.
Your CoinList Markets account ("CoinList Markets Account") encompasses the following basic
CoinList Markets services: access to one or more hosted digital currency wallets that
allow you to track, manage, and arrange the transfer of supported digital currencies,
like Bitcoin or Ethereum (“Digital Currencies”) (the "Hosted Digital Currency Wallet");
Digital Currency conversion services through which you can arrange for the purchase and
sale of Digital Currencies in transactions with affiliates of CoinList Markets and other
users (the "Conversion Services"); and access to a U.S. Dollar account for use in
connection with CoinList Markets services (a "USD Wallet" or "Currency Wallet")
(collectively the "CoinList Markets Services").
THE RISK OF LOSS IN TRADING OR HOLDING DIGITAL CURRENCY CAN BE SUBSTANTIAL. IN THE
EVENT OF COINLIST MARKETS’ INSOLVENCY, THE TREATMENT OF DIGITAL CURRENCIES HELD BY A
HOSTED DIGITAL CURRENCY WALLET IS UNCERTAIN. YOU SHOULD CAREFULLY CONSIDER WHETHER
TRADING OR HOLDING DIGITAL CURRENCY IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL
2) Creating a CoinList Markets Account.
Registration of CoinList Markets Account.
In order to use the CoinList Markets Services, you will need to register for a CoinList
Markets account (a “CoinList Markets Account”). During the registration process, we will
ask you for information, including your name and other personal information to verify
your identity. We may, in our sole discretion, refuse to open a CoinList Markets Account
for you, or limit the number of CoinList Markets Accounts that you may hold. Additionally,
in order to use the CoinList Market Services, you consent to accounts with Anchorage Trust
Company, Bitgo Trust and Silvergate Bank, as applicable (“Custodial Accounts”).
During registration of your CoinList Markets Account, you agree to provide us with the
information we request for the purposes of identity verification and the detection of
money laundering, terrorist financing, fraud, or any other financial crime and permit
us to keep a record of such information. You will need to complete certain verification
procedures before you are permitted to use the CoinList Markets Services. Your access
to one or more CoinList Markets Services, and the limits that apply to your use of the
CoinList Markets Services, may be altered as a result of information collected about you
during the initial onboarding procedures and on an ongoing basis. The information we
request may include certain personal information, including, but not limited to, your
name, address, telephone number, e-mail address, date of birth, taxpayer identification
number, a government identification, and information regarding your bank account (such as
the name of the bank, the account type, routing number, and account number). In providing
us with this or any other information that may be required, you confirm that the
information is true and accurate. You agree to promptly update your identity information
upon any changes.
You authorize us to make inquiries, whether directly or through third parties, that
we consider necessary to verify your identity or to protect you and/or us against
fraud or other financial crime, and to take action we reasonably deem necessary based
on the results of such inquiries. When we carry out these inquiries, you acknowledge
and agree that your personal information may be disclosed to credit reference and
fraud prevention or financial crime agencies and that these agencies may respond to
our inquiries in full. This is an identity check only and should have no adverse
effect on your credit rating.
These inquiries may include, but are not limited to, authorizing your wireless operator
(ATT, Sprint, T-Mobile, US Cellular, Verizon, or any other branded wireless operator) to
use your mobile number, name, address, email, network status, customer type, customer
role, billing type, mobile device identifiers (IMSI and IMEI) and other subscriber
status details, if available, solely to allow verification of your identity and to
compare information you have provided to CoinList Markets with your wireless operator
account profile information for the duration of the business relationship.
Additionally, we may require you to wait some amount of time after completion of a
transaction before permitting you to use certain CoinList Markets Services and/or before
permitting you to engage in transactions beyond certain volume limits.
3) Digital Currency Wallet(s).
Your hosted Digital Currency Wallet(s)enables you to monitor the storage, tracking and
management of Digital Currencies contained in your Hosted Digital Currency Wallet. Through
your account you will have the ability to request, send and receive(by placing orders),
and store Digital Currency from third parties by giving instructions through the CoinList
Markets Site(each such transaction is a “Digital Currency Transaction”). We may limit
this functionality. We may require you to verify your identity prior to engaging in
Digital Currency Transactions.
CoinList Markets reserves the right to refuse to process or to cancel any pending
Digital Currency Transaction as required by law or in response to a subpoena, court
order, or other binding government order or to enforce transaction limits. CoinList
Markets may not be able to reverse a Digital Currency Transaction once it has been
broadcast to a Digital Currency network. The Hosted Digital Currency Wallet services
are available only in connection with those Digital Currencies that CoinList Markets
and its affiliates, in their sole discretion, support. The Digital Currencies that
CoinList Markets support may change from time to time, based on its sole and absolute
discretion. CoinList Markets will notify you in advance if it ceases to support a
particular Digital Currency. If you have any questions about which Digital Currencies
CoinList Markets currently supports, please visit here.
Under no circumstances should
you attempt to use your Hosted Digital Currency Wallet services to store, send,
request, or receive digital currencies in any form that is not supported by CoinList
Markets and its affiliates. CoinList Markets assumes no responsibility or liability
in connection with any attempt to use CoinList Markets Services for digital currencies
that CoinList Markets does not support.
Digital Currency Transactions.
CoinList Markets processes supported Digital Currency according to the instructions received from its users and we do not guarantee the identity of any user, receiver, requestee or other party. You should verify all transaction information prior to submitting instructions to CoinList Markets. In the event you initiate a Digital Currency Transaction by submitting an order, such order will irrevocably execute and be final unless such order is cancelled prior to execution.Any pending withdrawals from your CoinList Markets Account that have been submitted to a Digital Currency network will be unconfirmed for a period of time pending sufficient confirmation of the transaction by the Digital Currency network. Although a transaction is not complete while it is in a pending state, it may not be possible for CoinList Markets or its affiliates to undo, reverse, or otherwise alter the transaction. Funds associated with transactions that are in a pending state will be designated accordingly by CoinList Markets and its custodian partners, as appropriate, and will not be displayed in your CoinList Markets Account balance or be available to conduct other transactions. CoinList Markets and its custodian partners will charge a transaction fee for successfully executed orders. CoinList or our custodian partners may charge network fees (miner fees) to process a Digital Currency withdrawal on your behalf.Network fees will vary between Digital Currencies and during periods of high network traffic. CoinList Markets will calculate the transaction fee according to its published fee schedule and will disclose such fee to you immediately prior to your confirmation of such order CoinList Markets will always notify you of any fees at or before the time you authorize a transaction. CoinList Markets reserves the right to delay, cancel and/or report any Digital Currency Transaction if it perceives a risk of fraud or illegal activity and to report to and cooperate with law enforcement with respect to any potentially illegal activity.
Commingled Digital Currency Storage.
CoinList Markets may use shared Digital Currency wallets, controlled by CoinList Markets or our Digital Currency Custodian(s), to hold Digital Currencies on behalf of users. CoinList Markets may commingle users' Digital Currencies, but will not commingle CoinList Market's users' Digital Currencies and its own Digital Currencies. CoinList Markets shall have no obligation to segregate any user's Digital Currencies from any other user's Digital Currency. CoinList Markets may rely upon an internal ledger to indicate the amount of each digital asset that is owned by each client.
Digital Currency Storage Transmission Delays.
Digital Currency is securely held in a combination of online and offline storage. As a result, it may be necessary for CoinList Markets to communicate with its Digital Currency Custodian(s) to retrieve certain information from offline storage in order to facilitate a Digital Currency Transaction in accordance with your instructions, which may delay the initiation or crediting of such Digital Currency Transaction for 48 hours or more. You acknowledge and agree that a Digital Currency Transaction facilitated by CoinList Markets may be delayed.
Third Party Payments.
CoinList Markets has no control over, or liability for, the delivery, quality, safety, legality or any other aspect of any goods or services that you may purchase or sell to or from a third party (including other Users of CoinList Markets Services). CoinList Markets is not responsible for ensuring that a buyer or a seller you may transact with will actually complete the transaction or is authorized to do so. If you experience a problem with any goods or services purchased from, or sold to, a third party in connection with Digital Currency transferred using the CoinList Markets Services, or if you have a dispute with such third party, you must resolve the dispute directly with that third party. If you believe a third party has behaved in a fraudulent, misleading, or inappropriate manner, or if you cannot adequately resolve a dispute with a third party, you may notify CoinList Markets Support at firstname.lastname@example.org
so that we may consider what action to take, if any.
Operation of Digital Currency Protocols.
