Important notes
Disclaimer for the Use of the IEO ServiceThis document sets forth the items to be confirmed and observed by customers (hereafter “applicants”) who wish to use the service related to the IEO (Initial Exchange Offering) (hereafter referred to as “the Service”) provided by bitFlyer, Inc. (hereafter “the Company”). Please read this document in its entirety before using the Service.
1 Applications
In order to use the Service, you must read, understand, and agree to this disclaimer in its entirety (applicants who have given such consent are hereinafter referred to as the "User").
The User shall not be able to use the Service if any of the following circumstances apply. If the Company finds that a user falls under any of the following, the Company may cancel the application, exclude the user from the lottery, cancel the sales contract for the crypto assets sold through the Service (hereinafter referred to as "selling tokens"), or take any other measures deemed necessary by the Company. The user may not object to any of the measures taken.
(1) If the "Terms and Conditions” are violated
(2) If the contents of the application for the Service are found to be false, or if the Company determines that there is a possibility that the contents may be false
(3) If there are restrictions in place on the Company's crypto asset trading services, etc.
(4) If there is a relationship with the issuer of the selling tokens and recipients of crypto asset-related information (*) about the selling tokens
(5) If they are an officer or employee of the Company (regardless of their employment status)
*Crypto-asset-related information means unpublished material information regarding crypto assets that is deemed to influence the User's decision to buy or sell crypto assets or exchange them for other crypto assets.
2 Japanese Yen Constraint
From the time of completion of the User's application until the completion of delivery of the selling tokens, the Company will hold Japanese yen in an amount equal to the selling price/unit at the time of the applicant's purchase application multiplied by the number of units, plus fees (incl. consumption tax). In the event that the application or part of it is not selected in the lottery, the Japanese Yen constraint on the relevant portion will be lifted.
3 The Lottery
In the event that the number of units applied for exceeds the number of selling tokens specified by the token issuer and the Company, the allocation of units to users will be conducted by the system in the form of a lottery. The result of the lottery will be communicated to the registered email address and within the Service. As a result of the lottery, only a portion of the units applied for may be selected. Only the portion of the total number of applications received from a User that are selected will constitute a contract between the Company and the User, and the unselected applications will become invalid.
4 Trading of Tokens in Case of Winning
The selling tokens acquired by the User as a result of winning, will be listed on bitFlyer Exchange and cannot be sent, sold, or otherwise traded until the listing is completed.
The price range will be limited as follows for the first 24 hours after the listing on Exchange, and the limitation will be lifted after 24 hours.
Maximum price: 10 times the offering price
Lower price limit: 0.25 times the offering price
Please refer to the "Written Explanation of Crypto Asset Trading (Document Requiring User Agreement)" and "Disclosure Information Regarding the Sale and Service of ELF Token" for other information regarding the use of Exchange.
5 Application Cancellation or Addition
Once an application for the Service has been completed, cancellation or change of the number of units applied for is not allowed. Additional applications can be made until the application limit is reached.
6 In Case the Minimum Threshold is Not Reached
If the minimum target sales volume (minimum threshold) for the selling tokens is not reached by the application deadline specified by the Company, the Service for that token will fail. If it is confirmed that the service will fail, the application by the user will become invalid and the Japanese Yen constraint described in 2 above will be lifted.
7 About Exchange
After the successful IEO, trading will be possible on Exchange, however please note that it will only be available on our iOS/Android app and not on our web service.
The following points are posted on the Financial Services Agency's website.
The inclusion of virtual currency exchange agencies in this list confirms only that, based on the concerned virtual currency exchange's explanation, the currencies they deal in meet the definition under fund settlement law.
The Financial Services Agency and Treasury do not guarantee or endorse the value of these virtual currencies. Virtual currencies are not necessarily backed by assets.
Please pay attention to the following points when trading in virtual currency.
(Notes concerning the use of virtual currency)
Virtual currencies are not a "legal tender" with values guaranteed by the country, such as the Japanese yen or dollar. They are electronic data exchanged on the Internet.
he price of virtual currency may fluctuate. There is a possibility of losing money as the price of the virtual currency may plummet, suddenly become worthless, and so on.
The virtual currency exchange must register with the Financial Services Agency/Finance Bureau. Please check whether or not the exchange is a registered business owner if using their services.
When trading virtual currency, please seek explanations from the exchange, fully understand the transaction details, and proceed at your own discretion.
Discussions about virtual currencies and fraudulent coins are on the rise. Please be cautious of malicious and fraudulent businesses who are piggybacking on the use of virtual currencies and the development of the virtual currency exchange industry.
Virtual currency exchange registration list（PDF: 62KB）
In some cases, we use the term "Crypto CFD" in the services we operate. This term refers to contracts for difference using the price of crypto assets as a reference index. "Crypto CFD" is different from CFDs on securities, which reference the price of a security or an index related to that price, or CFDs on commodities, which reference the price of a commodity. The term "Exchange" is also not a financial instruments exchange as defined by the Financial Instruments and Exchange Act and other regulations.
Disclaimer (please read carefully):
Crypto assets are not a legal tender.
Crypto assets may be used to settle a payment only in the event that the person receiving the payment agrees.
Buying/selling crypto assets or exchanging them for other crypto assets are transactions which may result in losses incurred from price fluctuations of crypto assets. It is possible that the price of crypto assets declines due to influences from changes in balance of supply and demand, trends on prices of goods, currencies, and other markets, as well as changes in situation related to crypto assets.
Trading with over-the-counter crypto asset derivatives may cause losses, because their trading price may fluctuate in either way due to influence from changes in balance of supply and demand of over-the-counter crypto asset derivatives on our platform as well as indirect influence from price changes of the crypto assets referred by those over-the-counter crypto asset derivatives.
Over-the-counter crypto asset derivative trades are trades in which the notional amount, which is the product of the trading price and the open interest volume, can be larger than the amount of the margin deposit. Therefore, the amount of loss incurred may be larger than the amount of margin deposit if the notional amount fluctuates to a greater extent than the amount of margin deposit to your disadvantage due to changes in balance of supply and demand of over-the-counter crypto asset derivatives or price fluctuations of the crypto assets referred by the derivatives.
The margin deposit size for over-the-counter crypto assets derivatives must be no less than 50% of the notional amount, while the notional amount must be no more than 2 times the margin deposit. (Both for individual customers .) More information can be found on our “What is bitFlyer Crypto CFD?” page.
When making purchases or sales of crypto assets on Buy/Sell, or exchanging them for other crypto assets, customers bear the spread. The spread is the difference between the purchase and selling prices. The fees incurred when buying or selling crypto assets, exchanging them for other crypto assets or over-the-counter crypto asset derivatives as well as the calculation methods for the corresponding fees can be found on our Fees and Taxes page.
Over-the-counter crypto asset derivatives are negotiated transactions between you and bitFlyer, Inc. which is the counterparty for you on those derivatives.
You should thoroughly read and understand all of our documents that require user agreement. Trade at your own risk and judgment.
bitFlyer, Inc.
Director-General of the Kanto Finance Bureau No. 00003
Financial Instruments Business Kanto Local Finance Bureau (FIBO) No. 3294
Member of Japan Virtual and Crypto assets Exchange Association, which is Certified Association for Payment Service Providers as well as Financial Instruments Firms Association