Binance Bahrain Exchange Trading Rules
(1) Binance Bahrain B.S.C. (c) (Binance Bahrain) is licensed by the Central Bank of Bahrain (the CBB) as a category 4 Crypto-Asset Service Provider to operate a crypto-asset exchange (defined below as the "Exchange") in relation to Crypto Assets).
(2) These Exchange Rules constitute a contractually binding agreement between Binance Bahrain and each Client governing access to the Exchange and its facilities.
(3) The Binance Bahrain Trading Exchange is a central limit order book platform (the “Platform”) that can be accessed by Clients who are registered and verified by Binance Bahrain.
(4) The Trading Exchange Rules explain how the Platform operates and govern the placement of Client orders on the Platform for trades,
(5) Clients of the Platform are also displayed, via a Global Orderbook, the buying and selling interests, including prices and quantities, that are available on the Binance Global Platform. Orders placed by Clients on the Platform are published on the Orderbook. Orders placed by participants on the Binance Global Platform are published alongside, on the Global Orderbook.
(6) Data pertaining to Clients of the Platform are subject always to Law No. (3) of 2018 with Respect to Personal Data Protection Law and only data which can be shared pursuant to this law will be made available on the Global Orderbook.
1. DEFINITIONS AND INTERPRETATION
1.1 This document should be read in conjunction with our Client Agreement. Definitions in the Client Agreement apply equally to this document. They are separated to create clarity.
1.2 In these Exchange Rules, certain words and terms have been given the specific meanings set out below. These are shown throughout the Exchange Rules as capitalized words and terms:
1.7 Unless expressly stated any reference to a time of day is a reference to Gulf Standard Time ("GST").
1.8 References to these Exchange Rules and to any particular Exchange Rule are references to such Exchange Rules as they may be amended, restated or otherwise modified from time to time.
1.9 These Exchange Rules supplement and form part of the Client Agreement entered into by each Client and in the event of any conflict between these Exchange Rules and the Client Agreement, these Exchange Rules shall prevail.
2. CLIENT ACCESS TO THE EXCHANGE
2.1 The admission of any Applicant as a Client shall be at the sole discretion of Binance Bahrain.
2.2 Binance Bahrain shall grant Client access only to an Applicant:
2.2.1 Who has expressly agreed to be bound by and to comply with these Exchange Rules; and
2.2.2 Who has entered into a valid and enforceable Client Agreement to be classified as an Eligible User: and
2.2.3 Whom Binance Bahrain reasonably considers (as applicable):
(a) To be fit and proper, and of sufficient good repute;
(b) To have a sufficient level of ability, competence and experience, including appropriate standards for any staff;
(c) To have adequate organizational arrangements, including financial and technological resources;
(d) To have sufficient technical competence to use the facilities of the Exchange;
(e) To have full legal capacity to agree to and be bound by these Exchange Rules, and to be subject to valid and effectual enforcement proceedings in relation to its conduct of business on the Exchange and its compliance with these Exchange Rules; and
(f) To have completed Binance Bahrain' Onboarding Procedures and AML Procedures to the satisfaction of Binance Bahrain.
2.3 Any Applicant must:
2.3.1 Open an Account; and
2.3.2 Declare and demonstrate to Binance Bahrain' satisfaction that they meet the criteria set out in Exchange Rule 2.2.3(a) to 2.2.3(f) (inclusive).
2.4 Any Applicant that is an Entity must as part of Onboarding Procedures designate an Authorized Representative who will:
2.4.1 Represent and be empowered to act on behalf of that Entity in connection with access to and use of the Exchange; and
2.4.2 Act as recipient of any written notices and other communications issued in accordance with these Exchange Rules.
2.5 An Entity is responsible for ensuring that its Authorized Representative:
2.5.1 Has sufficient authority;
2.5.2 Is fit and proper, and of sufficiently good repute as determined by Binance Bahrain in accordance with information gathered and assessed in compliance with CRA 12.3.8 to ensure Binance Bahrain is acting in the best interests of its Clients.
2.5.3 Has sufficient knowledge and understanding of their responsibilities under the Exchange Rules and Applicable Law; and
2.5.4 Has sufficient level of ability, competence and experience to use the facilities of the Exchange;
2.5.5 Has full legal capacity to agree to and be bound by these Exchange Rules, and to be subject to valid and effectual enforcement proceedings in relation to its conduct of business on the Exchange and its compliance with these Exchange Rules; and
2.5.6 Has completed Binance Bahrain' Onboarding Procedures to the satisfaction of Binance Bahrain.
2.6 An Entity may at any time withdraw designation of an Authorized Representative by giving written notice to Binance Bahrain by email to support team.
2.7 Binance Bahrain will be entitled to rely on any Instruction given by an Authorized Representative designated in accordance with Exchange Rule 2.4 as binding on the Entity.
