Bitget Crypto Loan Service Agreement
RISK WARNING
You are strongly encouraged to carefully review these Crypto Loan Service Agreement (“Terms”). These Terms specifically govern your access to and use of the Digital Assets loan service, the provision of Loans and any ancillary services made available by Bitget from time to time (“Loan Services”) in accordance with these Terms. By accessing and/or using the Loan Services, you acknowledge and agree that you will be bound by and will comply with these Terms, as updated and amended from time to time. If you do not understand and accept these Terms in their entirety, you should not use the Loan Services.
These Terms are supplemental to and shall be read together with the Bitget Terms of Use (“Terms of Use”) and the Risk Disclosure. All terms and clauses contained in the Terms of Use (except to the extent expressly modified herein) are incorporated by reference and have the same force and effect as if set out in their entirety in these Terms. These Terms constitute Product Terms. References in the Terms of Use to the Services shall include references to these Terms contemplated hereunder. Information of some of the risks associated with using the Loan Services is set out in the Risk Disclosure, which may be updated from time to time. You should read the Risk Disclosure carefully and it is important that you fully understand the risks involved before making a decision to use the Loan Services.
Any issues which are not included in these Terms shall be governed by the Terms of Use. However, in the event of any conflict or inconsistency between these Terms, the Terms of Use and the Risk Disclosure, these Terms shall prevail with respect to the services contemplated hereunder, unless expressly stated otherwise. We may make changes to these Terms (or any terms or information incorporated by reference) at any time in accordance with the Terms of Use. These Terms and other terms that apply to your activities in connection with the Loan Services may change from time to time. You should check our website for the latest terms and additional information before you enter into any new Loan Services transactions.
1. Eligibility
1.1 Bitget is under no obligation to grant you a Loan. You may use the Loan Services only if all of the following conditions below (“Eligibility Criteria”) are met:
a. completion of Bitget’s due diligence on, among other things, your risk profile and the relevant eligibility criteria which are set forth in the Terms of Use;
b. opening of an Account and full completion of Bitget’s KYC procedures;
c. your utilization of the Loan Services does not require registration, licensing or approval of any kind and/or is not prohibited by or subject to any Applicable Law or regulatory requirements in your jurisdiction;
d. sufficiency of Eligible Collateral; and
e. such other conditions as may be required by Bitget in any particular case,
in each case to Bitget’s satisfaction or as determined or waived by Bitget in its sole and absolute discretion from time to time.
1.2 If you no longer meet the Eligibility Criteria at any time, you must notify Bitget promptly, and Bitget may, at its discretion and without prior notice to you, suspend the provision of the Loan Services to you, close your Account, and/or restrict your access to the Loan Services.
1.3 If Bitget determines at any time in its sole discretion that you do not meet or have ceased to meet any of the conditions set out above, Bitget may, at its discretion and without prior notice to you, suspend the provision of the Loan Services to you, close your Account, and/or restrict your access to the Loan Services.
2. Your Representations, Warranties, Agreement and Undertakings
2.1 By making a request for a Loan, you represent and warrant that:
a. you satisfy the conditions as set out in clause 1.1 of these Terms;
b. you have received, read and understand these Terms and the Terms of Use, including the nature and assume risks of the subject matter and you are capable of assuming, and do assume, all risks associated with the Loan Services described under these Terms and those risks described in the Risk Disclosure;
c. except with the express written consent of Bitget, and except for any security or encumbrance created hereunder, no person has or will have any security or other encumbrance over any Collateral and/or any of your assets in any Account;
d. you have complied with all Applicable Laws in all jurisdictions relevant to the Loan Services;
e. you have full legal capacity, power and all necessary authorisations to use the Loan Services;
f. you have obtained all necessary authorisations and consents, and taken all necessary corporate actions (as applicable) to make all payments and deliveries contemplated by these Terms;
g. you are not impersonating any other person, operating under an alias or otherwise concealing your identity;
h. these Terms constitute legal, valid and binding obligations enforceable against you in accordance with their terms and you will not be in breach of any Applicable Law, authorisation, document or agreement entering into or complying with obligations or exercising rights under these Terms;
i. your use of the Loan Services and Bitget’s provision of such services to you is not unlawful under the laws of any jurisdiction to which you are subject.
2.2 You undertake to:
a. promptly pay all of Bitget’s fees, interest, commissions and/or other charges as such rates and in such manner as Bitget may impose and stipulate from time to time with respect to the execution and/or performance of any Loan;
b. comply with all Applicable Laws in all jurisdictions relevant to the Loan Services;
c. use the Loan and the Loan Services in good faith;
d. promptly inform Bitget in writing, about any changes in your personal data, information or documents submitted to Bitget;
e. immediately notify Bitget if an event of Default listed in clause 6 below occurs or you have reason to believe that you cannot truthfully make or repeat the representations and warranties set out in clause 2.1; and
f. at your own cost and at Bitget’s request, execute and do all such deeds, acts and things (including without limitation, the performance of such further acts or the execution and delivery of any additional instruments or documents) as Bitget may require for the purposes of these Terms, including but not limited to perfecting Bitget’s rights to the Collateral provided by you.
