Chapter I General Provisions
Article 1 Purpose The Regulations are formulated to promote the healthy development of the blockchain industry, protect the legitimate rights and interests of investors, and standardize the token administration.
Article 2 Definition Unless specially indicated, the following terminologies in the Regulations have the following meanings.
(1) BKEX Exchange (hereinafter referred to as "BKEX"): refers to BTC King Technology Limited, including the Main Area and Innovation Zone.
(2) Project team: the entity responsible for issuing or operating tokens, that is, the juridical person, the team, the natural person or the actual controller of the tokens which are traded and launched on BKEX, and the representative or volunteer who is willing to assume responsibility for community-based and decentralized tokens without project teams.
(3) Endorser: the subject who establishes a formal cooperation relationship with BKEX, and recommends tokens to be listed and traded on BKEX.
(4) Token: The proof of the encrypted digital rights in the BKEX circulation transaction, also known as “Token” or “cryptocurrency”.
Chapter II Information Disclosure
Article 3 Information Disclosure Obligation Project teams shall disclose in time and good faith all information that may have a greater impact on tokens, and ensure that the disclosed information is true, accurate and complete rather than false, misleading or with significant omissions.
Article 4 Form of Information Disclosure From the date of publication of the Regulations, the project party will conduct regular or temporary information disclosure through communication with the project team (WeChat or mailbox group). If there is any major change, it should immediately communicate with the project team.
Article 5 Regular Disclosure This shall include semi-monthly and quarterly reports.
(1) Semi-monthly reports: Project teams shall disclose the semi-monthly reports before the 15th and last day of each month.
(2) Quarterly reports: Project teams shall disclose the quarterly reports within 15 days from the end of each quarter.
The contents of the semi-monthly and quarterly reports should include but not be limited to the update of technical codes, market activities, access to institutional investors, and community development, etc.
Article 6 Temporary Disclosure This refers to the disclosure in addition to regular disclosures made by project teams in the case of a special event. Project teams shall disclose the relevant information within 24 hours from the occurrence of the special event.
(1) Special events include, but are not limited to: changes in core team members, major technical incidents, changes in the direction of product and technology, involvement of the core team in major legal risk events, significant negative news or public opinion, and other factors that may cause the severe fluctuations of token prices (including unlocking and buyback of locked tokens).
(2) The contents of the temporary disclosure include, but are not limited to, the causes, the course, the basic facts and the results of the events.
Article 7 Exceptions to Information Disclosure If the information to be disclosed by the project teams involves state secrets or the disclosure may harm the public interest; it may not be disclosed with the consent of BKEX.
Chapter III Inquiry and Investigation
Article 8 Inquiry and Reply BKEX shall have the right to ask project teams or the endorsers from time to time about the situation of the projects, and they shall actively cooperate and reply to the inquiry within 24 hours.
Article 9 Inquiry way BKEX may inquire project teams or endorsers through the following channels:
(1) The official email provided by project teams or endorsers;
(2) The telephone number provided by project teams or endorsers;
(3) The instant messaging provided by project teams or endorsers, such as WeChat, Facebook, Telegram, etc.
Article 10 Inquiry Content The inquiry includes, but are not limited to, the fulfilment of external commitments made by white papers or official websites, the tenure and possession of tokens by members of the core teams, advances in products and technologies, and the factors that may cause the severe fluctuations of token prices (including unlocking and buyback of locked tokens).
Article 11 Inquiry Result According to the fact that whether project teams response to the inquiry, the extent of cooperation and the content of reply, BKEX will determine whether project teams violate the Regulations, and deal with the issues accordingly.
BKEX may notify the results either through the channels specified in Article 9 or the form of announcements.
Article 12 Regular Review BKEX shall have the right to carry out regular or irregular reviews of project teams, the contents of which include, but are not limited to, the following:
(1) The major contents promised in the white papers;
(2) Safety review of technical codes;
(3) Other factors that may affect the token prices, such as the changes of the token holdings of the teams or other major holders, the fulfillment of the commitment to lock tokens, etc.;
(4) Changes in core team members;
(5) Other contents that BKEX considers to be necessary to be reviewed.
Article 13 Special Investigation BKEX may launch a special investigation in accordance with the following circumstances:
(1) Users report that project teams are suspected of the circumstances specified in Article 12, project teams have not made any reply, or the reply is not sufficient to overturn the circumstances specified in Article 12;
(2) The news media report that project teams are suspected of the circumstances specified in Article 12, project teams have not made any reply, or the reply is not sufficient to overturn the circumstances specified in Article 12;
(3) If, after regular review, the project teams are found to have a significant risk;
(4) Other circumstances that BKEX considers to be necessary to initiate a special investigation.
Article 14 Field Investigation BKEX shall have the right to carry out regular or irregular visits, supervisions, and field investigations to project teams based on the actual needs.
The project teams should actively respond to BKEX field investigations. The contents include, but are not limited to: the fulfilment of external commitments made by white papers or official websites, the tenure and possession of tokens by members of the core teams, advances in products and technologies, and the factors that may cause the severe fluctuations of token prices (including unlocking and buyback of locked tokens).
The project teams refuse to be investigated, intentionally obstruct or fail to cooperate with BKEX’s investigations, BKEX may make a handling decision to project teams in accordance with the Regulations or previous agreements signed by both parties.