2.8 Binance Bahrain will reject an Applicant if Binance Bahrain reasonably considers that valid enforcement of obligations under these Exchange Rules would be precluded or would be made materially more difficult and/or costly having regard to:
2.8.1 The countries or jurisdictions in which the Applicant is resident, incorporated or operating, or where any property or assets of that Applicant are located, and
2.8.2 (without limitation) Whether all or any of those factors might preclude or make materially more difficult and/or costly the enforcement of that Applicant's obligations under these Exchange Rules and/or the Client Agreement should that Applicant be admitted as a Client.
2.9 When granting Client access to any Applicant Binance Bahrain shall classify that Applicant as a Retail Client or as a Professional Client as those terms are defined in the CBB rulebook, and in accordance with the Client Agreement entered into by that Applicant.
2.10 Binance Bahrain shall not grant Client access to any Applicant (or, where the Applicant is an Entity, to any Authorized Representative) who is a natural person of less than 21years of age.
2.11 Binance Bahrain shall be entitled, having regard to information provided by an Applicant and to any information obtained by Binance Bahrain as part of its Onboarding Procedures, to impose Account Limits (as defined in the Client Agreement) or to impose limits on the Client including (without limitation) the imposition of minimum or maximum Order sizes or values.
3. AGREEMENT TO BE BOUND BY THE EXCHANGE RULES
3.1 Binance Bahrain shall:
3.1.1 Make the Exchange available to Clients, subject to these Exchange Rules and Applicable Law; and
3.1.2 Operate the Exchange in accordance with these Exchange Rules and Applicable Law.
3.2 Each Client expressly agrees to be bound by and comply with:
3.2.1 These Exchange Rules (as amended from time to time under and in accordance with the provisions set out at Exchange Rule 24);
3.2.2 Any rules and procedures issued by Binance Bahrain under these Exchange Rules;
3.2.3 The provisions of any notice issued by Binance Bahrain; and
3.2.4 Any requirement, decision or direction of Binance Bahrain made in accordance with these Exchange Rules, subject always to Binance Bahrain' Complaints Handling and Appeal Procedure.
3.3 A Client must deal with Binance Bahrain, the CBB and any other regulatory authority, body or agency with oversight of Binance Bahrain and the Client in an open and co-operative manner and each Client expressly acknowledges and agrees that Binance Bahrain may provide to the CBB a list of Clients including details of all addresses and other identification data used by Clients in connection with their use of the Exchange.
3.4 A Client may at any time resign by giving not less than 10 days' written notice by email to support team
3.5 A Former Client shall be bound by these Exchange Rules in respect of all activities which took place prior to termination of its Client access and privileges (and which were subject to these Exchange Rules) until the later of:
3.5.1 One year after it ceases to be a Client;
3.5.2 The date on which any investigation into any breach or alleged breach of these Exchange Rules by the Client, together with any enforcement action or other legal proceedings relating to that breach or alleged breach, have been concluded or discontinued;
3.5.3 The date on which all of its Exchange Trades are Executed and settled; or
3.5.4 The date on which all outstanding Fees, subscriptions, charges or other sums due to Binance Bahrain have been paid in full.
4. EXCHANGE TRADING RULES
Hours of operation
4.1 Except for any Downtime the Exchange is intended to be open for trading 24 hours a day, 7 days a week each day of the year.
4.2 Binance Bahrain shall notify Clients via the Platform in relation to:
4.2.1 Whether the Exchange status (per pair) is:
(a) Open; or
4.2.2 In relation to the Open status, whether the current Exchange session (per pair) is:
(b) Trading; or
(c) Halt or Suspension; and
4.2.3 In relation to each session and market status referred to in Exchange Rules 4.2.1 and 4.2.2 certain activities are permitted and facilitated on the Exchange, including whether Orders may be placed, Matched and Executed, canceled, reversed or purged.
4.3 Binance Bahrain shall use all reasonable endeavors to notify Clients via the Platform in advance of any Downtime.
4.4 Binance Bahrain shall use all reasonable endeavors to limit scheduled maintenance or upgrades to 30 minutes per week commencing 01.30am on Monday, but shall provide Clients via the Platform with as much advance notice as reasonably practicable if maintenance or upgrades are to be carried out at any other time or if such maintenance or upgrades are likely to take longer than 30 minutes.
4.5 Binance Bahrain shall admit to trading on the Exchange only Crypto Assets which have been listed in accordance with its own board approved Crypto Asset listing policy. Binance Bahrain shall publish on the Platform details of Crypto Assets that are from time to time available for trading.
4.6 In determining whether to admit an Crypto Asset for trading on the Exchange Binance Bahrain will have regard to the eligibility criteria set out in its Crypto asset listing policy.
4.7 A Client may place an Order on the Exchange only if:
4.7.1 That Client's Available Balance is sufficient to meet both the price and any Fees applicable to the Trade that would result from Matching and Execution of that Order; and
4.7.2 The Order is fully in compliance with Applicable Law and with these Exchange Rules.
4.8 Binance Bahrain shall (unless the Client has elected to disable the feature) provide a Client via the Platform with pre-confirmation that an Order meeting the criteria set out in Exchange Rule 4.8 has been received before it is included in the Order Book for Matching with Orders from other Clients.