2.3 You undertake not to:
a. provide false, inaccurate, incomplete, out-of-date or misleading information;
b. commit, conduct or perform any misrepresentation, fraud, malicious act or criminal activities; and
c. transmit or upload any virus or other malicious software or program, or try to gain unauthorised access to other users accounts, website, network or systems relating to the Loan Services.
2.4 The above representations, warranties, agreements and undertakings shall be deemed repeated whenever you make a request for the Loan.
2.5 In case Bitget has detected that any information submitted by you is false/not up to date/wrong, Bitget may, at our sole discretion, stop the Loan Services and/or freeze your Account. You may be held personally and criminally liable for providing false or misleading contact details (telephone, email, and residential address) and/or documents to pass the due diligence process by Bitget and on further requests.
3. Loans and Repayment
3.1 When applying for a Loan, you shall specify the Digital Assets you wish to borrow and the Eligible Collateral.
3.2 Provided that you satisfy all the Eligibility Criteria as determined by Bitget and you have sufficient Eligible Collateral available in your Account, you may apply for a Loan. If Bitget agrees to grant you a Loan, the Loaned Assets will be transferred to your Account. You may use the Loaned Assets on the Platform in any manner that Bitget may permit or withdraw the Loaned Assets.
3.3 Bitget may attach conditions to the use of any particular the Loaned Assets or Eligible Collateral, including but not limited to specifying a minimum and maximum amount that a particular Digital Asset may be loaned.
3.4 Bitget may from time to time, in its sole discretion, determine which Digital Assets accept as loanable assets and collateral (“Eligible Collateral”) in respect of Loans. The website containing information in respect of the Loan Services available at https://www.bitget.com/earning/loan, or such other address as Bitget may specify from time to time.
3.5 If you fail to repay a Loan by the time it becomes due, interest will accrue at 2 times the principal of the Loan until it is fully repaid. Specifically, starting from the time when the Loan becomes overdue, the hourly interest = outstanding principal × 2 × daily interest rate ÷ 24.
3.6 You may repay a Loan in whole or in part at any time prior to maturity without incurring any additional fees or penalties for such early repayment.
4. Collateral
4.1 Bitget may establish collateral requirements in respect of the Loan Services (including but not limited to setting LTV levels that are required to be maintained by you), as may be specified by Bitget from time to time (the “Collateral Requirements”). Bitget may, in its sole and absolute discretion, immediately vary the Collateral Requirements at any time and by any amount, determine that additional Eligible Collateral is required, and/or stipulate that such Collateral Requirements shall apply to existing Loans, as well as new Loans. Bitget will not in any way be bound to or restricted by any of the Collateral Requirements previously imposed in respect of any Loan to you or any other person, nor will any such prior Collateral Requirements fetter or otherwise limit in any way Bitget’s discretion to establish any Collateral Requirements in respect of the Loan Services.
4.2 During your use of the Loan Services, Bitget shall determine the amount of Eligible Collateral in your Account. Upon entering into a Loan, the Eligible Collateral will be deducted from your Account and retained by Bitget. Upon your repayment of the principal and interest as per the requirements, Bitget shall return the Eligible Collateral to your Account. The form and amount of the Eligible Collateral shall be determined by Bitget.
4.3 Certain Digital Assets may only be valued as Eligible Collateral on a discounted basis as determined by Bitget at its sole discretion.
4.4 Notwithstanding anything to the contrary in these Terms, Bitget shall be entitled to stake, invest, loan, handle, or transfer any Eligible Collateral at its sole discretion. Bitget shall not be under any obligation to notify you thereof, nor be liable to you for any interest, staking rewards, or income that may be derived therefrom. No interest shall be paid to you on any Eligible Collateral unless expressly outlined on the Platform. You acknowledge and agree that any interest or income earned on Eligible Collateral (if any) under these Terms may be retained by Bitget for its own benefit. Bitget shall not be liable to you for the loss of any collateral resulting directly or indirectly from a closure, bankruptcy, insolvency, liquidation, receivership, hack, security breach, technical malfunction, or other force majeure events. Bitget reserves the right to unilaterally reduce the term of your Loan to immediate maturity when Bitget detects that your Loaned Assets are at liquidity risks, which may significantly impact the Platform’s operations, user interests, or the stability of the financial market. You are required to promptly repay the Loan and the applicable interest; otherwise, Bitget reserves the right to liquidate any Collateral for the Loaned Assets.
4.5 Notwithstanding anything to the contrary in these Terms, Bitget reserves the right to unilaterally reduce the term of your Loan to immediate maturity when Bitget detects that your Loaned Assets are at liquidity risks, which may significantly impact the Platform’s operations, user interests, or the stability of the financial market. You are required to promptly repay the Loan and the applicable interest; otherwise, Bitget reserves the right to liquidate any Collateral for the Loaned Assets.
