Terms and Conditions
Chapter 1 – General Rules
Article 1 – Purposes
The purpose of this document is the regulation of terms and conditions for using the services provided by TWP-Exchange (hereafter to be referred to as “the company”), and the rights and responsibilities of the company and members and any additional necessary items.
Article 2 – Specification and Modification of Terms and Conditions
These terms and conditions will be effective upon their posting by the company on related service membership sites, or upon the notification of users through some means, and upon users joining the service membership and agreeing to these terms and conditions. The company reserves the right to modify these terms within legal boundaries, such as under the “Law for the Regulation of Terms” and the “Law Encouraging the Use of Communication Networks and Information Protection.”
When the company modifies these terms and conditions, it will notify users of the change on the website homepage, in pop-up pages, and on bulletin boards, with applicable dates, reasons, and updated terms, from a period 7 days before said terms come into effect until 1 day before their application.
Even as the company clearly notifies users of the impending changes, if users do not specifically and clearly reject the modified terms within the period of 7 days, the company will consider such users to have agreed to the new terms and conditions.
If customers choose to disagree with the terms and clearly refuse acceptance of such terms, the company cannot apply the modified terms and conditions to such customers. In this event, users may cancel their contract with the company. However if there exists a special occasion in which the company cannot comply with current terms, the company reserves the right to cancel the contract.
Article 3 – Rules other than Terms and Conditions
Issues outside these terms and their application will follow the relevant “Law for the Protection of Consumers in Online Trade,” “Law for the Regulation of Terms and Conditions,” applicable Guidelines for Electronic Trade by the Fair Trade Commission of Korea, and common merchant customs.
However, in the event of conflict between users of the company’s services, the applicable laws will primarily be applied, such as the “Law for Visiting Sales,” “Law for Basic Electronic Trading,” “Law for the Protection of Consumers” and other applicable laws. Members cannot insist on members’ exemptions or immunity from other members based on these documented terms and conditions. Applicable laws hold primacy above these terms and conditions in such cases.
Article 4 – Definition of terms
The definitions of terms within these terms and conditions are as follows:
1. Member, user: Those who agree upon these terms, sign up for membership, and establish a service contract with the company
2. ID: Combination of letters and numbers approved by the company to identify members and provide services
3. Web-site, homepage: Web-site provided by TWP-Exchange wherein members may use its services
4. Password: combination of letters and numbers approved by the company for the identifying and verification of members and the protection of members’ information
5. Dealer, seller: Members who have registered or applied for selling currency code in accordance with the company format provided online
6. Buyer: Members who have registered or applied for buying currency code in accordance with the company format provided online
7. Free deal, free trade: The exchange of currency code without any involvement from the company; sellers and buyers trade based on their own rules
8. Contents service: Money-based service, such as a voucher mall, where users can purchase vouchers via bitcoin (BTC) from TWP-Exchange or vouchers sold by PIN numbers and upfront-payment cards charged with currency code.
Chapter 2 – Application for Service and Acceptance
Article 5 – Validating user contracts
The following clauses apply:
1. Users may apply for membership by agreeing to the terms and conditions after filling out the form which is provided by the company.
2. Applicants are considered members as of gaining acceptance. A user contract is established by the unit of Member IDs.
3. After the closure i.e. establishment of a deal, the applicant will be registered as a member.
4. If a member uses fraudulent or fake information in the application process, such as made-up names, another person’s name, or a fake phone number, the member cannot be protected by law and all legal liabilities including both civil and criminal fall upon the member.
5. Minors (those under age 19) are not allowed to use the currency code trade service provided by TWP-Exchange.
6. To meet the requirements of these conditions, if necessary the company may ask related authorities to verify an applicant’s information to verify the user’s real name according to related laws. If the user refuses this check of ID verification process, the company takes no responsibility for any disadvantages to the user.
Article 6 – Applying for usage
1. Applicants can apply for service usage by filling out the company’s membership joining form provided online.
2. The company considers all members’ information provided in the online membership joining form as real data, and applicants who use fraudulent information cannot be protected by law and will be restricted from usage of the company’s services.
