Last modified: 14.02.2024
Acceptance of Terms
Use of the “Trade Only” service on Young Platform (“the Service“) is subject to acceptance of these Terms and Conditions (“T&Cs”).
Young Platform Users agree to be legally bound by these T&Cs, including any additional terms and relevant policies, and by Young Platform’s General Terms and Conditions.
Users are, therefore, invited to read these T&Cs carefully before using the Service.
General Provisions
2.1 Concerning the Registration, Confirmation, Verification and Account Activation process, please refer to the “General Terms & Conditions – Young Platform Exchange” published on the website of Young Platform S.p.a.
2.2 Young Platform grants the opportunity to custody crypto assets through dedicated external providers or, otherwise, to proceed in the buy and sell mode, i.e., trade cryptocurrencies. If the custody referred to above is not provided and the service is “Trade Only”, please refer expressly to the detailed provisions in the specific Terms and Conditions applicable to that service mode.
2.3 In respect of the “Trade Only” Service, the following articles of the T&Cs are hereby waived:
- Scope of the Service: The ‘Trade Only’ Service is restricted to cryptocurrencies indicated as Trade Only, i.e. for which the User may only carry out buy and sell transactions;
- Methods of Execution: the provisions on the deposit and withdrawal of cryptocurrencies do not apply to non-deposable cryptocurrencies;
- Fees: fees may be different for non-deposable cryptocurrencies;
- Deposit and Withdrawal Limits: deposit and withdrawal limits do not apply to non-deposable cryptocurrencies;
- User’s responsibility: The User is aware that non-depositable cryptocurrencies are subject to a high volatility risk and that Young Platform S.p.A. is not liable for any losses resulting from such volatility.
All articles of the “General Terms & Conditions – Young Platform Exchange” not expressly mentioned in this list also apply to non-depositable “Trade Only” cryptocurrencies.
Trade Only Service
3.1 Young Platform S.p.a., as a cryptocurrency exchange, makes available to its Users the faculty to sell and purchase virtual currencies and entrust the custody of cryptocurrencies to specialised providers, considered third-party providers. However, the User may only perform buy and sell transactions for specific cryptocurrencies on the Young Platform. Such currencies will be identified as “Trade Only Currencies“. This means that Users will only and only be able to trade on such currencies. Otherwise, you will not be allowed to deposit or withdraw such Currencies. The User assumes full responsibility for the Trade Only Currencies, including the risks of volatility and loss.
3.2 The User shall be able to acquire cryptocurrencies designated as “Trade Only” through fiat currency and carry out cryptocurrency transactions for the same but shall not be able to make withdrawals or deposits of these cryptocurrencies. In this circumstance, Young Platform does not provide a custody service but is limited to buying and selling transactions only.
3.3 Young Platform may limit the amount of Trade Only Currencies the User buys or sells. The Company will disclose the amount of any limitation before accepting trading in such currencies.
3.4 Young Platform may reject a Currency Trade Only purchase or sale transaction. In such a case, the Company shall not be liable for any losses incurred by the User. The instances in which it shall be possible for Young Platform to refuse a purchase or sale transaction of Trade Only Currency are listed below:
- there are not enough currencies available on the market;
- there are not enough funds in the User’s Young Platform account;
- other causes (e.g., but not limited to, due to Service interruptions or scheduled maintenance);
- Young Platform has good reason to suspect that the transaction the User wishes to carry out has an illegal purpose (by way of example but not limited to committing fraud).
- Young Platform has good reason to believe that the transaction the User wishes to carry out may seriously damage the reputation of the Company.
3.5 The list of cryptocurrencies available as Trade Only is specified on the Young Platform. Users must regularly check the updated list of trade-only currencies. Young Platform reserves the right to change the Currencies designated as “Trade Only” at any time without prior notice.
Acceptance and Purchase
4.1 Before being able to proceed with the confirmation of the purchase of Trade Only Currencies, the User must expressly accept this condition through an appropriate action within the purchase flow of the relevant Currency.
To make this possible, Young Platform implements a tracking mechanism that allows the User’s acceptance to be recorded through a specific “Continue” button and a checkbox with the “do not request any more” option. This means that the User can consciously choose to display the acceptance request to purchase a specific Trade Only Currency no longer. Still, this choice will only and exclusively apply to that particular Currency and will not affect the other Currencies designated as Trade Only.
4.2 Once the purchase or sale of Trade Only Currencies has been effected, the User may no longer cancel the transaction.
4.3 The User is aware that the availability of Trade Only Currencies may vary depending on market factors and that Young Platform does not guarantee the constant availability of such Currencies for purchase or sale.
4.4 The User acknowledges that buying and selling transactions must be undertaken carefully due to the volatile nature of Trade Only Currencies. Young Platform encourages Users to research and fully understand the associated risks before trading.
Execution of Orders
5.1 The matching of Orders placed by Users may take place in various ways, each of which entails specific responsibilities on the part of the Company:
a. Young Platform Pro: where a User issues a Buy or Sell Order for a “Trade Only” cryptocurrency, Young Platform matches the bid and asks directly on Young Platform Pro. In this context, another Young Platform User acts as a counterparty, completing the Trading Order within the same infrastructure.
b. Young Platform and External Liquidity Provider: by issuing the Order on Young, the User triggers the matching on the platform infrastructure. Subsequently, Young Platform may route the transaction to an External Liquidity Provider for final execution.