CoinList Markets does not own or control the underlying software protocols which govern the operation of Digital Currencies supported on our platform. In general, the underlying protocols are open source and anyone can use, copy, modify, and distribute them.By using CoinList Markets Services, you acknowledge and agree (i) that CoinList Markets is not responsible for operation of the underlying protocols and that CoinList Markets makes no guarantee of their functionality, security, or availability; and (ii) that the underlying protocols are subject to sudden changes in operating rules (a/k/a “forks”), and that such forks may materially affect the value, function, and/or even the name of the Digital Currency you store in the CoinList Markets platform. In the event of a fork, you agree that CoinList Markets may temporarily suspend operations (with or without advance notice to you) and that CoinList Markets may, in its sole discretion, decide whether or not to support (or cease supporting) either branch of the forked protocol entirely. You acknowledge and agree that CoinList Markets assumes absolutely no responsibility whatsoever in respect of an unsupported branch of a forked protocol.
4) CoinList Markets Services.
After successfully completing the verification procedures, you may purchase and sell supported Digital Currency by funding your CoinList Markets Account. You authorize CoinList Markets to initiate debits from your CoinList Markets Account in settlement of purchase transactions. A Transaction Fee (defined below) applies to all purchase transactions. Although CoinList Markets and our Digital Currency Custodians will attempt to deliver supported Digital Currency to your account as promptly as possible, funds may be debited from your selected payment method before Digital Currency is delivered and viewable in your CoinList Markets Account. We and our Custodian Partners will make best efforts to fulfill all orders, but in the circumstance where CoinList Markets cannot find a counterparty to fulfill your order, we will notify you and seek your approval to fulfill the order at a clearing price which will be disclosed to you prior to confirming such transaction. To secure the performance of your obligations under this Agreement, you may be required to grant to CoinList Markets' or its Custodian Partner a lien on and security interest in and to the balances in your CoinList Markets Account.
After successfully completing the verification procedures, you may sell supported Digital Currency by transferring the applicable Digital Currency to your CoinList Markets Account. You authorize CoinList Markets and our Custodian Partner(s), as applicable, to debit your CoinList Markets Account of the Digital Currency you are selling and credit your CoinList Markets account in the Digital Currency or USD you are receiving. An applicable Transaction Fee (defined below) applies to all sale transactions. Your receipt of funds upon withdrawal from your CoinList Markets Account will depend on the payment type, and may take up to six or more business days. We and our Custodian Partners will make best efforts to fulfill all transactions, but in the circumstance where CoinList Markets cannot find a counterparty to fulfill your sell order, we will notify you and seek your approval to fulfill the sell order at a clearing price which will be disclosed to you prior to confirming such transaction. To secure the performance of your obligations under this Agreement, you may be required to grant to CoinList Markets' Custodian Partner a lien on and security interest in and to the balances in your CoinList Markets Account.
Each executed transaction is subject to a fee (a "Transaction Fee"). The applicable Transaction Fee is displayed to you on the CoinList Markets Site or otherwise communicated to you prior to your completion of an order instruction. CoinList Markets may not process an order if the Transaction Fee and any other associated fees as may apply exceed the value of your transaction. CoinList Markets may waive some portion of the Transaction Fee depending on the payment method you select. The availability of each payment method depends on a number of factors, including but not limited to your location, the identification information you have provided to us, and limitations imposed by third party payment processors. Taxes may apply, and additional fees may be assessed by our Custodian Partner and by recipients’ banks.
You can view the schedule of currently applicable fees per pairing and payment method at our Fees page here.
CoinList Markets reserves the right to adjust or waive its Transaction Fees at any time. We will always notify you of the Transaction Fee which applies to your transaction when you authorize the transaction and in each receipt we issue to you.
It is the policy of CoinList Markets LLC to not refund its fees for completed transactions unless otherwise agreed in writing or required by law.
You cannot cancel, reverse, or change any transaction marked as “Complete,” and you may not be able to cancel, reverse or change any transaction marked as “Pending.” If your payment is not successful or if your payment method has insufficient funds, you authorize CoinList Markets, in its sole discretion, to either to cancel the transaction or to debit your other payment methods in any amount necessary to complete the transaction. You are responsible for maintaining an adequate balance in order to avoid overdraft. CoinList Markets reserves the right to refuse to process, or to cancel or reverse, any instructions for the purchase or sale of Digital Currency in its sole discretion, even after funds have been debited from your account(s), if CoinList Markets suspects the transaction involves (or has a high risk of involvement in) money laundering, terrorist financing, fraud, or any other type of financial crime; in response to a subpoena, court order, or other government order; if CoinList Markets reasonably suspects that the transaction is erroneous; or if CoinList Markets suspects the transaction relates to Prohibited Use or a Prohibited Business as set forth below. In such instances, CoinList Markets will instruct our Custodian Partner to reverse the transaction and we are under no obligation to allow you to reinstate a purchase or sale order at the same price or on the same terms as the cancelled transaction. Our Custodian Partner may have similar restrictions.
Payment Services Partners.
CoinList Markets may use a third party payment processor to process any US Dollar payment instructions between you and CoinList Markets, including but not limited to payments in relation to your use of the Services or instructions for deposit or withdrawal from your CoinList Markets Accounts.
When you hold Digital Currencies in your CoinList Markets Account, you may be able to “stake” these assets in a third-party proof-of-stake network via staking services provided by CoinList Markets. In a proof-of-stake network, transaction validators are chosen using a formula based on ownership of the underlying Digital Currency as opposed to computing power (i.e., proof of work). Our Custodian Partner will stake these assets on your behalf. In addition, CoinList Markets and its affiliated entities may serve as transaction validators or similar nodes on their own behalf on the networks where these assets are staked. In this capacity, neither CoinList Markets nor its affiliated entities uses your Digital Currencies.
The Staking Service is Optional.
Staking services will be made available to you by default for Digital Currencies where staking functionality is available through your CoinList Markets Account. YOU ARE NOT REQUIRED TO STAKE WITH COINLIST MARKETS AND YOU CAN OPT-OUT OF COINLIST’S STAKING SERVICES AT ANY TIME BY EMAILING email@example.com
. CoinList Markets may take up to three (3) business days to reflect your choice not to stake your Digital Currencies. If you opt-out of staking services, you can opt back in at any time.
Should you choose to stake any Digital Currencies held in your CoinList Markets Account, such Digital Currencies may be locked (unavailable for withdrawal) for up to three days (or as otherwise applicable pursuant to the underlying protocol) from any withdrawal request.
The Staking Service; Rewards; Commission.
If you stake your assets with our service, our Custodian Partners will stake these on your behalf, acting as a transaction validator on the applicable network for the Digital Currency you stake. If our applicable Custodian Partner successfully validates a block of transactions in the applicable Digital Currency, you may earn a reward granted by that Digital Currency’s network. Your reward will be determined by the protocols of the applicable network. CoinList Markets will distribute this reward to you pro rata, minus a commission set forth on coinlist.co/legal paid to CoinList Markets. Staking rewards are not provided by us, are not guaranteed and are subject to the individual protocol of the applicable Digital Currency, and may change at any time without notice. Neither CoinList Markets nor its affiliates distributes any rewards earned when serving as a transaction validator or similar network node on its own behalf.
Automatic Voting Proxy.
If you stake your assets with us, you agree to give our Custodian Partners your proxy to vote on any governance issues relating to the staked Digital Currency, and you waive any right to any claim related to any such voting right. Further, unless our Custodian Partner determines that it is in the best interests of such Custodian Partner, CoinList Markets or you to vote on such governance matters, the Custodian Partner shall abstain from participating in any such vote.
You have no right to a reward until it is received by the applicable Custodian Partner and processed by CoinList Markets. Your reward will be distributed on a pro-rata basis based on your average balance of the particular Digital Currency to the total of all rewards received by the applicable Custodian Partner and processed by CoinList Markets during the applicable period. In order to receive rewards, you must maintain a positive balance for at least three (3) consecutive days during the applicable period. Rewards will be distributed to your CoinList Markets Account once per month after they are received by the applicable Custodian Partner and processed by CoinList Markets. CoinList Markets will use reasonable efforts to facilitate the staking of any Digital Currencies for which you are using CoinList Markets’ staking services. The “staking rewards rate” disclosed by CoinList Markets for a particular Digital Currency is an annualized historical rate based on the staking rewards generated by CoinList Markets users in the course of receiving staking services from CoinList Markets for such Digital Currency over the last 90 days, as applicable. For any Digital Currency listed for less than 90 days, CoinList Markets shall use commercially reasonable efforts to determine a reward rate that it determines is reasonably likely to be achieved for the following month. This rate is an estimate and changes over time. COINLIST MARKETS DOES NOT GUARANTEE THAT YOU WILL RECEIVE ANY STAKING REWARDS, ANY SPECIFIC STAKING REWARD, OR ANY STAKING RETURN OVER TIME, INCLUDING THE STAKING REWARDS RATE. ALL SUCH REWARDS ARE BASED ENTIRELY ON THE UNDERLYING PROTOCOL OF THE APPLICABLE DIGITAL CURRENCY.