3. In the event that the company discovers the provision of fraudulent information by a user, the company will place on hold or cancel the contract with the user either temporarily or permanently and the company’s digression. Any losses incurred by either the company or the company’s affiliate third parties due to the provision of fraudulent user info will be the liability of the user exclusively.
4. The company will provide various types of beneficial data and marketing material to members via emails, letters, and/or phone calls.
Article 7 – Agreement on the use of members’ information and acceptance thereof
Subsection 1 – Agreement on the use of members’ information
1. The company may use members’ personal information to carry out the contract and provide services based on the contract.
2. The company may provide members’ information to affiliated third-party companies to accommodate member services and to better utilize services provided to or by them. However this will only occur in the event that the company notifies users and receives user agreement and confirmation. In this case affiliates’ names, purposes, and types of information to be shared will be revealed to users.
3. The company does not send advertisement SMS messages from affiliate services to its members against their refusal. However, the company can send some SMS messages or SMS URL links to better facilitate or accommodate services, including the informing of users of services. If members wish to refuse all such notices, they may terminate membership at any time.
4. Members can view and correct their own personal information at any time.
5. The filling out of a membership form and the signing-up for service is considered an agreement by the user for the company to collect, use, and share members’ personal information based on stated terms and conditions.
Subsection 2 – Acceptance of application for use
1. The company can accept membership applications when the forms are filled out as required and applied. However, under certain cases, such as those outlined below, the company may defer or refuse membership.
2. The company can defer the acceptance of membership in cases of:
a) Lack of room or space for equipment and/or facilities
b) Technical errors
c) Additional reasons as provided by the company
3. The company can refuse the acceptance of membership in cases of:
a) Use of fake or unreal names
b) Applications under another person’s name
c) Using fraudulent or fake information when signing-up
d) Applying for membership with the use of malicious or disturbing content or the breaking of social courtesy (e.g. vulgarity, profanity)
e) Not providing sufficient information as required by the company
Article 8 – Ceasing or canceling the user contracted
The contract will be terminated either by the company or the member. All outstanding losses received or accrued by which a member cancels the contract will be upon the member and the company is absolved of liability.
1. When a member wishes to cancel the contract, the member themselves should initiate the cancellation process online.
2. When a member performs one of the following actions, the company can either restrict the member’s service or cancel the contract:
a) In cases of violations such as:
i. theft of others’ service IDs or passwords
ii. purposeful disturbing or hindering of the service
iii. enrolling in membership by another person’s name
iv. purposeful provocation or action contrary to decent social order
v. use of the service with the purpose of harming societal or national interests
vi. defaming or disadvantaging of others
vii. the sending of massive amounts of data or DDS attacks meant to interrupt the stability of services
viii. the distribution of computer virus programs meant to cause the malfunction of data communication facilities
ix. use of others’ ID or personal information to gain personal advantage
x. the replication, distribution, or commercialization of information from the company’s services without the company’s explicit consent
xi. dual signing-in under different IDs
xii. infringement on the rights of the company, other members, or affiliated third parties
xiii. when an external institution as the KCC (Korean Communication Standards Commission) requests the correction of errors, or the National Election Commission makes an authoritative decision on activity
xiv. acts against the regulations set by the company
xv. lengthy periods of inactivity by dormant members even after certain notifications and warnings
xvi. the sale or attempted sale of inappropriate or unauthorized goods by members
xvii. fraudulently pretending to buy or sell members’ goods without any intention of completing a transaction
xviii. collecting, storing, and/or releasing the personal information of other users without consent
xix. initiating or inducing a direct or free trade with information from the company’s services
xx. required compliance with the company’s policies for improving its services
b) In cases such as the following:
i. when company management determines the action is inappropriate
ii. when the act is associated with an objective crime
iii. when the act violates other related laws
c) The stopping of services for a user or a process by which their access to the service is limited may be put into effect in some cases such as the following:
i. When the company enacts a limit on user access to the service, it notifies the user or legal agents of the user of the reasons for the limitation and the schedule and duration of the limitation through letters, phone calls, emails, or messages appearing on the homepage.