3.2 Young Platform reserves the right to change the way orders are executed, including the choice of external Liquidity Provider, without prior notice, to improve the efficiency of the Service. Furthermore, the User is aware that Young Platform takes security measures to protect the user’s data and information during the matching and execution process of Orders. However, the User must follow the security guidelines provided by Young Platform to protect his/her account and personal information.
Responsibility
6.1 Young Platform plays a crucial role in properly executing the Users’ Orders, striving to ensure efficiency, transparency and timeliness in the matching process and execution of transactions. However, it is essential to establish Young Platform’s responsibility and its limitations in certain circumstances.
6.2 Young Platform, irrespective of the matching mode selected and referred to in Article 5 above, assumes responsibility for executing the Users’ Orders. Young acts as a counterparty in the matching process, guaranteeing the reliable conclusion of transactions within the established modalities.
6.3 Young Platform is committed to devoting its resources to ensuring the efficiency and integrity of the matching and transaction execution process. Young Platform implements all reasonable measures to ensure the security of the process, protecting the Users’ Orders from potential risks or manipulation. This commitment includes constant vigilance over the security of the infrastructure involved in the trading process.
6.4 In the event of any technical problems, interruptions or malfunctions during the matching process or execution of transactions, Young Platform reserves the right to take the necessary corrective measures. These measures may include temporary suspension of the service, identification and resolution of technical problems, and timely notification of the affected Users. Young Platform promptly informs Users of any interruption or technical problem that may affect the execution of Orders, providing details and realistic timeframes for resolution.
6.5 Young Platform shall not be liable for any losses caused by technical circumstances beyond its control. This includes but is not limited to, connection problems, service interruptions, cyber-attacks, or other technical causes which may temporarily disrupt the regular operation of the Service. In the event of interruptions or technical malfunctions that are not attributable to Young Platform, the company will use its best efforts to mitigate the impacts and restore the normal provision of the Service as quickly as possible.
6.6 It is recalled that if a provision of these Terms & Conditions is declared null and void due to a change in the law, such nullity shall not affect the validity of the entire agreement.
6.7 Young Platform reserves the right to suspend or revoke the access to the “Trade Only” Service of any User who violates the Terms and Conditions or engages in suspicious or fraudulent activities.
Managing Problems with Liquidity Providers
7.1 Young Platform acknowledges that the external Liquidity Provider may experience malfunctions or interruptions in some circumstances. In such cases, Young Platform shall endeavour to deal with the situation promptly to ensure continuity in executing Users’ Orders where possible.
7.2 In the event of a malfunctioning of the external Liquidity Provider, Young Platform will intervene immediately by matching the Order itself on its platform where possible or by suspending the Service. Young Platform is committed to the proper execution of the Order and will endeavour to maintain the transparency and integrity of the matching process, following internally established protocols. Young Platform undertakes to route the transaction to the external Liquidity Provider for final execution as soon as the technical situation permits. The timing of this transfer will be determined by the resolution of technical issues at the external Liquidity Provider.
7.3 Young Platform retains responsibility for the proper execution of the Order, even when the transaction is temporarily handled in-house. However, the Company shall not be liable for any losses arising from the temporary in-house handling of the execution of the Order in the event of a malfunction of the external Liquidity Provider unless such losses are directly attributable to fraud on the part of Young Platform.
Limitations of Liability Linked to the Nature of Trading
8.1 Young Platform recognises the nature of cryptocurrency trading and establishes clear limitations of liability with respect to the key elements of this operating environment:
a. Young Platform emphasises that trading involves risks due to market volatility, price fluctuations and global economic conditions;
b. users are aware and accept that the past performance of markets does not guarantee future results and that the value of cryptocurrencies can fluctuate significantly in short periods;
c. Young Platform makes no express or implied warranties concerning trading transactions performed on its platform by Users;
8.2 Young Platform shall not be liable for any losses caused by market fluctuations, cryptocurrency price fluctuations or other factors beyond its control, including, but not limited to, force majeure events, economic crises, geopolitical events or regulatory changes.
Applicable Law and Jurisdiction
7.1 These Terms and Conditions shall be governed by and construed following Italian law and applicable European law.
7.2 Considering the nature of “Consumer” attributable to the Users, under the distance contract regulations provided for and regulated by Articles 50 to 61 of Legislative Decree 206/2005 (Consumer Code), any dispute concerning or in any case related to the interpretation and application of these Terms and Conditions and/or for any breach or inefficiency attributable to the Company and related disputes, shall be devolved to the exclusive jurisdiction of the Judicial Authority of the place of residence or domicile of the Consumer User.
7.3 If any provision of these Terms and Conditions is declared invalid or unenforceable, the remaining provisions shall remain in full force and effect. In the event of nullity or unenforceability, the Parties undertake to replace the provision with a valid and enforceable one that reflects the Parties’ original intent as closely as possible.
Contact
Please contact Young Platform S.p.A, Via Francesco Cigna n. 96/17, Turin (TO), postal code: 10155 or the following e-mails: [email protected].
Last updated on 14.02.2024
