In order to use block chain asset futures insurance products of Binance JEX, users shall read and abide by the Binance JEX Block Chain Asset Futures Insurance User Usage Agreement, hereinafter referred to as this Agreement , Service Terms of Cryptocurrency Exchange Binance JEX and Binance JEX Block Chain Asset Futures Insurance Product Agreement, hereinafter referred to as this Agreement, and so on. Please carefully read and fully understand the terms and conditions, in particular, the corresponding terms for exemption or limitation of liability, and the separate agreement for opening or using a service, and choose to accept or not to accept.
Unless the user has read and accepted all the terms of this agreement, the user does not have the right to use the block chain asset futures insurance product of Binance JEX and their corresponding services. The user's behavior of logging in, viewing and publishing information on the service is deemed to have been read and agreed on the terms of this agreement.
1.1 Block Chain Asset Futures Insurance is a futures subsidiary product launched by Binance JEX, and Binance JEX is responsible for product design as well as daily operation.
1.2 The user warrants that the user has reached the age of 18 when the user is registering as a user on the platform. The contents of this agreement shall not be excluded by the laws of the country or region to which the user belongs and shall comply with the corresponding laws of the country to which the user belongs. The user shall comply with the trading rules of Binance JEX and block chain asset futures product trading rules. The user who don’t meet the conditions above shall immediately terminate registration or discontinue using the service.
2. Futures Insurance Rules
2.1 The futures insurance covers the trading subjects approved by Binance JEX. When conducting transactions, the futures insurance shall be valued in USDT.
2.2 Futures insurance will insure the futures held by the user. The user’s remaining margin and existing profits will be protected when purchasing insurance for the insured position.
2.3 When the user's insured position is closed during the insurance period (including the user's initiative close of positions / ADL / forced liquidation / forced deleveraging, etc.), the profit or loss of the user's liquidation will be calculated. From the moment the insurance was purchased to the time the insured position is closed, if any loss occurs, and futures insurance will automatically compensate the user for it.
2.4 If the user's position is not closed during the insurance period, when the insurance expires, the system will automatically calculate the profit and loss according to the market price. If the user has a loss during the period, the insurance will compensate the user for the loss.
2.5 If the user changes the possible loss limit of the position after adjusting the leverage, or increasing the position, or adjusting the margin after purchasing the insurance, the system will still calculate the possible compensation amount based on the user's position PNL and the position closing time. The price for calculating the PNL will not exceed the bankruptcy price when purchasing the insurance.
2.6 If the user adds a new position after purchasing the insurance, the PNL generated by the newly opened position will not be protected by insurance. When the user closes the position,only the later closed part will be considered as insured position.
3.Risk Control Rules
3.1The purpose of futures insurance product is to protect investors from the risk of price fluctuations during normal transactions. If the user takes advantages of inadequate circumstances,such as product rule bugs or system failures, to maliciously profit from futures insurance, Binance has the right to refuse to pay the insurance benefits.
3.2 If there are abnormal fluctuations in the price of the block chain asset, the stop of trading in the exchange, the termination of the project, or the split / dissolution of the community due to the actions from the project, the team, the futures index price, the exchange or the community, Binance JEX has the right to take measures to suspend the purchase of insurance for the block chain asset futures insurance, temporarily adjust the insurance price, adjust the calculation method of the compensation amount, or suspend the compensation to ensure the normal operation of the futures product.
4.1 When using futures insurance products, the user shall abide by the principles of fairness and use futures products reasonably.
4.2 When Binance JEX believes the user is suspected of maliciously using futures insurance products to make profits via malicious manipulation of prices, inverse delivery of benefits, etc, Binance JEX has the right to suspend user transactions, prohibit users from purchasing insurance, cancel user insurance orders, suspend the compensation,or recover the compensation to protect the normal operation of platform business.
4.3 Binance JEX has the power of interpretation for business rules of futures products, and has the right to delete, modify, or add business rules and user usage agreements at any time.
4.4 This agreement also includes various regulations of Binance JEX, other agreements in the annex to this agreement, and other related agreements and rules on the service the platform may continue to release. Once the content above is officially released, you must abide by the integral part of this agreement. If there is a conflict between the content above and this agreement, this agreement shall prevail. Once you register or use any service under this agreement, you are deemed to have read and accepted this agreement as well as restrictions on the content above. Binance JEX has the right to unilaterally modify this agreement or the content above when necessary. After the change of related content, if you continue to use the service, you are deemed to have accepted the modification of the content. If you do not accept the modification of related content, you should stop using related services.
4.5 The establishment, entry into force, performance, interpretation and dispute resolution of this agreement shall apply to the laws of Seychelles.
4.6 If any dispute or dispute occurs between the user and Binance JEX, it should first be resolved through friendly negotiation; if the negotiation is unsuccessful, both parties agree to submit the dispute to a court of competent jurisdiction of Seychelles for settlement.
4.7 The headings of all the terms of this agreement are for convenience only, and have no actual meaning in themselves, and they cannot be used as a basis for interpretation of this agreement.