Staking Terms & Conditions
Last revised: 23 Aug, 2022
Last revised: 23 Aug, 2022
Welcome to Funex Club!
These terms and conditions outline the rules and regulations for the use of Funex Club's Staking Services, currently located at https://www.funexcoin.com/.
By accessing this website we assume you accept these terms and conditions. Do not continue to use Funex Coin if you do not agree to take all of the terms and conditions stated on this page.
This Nomination (“Staking”) Agreement governs the legal relationship between Funex Club and you (“Nominator”). This Agreement shall be used for Staking tokens with Funex Club for the purpose of gaining Staking Rewards as defined below and is not used for any other services offered by Funex Club. Nominator represents that whether on personal behalf or for an institution or company that Nominator has authority to legally Stake tokens to Funex Club and adhere to the terms listed in this Agreement.
By staking tokens with any Funex Club validator service on any supported network you are consenting to be bound by, assenting to the terms and conditions of, making representations and warranties set forth in, and will become a party to this nomination agreement.
If you do not agree to all of the terms and conditions of the nomination agreement, or if any of the representations and warranties set forth in the nomination agreement is inaccurate as applied to you, you must not stake tokens with or otherwise use Funex Club validator services.
Definitions. Terms used in this Agreement with their initial letters capitalized have the meanings ascribed to them in this section or where they are elsewhere defined in this Agreement. Any term defined in the singular will have the corresponding definition in the plural (and vice versa). As used in this Agreement:
“Agreement” means these Terms of Service and all Attachments.
“Confidential Information” means all non-public information disclosed by one party to the other in connection with this Agreement that the disclosing party marks as confidential or which the receiving party should reasonably know to be the confidential information of the other party.
“Effective Date” means the date that you Stake your tokens with the Funex Club Service.
“Staking Rewards” means Tokens distributed by the Supported Networkless Funex Club validation fees and any Slashing Penalties.
“Nominator” means the Party using the Service to gain Staking Rewards.
“Party” means you or us, as applicable, and “Parties” means you and us collectively.
“Platform” means our technology platform and infrastructure that we use to perform the Service.
“Service” means our provision of validation services to Supported Networks, including, without limitation, producing and validating new blocks, processing transactions, and securing the network.
“Slashing Penalties” means any penalty assessed by the Supported Network for our failure to perform the Service according to the Supported Network Protocol.
“Staking” means use of the Service by Nominator to gain Staking Rewards.
“Staked Tokens” means the Tokens that Nominator has Staked with the Service.
“Supported Network” means any blockchain network for which our Platform is able to perform the Service.
“Supported Network Protocol” means the rules by which the Supported Network operates including but not limited to the process for Staking, the quantity and timing of Staking Rewards, and the conditions under which Slashing Penalties are imposed.
“Token” means the underlying digital asset of the Supported Network.
“Website” means any website managed and maintained by Funex Club in connection with Service including but not limited to www.funexcoin.com.
During the Term (as Defined below) Funex Club will provide the following:
The Service will be operated in a diligent and professional manner and in accordance with applicable industry standards.
Reasonable security safeguards will be employed by Funex Club to protect the integrity and availability of Service, and to avoid Slashing Penalties.
During the Term, the Nominator shall provide the following;
Staked Tokens to Funex Club’s validator account when Nominator wants to receive Staking Rewards.
Tokens can be Staked or withdrawn at Nominator's discretion, however, in all cases, Staked Tokens will be subject to the Supported Network Protocol. This includes but is not limited to bonding and unbonding periods, ineligibility to receive Staking Rewards for partial periods, and minimum balances and token amounts required.
Nominator is expected to have knowledge of blockchain technology, staking, accounts, keys, and details of the Supported Network and Supported Network Protocol. They are further expected to have conducted their own thorough investigation of Supported Network, Token, and other matters considered in this Agreement in determining to Stake Tokens with Service.