4.9 An Order placed that exceeds the Client's Available Balance will be rejected, and the Client will be notified via the Platform that they have exceeded their trading limit.
4.10 An Order placed in accordance with Exchange Rule 4.8 must be specified by the Client as:
4.10.1 A Market Order;
4.10.2 A Limit Order; or
4.10.3 A Stop Order.
4.11 When placing an Order (other than a Market Order) in accordance with Exchange Rule 4.8 a Client must specify the Time in Force applicable to that Order.
4.12 Binance Bahrain shall:
4.12.1 Match Orders based on "Price-Time Priority" (PTP) where time priority is based on the time stamped on an Order when it has been accepted in the Order Book; and
4.12.2 Execute Orders that have been Matched by debiting and crediting the Available Balance in the relevant Clients' Account(s).
4.13 Once a Maker Order has been placed in the Order Book, PTP means that each time a Taker Order has been placed:
4.13.1 The Taker Order will be Matched with the Maker Order at the best price available in the Order Book;
4.13.2 If the Taker Order is not completely filled by the Maker Order, then it is Matched with any other subsequent Maker Orders at that price in the sequence the Maker Orders were placed; and
4.13.3 To the extent that the Taker Order is not completely filled by one or more Maker Orders, as described above, it is then Matched with one or more Maker Orders at the next best available price, in the sequence the Maker Orders were placed.
4.14 This process is repeated until the Taker Order is completely filled, canceled or becomes a Maker Order.
4.15 If all or a portion of a Client's Order is Matched with another Client, then upon Execution the Client's Account will be updated to reflect that the Order has either been closed due to having been fully Executed, or updated to reflect any partial fulfillment of the Order.
5.1 The Settlement of a Trade is effected on a bilateral basis between the relevant Clients and each Client shall give Instructions as principal and be the Counterparty of the other in respect of the relevant Trade.
5.2 Binance Bahrain settles all Orders immediately upon receipt of confirmation of Trade by debiting and crediting the relevant balance of Crypto Assets in a Client’s Account.
5.3 There is no delay during the settlement process for Trades. The orderbook and the funds debit/credit immediately to either party. Subject to applicable daily withdrawal limits, a party may immediately request to withdraw all Crypto Assets in their Account.
5.4 All Trades are final and irreversible.
6. TRADING FEES
6.1 A Client must pay to Binance Bahrain as Fees all applicable charges or other sums set out in the relevant Exchange fee schedule from time to time published on the Platform.
6.2 Binance Bahrain may, in its discretion, update the fees at any time. Any updated fees will apply to any sales or other Transactions that occur following the effective date of the updated fees. The Client authorizes Binance Bahrain to deduct from its account any applicable fees that it owes under these terms.
7. PRE-TRADE CONTROLS
7.1 Binance Bahrain shall implement, and each Client must cooperate with, pre-Trade risk controls for all Orders, both on receipt and prior to Execution, to:
7.1.1 Provide appropriate protection for Clients against fraud or misconduct, recklessness, negligence or errors by Binance Bahrain and/or other Clients;
7.1.2 Detect activities that might reasonably be considered to be or to involve any element of Market Abuse;
7.1.3 Mitigate risks and prevent entering potential Orders that may:
(a) Cause market disruptions and/or involve or constitute Market Manipulation;
(b) Could create false and misleading appearance of Trade activity;
(c) Execute any Trade for improper purposes; and
(d) Assist or conceal any potentially identifiable trading abuse.
8. PRE- AND POST-TRADE OBLIGATIONS
8.1 Binance Bahrain shall make available via the Platform, on a continuous basis while the Exchange is in operation, details of current bid and offer prices and an indication of trading interest at those prices. Such information will be published within 15 minutes after the quotes are made available.
8.2 Binance Bahrain shall make available via the Platform the price, volume and time of each Trade Executed on the Exchange.
9. FAIR AND ORDERLY TRADING
9.1 Binance Bahrain shall operate the Exchange in accordance with internal procedures and in a manner that:
9.1.1 Ensures no Client will have undue advantage over any other Client by manipulating prices and/or engaging in insider trading;
9.1.2 Applies the Exchange Rules in a fair and consistent manner to each and every Client; and
9.1.3 Provides the same Exchange features and data to all Clients.
9.2 Binance Bahrain shall notify Clients via the Platform, and reserves the right also to notify Clients by email, of:
9.2.1 Fiat Currency - Crypto Asset pairings available for trading on the Exchange; and
9.2.2 Crypto Asset - Crypto Asset pairings available for trading on the Exchange; and.
9.2.1 or 9.2.2 Ceasing to be available for trading on the Exchange.
9.3 Binance Bahrain shall notify Clients via the Platform if it becomes aware in relation to any Crypto Asset of: any update, proposed or scheduled update to the software governing the distributed network that makes existing rules and/or protocols governing the Crypto Asset either valid or invalid ("Fork") or of any airdrop or similar event affecting an Crypto Asset.
