Welcome to a comprehensive overview of the terms and conditions governing cryptocurrency transactions in Hong Kong. Whether you're buying or selling digital assets, understanding the rules, risks, and responsibilities is crucial for a secure and compliant experience. This guide outlines key procedures, compliance requirements, and best practices to ensure transparency and safety in every transaction.
Understanding the Cryptocurrency Price Quotation System
The price quotation system provides real-time exchange rates between various cryptocurrencies and Hong Kong dollars. These displayed rates are for reference only and do not constitute a binding contractual offer.
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Key Points:
- Exchange rates fluctuate based on market dynamics such as volatility, supply and demand.
- Premiums or discounts applied to listed prices are determined by multiple factors including market sentiment and liquidity.
You are granted limited access to the quotation system solely for:
- Conducting transactions with the service provider.
- Educational purposes about cryptocurrency operations.
- Personal, non-commercial use.
- Redistribution or quoting of prices to third parties outside the platform is strictly prohibited.
- Accepted quotations remain valid for only 5 minutes, after which they expire automatically.
This time-sensitive nature emphasizes the importance of prompt action when engaging in crypto trades.
Buying Cryptocurrency: Step-by-Step Process
Preparation Phase
Before any transaction begins, users must:
- Agree that price negotiation is not permitted.
Provide essential details:
- Amount in HKD or cryptocurrency.
- Preferred payment method.
- Valid receiving wallet address.
⚠️ Important: Providing an incorrect wallet address results in irreversible loss. The service provider assumes no responsibility for misdirected funds.
Once you accept the quoted price, a binding transaction contract is formed, moving both parties into the Transaction Phase.
Transaction Phase
- Full payment must be completed before cryptocurrency is released.
For cash payments:
- Validity and amount are verified using automated counting machines.
- Any rejected notes will not be accepted.
- Payments made in cash are non-refundable once handed over.
Confirmation & Completion
After successful payment verification:
- The corresponding cryptocurrency amount is sent to your provided address.
A detailed receipt is issued, including:
- Transaction date
- Crypto type and amount
- Fiat currency details
- Payment method
- Network fees are covered by the provider to ensure timely blockchain confirmation.
- While high transaction fees are paid, delays due to blockchain congestion are beyond control and not liable to compensation.
- In rare cases of technical failure on the provider’s end, resolution will occur promptly, though no guaranteed repair timeframe exists unless otherwise agreed.
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Transaction completion occurs once the transfer receives the required number of blockchain confirmations (as defined in Appendix A). Post-completion, customer support remains available using your receipt reference number or transaction ID.
In exceptional cases where minor discrepancies occur due to known technical issues with service providers, the difference may be compensated in Hong Kong dollars at the provider's discretion.
Selling Cryptocurrency: What You Need to Know
Pre-Transaction Requirements
Similar to buying, sellers must:
- Accept that no price negotiation is allowed.
Submit:
- Desired fiat or crypto amount.
- Preferred payout method.
- Use the official receiving address provided. Entering an incorrect address leads to permanent loss — no recovery possible.
Upon accepting the quote, a contract is formed.
Execution & Verification
- You must send the full agreed crypto amount to the designated address first.
Sending fees are your responsibility and can be chosen freely.
- Lower fees may result in longer confirmation times on the network.
After sending, present a clear screenshot showing:
- Sent amount
- Recipient address
- Once sent, funds are non-refundable.
Confirmation & Payout
- The provider waits for blockchain confirmations and verifies the received amount matches the contract.
- During this phase, you may wait onsite or return later.
- Upon confirmation, fiat funds are disbursed via your selected method.
- Receipt is issued with full transaction details; your signature confirms receipt of funds.
⚠️ Critical Rule: If your wallet or exchange causes delayed delivery and the crypto isn’t received by the end of the business day:
- The original contract becomes void.
The provider reserves the right to either:
- Return the sent cryptocurrency.
- Cancel the old contract and issue a new one at a revised rate, determined at their sole discretion.
Blockchain Accuracy and Dispute Resolution
To ensure transparency and trust, all disputes are resolved using official blockchain explorers:
- Bitcoin (BTC): blockchain.com
- Ethereum (ETH): etherscan.io
- Solana (SOL): solscan.io
- USDT (ERC-20): etherscan.io
- USDT (TRC-20): tronscan.org
- USDC (ERC-20): etherscan.io
- USDC (SPL/SOL): solscan.io
- USDC (BSC): bscscan.com
These platforms serve as the sole authoritative source for validating transactions.