4.6 All Collaterals of any kind held by Bitget are hereby pledged to Bitget by you and you grant to Bitget a perfected first-priority lien and security interest in our favour to secure the performance and obligations and liabilities to us arising under these Terms or any other agreement with us to the maximum extent permitted under applicable laws.
5. Interest
5.1 Simple interest shall accrue with respect to any Loan on an hourly basis at the start of each hour (e.g., 1:00 PM, 3:00 PM, etc.) Time periods of less than one hour shall be counted as one hour. Interest with respect to any loan shall be calculated hourly as follows: interest = outstanding principal × daily interest rate ÷ 24.
5.2 Bitget reserves the right to modify the rates of fees, interest, commissions, and charges, or impose other fees, commissions, and charges at its sole discretion.
6. Default and Termination
6.1 A “Default” shall be deemed to occur in the event that:
a. there is a breach of any obligations or undertakings under these Terms or the Terms of Use, including but not limited to any obligation to pay any amount whatsoever to Bitget in respect of any Loan or the Loan Services;
b. any representations, warranties, agreements or material statements made by you to Bitget under these Terms or in connection with any relevant provision under the Terms of Use being untrue, inaccurate, incomplete or misleading in any respect at the time when made by you or thereafter at any time becomes untrue, inaccurate, incomplete or misleading in any respect and you fail to inform Bitget of the true position immediately;
c. it is or becomes illegal for you to comply with or perform any of your obligations under these Terms or in connection to the relevant provisions under the Terms of Use;
d. you fail to promptly provide Bitget with verification of your identity or status or the identity or status of any person empowered by you to act on your behalf or information and/or documents in relation to credit checks and assessments conducted by Bitget;
e. Bitget is unable to contact you in accordance with your most recent instructions for sending notification or correspondence;
f. any investigation, claim, action or proceeding of any nature is commenced against you (including without limitation investigation into suspected market abuse, manipulation or other criminal conduct), or steps are taken by any person to enforce any security against you;
g. Bitget has reasonable concerns in relation to your creditworthiness, financial status or verification of your identity; or
h. an allegation of fraud, misconduct, embezzlement, money laundering, insider trading, market manipulation abuse or other material illegality, breach of regulation or impropriety is made against you, that in the good faith and commercially reasonable business judgement of Bitget could reasonably result in reputational harm to Bitget, or compromise the integrity of the markets maintained by Bitget.
6.2 Without prejudice to any other right of Bitget hereunder or otherwise at law If a Default occurs, Bitget may immediately take any or all of the following actions:
a. suspend (indefinitely or otherwise), cancel, or terminate any Account, or Bitget’s relationship with you or prohibit you from using services Bitget may make available to you through the Platform;
b. liquidate, accelerate and/or close any outstanding Transaction (including any Transaction which has yet to be settled on the date on which Bitget terminates such Transaction) by determine its value in good faith and in its absolute discretion as of the date of the close-out as soon as practicable after the close-out;
c. sell, dispose or otherwise transfer any Collateral or any other Ditigal Assets or other property which may be credited to your Account or which has been pledged to Bitget by you and apply the proceeds to the discharge of your obligations, and Bitget may set-off and net any of its obligations to you against any obligations of you to Bitget;
d. modify the applicable Collateral Requirements or sell any Collateral or part thereof or any other Digital Assets or other property which may be credited to your Account or which has been pledged to Bitget by you at a price which Bitget deems appropriate in the circumstance and apply the proceeds to discharge of your obligations;
e. do or omit to do anything which Bitget reasonably believes to be necessary, desirable or expedient to protect Bitget or its other users; and/or;
f. exercise any other authority or powers that Bitget deems appropriate.
7. Definitions & Interpretation
Unless otherwise defined, capitalized words used in these Terms shall have the same meaning given to them in the Terms of Use. The rules of interpretation set out in the Terms of Use shall apply to these Terms, except that references to clauses are to clauses in these Terms, unless otherwise stated.
“Collateral” means, in respect of a Loan, all Eligible Collateral offered by you and held in the Account in respect of that Loan and any interest, income or rewards accrued on any such Eligible Collateral, if any.
“Collateral Requirements” has the meaning given to that term in clause 4.1.
“Default” has the meaning given to that term in clause 6.1.
“Eligible Collateral” means such Digital Assets as Bitget, in its sole discretion, may from time to time accept as collateral in respect of Loans, as specified on the Loan Data Page.
“KYC” means Know Your Customer (or Client), which means the process of verifying the identity of customers or clients and assessing potential risks of illegal intentions for the business relationship.
“Loan” means any Digital Assets credit facility granted by Bitget to you.
“Loan Data Page” means the website containing information in respect of the Loan Services available at https://www.bitget.com/earning/loan, or such other address as Bitget may specify from time to time.
“Loaned Assets” means any Digital Assets credited to you under any Loan.
“LTV” means, in respect of a Loan, the result of the following formula calculation, expressed as a percentage:
LTV = Loan balance / Collateral balance.
Join Bitget, the World's Leading Crypto Exchange and Web3 Company
Share