9.4 On becoming aware of a Fork, airdrop or similar event affecting an Crypto Asset Binance Bahrain shall evaluate its impact and publish notification and advice to Clients in accordance with the current version of Binance Bahrain' Fork Policy published on the Platform.
10.1 Binance Bahrain may cancel any Order placed by a Client where any of Exchange Rules 12.3, 18.1.2 or 21.6 apply, on Instruction from the Client or in any other circumstance in which Binance Bahrain reasonably considers that cancellation is appropriate to protect fair and orderly trading on the Exchange, and in particular where an Order is or appears to be:
10.1.1 Contrary to Applicable Law;
10.1.2 Indicative of Market Abuse or Market Manipulation;
10.1.3 An Error Trade.
10.2 A Client may cancel an Order:
10.2.1 Following receipt of pre-confirmation in accordance with Exchange Rule 4.9 (where the Client has not elected to disable that feature of the Exchange) and before it is submitted to the Order Book; and/or
10.2.2 Before it is Executed (including, in case of partial Execution, in relation to any part that remains to be Executed).
11. ERROR TRADES
11.1 Binance Bahrain reserves the right, in its sole discretion, to review and (where practicable) reverse any Order before Settlement where:
11.1.1 Exchange Rule 20.6 applies;
11.1.2 It is considered to be an Error Trade;
11.1.3 A breach of the Exchange Rules has been identified; or
11.1.4 In any other circumstance, except where such circumstance may result in a conflict of interest, in which Binance Bahrain reasonably considers that reversal is appropriate to protect fair and orderly trading on the Exchange.
11.2 Where a Client believes that the Trade Executed has been entered in error, a Client may, within 30 minutes after Execution, initiate reversal of an Error Trade by means of sending a request to support team with details of the Trade and factual basis for believing that the Trade is an Error Trade.
11.3 Requests for review received from a Client more than 30 minutes after Execution of the relevant Trade may be reviewed in Binance Bahrain' discretion; however, Binance Bahrain reserves the right to decline to review any request that fails to satisfy the required notification process.
11.4 Binance Bahrain must provide to any Client affected by a potential Error Trade notifications of its initial determination and, where a Trade is determined to have been an Error Trade, of any final resolution reached.
11.5 Binance Bahrain must create and retain records in relation to each Error Trade review.
12. INTERRUPTIONS, HALTS AND SUSPENSION
12.1 Binance Bahrain may at any time impose a Halt or Suspension if required:
12.1.1 To comply with Applicable Law;
12.1.2 To protect the fair and orderly operation of the Exchange;
12.1.3 To respond to a Crypto Asset no longer being an Crypto Asset, whether as a result of CBB action, Binance Bahrain' decision or as a result of a hard fork affecting the relevant Crypto Asset;
12.1.4 As a result of Downtime notified in accordance with Exchange Rule 4.3;
12.1.5 To respond to an Crypto Asset exceeding or being likely to exceed any specified parameters published on the Platform, including Binance Bahrain' reasonable assessment that the relevant Crypto Asset is displaying unusual or excessive price volatility;
12.1.6 As a result of Binance Bahrain' insolvency, or in the event that Binance Bahrain authorisation to operate the Exchange is revoked; or
12.1.7 There being an interruption in the services being provided by Binance Bahrain, including any event of Force Majeure that results in an interruption to the operation of the Exchange and that is notified to Clients via the Platform.
12.2 Binance Bahrain may also impose a Halt or Suspension, wholly or partly halting trading on the Exchange in order to effect circuit breakers for periods and in accordance with thresholds published and from time to time amended on the Platform.
12.3 During a Halt or Suspension, Binance Bahrain shall be entitled to cancel any Open Order.
12.4 An Order canceled in accordance with Exchange Rule 12.3 will not be reinstated when the Halt or Suspension is lifted.
12.5 When lifting a Halt or Suspension Binance Bahrain will schedule a pre-open cycle within which Orders may be entered but will not be Executed. Clients will be notified via the Platform and the Exchange will indicate when a pre-open cycle is scheduled and any pre-open cycle will be available for 15 minutes.
12.6 Clients are not obliged during a pre-open cycle referred to in Exchange Rule 12.5 to replicate the terms of any cancelled order and may adjust Orders in terms of quantity and price.
12.7 On the resumption of trading, Matching will occur in accordance with Exchange Rule 4.13.
13. TRADE DATA
13.1 Upon receipt of a Client's Order, Binance Bahrain shall record the following information:
13.1.1 The identity of the Client;
13.1.2 The date and time where the Order was received by the Exchange;
13.1.3 The Crypto Assets to which the Order relates, including the quantity, its value and any price and/or Time in force where specified pursuant to Exchange Rule 4.12;
13.1.4 Whether the Order is a Bid Order or Offer Order.
13.2 Binance Bahrain shall record the following information for each Trade Executed by means of the Exchange:
13.2.1 The identity of the Client for whom the Trade was Executed;
13.2.2 Where applicable, the identity and Account number of the Counterparty Client (which shall not be disclosed to or shared with the Client);
13.2.3 The date and time the Trade was Executed;
13.2.4 The Crypto Assets, including the quantity, value and price; and
13.2.5 Whether the Trade was a result of a Bid Order or Offer Order.
14. TRADE RECORDS
14.1 Binance Bahrain shall maintain a full audit trail of every Order submitted to the Exchange.
14.2 Binance Bahrain shall, upon instruction, provide to the CBB information relating to any Order submitted to the Exchange in order to meet Binance Bahrain' obligations under Applicable Law.