Services and Service Level Agreement
Payment of Staking Rewards – Nominators will receive Staking Rewards directly attributable to their Staked Tokens. The percentage and timing of such remittances are determined based on the Supported Network Protocol. Factors that are used by the Supported Network in determining rewards can include the inflation rate in the Supported Network, the amount of nominated stake behind a given validator, the total number of validators in the system, whether a validator is in the active validator set, if the validator has experienced any Slashing Penalties, and Funex Club validation fees. Funex Club is solely responsible for Services and all Staking Rewards payments will be paid to Nominator by the Supported Network.
Transfers of Rewards – Any transfer of Staking Rewards will be subject to Supported Network Protocol. Generally payments will be made by the Supported Network to the wallet or account from which the tokens were Staked.
Funex Club will not accept, take control of, or custody any Staking Rewards on behalf of the user. Funex Club provides Service to help secure the network and Supported Network compensates Nominator directly with Staking Rewards.
Slashing Penalties – the supported network can impose slashing penalties on nominator’s staked tokens for Funex Club’s failure to operate service in accordance with the supported network protocol. by entering into this agreement nominator understands and accepts the risk of loss of up to all of their staked tokens if a slashing event were to occur.
Service Level Agreement – Funex Club agrees to compensate Nominators for missed Staking Rewards to the extent arising from the availability of Service. This does not include missed Staking Rewards arising from Nominator acts or omissions, Supported Network maintenance, software bugs native to Supported Network, acts by a hacker or other malicious actor, Supported Network stalls, Supported Network Protocol changes resulting in changes to Staking Rewards, Force Majeure Events, or any other action outside of Funex Club’s control.
Funex Club will from time to time launch Staking Programs for specific types of Digital Currencies to reward, as per certain rules, users who hold such Digital Currencies in their Funex Club Accounts. When participating in Staking Programs, you should note that:
a. Unless otherwise stipulated by Funex Club, Staking Programs are free of charge and Users may trade during the staking period;
b. Funex Club does not guarantee Users’ proceeds under any Staking Program;
c. Funex Club has the right to initiate or terminate Staking Program for any Digital Currencies or modify rules on such programs in its sole discretion;
d. Users shall ensure that sources of the Digital Currencies they hold in Funex Club Accounts are legal and compliant and undertake to observe related laws and regulations. Otherwise, Funex Club has the right to take necessary steps in accordance with these Terms or Funex Club Platform Rules, including, without limitation, freezing Funex Club Accounts or deducting the Digital Currencies awarded to Users who violate the rules of respective Staking Programs.
a. Funex Club launched Funex Club POS service for Funex Club users to gain proceeds through idle cryptocurrency assets.
b. Funex Club POS assets will be used in cryptocurrency staking to gain proceeds and other businesses.
c. When you use Funex Club POS service, you will unconditionally authorize Funex Club to distribute the staking interest according to the rules of the platform.
d. You shall abide by the relevant laws of the State to ensure that the sources of assets are legitimate and compliant when using Funex Club POS service.
e. When you use Funex Club POS service, you should fully recognize the risks of investment in cryptocurrency and operate cautiously.
f. You agree that all investment operations conducted on Funex Club represent your true investment intentions and that unconditionally accept the potential risks and benefits of your investment decisions.
g. Funex Club reserves the right to suspend or terminate Funex Club POS service. If necessary, Funex Club can suspend and terminate Funex Club POS service at any time.
h. Due to network delay, computer system failures and other force majeure, which may lead to delay, suspension or deviation of Funex Club POS service execution, Funex Club will use commercially reasonable effort to ensure but not promise that Funex Club POS service execution system runs stably and effectively. Funex Club does not take any responsibility if the final execution doesn’t match your expectations due to the above factors.