CoinList Markets reserves the right in its sole and absolute discretion to cease providing staking services, including discontinuing the accrual of any rewards, in the event that CoinList Markets suspects any fraud, misconduct, potential compromise of the underlying protocol or any other Prohibited User or Prohibited Business.
5) USD Wallet.
Certain approved Users may establish and fund a U.S. Dollar balance with Silvergate Bank ("USD Wallet") to facilitate transaction instructions on the CoinList Markets Site. You are the owner of the balance of your USD Wallet. CoinList Markets' holds your USD balance in a dedicated custodial account with Silvergate Bank (“USD Custodian”).
Deposits and Withdrawals.
You may fund your USD Wallet via wire transfer or Automated Clearing House (“ACH”) transfer from your linked bank account. CoinList Markets will not charge a fee for you to transfer funds to or from your USD Wallet, but bank transfer fees may apply, and fees from our USD Custodian may apply.
For users who deposit USD via ACH transfer, up to $5,000 of such funds may be available for immediate use, subject to certain conditions and restrictions. Such funds, and any Digital Assets purchased with such funds, will be withheld from withdrawal until they are considered settled (typically within five to seven business days). Once your ACH deposit is considered settled, you will be able to withdraw these funds and any Digital Assets you bought with them. You agree that ACH deposit settlement times are subject to bank holidays, the internal processes and jurisdictions of your bank, and the internal processes of our banking partners. You further agree that, in certain situations, ACH deposit settlement times may be delayed in connection with Scheduled Downtime or disruptions to CoinList Markets’ service providers. To the extent your ACH deposit does not settle, you will not be able to withdraw any assets from your Wallets until you have made sufficiently settled deposits to your USD Wallet to satisfy such initial ACH deposit and CoinList Markets will have all rights of legal recourse against you.
All Other Transfers.
For other deposit types, CoinList Markets will credit your USD Wallet with a corresponding amount of dollars after funds are delivered to USD Custodian. For wire transfers, funds will typically be available within one to three business days. For withdrawals, CoinList Markets will immediately instruct our USD Custodian to debit your USD Wallet when you authorize a withdrawal (subject to the ACH-related limitations described above) and funds will typically settle to you within two to three business days. We may not process a transfer instruction if associated bank fees exceed the value of the transfer.
Commingled USD Account.
CoinList Markets may use an omnibus account, controlled by CoinList Markets or our USD Custodian, to hold USD on behalf of users. CoinList Markets may commingle user's USD, but will not commingle CoinList Market's users' USD and its own USD. CoinList Markets shall have no obligation to segregate any user's USD from any other user's USD. CoinList Markets may rely upon an internal ledger to indicate the amount of USD that is owned by each client.
6) General Use, Prohibited Use, and Termination.
We grant you a limited, nonexclusive, nontransferable license, subject to the terms of this Agreement, to access and use the CoinList Markets Site, and related content, materials, information (collectively, the “Content”) solely for approved purposes as permitted by CoinList Markets from time to time. Any other use of the CoinList Markets Site or Content is expressly prohibited and all other right, title, and interest in the CoinList Markets Site or Content is exclusively the property of CoinList Markets and its licensors. You agree you will not copy, transmit, distribute, sell, license, reverse engineer, modify, publish, or participate in the transfer or sale of, create derivative works from, or in any other way exploit any of the Content, in whole or in part. “https://coinlist.co/”, “CoinList”, “CoinList Markets” and all logos related to CoinList or displayed on the CoinList Markets Site are either trademarks or registered marks of CoinList Markets, its affiliates or its licensors. You may not copy, imitate or use them without our prior written consent.
Although we intend to provide accurate and timely information on the CoinList Markets Site, the CoinList Markets Site (including, without limitation, the Content) may not always be entirely accurate, complete or current and may also include technical inaccuracies or typographical errors. In an effort to continue to provide you with as complete and accurate information as possible, information may be changed or updated from time to time without notice, including without limitation information regarding our policies, products and services. Accordingly, you should verify all information before relying on it, and all decisions based on information contained on the CoinList Markets Site are your sole responsibility and we shall have no liability for such decisions. Links to third-party materials (including without limitation websites) may be provided as a convenience but are not controlled by us. You acknowledge and agree that we are not responsible for any aspect of the information, content, or services contained in any third-party materials or on any third party sites accessible or linked to the CoinList Markets Site.
If, to the extent permitted by CoinList Markets from time to time, you grant express permission to a third party to access or connect to your CoinList Markets Account, either through the third party's product or service or through the CoinList Markets Site, you acknowledge that granting permission to a third party to take specific actions on your behalf does not relieve you of any of your responsibilities under this Agreement. You are fully responsible for all acts or omissions of any third party with access to your CoinList Markets Account. Further, you acknowledge and agree that you will not hold CoinList Markets responsible for, and will indemnify CoinList Markets from, any liability arising out of or related to any act or omission of any third party with access to your CoinList Markets Account. You may change or remove permissions granted by you to third parties with respect to your CoinList Markets Account at any time through the Account Settings page on the CoinList Markets Site.
In connection with your use of the CoinList Markets Services, and your interactions with other Users, and third parties, you agree and represent you will not engage in any Prohibited Business or Prohibited Use, as defined herein. We reserve the right at all times to monitor, review, retain and/or disclose any information as necessary to satisfy any applicable law, regulation, sanctions programs, legal process or governmental request. If we determine, in our sole discretion, that your Account is associated with a Prohibited Use or a Prohibited Business, we reserve the right to cancel or suspend your CoinList Markets Account, block your transactions, freeze your funds, or take any other action we deem necessary or appropriate. We reserve the right to take any of these actions immediately, indefinitely, and without notice to you.
The use of all CoinList Markets Services may be subject to a limit on the amount of volume, stated in U.S. Dollar terms, you may transact or transfer in a given period (e.g., daily). To view your limits, login to your CoinList Markets Account and visit this page. Your transaction limits may vary depending on your payment method, verification steps you have completed, and other factors. CoinList Markets reserves the right to change applicable limits as we deem necessary in our sole discretion. If you wish to raise your limits beyond the posted amounts, you may submit a request at firstname.lastname@example.org
. We may require you to submit additional information about yourself or your business, provide records, and arrange for meetings with CoinList Markets staff (such process, “Enhanced Due Diligence”). CoinList Markets reserves the right to charge you costs and fees associated with Enhanced Due Diligence, provided that we notify you in advance of any such charges accruing. In our sole discretion, we may refuse to raise your limits or we may lower your limits at a subsequent time even if you have completed Enhanced Due Diligence.
Suspension, Termination, and Cancellation.
CoinList Markets may: (a) suspend, restrict, or terminate your access to any or all of the CoinList Markets Services, and/or (b) deactivate or cancel your CoinList Markets Account if: we are so required by a facially valid subpoena, court order, or binding order of a government authority; or we reasonably suspect you of using your CoinList Markets Account in connection with a Prohibited Use or Business; or use of your CoinList Markets Account is subject to any pending litigation, investigation, or government proceeding and/or we perceive a heightened risk of legal or regulatory non-compliance associated with your Account activity; or our service partners are unable to support your use; or you take any action that CoinList Markets deems as circumventing CoinList Markets' controls, including, but not limited to, opening multiple CoinList Markets Accounts or abusing promotions which CoinList Markets may offer from time to time. If CoinList Markets suspends or closes your account, or terminates your use of CoinList Markets Services for any reason, we will provide you with notice of our actions unless a court order or other legal process prohibits CoinList Markets from providing you with such notice. You acknowledge that CoinList Markets' decision to take certain actions, including limiting access to, suspending, or closing your Account, may be based on confidential criteria that are essential to CoinList Markets' risk management and security protocols. You agree that CoinList Markets is under no obligation to disclose the details of its risk management and security procedures to you. You will be permitted to transfer Digital Currency or funds associated with your Hosted Digital Currency Wallet(s) and/or your USD Wallet(s) for ninety (90) days after Account deactivation or cancellation unless such transfer is otherwise prohibited (i) under the law, including but not limited to applicable sanctions programs, or (ii) by a facially valid subpoena or court order. You may cancel your CoinList Markets Account at any time by withdrawing all balances from your account and visiting this page. You will not be charged for canceling your CoinList Markets Account, although you will be required to pay any outstanding amounts owed to CoinList Markets or its affiliates and to our Custodian Partners. You authorize us to cancel or suspend any pending transactions at the time of cancellation.
Relationship of the Parties.
CoinList Markets is an independent contractor for all purposes. Nothing in this Agreement shall be deemed or is intended to be deemed, nor shall it cause, you and CoinList Markets to be treated as partners, joint ventures, or otherwise as joint associates for profit.