14.3 Binance Bahrain shall record any information relevant to enable Binance Bahrain to meet Bahrain or applicable international tax reporting requirements or standards or for law enforcement purposes, including information obtained as part of Binance Bahrain' Onboarding Procedures in relation to compliance with the United States of America's Foreign Account Tax Compliance Act and/or the Organisation for Economic Co-operation and Development's Common Reporting Standards.
15.1 Binance Bahrain shall employ proprietary and third party software applications and experts to monitor:
15.1.1 Instructions received by Binance Bahrain and Transactions and other actions resulting from those Instructions; and
15.1.2 Clients' ongoing status in relation to the criteria set out at Exchange Rule 2.2.
15.2 A Client must notify Binance Bahrain immediately by email to compliance@Binance Bahrain.com when it becomes aware of any contravention by itself or any other Client of these Exchange Rules.
16. PROHIBITED CONDUCT
16.1 Clients, whether alone or in conjunction with any other Person, are strictly prohibited from participating, aiding, abetting, allowing, financing, supporting or otherwise endorsing any behaviour involving Market Abuse, fraud or any conduct contrary to Binance Bahrain' AML Procedures on the Exchange including:
16.1.1 Engaging in any conduct that is calculated to, or that creates a significant risk of, misleading the market including sharing, publishing, broadcasting or otherwise disseminating false or misleading information on Crypto Assets;
16.1.2 Engaging in any conduct amounting to Market Manipulation, including the placing of any Order:
(a) To give or potentially give a false or misleading interpretation of the supply and/or demand for an Crypto Asset; and/or
(b) Creating an abnormal or artificial price.
16.1.3 Engaging in any conduct that is calculated to create, or creates, a significant risk of, overloading or otherwise impairing the operation of the Exchange.
16.2 Clients, whether alone or in conjunction with any other Person, are strictly prohibited from participating, aiding, abetting, allowing, financing, supporting or otherwise endorsing any behavior involving Market Abuse, fraud or any conduct contrary to Binance Bahrain' AML Procedures.
16.3 Each Client acknowledges and agrees that if any such techniques or activities are detected (or are reasonably suspected) through Binance Bahrain' market surveillance system or by any other means then any Client found or reasonably suspected by Binance Bahrain to have participated, aided, abetted, allowed, financed, supported or otherwise endorsed any behavior will be subject to disciplinary action under Exchange Rule 18.
16.4 Binance Bahrain does not permit margin trading on the Exchange.
16.5 Each Client must fund Orders in full. An Order which exceeds the Client's Available Balance will be rejected.
16.6 Binance Bahrain does not permit short-selling on the Exchange.
17. COMPLIANCE AND ENFORCEMENT
17.1 A Client must comply or procure compliance with any request by Binance Bahrain for explanation or verification of information provided by or on behalf of that Client to Binance Bahrain.
17.2 Binance Bahrain may by written notice require information from a Client about any matter which it considers may relate to these Exchange Rules or to the integrity of the Exchange, or which Binance Bahrain may require for the purpose of compliance with Applicable Law.
17.3 In relation to any written notice requiring information pursuant to Rule 17.1, each Client must use all reasonable endeavors to procure the provision of accurate information in a timely manner about the Client's business (insofar as it relates to their access to and use of the Exchange) in a format, electronic or otherwise, specified by Binance Bahrain.
17.4 A Client must not knowingly, recklessly or carelessly provide Binance Bahrain with any information (including information for the purpose of becoming a Client) which is false, misleading or inaccurate.
17.5 Binance Bahrain reserves the right to disclose information and documents provided by or relating to a Client in accordance with permitted disclosures under Law No. (3) of 2018 with Respect to Personal Data Protection Law.:
17.5.1 To co-operate, by the sharing of information and documents and otherwise, with the CBB, to meet Bahrain or applicable international tax reporting requirements or standards or for law enforcement purposes;
17.5.2 For the purpose of enabling it to institute, carry on or defend any proceedings including any court proceedings;
17.5.3 Under compulsion of law in any jurisdiction;
17.5.4 For the purpose of enabling Binance Bahrain to discharge its functions having regard in particular to the maintenance of high standards of integrity and fair dealing; or
17.5.5 For any other purpose with the consent of the person from whom the information was obtained and, if different, the person to whom it relates.