To the maximum extent permitted under applicable law, Funex Club services, Funex Club materials, and any product, service, or other item provided by or on behalf of Funex Club are offered on an “as is” and “as available” basis, and Funex Club expressly disclaims, and you waive, any and all other warranties of any kind, whether express or implied, including, without limitation, warranties of merchantability, fitness for a particular purpose, title or non-infringement or warranties arising from a course of performance, course of dealing or usage in trade. Without limiting the foregoing, Funex Club does not represent or warrant that the site, Funex Club services, or Funex Club materials are accurate, complete, reliable, current, error-free, or free of viruses or other harmful components. Funex Club does not guarantee that any order will be executed, accepted, recorded, or remain open. except for the express statements, agreements, and rules set forth in these terms, you hereby acknowledge and agree that you have not relied upon any other statement or agreement, whether written or oral, with respect to your use and access to Funex Club services. Without limiting the foregoing, you hereby understand and agree that Funex Club will not be liable for any losses or damages arising out of or relating to (a) Any inaccuracy, defect or omission of digital assets price data, (b) Any error or delay in the transmission of such data, (c) Interruption in any such data, (d) Regular or unscheduled maintenance carried out by Funex Club and service interruption and change resulting from such maintenance, (e) Any damages incurred by other users’ actions, omissions or violation of these terms, (f) Any damage caused by illegal actions of other third parties or actions without authorized by Funex Club; and (g) other exemptions mentioned in disclaimers and platform rules issued by Funex Club.
The disclaimer of implied warranties contained herein may not apply if and to the extent, it is prohibited by applicable law of the jurisdiction in which you reside.
To the maximum extent permitted by applicable law, in no event will Funex Club, its affiliates, and their respective shareholders, members, directors, officers, employees, attorneys, agents, representatives, suppliers, or contractors be liable for any incidental, indirect, special, punitive, consequential or similar damages or liabilities whatsoever (including, without limitation, damages for loss of data, information, revenue, profits or other businesses or financial benefits) arising out of Funex Club services, any performance or non-performance of Funex Club services, or any other product, service or other item provided by or on behalf of Funex Club and its affiliates, whether under contract, statute, strict liability or other theory even if Funex Club has been advised of the possibility of such damages except to the extent of a final judicial determination that such damages were a result of Funex Club’s gross negligence, fraud, willful misconduct or intentional violation of the law. Some jurisdictions do not allow the exclusion or limitation of incidental or consequential damages, so the above limitation may not apply to you.
Notwithstanding the foregoing, in no event will the liability of Funex Club, its affiliates and their respective shareholders, members, directors, officers, employees, attorneys, agents, representatives, suppliers, or contractors arise out of services offered by or on behalf of Funex Club and its affiliates, any performance or non-performance of Funex Club services, or any other product, service or another item, whether under contract, statute, strict liability or other theory, exceed the amount of the fees paid by you to Funex Club under these terms in the twelve-month period immediately preceding the event giving rise to the claim for liability.
In case of any of the following events, Funex Club shall have the right to directly terminate these Terms by cancelling your Funex Club Account, and shall enjoy the right but not the obligation to permanently freeze (cancel) the authorizations of your Funex Club Account on Funex Club and withdraw the corresponding Funex Club Account thereof:
Should your Funex Club Account be terminated, the account and transactional information that meet data retention standards will be securely stored for 5 years. In addition, if a transaction is unfinished during the account termination process, Funex Club shall have the right to notify your counterparty of the situation at that time. You acknowledge that a user-initiated account exit (right to erasure under GDPR or other equivalent regulations) will also be subjected to the termination protocol stated above.
If Funex Club is informed that any Digital Assets or funds held in your Funex Club Account are stolen or otherwise are not lawfully possessed by you, Funex Club may, but has no obligation to, place an administrative hold on the affected funds and your Funex Club Account. If Funex Club does lay down an administrative hold on some or all of your funds or Funex Club Account, Funex Club may continue such hold until such time as the dispute has been resolved and evidence of the resolution acceptable to Funex Club has been provided to Funex Club in a form acceptable to Funex Club. Funex Club will not involve itself in any such dispute or the resolution of the dispute. You agree that Funex Club will have no liability or responsibility for any such hold, or for your inability to withdraw Digital Assets or funds or execute trades during the period of any such hold.
Except as set forth in paragraph 4 below, once a Funex Club Account is closed/withdrawn, all remaining account balance (which includes charges and liabilities owed to Funex Club) will be payable immediately to Funex Club. Upon payment of all outstanding charges to Funex Club (if any), Users will have 5 business days to withdraw all Digital Assets or funds from the account.