ii. However, if the company deems the situation urgent, the company can stop user access to services without any notification.
iii. If members or their agents are involved in a situation wherein services are stopped, and they wish to submit counter-arguments against such a suspension, they may file a complaint.
iv. If the causes that led to the user limitation or restriction are sufficiently and properly addressed to the satisfaction of the company, the company will undo such restrictions or limitations immediately.
d) Cancellation of user contracts
i. When problematic actions or issues such as those outlined above are not corrected within 30 days, or if the same actions or issues occur more than twice even after the company has enacted restrictions or limitations against a user, the company will cancel the contract with the user.
ii. When the company cancels the contract, it will remove and delete the user’s membership registration. In this case, the company will first notify the member involved of the fact of cancellation and allow the member the opportunity to address and correct the problematic action or issue prior to membership termination.
Article 9 – Change of membership information
Members can view and edit their personal information at any time. However, to maintain the stability and security of the service, the following personal information items cannot be changed: name, date of birth, and user ID.
In case of a user’s wish to edit their personal information, the user should change it via the company website, or else notify the company of the necessary changes through our online contact forms, email, or etc.
In case of any disadvantages or loss stemming from not notifying the company of the need for a change in personal information, the company is absolved of any liability or responsibility pertaining to such disadvantage or loss.
Chapter 3 – Duties of members
Article 10 – Duty to manage members’ user IDs and passwords
1. All responsibilities regarding the safeguard and safekeeping of a member’s user ID and password are incumbent upon the individual members. All responsibilities resulting from the ill-management of assigned user IDs and passwords are incumbent upon individual members. The company cannot be liable for loss or disadvantage resulting from the mismanagement of members of their own user IDs and passwords.
2. In the event that a member becomes aware of the unauthorized use of their user ID or password by another member, the member must notify the company as soon as possible and follow the company’s guidelines.
3. In the event of such an unauthorized use as in the case of item 2 above, if the affected member fails to notify the company of such use and then incurs any disadvantage or penalty or loss due to such use, the company cannot be held liable or be held in obligation to any resulting responsibilities related to the misuse of the membership.
Article 11 – Providing of information
In the event that the company determines that some service information is necessary to be shared with members utilizing the service, the company can provide the information to members. If members prefer not to receive this information, they can refuse to receive it either though the applicable application menus or through the membership modification options. These may include:
• Services related to currency code trades
• Services related to events
• Services provided by the company on random occasions
Chapter 4 – General rules for the use of the services
Article 12 – Types of services
1. Services provided by the company include currency code trading (including selling, buying, providing trade API services, and the searching of current currency and currency code prices), and a contents service (including a voucher mall and up-front payment cards), and etc.
2. The types of services provided by the company can change frequently based on the company’s discretion and situation. All copyrights and intellectual rights associated with the company’s provided services both current and future remain held and reserved by the company.
3. The company assigns users the rights of use of accounts, user IDs, services, and points to its members. Members are not authorized or allowed to provide similar services or to commercialize the company’s services.
Article 13 – Notification or modification of services
Based on the type of service, the company notifies users of the features, procedures, and usage methods of each service through the service screens. Members should familiarize themselves with each notification regarding service usage and gain proper understanding before utilizing these services.
In the event of any changes to services, the company will notify members of these changes at least 7 days in advance of the changes’ implementation. Any disadvantages or loss resulting from the negligence of members in checking and verifying these changes are the responsibility of the individual member; the company holds no liability for disadvantages or loss stemming from user negligence of service changes.
Article 14 – Maintenance and stoppage of service
Members can, in principle, utilize the company’s services 24 hours a day, 7 days a week, around the clock, with exceptions due to technical errors, regular maintenance periods and checks, and certain other occasions set by the company.
The company can categorize services on certain basis range and assign specific times for certain services. In these cases, the company will notify users in advance.