Privacy of Others; Marketing.
Password Security; Contact Information.
You are responsible for maintaining adequate security and control of any and all IDs, passwords, hints, personal identification numbers (PINs), API keys or any other codes that you use to access the CoinList Markets Services. You should only give such information to individuals who have the authority to take actions on behalf of any entity account holder and we assume that such individuals have such authority. CoinList Markets requires the use of Two Factor Identification for your account. Any loss or compromise of the foregoing information and/or your personal information may result in unauthorized access to your CoinList Markets Account by third-parties and the loss or theft of any Digital Currency and/or funds held in your account with our Custodian Partner and any associated accounts, including your linked bank account(s) and credit card(s). You are responsible for keeping your email address and telephone number up to date in your Account Profile in order to receive any notices or alerts that we may send you. You are responsible for checking your balances and your transaction history.We assume no responsibility for any loss that you may sustain due to compromise of account login credentials due to no fault of CoinList Markets and/or your failure to follow or act on any notices or alerts that we may send to you. In the event you believe your CoinList Markets Account information has been compromised, contact CoinList Markets Support immediately at email@example.com
, or report your claim by phone at 212-500-1159.
It is your sole responsibility to determine whether, and to what extent, any taxes apply to any transactions you conduct through the CoinList Markets Services, and to withhold, collect, report and remit the correct amounts of taxes to the appropriate tax authorities. Your transaction history is available through your CoinList Markets Account.
If you have funds in your account, and CoinList Markets is unable to contact you and has no record of your use of the Services for several years, applicable law may require CoinList Markets to report these funds as unclaimed property to the applicable jurisdiction. If this occurs, CoinList Markets will try to locate you at the address shown in our records, but if CoinList Markets is unable to locate you, it may be required to deliver any such funds to the applicable state or jurisdiction as unclaimed property. CoinList Markets reserves the right to deduct a dormancy fee or other administrative charges from such unclaimed funds, as permitted by applicable law.
7) Customer Feedback, Queries, Complaints, and Dispute Resolution.
Contact CoinList Markets.
If you have any feedback, questions, or complaints, write to us at CoinList Markets Customer Support, firstname.lastname@example.org
or 850 Montgomery St., Suite 350, San Francisco, CA 94133. When you contact us please provide us with your name, address, and any other information we may need to identify you, your CoinList Markets Account, and the transaction on which you have feedback, questions, or complaints. If you prefer to call us or believe your account has been compromised, you may also report your claim by calling 212-500-1159.
Arbitration; Waiver of Class Action.
If you have a dispute with CoinList Markets, we will attempt to resolve any such disputes through our support team.
If we cannot resolve the dispute through our support team, you and we agree that any dispute arising under this Agreement shall be finally settled in binding arbitration, on an individual basis, in accordance with the JAMS rules for arbitration of consumer-related disputes (accessible at https://www.jamsadr.com/rules-comprehensive-arbitration and you and CoinList Markets hereby expressly waive trial by jury and right to participate in a class action lawsuit or class-wide arbitration.
The arbitration will be conducted by a single, neutral arbitrator in the Southern District of New York. The arbitrator may award any relief that a court of competent jurisdiction could award, including attorneys' fees when authorized by law, and the arbitral decision may be enforced in any court. At your request, hearings may be conducted in person or by telephone and the arbitrator may provide for submitting and determining motions on briefs, without oral hearings. The prevailing party in any action or proceeding to enforce this agreement shall be entitled to costs and attorneys' fees.
If the arbitrator(s) or arbitration administrator would impose filing fees or other administrative costs on you, we will reimburse you, upon request, to the extent such fees or costs would exceed those that you would otherwise have to pay if you were proceeding in a court. We will pay additional fees or costs if required to do so by the arbitration administrator's rules or applicable law. Apart from the foregoing, each Party will be responsible for any other fees or costs, such as attorney fees that the Party may incur. If a court decides that any provision of this section is invalid or unenforceable, that provision shall be severed and the other parts of this section shall still apply. In any case, the remainder of this User Agreement will continue to apply.
8) General Provisions.
We shall not bear any liability, whatsoever, for any damage or interruptions caused by any computer viruses, spyware, scareware, Trojan horses, worms or other malware that may affect your computer or other equipment, or any phishing, spoofing or other attack. We advise the regular use of a reputable and readily available virus screening and prevention software. You should also be aware that SMS and email services are vulnerable to spoofing and phishing attacks and should use care in reviewing messages purporting to originate from CoinList Markets. Always log into your CoinList Markets Account through the CoinList Markets Site to review any transactions or required actions if you have any uncertainty regarding the authenticity of any communication or notice.
Release of CoinList Markets; Indemnification.
If you have a dispute with one or more Users of the CoinList Markets services, you release CoinList Markets, its affiliates and service providers, and each of their respective officers, directors, agents, joint venturers, employees and representatives from any and all claims, demands and damages (actual and consequential) of every kind and nature arising out of or in any way connected with such disputes. You agree to indemnify and hold CoinList Markets, its affiliates and Service Providers, and each of its or their respective officers, directors, agents, joint venturers, employees and representatives, harmless from any claim or demand (including attorneys' fees and any fines, fees or penalties imposed by any regulatory authority) arising out of or related to your breach of this Agreement or your violation of any law, rule or regulation, or the rights of any third party.
Limitation of Liability; No Warranty.
IN NO EVENT SHALL COINLIST MARKETS, ITS AFFILIATES AND SERVICE PROVIDERS, OR ANY OF THEIR RESPECTIVE OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES OR REPRESENTATIVES, BE LIABLE (A) FOR ANY AMOUNT GREATER THAN THE VALUE OF THE SUPPORTED DIGITAL CURRENCY REFLECTED IN YOUR COINLIST MARKETS ACCOUNT OR (B) FOR ANY LOST PROFITS OR ANY SPECIAL, INCIDENTAL, INDIRECT, INTANGIBLE, OR CONSEQUENTIAL DAMAGES, WHETHER BASED IN CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY, OR OTHERWISE, ARISING OUT OF OR IN CONNECTION WITH AUTHORIZED OR UNAUTHORIZED USE OF THE COINLIST MARKETS SITE OR THE COINLIST MARKETS SERVICES, OR THIS AGREEMENT, EVEN IF AN AUTHORIZED REPRESENTATIVE OF COINLIST MARKETS HAS BEEN ADVISED OF OR KNEW OR SHOULD HAVE KNOWN OF THE POSSIBILITY OF SUCH DAMAGES. THIS MEANS, BY WAY OF EXAMPLE ONLY (AND WITHOUT LIMITING THE SCOPE OF THE PRECEDING SENTENCE), THAT IF YOU CLAIM THAT COINLIST MARKETS FAILED TO PROCESS A BUY OR SELL TRANSACTION PROPERLY, YOUR DAMAGES ARE LIMITED TO NO MORE THAN THE VALUE OF THE SUPPORTED DIGITAL CURRENCY AT ISSUE IN THE TRANSACTION, AND THAT YOU MAY NOT RECOVER FOR LOST PROFITS, LOST BUSINESS OPPORTUNITIES, OR OTHER TYPES OF SPECIAL, INCIDENTAL, INDIRECT, INTANGIBLE, OR CONSEQUENTIAL DAMAGES IN EXCESS OF THE VALUE OF THE SUPPORTED DIGITAL CURRENCY AT ISSUE IN THE TRANSACTION. SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OR LIMITATION OF INCIDENTAL OR CONSEQUENTIAL DAMAGES SO THE ABOVE LIMITATION MAY NOT APPLY TO YOU.
THE COINLIST MARKETS SERVICES ARE PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS WITHOUT ANY REPRESENTATION OR WARRANTY, WHETHER EXPRESS, IMPLIED OR STATUTORY. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, COINLIST MARKETS SPECIFICALLY DISCLAIMS ANY IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND/OR NON-INFRINGEMENT. COINLIST MARKETS DOES NOT MAKE ANY REPRESENTATIONS OR WARRANTIES THAT ACCESS TO THE SITE, ANY PART OF THE COINLIST MARKETS SERVICES, OR ANY OF THE MATERIALS CONTAINED THEREIN, WILL BE CONTINUOUS, UNINTERRUPTED, TIMELY, OR ERROR-FREE.
CoinList Markets makes no representations about the accuracy or completeness of historical Digital Currency price data available on the Site. CoinList Markets will make reasonable efforts to ensure that requests for electronic debits and credits involving bank accounts, credit cards, and check issuances are processed in a timely manner but CoinList Markets makes no representations or warranties regarding the amount of time needed to complete processing which is dependent upon many factors outside of our control.