18. DISCIPLINARY ACTIONS
18.1 If Binance Bahrain considers that a Client is in breach of, or is non-compliant with, any of these Exchange Rules or with any undertaking that it has given to Binance Bahrain (pursuant to these Rules), or if the Default Rules apply, Binance Bahrain may suspend, restrict or terminate that Client's access to or use of the Exchange. Where any such sanctions are contemplated or imposed in relation to a Client, Binance Bahrain shall in addition be entitled to:
18.1.1 Issue a censure or a written notice requiring the Client to remedy any breach or non-compliance that is capable of remedy and/or warning the Client that further sanctions will be imposed if such remedy is not effected within a specified period;
18.1.2 Cancel that Client's Open Orders and any outstanding Instructions from that Client; and/or
18.1.3 Restrict the scope of that Client's access to and use of the Exchange.
18.2 Subject to Exchange Rule 18.3 any Client in respect of whom a decision is made under Exchange Rule 18.1 has the right to bring a complaint in relation to that decision, to be dealt with under and in accordance with the "Appeals" section of Binance Bahrain' Complaints Handling and Appeal Procedure.
18.3 Binance Bahrain reserves the right to report any breach of these Exchange Rules and any action taken by Binance Bahrain in respect of any such breach to the CBB and/or any other appropriate authorities (regulatory or law enforcement). Binance Bahrain will not, and has no obligation to, notify a Client before reporting any breaches to the CBB in accordance with this Exchange Rule 18.3.
18.4 When considering what disciplinary measures to take in relation to a breach or non-compliance with any of these Exchange Rules, Binance Bahrain shall have regard to:
18.4.1 The seriousness, size and nature of the breach or non-compliance;
18.4.2 How the breach or non-compliance came to light;
18.4.3 The actual or potential market impact of the rule breach or non-compliance, and any other repercussions;
18.4.4 The extent to which the breach or non-compliance was deliberate or reckless;
18.4.5 The general compliance history of the Client, and specific history regarding the breach or non-compliance in question;
18.4.6 Consistent and fair application of the Exchange Rules (including any precedents of previous similar breaches or non-compliance); and
18.4.7 The responsiveness and conduct of the Client in relation to the matter under investigation.
19. CONSEQUENCES OF RESIGNATION, SUSPENSION OR TERMINATION
19.1 In the event of resignation, suspension and termination, Binance Bahrain will notify in writing the Client concerned of its decision (as the case may be) to accept the resignation of the Client, to suspend or to terminate the access of the Client to the Exchange.
19.2 In the event of resignation, suspension and termination, the Client concerned will ensure to cancel, prior to the effective time and date of the resignation, suspension or termination (as the case may be) any unmatched Orders and/or prices which may result in Transactions. In the event of 19.3 failure on the part of the Client to promptly effect such cancellation, Binance Bahrain will cancel the unmatched Orders and/or prices.
19.4 Following the resignation, suspension or termination, the Client concerned will remain liable to perform its obligations under any Transaction concluded by it prior to receiving the notice of acceptance of resignation, the notice of suspension or the notice of termination.
19.5 Binance Bahrain will not be liable for any losses or foregone profits that the Client concerned suffers as a result of its resignation, suspension or termination.
19.6 A Client subject to suspension or termination may appeal the decision made by Binance Bahrain in accordance with Exchange Rule 18.2.
19.7 Following the resignation, suspension or termination, Binance Bahrain will be entitled to take all measures necessary to prevent the Client concerned from entering into new Transactions on the Exchange.
19.8 The Client concerned will remain subject to the Exchange Trading Rules in respect of :19.8.1 Any outstanding obligations under the Exchange Trading Rules until those obligations have been fully discharged; and19.8.2 Any acts and omissions in connection with trading on the Binance Platform that occurred during the time of the membership. The Client concerned will also comply with any request for information made by Binance Bahrain in relation to the period of the membership, following the resignation, suspension or termination.
20.1 A Client must, immediately upon becoming aware of any circumstances which have, will or may lead to a contravention of these Exchange Rules, or to Default, notify Binance Bahrain of such circumstances in as much detail as is available to it. Failure of a Client to notify Binance Bahrain in such circumstances will be considered a breach of the Exchange Rules by that Client.
20.2 A Client must, immediately upon becoming aware of any changes or prospective changes affecting its ability to meet the criteria set out at Exchange Rule 2.2 notify Binance Bahrain, setting out and explaining those changes or prospective changes.
21. DEFAULT RULES
21.1 Binance Bahrain shall be entitled to declare Default under either of Exchange Rule 21.2 (Client Default) or 21.4 (Systemic Default).
21.2 Binance Bahrain may declare a Client to be a Defaulter where the Client, otherwise than for reasons attributable to Systemic Default:
21.2.1 Is unable to fulfill its obligations in respect of one or more Order(s); or
21.2.2 Appears to be, or to be likely to become, so unable.
21.3 In assessing whether a Client appears to be or to be likely to become unable to fulfil its obligations in respect of one or more Order(s) Binance Bahrain may have regard not only to the Client's position on a per-Trade basis, but may take into account broader factors relating to the Client's Account or wider banking arrangements, or to any other structural factor potentially limiting the Client's ability to fund their positions (and therefore the ability of the Exchange to operate on a fair and orderly basis) including any relevant Realized Gain, Realized Loss, and/or Withheld Balance.