The company can stop providing services under the follow cases:
1. In inevitable cases where there is a requirement for maintenance check-ups and tasks related to the continued provision of services
2. When communications providers registered under the Electronic Communications Businesses Law stop electronic communications services
3. When third party affiliates stop providing services unrelated to those provided by the company
4. In unexpected and unforeseen circumstances
Additionally, the company can limit some of all of its services in the events of a national crisis, a power outage, service facility errors, or during individual periods of unusually high levels of service utilization.
The company can also stop services when these are replaced with newer services or for other legitimate reasons.
Article 15 – Limitations on member payments
The company can place limitations on member transactions in certain situations, such as including the following cases:
1. When a too great sum of money is spent, as determined by the company
2. When both the seller and the buyer are the same person
3. When there is a problem with a payment provider or issuer
4. When there is a conflict with company policy
In the above cases, the company will notify the member of the problematic situation through the services’ messaging systems on the company homepage.
If such problems as outlined above recur, only when all conditions are met to the satisfaction of the company can a member be free from imposed limitations or restrictions.
Article 16 – Limitation on members’ deposits and withdrawals
The company can place limitations on members’ deposits or withdrawals, or delay acceptance of deposits or withdrawals, in certain situations, such as including the following cases:
1. When a member’s name is different from the name depositing the money or currency code
2. When the first withdrawal after joining the membership is deemed excessively high
3. When there is a conflict against the company’s operating policies regarding the deposit or withdrawal
4. When the transaction is out of the bounds of the usage rights defined by the company
In the above cases, the company will notify the member of the problematic situation through the services’ messaging systems on the company homepage.
If such problems as outlined above recur, only when all conditions are met to the satisfaction of the company can a member be free from imposed limitations or restrictions.
Chapter 5 – Use if the service involving currency code trades
Article 17 – Registration of currency code purchasing and selling
Members selling or purchasing currency code through services provided by the company should register the trade according to the company formats.
A. Use of additional services
Members who wish to sell currency code can apply for additional services to sell more effectively than when they registered the transaction. Members should follow the details provided by the company.
Members can utilize the services provided by TWP-Exchange in the involvement of trading of currency code only. Any copying of services or additional services as added during or after the transaction process or commercialization of such services out of the boundaries of members’ rights is strictly prohibited.
B. Modifying the registration of currency codes
Modifications made after the closing of transactions, such as the adding of additional registered currency code information, are not allowed.
Cancellation of applied additional services when registering currency code is not allowed; only the addition of services is allowed and possible.
Deletion once buyers have been chosen is not allowed.
C. Income other than fees
In the use of the company’s services, interest income that the company generates is the cost by which members use the company’s services. Therefore members cannot be reimbursed with any fees or interest generated in this way.
Article 18 – Limitations on trade service use
A. Limits on service use
Members involved in the following cases will be unable to use any services other than logging-in:
1. When the company cannot identify names or contact numbers
2. When there is suspicion or suggestion of hacking or fraud
3. When a member has a criminal record as determined by the checking of contacts and personal information
4. When there has been a series of errors in payment security
5. When members apply for the quitting or termination of membership
6. When managers determine there is expectation of serious hindrance which can interrupt normal service provision
7. When no trade or withdrawal activity have been conducted other than user log-in, as determined by managerial judgment
B. Restriction of log-in
Ability to log-in to the service can be restricted in the following cases:
1. Following consecutive password errors
2. Upon suspicion of hacking or fraud
3. Upon suspicion of ID theft
4. Other cases based on managerial judgment
5. Upon suspicion of a user having provided copied or similar services and commercializing them through use of APIs
C. Restriction of some services
Restrictions on a user’s purchasing, selling, depositing, and withdrawal may be enacted based on managerial judgment. Uses may continue to use other services at company discretion.
Article 19 – Currency code storage
The company can store or hold currency code after its cashing-out based on current prices in order to secure it from unexpected accidents or events when there has been no contact for over 6 months. When a member requests its return following a 6 month period of no contact, the company will return the equivalent amount.