We may amend or modify this Agreement by posting on the CoinList Markets Site or emailing to you the revised Agreement, and the revised Agreement shall be effective at such time. If you do not agree with any such modification, your sole and exclusive remedy is to terminate your use of the Services and close your Account. You agree that we shall not be liable to you or any third party for any modification or termination of the CoinList Markets Services, or suspension or termination of your access to the CoinList Markets Services, except to the extent otherwise expressly set forth herein.
You may not assign any rights and/or licenses granted under this Agreement. We reserve the right to assign our rights without restriction, including without limitation to any CoinList Markets affiliates or subsidiaries, or to any successor in interest of any business associated with the CoinList Markets Services. Any attempted transfer or assignment in violation hereof shall be null and void. Subject to the foregoing, this Agreement will bind and inure to the benefit of the parties, their successors and permitted assigns.
If any provision of this Agreement shall be determined to be invalid or unenforceable under any rule, law or regulation or any governmental agency, local, state, or federal, such provision will be changed and interpreted to accomplish the objectives of the provision to the greatest extent possible under any applicable law and the validity or enforceability of any other provision of this Agreement shall not be affected.
Change of Control.
In the event that CoinList Markets is acquired by or merged with a third party entity, we reserve the right, in any of these circumstances, to transfer or assign this Agreement and any information we have collected from you as part of such merger, acquisition, sale, or other change of control.
All provisions of this Agreement which by their nature extend beyond the expiration or termination of this Agreement, including, without limitation, sections pertaining to suspension or termination, CoinList Markets Account cancellation, debts owed to CoinList Markets, general use of the CoinList Markets Site, disputes with CoinList Markets, and general provisions, shall survive the termination or expiration of this Agreement.
You agree that the laws of the State of New York, without regard to principles of conflict of laws, will govern this Agreement and any claim or dispute that has arisen or may arise between you and CoinList Markets, except to the extent governed by federal law.
We shall not be liable for delays, failure in performance or interruption of Services which result directly or indirectly from any cause or condition beyond our reasonable control, including but not limited to, any delay or failure due to any act of God, act of civil or military authorities, act of terrorists, civil disturbance, war, strike or other labor dispute, fire, interruption in telecommunications or Internet services or network provider services, failure of equipment and/or software, other catastrophe or any other occurrence which is beyond our reasonable control and shall not affect the validity and enforceability of any remaining provisions.
English Language Controls.
Notwithstanding any other provision of this Agreement, any translation of this Agreement is provided for your convenience. The meanings of terms, conditions and representations herein are subject to definitions and interpretations in the English language. Any translation provided may not accurately represent the information in the original English.
Non-Waiver of Rights.
This agreement shall not be construed to waive rights that cannot be waived under applicable state money transmission laws in the state where you are located.
PART 2: CoinList Markets Trading Rules
1) Trading on CoinList Markets
Open Order Book Trading.
CoinList Markets anticipates operating a periodic auction trading platform, and will settle trades in a number of Digital Currencies and Fiat Currency Trading Pairs. Each User's Account will list which Order Books are available to the User. The following set of Rules governs Orders placed via the open Order Books.
To place an Order on an Order Book, a User must have an available balance of the relevant quote asset (for a buy order) or base currency (for a sell order) in their Account which is sufficient to cover the total value of the Order plus any applicable fees.
When a User places an Order, that quantity of the relevant base or quote asset becomes subject to a Hold.
A User can place the following types of Order:
Market Order (Buy or Sell)
Take Profit Order
A User may request to cancel any open non-Market Order at any time before it is Filled. No fees are charged for canceled Orders.
A Limit Order is an Order to buy or sell a specified quantity of a Digital Currency at a specified price.
A Limit Order will only ever fill at the specified price or a better price.
A Limit Order with 'post-only' selected will only be posted to the Order Book if it would not have crossed in the last auction as a Taker Order. A Limit Order with 'post-only' selected will always be a Maker Order.
A Limit Order without 'post-only' selected 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
Limit Orders will be placed with the following Time in Force Instructions: Good til canceled: if posted, the Order will remain on the Order Book until canceled by the User.
A Market Order is an Order to buy or sell a specified quantity of an Asset at the best available price of existing Orders on the Order Book.
There is no guarantee that a Market Order will Fill or Fill at any expected price. A Market Order may Fill 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 or in the current auction.
Depending on the volume and prices of Orders on the Order Book at the time when a Market Order is posted, the Market Order may Fill at a price less favorable than the most recent trade price or quote, in some cases significantly so.
A valid Market Order will be immediately posted to the Order Book. A Market Order is always a Taker Order.
A Stop Order is 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.
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.
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.
A Stop Order can be placed as a Stop Market Order, which posts a Market Order when the Stop Price is triggered, a Stop Limit Order, which posts a Limit Order when the Stop Price is triggered, or a Trailing Stop Order, which causes the stop price to be adjusted with the order's trigger price.
A Stop Market Order is subject to change in the same way as ordinary Market Orders. A Stop Limit Order is not guaranteed to Fill. The CoinList Markets Site will display a warning each time a User attempts to place a Stop Order.
Stop Orders may be placed with one of the following Time in Force Instructions.
Good til canceled: if posted, the Order will remain on the Order Book until canceled by the User. This is the default Time in Force Instruction.
The CoinList Markets Site will display a warning to Users who attempt to place an Order which would completely or partially fill at a price which is more than 5% higher or lower than the last trade price (slippage warning).
A Stop Market Order may be specified with either a fixed or percentage trail value, which causes the stop price to be pegged to no more than a fixed offset away from the order's trigger price (which is a fair price, index price, or last trade price, depending on the order's specified trigger type).When the trigger price moves away from the current stop price, the stop price is moved as well, thus the stop price trails the trigger price. (Note however that when the trigger price moves towards the current stop price, the stop price doesn't change, otherwise the order would never trigger.)
Take Profit Order
A Take market or take limit order is the same as a stop market or limit order, but with the trigger directions reversed. That is:
buy - the take profit order triggers when the trigger price is less than or equal to the stop price
sell - the take profit order triggers when the trigger price is greater than or equal to the stop price
Posting of Orders to the Open Order Book
If an Order is posted to the Order Book at the same price as one or more existing Orders, it is a Taker Order which will result in an Fill at that price at the next auction, to the extent of the total quantity of those existing Orders.
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.
Auction Matching Engine and Order Priority.
To the extent CoinList Markets' Order Book is operational, it will match Taker Orders with Open Maker Orders on each Order Book through Auctions with discrete Price-Time Priority.
CoinList Markets conducts frequent discrete uniform-price sealed-bid double Auctions. In each auction, all of the outstanding orders are batched, and the aggregate demand and supply functions are computed from orders to buy and sell. In each auction, there are two cases: supply and demand cross, or they do not. If there is a cross, orders will be filled.
If there is an interesection between supply and demand, there will be a volume-maximizing Crossing Range of prices, s.t. the volume of the auction would be maximized if it crossed at a price in that range. The Crossing Range may be a single point (a single price), or a range of prices, or may not exist (if the supply and demand curves do not intersect).
If the Crossing Range consists of a single point, that will be the Crossing Price of the auction. If the Crossing Range includes a range of prices, the price closest to the midpoint of the Best Bid/Offer after the last auction is selected as the Crossing Price (in order to minimize price movement). (If there have been no previous auctions, the midpoint of the Crossing Range is used.)
At a given Crossing Price, there may be equal volume available on the Bid and Offer sides, or there may be an imbalance. If there is an imbalance, all of the crossing orders on the side with less volume will be filled in entirety, but some of the orders on the side with more volume will be filled only partially, or not at all.
Orders on the side of the imbalance are selected to be (partially) filled on the basis of Discrete Price-Time Priority. First, orders are prioritized by price -- orders with more aggressive prices (high for Bids, low for Offers) are prioritized first. Second, orders are prioritized by discrete time. The time priority of an order is determined by the number of auctions it has been available to cross in -- older orders have higher priority, but orders that were received in the same auction batch are treated as having equal priority with each other. (Note that modifying an order resets its priority.)
Thus, crossing orders on the side of the imbalance are divided into cohorts of equal Discrete Price-Time Priority. For a given cohort, either all of the orders in the cohort will be filled completely, or they will all be filled pro-rata, or none of them will be filled, depending on the volume to fill remaining for that cohort, after filling orders in cohorts with higher priority.
CoinList Markets settles all Filled Orders immediately, by instructing its Custodian Partner to debit and credit the relevant balances of Assets on behalf of both Users.
Request For Quote Trading Platform.
CoinList Markets operates a Request for Quote (“RFQ”) trading platform. Users may submit Market Orders to purchase or sell a single Digital Currency (a “Buy Order” or “Sell Order”) in exchange for a Fiat Currency or another Digital Currency. The following set of Rules governs Orders placed via the RFQ system.