Article 15 Project Teams Cooperation Obligation Project teams have the obligation to actively cooperate with the regular review and special investigation of BKEX. At the same time, the project team should actively respond to or rectify the matters reported by the investors, the doubts of the news media, and the risk reminders from the regulatory authorities with jurisdiction.
Project teams that fail to cooperate will be handled by BKEX in accordance with the Regulations.
The results of handling shall be notified through the channels specified in Article 9 or the form of announcements.
Chapter IV Handling of Violations of the Regulations
Article 16 Handling of "ST" BKEX shall have the right to issue "ST" warning to the following cases in accordance with their seriousness and display the "ST" tag on the relevant trading pairs to indicate users with investment risks.
(1) Project teams fail to update the quarterly report on time or fail to update the semi-monthly reports for twice in succession as scheduled even fail to update it within 7 days after being notified to do so;
(2) The average daily trading volume of all transactions of the project party is less than $50,000 or other equivalent tokens for 15 consecutive days;
(3) It is considered necessary to mark "ST" through the comprehensive evaluation of inquiry, regular review, special investigation or on-site investigation;
(4) Other circumstances identified as serious violations of the Regulations by BKEX.
Article 17 Cancellation of "ST" Huobi shall have the right to cancel the "ST" in accordance with the seriousness of the cases.
(1) Project teams don’t comply with any of the provisions of paragraphs 1 and 2 of Article 16 after rectification;
(2) Project teams meet all other requirements of the Regulations after rectification;
(3) Project teams supplement the relevant materials and meet the requirements upon review of BKEX.
Article 18 Handling of Hiding Trading Pairs BKEX shall have the right to hide the trading pairs in the following cases in accordance with their seriousness.
(1) After the "ST" risk warning is given, project teams still fail to update its semi-monthly or quarterly reports on time;
(2) After the "ST" risk warning is given, in 15 consecutive days, none of the trading pairs of the tokens has an average daily trading volume larger than $50,000 or other equivalent tokens；
(3) The ST warning has not been canceled within 30 days (natural day) from the date of the issuance of the warning;
(4) The personal information of the founder, team or consultant of the project is seriously falsified or faced with significant legal risks, etc.;
(5) Without the consent of the community, the project team is dissolved, or core team members have resigned, and the development of the project cannot be continued;
(6) Project teams intentionally conceal information or create false information leading to the abnormal fluctuation in the token prices;
(7) Project teams are suspected of seriously manipulating the market price;
(8) Project teams unlock the tokens out of accordance with the white papers, or the locking mechanism promised in other forms;
(9) The disclosed information of project teams is materially deviated or untrue;
(10) The behavior of project teams seriously harms the community, the interests of BKEX, or seriously violates laws or regulations;
(11) The actual progress of the project seriously lags behind the development plan of the white papers;
(12) During the switching to the main net of the project, there is a potential safety hazard, and it cannot be repaired or resolved within 30 days;
(13) There are security vulnerabilities such as overflow and additional issuance in the smart contract codes, which cannot be repaired or resolved within 30 days;
(14) Other risks and hidden dangers exist in the project, such as hacker stealing coins, concealment of additional issuance, double spend attack, and so on;
(15) Other circumstances identified by BKEX as a serious violation of the Regulations.
After the trading pairs of project teams' tokens are hidden, BKEX stops their deposit and withdrawal, which does not affect the user's possession of the tokens. Users can still find the trading pairs through searching. However, the trading pairs of the tokens will not be displayed in the trading page and “Top Performances” page.
The handling decision of the hiding trading pairs is irrevocable. If project teams apply to resume the online trading, they must re-apply for the token listing in accordance with the requirements and processes of the token listing of BKEX. Whether the teams meet the requirements of the listing is determined by BKEX.
Article 19 Handling of Trading Termination BKEX shall have the right to terminate the trading in the following cases in accordance with their seriousness:
(1) Unauthorized unlocking of the token without the lock mechanism promised in the white paper or other forms;
(2) Other risks and hidden dangers exist in the project, such as hacker stealing coins, concealment of additional issuance, double spend attack, and so on;
(3) Core team members of project teams commit serious frauds including, but not limited to, embezzlement of the raised funding, unknown whereabouts of the project teams, serious concealment of the truth or fabrication of facts, etc.;
(4) The projects or core team members are subject to administrative punishment or judicial responsibility by the supervisory department of the country or region with jurisdiction;
(5) Other circumstances identified as serious violations by BKEX.
Article 20 Liquidation Liquidations of projects shall be conducted by BKEX. After the trading pairs of a token are hidden, BKEX decides whether or not to enter the liquidation process according to the situation. The token that has been suspended from trading, the liquidation process of the token starts from the date of trading termination.
Article 21 Trading Termination As soon as the liquidation completes, the trading of the token will be terminated on BKEX and the token will be delisted.
The trading termination shall be notified through the channels specified in Article 9 or the form of announcements.
Article 22 Responsibility Undertaking If project teams cause losses to BKEX, investors or other third parties, they shall be liable for compensation. If the endorsers are at fault, they shall bear the corresponding responsibility.
Chapter V Supplementary Provisions
Article 23 BKEX shall have the right of amendment and final interpretation of the Regulations.
Article 24 The Regulations shall take effect from May 12, 2019.
BKEX Global
2019.5.12
Comments
0 comments
Article is closed for comments.