21.4 If Binance Bahrain declares Systemic Default then Binance Bahrain shall be entitled to take such action as the it deems necessary, expedient or desirable for the protection of the Exchange in respect of such Default, including but not limited to the following:
21.4.1 Notifying Clients regarding the Systemic Default occurrence via Platform;
21.4.2 Reconciling Clients' positions and balances on the Exchange and Custodian at the time when Systemic Default occurred from the most recent previous reconciliation;
21.4.3 Identifying and notifying each Client affected by the Systemic Default of the nature and effects of the Systemic Default and the specific risk mitigants Binance Bahrain is taking to protect its Clients;
21.4.4 Determining (on or as soon as is reasonably practicable following the Systemic Default date) the total loss or damage in relation to Crypto Assets and/or Fiat Currency;
21.4.5 (subject always to Exchange Rule 22.1.1) Allocating any loss or damage among Clients on a fair and reasonable basis, having due regard to the nature and effects of the Systemic Default and to the results of reconciliations carried out pursuant to Exchange Rule 21.4.2.
21.5 Declaration of Default shall be made by email to the Defaulter and/or via the Platform as Binance Bahrain shall reasonably decide.
21.6 Once a Client has been declared a Defaulter in accordance with this Exchange Rule 20, the Default Rules shall apply to any Order to which the Defaulter is at the time of default a party and accordingly Binance Bahrain shall be entitled (acting reasonably and proportionately) to cancel or suspend any Open Order and (where practicable having due regard to the interests of the Counterparty) to reverse any Executed Order made before the declaration of default was made in relation to that Client.
21.7 Binance Bahrain may immediately suspend the access to the Exchange of any Client declared a Defaulter under Exchange Rule 21.2. During any period of suspension the Client shall nevertheless be bound to comply in full with these Exchange Rules.
21.8 A Client may within seven days after being declared a Defaulter lodge an appeal in respect of the suspension under Exchange Rule 21.7 of its Exchange access through and in accordance with the "Appeals" section of Binance Bahrain' Complaints Handling and Appeal Procedure. In the event that the Defaulter does not lodge an appeal within this time, or if the appeal is rejected, the Defaulter will immediately cease to be a Client.
21.9 Upon a declaration of Default Binance Bahrain shall, as soon as is reasonably practicable:
21.9.1 Notify the Defaulter of the declaration;
21.9.2 Arrange for the removal of all displayed Orders and suspend the submission of any new Orders of the Defaulter on the Exchange;
21.9.3 Where Default has been declared under Exchange Rule 21.2 issue a public notice on the Platform in respect of any Client whose access to the Exchange is suspended or terminated as a result of being declared to be a Defaulter; and
21.9.4 In relation to any unsettled or any unexecuted Orders notify the parties to such Orders of the Default and of any decision taken under the Default rules in relation to those Orders (which may include cancellation of any Orders or reversal of any Executed Trades).
22.1 Each Client acknowledges and agrees that:
22.1.2 Access to the Exchange is provided "as is" and "as available" and Binance Bahrain disclaims, to the full extent permitted by law, all warranties which are expressed, statutory, or implied. This also includes, without limitation, implied warranties of title, non-infringement, merchantability, fitness for a particular purpose, and all warranties arising from course of dealing, usage or trade practice;
22.1.3 Each Client is solely responsible for keeping, and for keeping secure, any password(s) required by that Client to access its Account or its Wallet, to place an Order, to obtain any information from the Website or for any other purpose relating to its use of the Exchange.
23. LIMITATION OF LIABILITY
23.1 To the full extent permitted by Applicable Law, Protected Parties will not be liable for any direct, indirect, related, special, disciplinary, or consequential damages of any kind except to the extent that such damages were a result of Binance Bahrain’s gross negligence, fraud, wilful misconduct or intentional violation of law.
23.2 The limitation set out at Exchange Rule 23.1 extends to losses or profit reductions or trading losses which are related to the Client's access to and use of the Exchange regardless of whether such damages arise from claims brought in contract, offense, negligence, warranty, strict liability, or any other applicable theory or principle of liability.
24.1 Each Client must indemnify, keep indemnified and hold harmless Protected Parties from and against all liabilities, costs, damages, and expenses arising from or relating from that Client's access to or use of the Exchange caused by (i) the Client’s breach under these Exchange Trading Rules, or (ii) the Client’s violation of any Applicable Law, regulation or rights of any third party during its use of services provided under this Agreement and these Exchange Rules.
24.2 The indemnity provided for by Exchange Rule 24.1 includes and extends to damages arising from direct acts or omissions (including without limitation breach of these Exchange Rules) as well as any judgments, settlements, and expenses (including reasonable legal fees and other legal costs) arising from a threatened or actual lawsuits, investigations, proceedings, or other claims between a Client and Protected Parties or a third party relating to the use of the Exchange.
