1. Overview
1.1 These Spot Borrowing Service Terms ("Terms") govern the relationship between Aux Cayes FinTech Co. Ltd ("OKX") and users ("You") regarding digital asset lending services. By using OKX's platform or services, You agree to these Terms and all incorporated policies.
1.2 These Terms include:
- OKX's Service Agreement
- Platform rules and announcements
- Risk and Compliance Disclosures
2. Eligibility
2.1 To use this service, You must:
- Be at least 18 years old
- Have full legal capacity
- Complete KYC verification
- Accept all associated risks of digital asset transactions
2.2 Prohibited activities include:
- Illegal gambling
- Money laundering
- Market manipulation
- Any unlawful financial activities
3. Key Definitions
Lender: OKX users who deposit assets into the platform's savings products
Collateral: Digital assets frozen in Your account as loan security
Liquidation: Automatic sale of collateral when specific risk thresholds are breached
LTV Ratio: (Borrowed Asset Value + Accrued Interest) ÷ Collateral Value
4. Service Features
4.1 Borrowing Process
- Submit requests via OKX platform
- Receive borrowed assets upon approval
- Maintain required collateral at all times
4.2 Risk Management
- Collateral monitoring 24/7
- Price alerts when LTV reaches warning thresholds
- Automatic liquidation when LTV exceeds maximum limits
4.3 Interest Calculation
- Variable hourly rates (1%-365% APR)
- Compound interest accrual
- Interest payments prioritized during repayments
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5. Responsibilities
5.1 User Obligations
- Maintain sufficient collateral
- Monitor account health regularly
- Repay loans promptly
5.2 Platform Rights
- Liquidate undercollateralized positions
- Freeze accounts violating Terms
- Modify service parameters as needed
6. Risk Disclosures
6.1 Market risks include:
- Digital asset volatility
- Liquidation losses
- Technical system failures
6.2 OKX disclaims liability for:
- Third-party platform issues
- Force majeure events
- User authentication failures
FAQ
Q: What happens if my collateral value drops?
A: You'll receive margin calls to deposit additional assets. Failure to comply may trigger liquidation.
Q: How are interest rates determined?
A: Rates adjust hourly based on supply/demand dynamics through competitive auctions.
Q: Can I repay loans early?
A: Yes, partial or full repayments are permitted anytime without penalties.
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7. Miscellaneous
7.1 Governing Law: English/Welsh law
7.2 Dispute Resolution: HKIAC arbitration
7.3 Updates: OKX may amend Terms with 30 days' notice
7.4 Entire Agreement: These Terms supersede all prior agreements
Last Updated: [Current Date]
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