Trading through CoinList Markets' RFQ Platform
CoinList Markets operates a RFQ trading platform, and settles trades in a number of Digital Currencies and Fiat Currency Pairs. Each User's Account will list which Digital Currencies are available to the User.
To place an Order, a User must have an available balance of the relevant trading pair in their Account which is sufficient to cover the total value of the Order plus any applicable fees.
When a User places an Order, that quantity of the relevant trading pair becomes subject to a Hold.
CoinList Markets only supports Market Orders (Buy or Sell) through the RFQ trading platform.
Upon entering an Order for a specified quantity, the User will be displayed a Quote price and fees by CoinList Markets' and/or our Liquidity Partners.
The Quote price will be locked for 30seconds (“Live Quote Period”) during which time, the User may accept or execute at the Quote Price or decline (Cancel) the Order. Orders Executed during the Live Quote Period will be considered final.
When an Order is executed by the User, that Order is Filled.
CoinList Markets settles all Filled Orders immediately, by debiting and crediting the relevant balances of Assets in the User's Account.
Open Orders un-executed after the Live Quote Period will be considered Expired after which you must input a new Order to execute a trade. No fees are charged for expired or canceled Orders.
2) Order Minimums
Orders placed on CoinList Markets may be subject to the following minimum order sizes:.
Market Order Minimums.
Order minimums for Market Orders are enforced as follows:
Purchase Orders -
order minimums are enforced on the quote asset. For example, the ETH-USD book may a minimum size of 510 USD.
Sale Orders -
order minimums are enforced in the base asset. For example, the BTC-USD book may a minimum size of 0.001 BTC.
Orders placed on CoinList Markets may be subject to maximum order sizes. For example: on the ETH-BTC Order Book, orders denominated in ETH may be subject to a 600 ETH maximum, orders denominated in BTC may be subject to a 50 BTC maximum.
Updating Order Minimums and Maximums.
CoinList Markets will periodically update these Order Minimums and Order Maximums to reflect the current state of our marketplace and the notional value of the assets.
User Specific Order Minimums and Maximums.
CoinList Markets may restrict individual users minimum and maximum order size in its sole discretion. To view your limits, login to your CoinList Markets Account and visit this page. Your Order limits may vary depending on your payment method, verification steps you have completed, and other factors. CoinList Markets reserves the right to change applicable limits as we deem necessary in our sole discretion. If you wish to adjust your limits beyond the posted amounts, you may submit a request at email@example.com
. We may require you to submit additional information about yourself or your business, provide records, and arrange for meetings with CoinList Markets staff (such process, “Enhanced Due Diligence”). CoinList Markets reserves the right to charge you costs and fees associated with Enhanced Due Diligence, provided that we notify you in advance of any such charges accruing. In our sole discretion, we may refuse to raise your limits or we may lower your limits at a subsequent time even if you have completed Enhanced Due Diligence.
3) Trading Fees
CoinList Markets charges a fee for each transaction conducted on the Platform.
The fee is charged by debiting the User's Available Balance for the amount of the fee at the time Executed.
Fees may vary between products and services. The current fee rates can be found here.
CoinList Markets reserves the right to waive or discount its fees to any user.
4) Market Integrity
CoinList Markets attempts to maintain a fair and orderly market for all Users. The following rules apply across CoinList Markets' trading platform.
All Trades are Final
All Fills are final and will not be reversed unless:
CoinList Markets is compelled to do so by any applicable law or regulation; or
Due to a serious technical error, Orders or Fills do not occur as specified in these Rules - in which case CoinList Markets will make all reasonable efforts to restore all Users to the position they would have been in had the error not occurred.
CoinList Markets may cancel Open Orders in the following circumstances:
Orders placed by Users who, in our sole discretion, have engaged in Prohibited Use or abusive use of the platform, for example, Market Manipulation.
Orders which under the circumstances involve an obvious error with respect to price, quantity, or other parameters - a “clearly erroneous transaction.”
If required by any applicable law or regulation, including specifically where CoinList Markets is required to suspend or terminate a User's CoinList Markets Account.
If required for technical reasons.
Access to CoinList Markets
All Users have equal access to the CoinList Markets Sites. CoinList Markets does not provide prioritized access to any User.
CoinList Markets 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 Accounts or to the CoinList Markets Site, 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 CoinList Markets Site.
If technical reasons prevent or degrade Users' ability to place or cancel Orders, or prevent or degrade access to CoinList Markets Sites or affect the operation of CoinList Markets Order Books or matching engines, then CoinList Markets may, in its discretion, take one or more of the following actions in respect of one or more Order Books;
Cancel Open Orders.
Disable the ability to place new Orders (Cancel-Only Mode).
Disable access to the CoinList Markets Site.
If access to CoinList Markets through the CoinList Markets Site is unavailable for a prolonged period of time but the RFQ or matching engine is still operational, CoinList Markets will move to Cancel-Only Mode as soon as reasonably possible.
If CoinList Markets is in Cancel-only Mode, it will be restored to fully operational only after access through the CoinList Markets Site becomes available for a reasonable amount of time and CoinList Markets deems is it safe to restore full operations.
CoinList Markets will notify Users of the move to or from Cancel-Only Mode via email, Twitter and/or through posting on the https://coinlist.co/ website.
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
If two Orders of the same quantity would result in self-execution, both Orders are canceled.
According to self-trade prevention rules, if two Orders of different would result in self-execution you may specify the follow actions:
Keep Newest (default)
When self-crossing orders are detected, the newest orders of the crossing set are kept and any orders that cross with them are excluded from participating in the auction. See below for what happens to the excluded orders.
Keep Oldest (keep-oldest)
When self-crossing orders are detected, the oldest orders of the crossing set are kept and any orders that cross with them are excluded from participating in the auction. See below for what happens to the excluded orders.
Cancel All (cancel-all)
When self-crossing orders are detected, the entire set of crossing orders are rejected and do not participate in the auction. The rest of the user's (non-crossing) orders are not affected.
When orders are excluded from an auction they will be rejected and not eligible to participate in future auctions unless all three of the following conditions are met: 1) the excluded order was a limit order, 2) the order it was across from was a market order, and 3) the auction crosses at a price that would not have filled the limit order. In that case the limit order is retained in the order book and is eligible to participate in future auctions.
Flash Crashes and Circuit Breakers.
CoinList Markets does not use circuit breakers or automated trading halts based on predetermined price bands. As provided herein, CoinList Markets may, in its discretion, halt trading.
Market Manipulation Prohibited.
Users are prohibited from engaging in Market Manipulation.
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 or mislead other Users;
Artificially control or manipulate the price or trading volume of a Digital Currency; or
Aid, abet, enable, finance, support, or endorse either of the above. This may include actions on CoinList Markets Site or outside of CoinList Markets Site.
Market Manipulation specifically includes, without limitation: front-running, wash trading, spoofing, layering, churning, and quote stuffing.
5) Access to Information
All Users have full and equal real-time access to Market Data. Market Data is made available through the CoinList Markets Site.
Market Data comprises the following:
All Limit Orders placed on the Order Book (price, quantity, and time). All canceled Orders on the Order Book (price, quantity, and time).
All Fills or Executions (price, quantity, and time).
Market Data does not include the following:
Resting Stop Orders (Stop Orders that have been placed but not triggered)
Any information about which User placed or canceled an order.
CoinList Markets Employee Access
CoinList Markets policies prohibit all CoinList Markets employees from using inside, corporate or proprietary information to trade digital assets or securities.
CoinList Markets employees are prohibited from trading personal accounts on CoinList Markets.
6) Scheduled Downtime
From time to time, CoinList Markets may suspend trading temporarily for maintenance or upgrades. Absent extenuating circumstances, CoinList Markets will follow this process for closing and re-opening trading:
Step 1: Announce Scheduled Downtime via email, twitter and/or the CoinList Markets Site.
Step 2: Scheduled Downtime Begins
Step 3: Immediately after Scheduled Downtime is Completed
All books enter Post-Only mode
Announce the above via email, twitter and/or the CoinList Markets Site
To ensure a fair and orderly marketplace, CoinList Markets 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 10 minutes after Step 3; or longer if necessary, all books enter Limit-Only mode
Announce the above via email, twitter and/or the CoinList Markets Site
Step 5: At least 10 minutes after Step 4; or longer if necessary:
All books enter Full-trading mode
Announce the above via email, twitter and/or the CoinList Markets Site
In these CoinList Markets Trading Rules, the following words and phrases have the corresponding meanings.
means a User's CoinList Markets Account.
means a Digital Currency or Fiat Currency.
means a User's Total Asset Value less any amounts held for Open Orders and fees.
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.
means that Users cannot place new Orders. Users are able to cancel open Orders. No Orders will be filled.
means a blockchain-based digital currency, security, app coin or protocol token which is offered for trading on CoinList Markets.
means a government-issued currency.
means a match of two Orders. Also referred to as an execution.