24.3 Binance Bahrain may elect to control the defense of any claim at the cost and expense of a Client and that Client must provide Binance Bahrain with any assistance that Binance Bahrain may reasonably request in defending any such claim.
25. CONSULTATION AND AMENDMENT OF EXCHANGE RULES
25.1 Binance Bahrain may from time to time review, modify and consider making any amendment to these Exchange Rules.
25.2 An amendment to these Exchange Rules will (except where Exchange Rule 25.4 applies) become effective only when approved by the CBB.
25.3 Binance Bahrain shall undertake a public consultation on the proposed amendment before making any amendment to these Exchange Rules, unless the CBB has agreed that the requirement for public consultation may be dispensed with.
25.4 Where the CBB has agreed to dispense with the requirement for public consultation in accordance with Exchange Rule 25.3 an amendment to these Exchange Rules will become effective immediately.
25.5 Where public consultation is required, Binance Bahrain shall publish via the Platform a consultation paper setting out:
25.5.1 The text of both the proposed amendment and the Exchange Rules that are to be amended;
25.5.2 The reasons for proposing the amendment;
25.5.3 An assessment of the likely costs and benefits; and
25.5.4 A reasonable consultation period, which will not be less than 14 calendar days from the date of publication, within which Clients and other stakeholders may provide comments.
25.6 Where consultation is restricted in accordance with Exchange Rule 25.11 Binance Bahrain may issue its consultation paper by email only to the Persons specified for the purposes of that consultation.
25.7 Binance Bahrain shall lodge with the CBB the consultation paper no later than the time at which it is published for public comment.
25.8 Where required by the CBB to do so, Binance Bahrain shall extend the period of public consultation specified in the consultation paper.
25.9 Binance Bahrain shall:
25.9.1 Facilitate, as appropriate, informal discussions on the proposed amendment with Clients and other stakeholders including any appropriate representative bodies of such Persons;
25.9.2 Consider the impact the proposed amendment has on the interests of its Clients and other stakeholders; and
25.9.3 Have proper regard to any public comments received.
25.10 Following public consultation, Binance Bahrain will publish the final amended Exchange Rules via the Platform and consider whether it would be appropriate to discuss with the CBB, with Clients or with any other Person the comments received and any amendments made prior to their becoming effective.
25.11 Binance Bahrain may restrict consultation to specified Persons with appropriate technical expertise and experience where it reasonably considers that only limited, technical changes to the Exchange Rules are proposed.
25.12 Binance Bahrain may restrict consultation where it is reasonably considers it essential to make a change to the Exchange Rules without delay in order to ensure continued compliance with CBB requirements or Applicable Law.
25.13 In conducting consultations, Binance Bahrain shall, wherever reasonably practicable and subject to Exchange Rules 25.3, 25.11 and 25.12, seek to facilitate and promote:
25.13.1 informal discussions at an early stage with Clients and any other users of its facilities or appropriate representative bodies;
25.13.2 publication to Clients and any other users of its facilities of a formal consultation paper which includes clearly expressed reasons for the proposed changes and an appropriately detailed assessment of the likely costs and benefits;
25.13.3 adequate time for Clients and any other users of its facilities to respond to the consultation paper and for Binance Bahrain to take their responses properly into account;
25.13.4 adequate arrangements for making responses to consultation available for inspection by Clients and any other users of its facilities, unless the respondent requests otherwise or unless (and to the extent) that publication might involve or lead to a breach of any Applicable Law or laws of any jurisdiction other than Bahrain relating to personal data protection or privacy;
25.13.5 adequate arrangements for ensuring that Binance Bahrain has proper regard to the representations received; and
25.13.6 publication, no later than the publication of the amended Exchange Rules, of a reasoned account of Binance Bahrain' decision to amend its Exchange Rules.
25.14 Binance Bahrain shall notify Clients of the date on which any amendment to these Exchange Rules becomes effective. Unless the requirement for public consultation has been dispensed with by the CBB in accordance with Exchange Rule 25.3, that date will be at least four weeks after publication of the relevant consultation paper.
26.1 Any Person may, through and in accordance with Binance Bahrain' Complaints Handling and Appeal Procedure, lodge a complaint or (where indicated in these Exchange Rules by reference to the "Appeals" section of the Complaints Handling and Appeal Procedure) a Client may appeal in relation to certain decisions of Binance Bahrain pursuant to these Exchange Rules and/or in relation to any aspect of Binance Bahrain' operation of the Exchange.
26.2 Binance Bahrain shall ensure that any complaint is dealt with through and in accordance with Binance Bahrain' Complaints Handling and Appeal Procedure.
26.3 Binance Bahrain shall ensure that its Complaints Handling and Appeal Procedure is published on the Platform and is accessible both to Clients and any other Person.
27. GOVERNING LAW AND JURISDICTION
27.1 These Exchange Rules are governed by and shall be interpreted in accordance with the laws of the Kingdom of Bahrain.
27.2 The courts of Bahrain shall have exclusive jurisdiction to settle any and all claims and disputes that may arise out of or in relation to these Exchange Rules.