OKX TR Risk Disclosure Statement

Published on Dec 27, 2023Updated on May 7, 20248 min read

Last Updated: 01.02.2024

Transactions involving Crypto Assets are of a significantly risky nature and can lead to substantial financial losses. This Risk Disclosure Statement has been prepared to inform users regarding the Risks Related to Crypto Assets, Commercial Risks Related to Crypto Assets, Liquidity Risks Related to Crypto Assets, Risks Related to Crypto Asset Transfers, Risks Related to Transaction Orders, Risks Related to Buying and Selling, Prices, Internet Risks, Taxation Risks, Risks Associated with the Use of Electronic Wallets and Custody of Crypto Assets, Monitoring and Risks arising from Blockchain Network. It may not cover all specific risks associated with the Crypto Asset you intend to trade, risks arising from the use of the application, and all risks that may arise from the services defined in the User Agreement. Therefore, before deciding to execute your transactions, you should analyze and understand all the risks in the market and make your decision with these considerations in mind. This Risk Disclosure Statement is an annex and integral part of the User Agreement you have agreed with OKX Teknoloji Anonim Şirketi ("OKX TR"). Therefore, by entering into the User Agreement, you declare that, including those specified in this Risk Disclosure Form, you understand and accept the risks associated with Crypto Assets.

* This Risk Information Statement has been notified to the User before the User signed up to the Platform.

* All capitalized terms used herein but not defined shall have the meaning assigned to them in the User Agreement.

Risks Related to Crypto Assets

Crypto assets are not regulated within a legal framework, and exist on a decentralized public network. Crypto Assets are generated, traded, and transferred in digital form, representing a digital representation of value. Crypto Assets are not local currencies. Therefore, there are many risks associated with transactions involving Crypto Assets, including but not limited to, cyber security breaches, restrictions on market access, technical failures, depreciation in Crypto Assets and risks arising from the discretionary actions of project owners.

Commercial Risks Related to Crypto Assets

Crypto Asset markets are driven by supply and demand, therefore the values of Crypto Assets may fluctuate as a result of speculative and manipulative transactions. Therefore, due to the nature of Crypto Assets, there is a possibility of making a profit as a result of transactions, but there is also a high risk of potential losses. The values in these markets may change rapidly and unpredictably at any moment. Users are advised to thoroughly research the Crypto Assets they intend to invest in and it is their responsibility to do so. Crypto assets carry a high degree of risk as an investment tool and may not be suitable for many investors.

Liquidity Risks Related to Crypto Assets

Liquidity conditions in Crypto Asset markets fluctuate according to the balance of supply and demand. Therefore, the Crypto Asset markets have variable liquidity levels and markets with low liquidity may amplify volatility. Accordingly, there is no liquidity guarantee for Crypto Assets, and depending on market conditions, liquidity for the respective Crypto Asset may increase or decrease, and there may not be a liquid market where you can sell your Crypto Assets. OKX TR does not guarantee that the markets for Crypto Assets will be active and liquid. In addition to these, OKX TR does not make any statement or commitment regarding the continuous trading of listed Crypto Assets in the market. Any listed Crypto Asset may be delisted or suspended by OKX TR at its discretion and without prior notice.

Risks Related to Crypto Asset Transfers

The user is responsible for the transfer of Crypto Assets to electronic wallets and for the security of the related electronic wallets. Regardless of the reason, the user is responsible for all transfer transactions they perform, whether erroneous or not, and OKX TR cannot be held accountable for these transactions. Users should issue instructions considering that they will not be able to reverse these transactions in any way once executed.

Risks Related to Transaction Orders

OKX TR reserves the right to take measures and apply practices, such as price range application, mandatory limit order application, closure of market orders, maximum order value limit, at its discretion, at any time and for any duration, that may partially or completely prevent or hinder the market performance of the listed Crypto Asset.

Risks Related to Buying and Selling Prices

OKX TR operates as the Crypto Asset trading platform, and unless specified otherwise, it is not a counterparty in any buy or sell order or transaction. Therefore, OKX TR is not obligated to ensure that the Crypto Assets you will trade will be transacted at prices determined by you or international market prices. In this context, OKX TR does not provide any price guarantee or commitment.

Internet Risks

There are risks associated with using an internet-based trading system, including but not limited to software and internet connection failures. It is important for you to be aware of this. OKX TR does not accept any responsibility for communication failures, interruptions, errors, malfunctions, or delays that you may encounter while using the services provided, regardless of the cause.

Taxation Risks

Users may be subject to tax obligations in accordance with the current legislation due to their transactions involving Crypto Assets. It is solely the user's responsibility to be aware of their tax obligations and fulfill them.

Risks Associated with the Use of Electronic Wallets and Custody of Crypto Assets

OKX TR does not provide any services related to the storage of Crypto Assets in Crypto Wallets or in any other way as part of the Services offered on the Platform. The Crypto Assets within the Platform are held by services obtained from third-party service providers. Therefore, in the event of the insolvency, bankruptcy, winding down or any similar events affecting the capacity of these external service providers to fulfill their obligations of returning the Crypto Assets, there is a risk that users may incur losses in respect of their Cyrpto Assets. If you wish for the Crypto Assets you acquire through OKX TR to be transferred to your own ownership, you must transfer the relevant Crypto Assets from your OKX TR accounts to your own Crypto Wallet address. In this context is entirely responsible for the storage, preservation, and transfer to its own Crypto Wallet leading to the transfer of ownership, of the Crypto Assets acquired through OKX TR

Monitoring

The user is solely responsible for the security of their account and should ensure that they can always monitor the status of their account. It is the user's obligation to securely protect the password and/or other information used to access the account.

Risks arising from Blockchain Network

Since all transactions are irreversible on the Blockchain network, any erroneous transactions made by the User during instances such as transfers, transfers of Crypto Assets between Digital Wallets, or transfers to a cold wallet cannot be reversed or corrected. In this context, the User acknowledges that they bear full responsibility for all transactions conducted through the Platform.

OKX TR does not intervene in any process other than the execution of transactions within the scope of the provided Instructions, and has no information about whether the executed transaction is erroneous. This matter is entirely the responsibility of the User.

Due to the nature of Blockchain technology, transactions cannot be reversed. Therefore, it is not possible to refund amounts to the User, including the Service Fee paid to OKX TR for transactions.

The User must ensure the accuracy of the information entered for transactions carried out through the Platform, and should only proceed with the transaction after confirming its accuracy. The User acknowledges being informed that Instructions and/or transactions made on the Blockchain network are irreversible and cannot be canceled or reversed. Consequently, the User accepts that the Service Fee, transaction fees, and commissions incurred in their transactions will not be refunded, and that they are responsible for their actions.

The Platform solely provides access to OKX TR services or content, and facilitates their use or, depending on their nature, facilitates their buying and selling transactions. OKX TR does not guarantee the outcome of transactions or the execution of Instructions entered into the Platform. Prices are determined entirely based on the supply and demand relationship for the relevant Crypto Asset by the parties conducting the transaction. OKX TR does not determine the prices generated on the Platform. OKX TR cannot be held responsible for any losses or damages incurred by Users due to price changes or transactions not being executed, or for any losses that have arisen or will arise.