In order to guarantee the trading experience of users, regular market trading behavior, and protect the rights and interests of investors, BKEX system will identify accounts which use multiple accounts and devices to conduct illegal arbitrage (including but not limited to washing handling fee, commission and bonus, hedging, etc.) through multiple aspects and BKEX platform will adopt corresponding measures for accounts with illegal arbitrage behavior (including but not limited to real-name authentication, account lock-up, assets freezing, restriction of login, etc.)
I. Unusual Transactions and Treatments Regulated by Exchange
1. Definition of unusual transactions:
1.1 Excessive transactions: too large trading volume in one day;
1.3 Positions of joint-accounts actually controlled by one person exceed the position limit of BKEX;
1.4 Actual joint-accounts manipulate market price to get illegal gains via washing trade, contra trade and other market manipulation behaviors;
1.5 Code stealing behaviors: Users steal others’ account and password or use joint-account to conduct illegal transactions and transfer funds;
1.6 Use accounts and joint-account to wash trades;
1.7 Conduct illegal quantitative trades and arbitrage trades;
1.8 Use own account or multiple accounts to conduct AB position transactions;
1.9 High-frequency transactions or use plug-in or other ways to conduct high-frequency illegal transactions;
1.10 Actual joint-accounts have abnormal convergence trades;
1.11 Conduct account trades for others;
1.12 Use ultra short-term orders to trade maliciously. Definition of ultra short-term order: place order regularly and position time is less than 3 minutes, except ultra short-term orders due to sharp market fluctuation. Ultra short-term orders includes but are not limited to the following behaviors:
1) Use Copy Trade to conduct ultra short-term orders;
2) Trade many small orders to hide ultra short-term large orders;
3) Use TP/SL, limit order, trigger order and order ways to conduct short-term orders.
1.13 Participate in price manipulation or other malicious market behaviors;
1.14 Harm other users or BKEX platform by utilizing the bugs of this service or other unreasonable measures;
1.15 Participate in any other activities which are deemed to be harmful for market;
1.16 Use multiple devices or accounts to wash handling fee, commission, bonus, hedge, etc.
2. Treatments for unusual transactions
2.1 Terminate your account and visit to our server and deduct the illegal profits
2.2 Determine all transactions of ultra short-term orders as invalid.
2.3 Close all transactions of ultra short-term orders according to our current market price.
II. Type and Treatments of Contra Trade, Wash Trade, AB Position, and High-frequency Illegal Transactions
1. Type and features of contra trade
1.1 Stealing code trade
Stealing code trade refers to steal others’ transactions password to conduct transactions with accounts controlled by yourself to interrupt transaction order and transfer assets;
1.2 Contra trade of joint-accounts
Agree in advance with others that two or more joint-accounts will place orders at the same time and at the same price, with one account buying high and selling low at an apparent loss or buying low and selling high at an apparent profit, so as to transfer funds from a principal's account to his free account.
1.3 Consignee transfer funds in consignor’s account via contra trade
Consignee use consignor’s account to conduct transactions with consignee’s own account, so as to transfer the funds in consignor’s account to consignee’s own account;
1.4 Identification of joint-accounts: similar registration time, same registration IP, same deposit and withdrawal address and other information
2. Type and features of wash trade, AB position, high-frequency illegal transactions
2.1 Multiple joint-accounts place orders in the same period, same currency, same direction, similar quantity, similar entry price and similar exit price.
2.2 Use one account or multiple joint-accounts to open positions or close positions manually or via open order in the same period, same currency, different direction, similar quantity.
2.3 Open or close positions fast in short time
3. Treatments for contra trade, wash trade and other illegal transactions
According to the relevant rules of exchange, BKEX will give a certain penalty to investors with illegal transactions, such as ordering correction, deducting illegal gains. For less serious cases, BKEX will impose penalties such as warnings, forced liquidation, suspension of trading. For serious cases, BKEX will impose penalties such as notification of criticism, forced liquidation, suspension of trading, freezing accounts, and declaration as a "inadmissible market person". In the event of a suspected violation of the laws of the country, BKEX will refer the matter to the judicial authorities and prosecute it through the courts in accordance with the law.
III. BKEX Strictly Forbids Unfair Transactions. If You Have Following Behaviors, BKEX Will Reserve the Rights to Implement Control to Your Account
1. Participate in price manipulation or other malicious market behaviors;
2. Harm other users or BKEX platform by utilizing the bugs of this service or other unreasonable measures;
3. Participate in any other activities which are deemed to be harmful for market;
4. Use multiple devices or accounts to wash handling fee, commission, bonus, hedge, etc.
Terms & Conditions:
The final explanation right of Standard of Unusual Transactions is reserved by BKEX.
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