Full Trading Mode
means normal operation of CoinList Markets. Users can place Market Orders and Limit orders and can cancel Orders.
means the setting aside of Assets allocated to an Order.
means an Order to buy a specified quantity of an Asset at the best available price provided through CoinList Markets.
means an Order to buy a specified quantity of an Asset at the best available price provided through CoinList Markets.
means an Order to buy or sell a specified quantity of an Asset at a specified price.
means that Users can only place and cancel Limit Orders but any Market Order will be rejected. During this mode, Limit Orders can be filled.
means an Order to buy or sell a specified quantity of an Asset at the best available price through the RFQ or of existing Orders on the Order Book.
means an instruction to buy or sell a specified quantity of the Base Asset at a specified price in the Quote Asset.
means each order book on which Orders are placed for trading in a Trading Pair.
means a Maker Order which has been posted but not Filled, canceled or expired, or a Stop Order which is currently active.
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.
means that Orders with more aggressive prices (higher for Bids, lower for Offers) have priority over Orders with less aggressive prices, and that for Orders with the same price, Orders that were entered in earlier auction periods have priority over later Orders. Orders that were entered in the same auction period have equal time-priority with each other.
means the Asset in which trading is denominated on the Order Book; 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.
means a planned temporary outage for maintenance or upgrades.
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.
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.
means each customer trading on CoinList Markets.
means that Users cannot place or cancel any Orders.
means a certain class of User designated by CoinList Markets eligible to execute against other User Orders on the RFQ Trading Platform.
means each pair of a Base Asset and a Quote Asset offered on CoinList Markets.
APPENDIX 1: PROHIBITED USE, PROHIBITED BUSINESSES AND CONDITIONAL USE
You may not use your CoinList Markets Account to engage in the following categories of
activity (“Prohibited Uses”). The specific types of use listed below are representative, but
not exhaustive. If you are uncertain as to whether or not your use of CoinList Markets
Services involves a Prohibited Use, or have questions about how these requirements apply to
you, please contact us at firstname.lastname@example.org
.By opening a CoinList Markets
Account, you confirm that you will not use your Account to do any of the following:
Activity which would violate, or assist in violation of, any law, statute, ordinance, or
regulation, sanctions programs administered in the countries where CoinList Markets conducts
business, including but not limited to the U.S. Department of Treasury's Office of Foreign
Assets Control (“OFAC”), or which would involve proceeds of any unlawful activity; publish,
distribute or disseminate any unlawful material or information;
Actions which impose an unreasonable or disproportionately large load on our infrastructure,
or detrimentally interfere with, intercept, or expropriate any system, data, or information
(including the use of bots or scripts); transmit or upload any material to the CoinList
Markets Site that contains viruses, trojan horses, worms, or any other harmful or deleterious
programs; attempt to gain unauthorized access to the CoinList Markets Site, other CoinList
Markets Accounts, computer systems or networks connected to the CoinList Markets Site, through
password mining or any other means; use CoinList Markets Account information of another party
to access or use the CoinList Markets Site; or transfer your account access or rights to your
account to a third party, unless by operation of law or with the express permission of
Abuse Other Users:
Interfere with another individual's or entity's access to or use of any CoinList Markets
Services; defame, abuse, extort, harass, stalk, threaten or otherwise violate or infringe
the legal rights (such as, but not limited to, rights of privacy, publicity and intellectual
property) of others; incite, threaten, facilitate, promote, or encourage hate, racial
intolerance, or violent acts against others; harvest or otherwise collect information from
the CoinList Markets Site about others, including without limitation email addresses,
without proper consent;
Activity which operates to defraud CoinList Markets, CoinList Markets users, or any other
person; provide any false, inaccurate, or misleading information to CoinList Markets;
Lotteries; bidding fee auctions; sports forecasting or odds making; fantasy sports leagues
with cash prizes; internet gaming; contests; sweepstakes; games of chance;
Intellectual Property Infringement:
Engage in transactions involving items that infringe or violate any copyright, trademark,
right of publicity or privacy or any other proprietary right under the law, including but
not limited to sales, distribution, or access to counterfeit music, movies, software, or
other licensed materials without the appropriate authorization from the rights holder; use
of CoinList Markets intellectual property, name, or logo, including use of CoinList Markets
trade or service marks, without express consent from CoinList Markets or in a manner that
otherwise harms CoinList Markets or the CoinList Markets brand; any action that implies an
untrue endorsement by or affiliation with CoinList Markets.
In addition to the Prohibited Uses described above, the following categories of businesses,
business practices, and sale items are barred from CoinList Markets ("Prohibited
Businesses"). The specific types of use listed below are representative, but not exhaustive.
If you are uncertain as to whether or not your use of CoinList Markets involves a Prohibited
Business, or have questions about how these requirements apply to you, please contact us at
By opening a CoinList Markets Account, you confirm that you will not use CoinList Markets
Services in connection with any of the following businesses, activities, practices, or
Investment and Credit Services:
Securities brokers; mortgage consulting or debt reduction services; credit counseling or
repair; real estate opportunities; investment schemes;
Restricted Financial Services:
Check cashing, bail bonds; collections agencies.
Intellectual Property or Proprietary Rights Infringement:
Sales, distribution, or access to counterfeit music, movies, software, or other licensed
materials without the appropriate authorization from the rights holder;
Counterfeit or Unauthorized Goods:
Unauthorized sale or resale of brand name or designer products or services; sale of goods or
services that are illegally imported or exported or which are stolen;
Regulated Products and Services:
Marijuana dispensaries and related businesses; sale of tobacco, e-cigarettes, and e-liquid;
online prescription or pharmaceutical services; age restricted goods or services; weapons
and munitions; gunpowder and other explosives; fireworks and related goods; toxic,
flammable, and radioactive materials; products and services with varying legal status on a
Drugs and Drug Paraphernalia:
Sale of narcotics, controlled substances, and any equipment designed for making or using
drugs, such as bongs, vaporizers, and hookahs;
Pharmaceuticals and other products that make health claims that have not been approved or
verified by the applicable local and/or national regulatory body;
Substances designed to mimic illegal drugs:
Sale of a legal substance that provides the same effect as an illegal drug (e.g., salvia,
Adult Content and Services:
Pornography and other obscene materials (including literature, imagery and other media);
sites offering any sexually-related services such as prostitution, escorts, pay-per view,
adult live chat features;
Pyramid schemes, network marketing, and referral marketing programs;
Unfair, predatory or deceptive practices:
Investment opportunities or other services that promise high rewards; Sale or resale of a
service without added benefit to the buyer; resale of government offerings without
authorization or added value; sites that we determine in our sole discretion to be unfair,
deceptive, or predatory towards consumers;
High risk businesses:
any businesses that we believe poses elevated financial risk, legal liability, or violates
card network or bank policies.
Express written consent and approval from CoinList Markets must be obtained prior to using
CoinList Markets Services for the following categories of business and/or use ("Conditional
Uses"). Consent may be requested by contacting us at email@example.com
CoinList Markets may also require you to agree to additional conditions, make supplemental
representations and warranties, complete enhanced on-boarding procedures, and operate
subject to restrictions if you use CoinList Markets Services in connection with any of
following businesses, activities, or practices:
Money transmitters, Digital Currency transmitters; currency or Digital Currency exchanges or
dealers; gift cards; prepaid cards; sale of in-game currency unless the merchant is the
operator of the virtual world; act as a payment intermediary or aggregator or otherwise
resell any of the CoinList Markets Services;
Acceptance of donations for nonprofit enterprise;
Games of Skill:
Games which are not defined as gambling under this Agreement or by law, but which require an
entry fee and award a prize;
Operation of a for-profit religious or spiritual organization.
APPENDIX 2: VERIFICATION PROCEDURES AND LIMITS
As a regulated financial service company operating in the US we are required to identify
users on our platform. This ensures we remain in compliance with KYC/AML laws in the
jurisdictions in which we operate, something that is necessary for us to be able to continue
to offer digital currency exchange services to our customers. CoinList Markets and our
affiliates collect and verify information about you in order to: (a) protect CoinList
Markets and the community from fraudulent users, and (b) to keep appropriate records of
CoinList Markets' customers, and (c) manage any transaction limitations
All customers who wish to use CoinList Markets Services, including the sending and receiving
of Digital Assets reconciled to a blockchain, are required to establish a CoinList Markets
Providing your name and valid email address, password and your state and country of
residence, and certify that you are 18 years or older,
Accepting Terms of Service, onboarding confirmations, Subscriber Agreement and Privacy
Verifying your identity by submitting the following information (CoinList reserves the
right to request additional information as needed; additional information may be requested
of entities such as companies and trusts):
Submitting a selfie picture from your webcam or mobile phone, as CoinList Markets may
Submit a copy of an acceptable form of identification (i.e. passport, state driver's
license, or state identification card)
Date of Birth
Social Security Number (or identification number from a government-issued ID for certain
types of customers)
Users may be required to sign transactions prior to sending them to CoinList Markets'
Custodian Partner. Notwithstanding these minimum verification
procedures, CoinList Markets may require you to provide or verify additional information, or
to wait some amount of time after completion of a transaction, before permitting you to use
any CoinList Markets Service and/or before permitting you to engage in transactions beyond
certain volume limits.