Chapter 6 – Fees for services use
Article 20 – Service fees for trading currency code
The company charges fees for the providing of online services to buyers and sellers. A guide to service fees can be found on the company homepage. Fees and the guide to these fees can be changed or modified depending on the state of the market or the company’s interests or corporate situation.
The company may stop providing services when we change our services or cannot operate, or for other reasons.
Chapter 7 – Use of contents services
Article 21 – Use of contents services
The company sells services content services, including services utilizing PIN numbers such as offline and online vouchers, prepaid or up-front paid cards, mobile certificates, tributary gift cards, and so on. In addition, the company sells items including:
1. online or offline vouchers
2. mobile services including money charge systems, SMS coupons, or etc.
3. digital content including ‘webhard’ cloud storage service, music, movies, cartoons, entertainment, etc.
4. other goods as set by the company
The company provides goods to members who have purchased such goods by use of PIN numbers or vouchers provided by affiliates.
Members with problems or issues relating to the provision of goods by affiliate companies such as voucher mall services should contact the respective affiliates. However problems or issues arising with PIN numbers should be addressed to the company.
Members can purchase vouchers, prepaid cards, or goods related to mobile services with Korean won (KRW) or bitcoin (BTC). When purchasing with BTC, the amount of BTC or the value of BTC currency code will depend on current market prices.
Article 22 – Use of prepaid cards
A. Issuance of prepaid cards
prepaid cards can be issued on the prepaid card webpage after a user’s agreement to and acceptance of the stated terms and conditions.
To issue and deliver these cards, fees determined by the company can be deducted. Such cards are issued by the company’s affiliates, and users may need to join the affiliate companies’ membership schemes to apply for cards.
B. Using and charging prepaid cards
Prepaid cards can be charged/recharged only with bitcoin (BTC).
The amount of its charged value of BTC will be determined by both market prices of BTC at the time and by how many bitcoins, or the amount of BTC currency code, a member possesses.
C. Restrictions of prepaid card usage
Members can be restricted in their use of and charging of prepaid cards in the following cases:
1. When a member fabricates prepaid cards
2. When a member violates related laws or terms and conditions
3. During maintenance work on systems or occasions when affiliates are not operating
4. When there is a problem with operating systems due to natural disasters or other unforeseen events
In the event of a member using or charging prepaid cards under the conditions of one or more of the above cases, members are not entitled to compensation or damages from the company.
Services of prepaid cards are based on affiliates’ terms and conditions.
D. Refund and cancellation of prepaid cards
In principle, members cannot refund or cancel charged money from prepaid cards.
However, members can receive a refund to a bank account under their own names in Korean won (KRW), limited to the balance of the charged cards, in special cases such as the following:
1. When natural disasters hinder the cards from being used
2. When defects of the card itself hinder the cards from being used
E. Service fees of prepaid cards
There are service fees associated with the issuing, charging, withdrawal, and remittance of prepaid cards. Members may check the company’s and affiliates’ homepages for information on the costs of fees.
Service fees of cards depend on the situations and terms of conditions of the related affiliate companies and on market conditions.
Chapter 8 – Protection of personal information
Article 23 – Agreement on the use of personal information
A. Agreement of personal information use
Members’ personal information will be protected by company policy. The filling-in of membership application forms with personal information and the application for membership is considered as agreement and acceptance of the collection and use of the information provided. The individuals in charge of members’ information are assigned by the company.
B. Sharing of personal information
To accommodate the operation of services by the company and its affiliates, the company can utilize personal information according to the company’s rules or provide such information to affiliates. However, with the exceptions of requests from governmental institutions based on laws such as the “Law for Electronic Communication” or for criminal investigation, whenever the company provides members’ information to third parties the company will notify members of this release beforehand and only when consent is obtained from members will the information be released or distributed. But when a deal or transaction is completed and both parties agree to the sharing of information related to the trade, the former clause does not apply.
C. Changes in personal information
When there is a change to a member’s personal information, a member should immediately change their record of personal information either through the company’s manager of personal information or through the online webpage. However due to credit issues, information such as IDs, dates of birth, and genders cannot be changed.