You acknowledge that:
- Employees are not legally obligated to correct input errors.
- Sending crypto to the wrong chain or format (e.g., BEP20 instead of ERC20) renders assets unrecoverable.
- Only USDT sent via ERC-20 or TRC-20 networks will be accepted. Other token types cannot be recovered.
- For unsupported transfers, recovery assistance may be offered — but a fee of up to HKD 1,000 may apply regardless of success.
Record Keeping and Regulatory Compliance
All transactions are recorded electronically to comply with anti-money laundering (AML) regulations.
Data Collection & Retention
- Full blockchain records (inbound/outbound) are stored securely.
- In response to legal requests from local or international authorities, data — including identity, transaction history, and CCTV footage — may be disclosed per internal policy.
KYC & Identity Verification
For transactions above a defined threshold:
- KYC/AML/CFT procedures must be completed.
Required documents include:
- Hong Kong ID or passport
- Proof of address
- Source of funds documentation
- All personal data is protected under Hong Kong’s Personal Data (Privacy) Ordinance.
- Information is never shared with external parties except compliance tools or regulators.
Risk Management and Transaction Monitoring
Fraud Prevention & AML Policies
Users agree to comply with Hong Kong laws including:
- Inland Revenue Ordinance (Cap. 112)
- Drug Trafficking (Recovery of Proceeds) Ordinance (Cap. 405)
- Organized and Serious Crimes Ordinance (Cap. 455)
- Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615)
The provider reserves the right to:
- Analyze transaction patterns.
- Submit Suspicious Transaction Reports (STRs) to JFIU/FIIB without notifying users.
- Report fraudulent activity to law enforcement.
Crypto involved in illegal activities — such as hacking, scams, darknet markets, or proceeds from mixers like tornado.cash — will be deemed valueless. Such assets are non-refundable, unprocessed, and may lead to legal action.
Risk assessment includes scanning sender addresses. High-risk scores result in rejected transactions at the provider’s discretion.
Travel Rule compliance requires collecting recipient data such as name, platform, address, DOB, and purpose of transfer.
Even post-settlement, ongoing monitoring occurs. Suspicious activity may lead to termination of services and reporting to authorities.
Frequently Asked Questions (FAQ)
Q: Are quoted prices guaranteed?
A: No. Prices are indicative and subject to change. Contracts lock in rates for only 5 minutes.
Q: What happens if I send crypto to the wrong network?
A: Assets become unrecoverable. You bear full responsibility for selecting the correct blockchain format.
Q: Can I get a refund after sending cash or crypto?
A: No. All payments — whether fiat or digital — are final once processed.
Q: Why was my transaction flagged or frozen?
A: This may occur due to high-risk address detection, legal suspicion, or regulatory directives under Cap. 405 or Cap. 455.
Q: Do I need ID for small transactions?
A: KYC applies only above a certain threshold. However, all transactions are monitored for compliance.
Q: Who handles disputes over missing funds?
A: Official blockchain explorers are the final authority. Support can assist using your transaction ID or receipt number.
Final Notes on Privacy, Refunds & Liability
Privacy & Surveillance
- All branches operate under 24/7 CCTV surveillance.
- Recordings are encrypted and may be uploaded to cloud storage.
- Communications (online/offline) are archived per data retention policies.
- Users may request personal data under PDPO guidelines upon payment of processing fees.
Intellectual Property & Third Parties
All systems, trademarks, receipts, and educational materials are proprietary. No content constitutes financial advice.
Transactions must be conducted personally. Acting as a third-party agent violates AML policies. Third-party payments are rejected outright.
Disclaimer & Amendments
The provider is not liable for:
- Delays caused by third-party services (APIs, banks, internet providers).
- Force majeure events (natural disasters, war, government actions).
Terms may be updated at any time. New versions apply to transactions occurring after the effective date. English version prevails in case of discrepancy.
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By engaging in any transaction, you confirm that you understand and accept all terms outlined herein. Trade responsibly and always verify addresses, networks, and compliance requirements before proceeding.