APPENDIX 3: E-SIGN DISCLOSURE AND CONSENT
This policy describes how CoinList Markets delivers communications to you electronically. We
may amend this policy at any time by providing a revised version on our website. The revised
version will be effective at the time we post it. We will provide you with prior notice of
any material changes via our website.
Electronic Delivery of Communications
You agree and consent to receive electronically all communications, agreements, documents,
notices and disclosures (collectively, “Communications”) that we provide in connection with
your CoinList Markets Account and your use of CoinList Markets Services. Communications
Account details, history, transaction receipts, confirmations, and any other Account or
transaction information; Legal, regulatory, and tax disclosures or statements we may be
required to make available to you; and
Responses to claims or customer support inquiries filed in connection with your Account.
We will provide these Communications to you by posting them on the CoinList Markets website,
emailing them to you at the primary email address listed in your CoinList Markets profile,
communicating to you via instant chat, and/or through other electronic communication such as
text message or mobile push notification, as deemed appropriate.
Hardware and Software Requirements
In order to access and retain electronic Communications, you will need the following
computer hardware and software:
A device with an Internet connection;
A current web browser that includes 128-bit encryption (e.g. Internet Explorer version 9.0
and above, Firefox version 3.6 and above, Chrome version 31.0 and above, or Safari 7.0 and
above) with cookies enabled;
A valid email address (your primary email address on file with CoinList Markets);
Multifactor Authentication enabled; and
Sufficient storage space to save past Communications or an installed printer to print
How to Withdraw Your Consent
You may withdraw your consent to receive Communications electronically by contacting us at
or visiting our Privacy Notice page
here. If you fail to provide consent or if you withdraw
your consent to receive Communications electronically, CoinList Markets reserves the right
to immediately close your Account or charge you additional fees for paper copies.
Updating your Information
It is your responsibility to provide us with a true, accurate and complete email address and
your contact information, and to keep such information up to date. You understand and agree
that if CoinList Markets sends you an electronic Communication but you do not receive it
because your primary email address on file is incorrect, out of date, blocked by your
service provider, or you are otherwise unable to receive electronic Communications, CoinList
Markets will be deemed to have provided the Communication to you.
You may update your information by logging into your account and visiting settings or by
contacting our support team at firstname.lastname@example.org
APPENDIX 4: STATE LICENSE DISCLOSURES
CoinList Markets maintains licenses to engage in money transmission activities in many states,
and these licenses may impact our provision and your use of certain CoinList Markets Services
depending on where you live. CoinList Markets' licenses and corresponding required disclosures
can be found on the CoinList Markets Licenses Disclosure page here,
which is incorporated herein by reference. For questions or complaints about CoinList
Markets LLC, contact the state regulatory agencies identified in the Licenses Disclosure
page or the Consumer Financial Protection Bureau at
Please note the following disclosures associated with virtual currency:
Virtual currency is not legal tender, is not backed by the government, and accounts and
value balances are not subject to Federal Deposit Insurance Corporation or Securities
Investor Protection Corporation protections.
Legislative and regulatory changes or actions at the state, federal, or international
level may adversely affect the use, transfer, exchange, and value of virtual currency.
Transactions in virtual currency may be irreversible, and, accordingly, losses due to
fraudulent or accidental transactions may not be recoverable.
Some virtual currency transactions shall be deemed to be made when recorded on a public
ledger, which is not necessarily the date or time that the customer initiates the
The value of virtual currency may be derived from the continued willingness of market
participants to exchange fiat currency for virtual currency, which may result in the
potential for permanent and total loss of value of a particular virtual currency should
the market for that virtual currency disappear.
There is no assurance that a person who accepts a virtual currency as payment today will
continue to do so in the future.
The volatility and unpredictability of the price of virtual currency relative to fiat
currency may result in significant loss over a short period of time.
The nature of virtual currency may lead to an increased risk of fraud or cyber attack.
The nature of virtual currency means that any technological difficulties experienced by
CoinList Markets may prevent the access or use of a customer's virtual currency.
Any bond or trust account maintained by CoinList Markets for the benefit of its customers
may not be sufficient to cover all losses incurred by customers.
Additionally, please note the following disclosures associated with general terms and
conditions of your use of the CoinList Markets Site:
The customer's liability for any unauthorized Virtual Currency transaction shall be equal
to the current market value of the transaction.
Fiat withdrawals and deposits, once initiated, can be stopped pursuant to CoinList's
policies and procedures, which follow traditional banking best practices. However, any
transaction involving digital currencies, once initiated, may not be stoppable.
As part of its policies and procedures for disclosure of information, including customer
account information to third parties, CoinList adheres to Regulation S-P.
CoinList users have a right to receive periodic account statements via email or other
means as set forth in Appendix 3.
Prior to executing any transaction on our platform, we will provide you with notice of the
terms and conditions of the transactions, including the amount of the transaction, the
costs associated with the transaction, the type and nature of the transaction, and a
warning that, once executed, the transaction may not be undone.
After you execute every transaction on our platform, as well as successful withdrawals and
deposits, we will send you an email receipt as evidence of the transaction.
By using our Site, you acknowledge your receipt of the disclosures provided above.
POTENTIAL USERS OF DIGITAL OR VIRTUAL CURRENCIES, INCLUDING BUT NOT LIMITED TO BITCOIN,
SHOULD BE FOREWARNED OF A POSSIBLE FINANCIAL LOSS AT THE TIME THAT SUCH CURRENCIES ARE
EXCHANGED FOR FIAT CURRENCY DUE TO AN UNFAVORABLE EXCHANGE RATE. A FAVORABLE EXCHANGE RATE
AT THE TIME OF EXCHANGE CAN RESULT IN A TAX LIABILITY. PLEASE CONSULT YOUR TAX ADVISOR
REGARDING ANY TAX CONSEQUENCES ASSOCIATED WITH YOUR HOLDING OR USE OF DIGITAL OR VIRTUAL
APPENDIX 5: COINLIST MARKETS BUSINESS CONTINUITY PLAN
CoinList Markets LLC ("CLM" or the "Firm") has developed a Business Continuity and Disaster
Recovery Plan ("BCDRP") on how CLM will respond to events that significantly disrupt its
business. Since the timing and impact of disasters and disruptions is unpredictable, CLM
will have to be flexible in responding to actual events as they occur. With that in mind,
CLM is providing you with this information on BCDRP.
If after a significant business disruption ("SBD") you are unable to contact CLM as you
usually do at email@example.com
, you should call our firm warm line (212)
500 1159 or go to the Firm's public website at https://coinlist.co/
Our Business Continuity Plan
CLM plans to quickly recover and resume business operations after an SBD and respond by
safeguarding its employees and property, making a financial and operational assessment,
protecting the Firm's books and records and allowing its users to transact business. In
short, the Firm's BCDRP is designed to permit CLM to resume operations as quickly as
possible, given the scope and severity of the SBD.
The Firm's BCDRP addresses: data backup and recovery; all mission critical systems;
financial and operational assessments; alternative communications with users, employees,
and regulators; alternate physical location of employees; critical supplier, contractor,
bank and counter-party impact; regulatory reporting; and assuring its users prompt
access to their funds if CLM is unable to continue its business.
SBDs can vary in scope, impacting only CLM, a single building of the Firm, the region, city
or business district in which the Firm is located. Within each of these areas, the severity
of the disruption can also vary from minimal to severe. In the event of a disruption
impacting only the Firm or the building in which its located, CLM will transfer its
operations to a local site as needed, with the expectation to recover aim to and resume
business within 2 business days. In the event a disruption is wider in scope, affecting
either the region, city or business district in which the Firm is located, CLM will transfer
its operations to a site outside of the affected area and recover and aim to resume
business within 3 business days. In the event of a disruption to the Firm's data center, CLM
will take steps to promptly transition to a different data center and seek to recover and
resume business within one business day. In any situation, CLM plans to continue its
business and keep you informed through the Firm's public website (https://coinlist.co/
) and by
email. If the SBD is so severe that it prevents CLM from continuing its business, CLM will
endeavor to provide users' prompt access to their funds.
For more information
If you have questions about the Firm's BCDRP, please contact us at