D. Situations involving use of personal information
In the event of any disadvantage or loss due to a member’s negligence to manage their personal information, all damages fall to the member and the company cannot be held liable.
In the event of a member having a complaint, the member should contact the company in a timely manner with a letter of complaint. The company will address the issue by legitimate processes.
E. Maintenance of personal information in certain circumstances
In regards to a member wishing to quit or terminate membership, the company will follow Article 8. After the cancellation of membership, a member’s personal information will be kept for the amount of time regulated by related laws such as consumer protection laws and then be erased.
Even in the event of the company intending to delete such personal information, if it is necessary to maintain the record as required by related laws, the company will maintain the record of personal information. However, the latter portion of any security numbers will be hidden by masking for the protection of users.
F. Sharing of personal information
When the company needs to collect and transfer personal information, the company must notify members in advance and receive consent. All personal information from members will be used only in accordance with the member’s consent. However there are some exceptional cases which are outlined below.
Chapter 9 – Compensation and exemption of damages
Article 24 – Compensation for damages
The company cannot be held liable for any responsibilities for damage, loss, or other problems arising from any deals, trades, or transactions outside the bounds these terms and conditions, nor due to personal mistakes or errors on the parts of sellers or buyers. Damages related to affiliate companies will be dealt with by the affiliate’s terms and conditions and affiliates retain responsibility for addressing conflicts between themselves and members.
Article 25 – Exception clauses
The company cannot take responsibility and is absolved of responsibility and liability for any damages or loss in the following cases:
1. When inevitable crises occur, as in the outbreak of war, major catastrophes, natural disasters, or etc.
2. When problems, issues, damages, or loss are the result of a user’s faults, whether performed on purpose or by mistake
3. When the issue is the result of connectivity problems related to the user’s internet providers
4. When service problems or disruptions are caused by users.
The company holds no liability over the specific contents of users’ postings or user data.
The company holds no liability for errors in the transferring of currency code during service maintenance periods due to malfunctions of the issuing system or networks.
All contents registered at TWP-Exchange belong to the respective members; content does not belong to the company.
Article 26 – Refusal to delegate or guarantee
A. Non-delegation and non-ownership
The company does not delegate any rights or responsibilities to any sellers or buyers, nor can any actions taken by the company be considered a delegation of duty or responsibility. All responsibilities for trades between buyers and sellers are the sole legal responsibility of the buyer and seller themselves. The company implies no endorsement of the actions of any buyer or seller. Trades conducted by buyers and sellers represent their own actions independent of the brokering platform provided by the company.
The company cannot guarantee any intention, fact, or legal standing of trade between members conducted through the company’s services.
The company cannot guarantee any goods or services provided by linked websites on its homepage. All connected or linked sites perform their own independent business operations; therefore any and all dealings between those sites and users are irrelevant to the company, and the company takes no responsibility or liability for those dealings.
Article 27 – Related legal and judicial statements
A. Legal jurisdiction
In the event of a conflict over the company’s pricing system or use of service, the local judicial authority holding jurisdiction over the company’s registered location will be the sole arbitrator of legal disputes.
All suits or legal actions between the company and a user will fall under the jurisdiction of South Korean law and related South Korean legal acts.
When some countries do not apply Korean law to some types of disputes, users residing in one of those countries, the user’s country’s laws will apply to any disputes related to these terms. Otherwise, users agree that the laws of the Republic of Korea apply to any disputes arising out of or relating to these terms or conditions or the use of the company’s service, and all claims arising out of or relating to these terms or the service will be litigated exclusively in the courts of the Republic of Korea.
B. Provision of English language contract
[Added by translator]
This English language version of the company’s terms and conditions is provided for convenience of users. In the event of any dispute between the language and conditions given in the English language version and the Korean language version, the Korean language version takes legal precedent.
All applicable referenced Korean law titles in this document are approximate English translations of their titles, and are intended only as convenient referents to the appropriate laws of the Republic of Korea.
The terms and conditions of this contract will be effective as of April 01, 2018.