Funex Club maintains full custody of the Digital Assets, funds, and User data/information which may be turned over to governmental authorities in the event of Funex Club Accounts’ suspension/closure arising from fraud investigations, and investigations of violation of law or violation of these Terms.
PLEASE READ THIS SECTION CAREFULLY, AS IT INVOLVES A WAIVER OF CERTAIN RIGHTS TO BRING LEGAL PROCEEDINGS, INCLUDING AS A CLASS ACTION.
Notice of Claim and Dispute Resolution Period. Please contact Funex Club first! Funex Club wants to address your concerns without resorting to formal legal proceedings, if possible. If you have a dispute with Funex Club, then you should contact Funex Club and a ticket number will be assigned. Funex Club will attempt to resolve your dispute internally as soon as possible. The parties agree to negotiate in good faith to resolve the dispute (which discussions shall remain confidential and be subject to applicable rules protecting settlement discussions from use as evidence in any legal proceeding).
In the event the dispute cannot be resolved satisfactorily, and you wish to assert a legal claim against Funex Club, then you agree to set forth the basis of such claim in writing in a “Notice of Claim,” as a form of prior notice to Funex Club. The Notice of Claim must (1) describe the nature and basis of the claim or dispute, (2) set forth the specific relief sought, (3) provide the original ticket number, and (4) include your Funex Club account email. The Notice of Claim should be submitted to an email address or hyperlink provided in your correspondence with Funex Club. After you have provided the Notice of Claim to Funex Club, the dispute referenced in the Notice of Claim may be submitted by either Funex Club or you to arbitration in accordance with paragraph 2 of this Section, below. For the avoidance of doubt, the submission of a dispute to Funex Club for resolution internally and the delivery of a Notice of Claim to Funex Club are prerequisites to commencement of an arbitration proceeding (or any other legal proceeding). During the arbitration, the amount of any settlement offer made by you or Funex Club shall not be disclosed to the arbitrator.
2. Agreement to Arbitrate and Governing Law. You and Funex Club Operators agree that, subject to paragraph 1 above, any dispute, claim, or controversy between you and Funex Club (and/or Funex Club Operators) arising in connection with or relating in any way to these Terms or to your relationship with Funex Club (and/or Funex Club Operators) as a user of Funex Club Services (whether based in contract, tort, statute, fraud, misrepresentation, or any other legal theory, and whether the claims arise during or after the termination of these Terms) will be determined by mandatory final and binding individual (not class) arbitration, except as set forth below under Exceptions to Agreement to Arbitrate. You and Funex Club Operators further agree that the arbitrator shall have the exclusive power to rule on his or her own jurisdiction, including without limitation any objections with respect to the existence, scope or validity of the Agreement to Arbitrate, or to the arbitrability of any claim or counterclaim. Arbitration is more informal than a lawsuit in court. THERE IS NO JUDGE OR JURY IN ARBITRATION, AND COURT REVIEW OF AN ARBITRATION AWARD IS LIMITED. There may be more limited discovery than in court. The arbitrator must follow this agreement and can award the same damages and relief as a court (including, if applicable, attorney fees), except that the arbitrator may not award declaratory or injunctive relief in favour of anyone but the parties to the arbitration. The arbitration provisions set forth in this Section will survive termination of these Terms. Arbitration Rules. The arbitration shall be subject to the HKIAC Administered Arbitration Rules (HKIAC. Rules) in force when the Notice of Arbitration is submitted, as modified by this Section X. The arbitration will be administered by the Hong Kong International Arbitration Centre (HKIAC). Unless the parties agree otherwise, there shall be only one arbitrator appointed in accordance with the HKIAC Rules. Any arbitration will be conducted in the English language. Regardless of the manner in which the arbitration is conducted, the arbitrator shall issue a reasoned written decision sufficient to explain the essential findings and conclusions on which the decision and award, if any, are based. JUDGEMENT ON ANY ARBITRAL AWARD MAY BE GIVEN IN ANY COURT HAVING JURISDICTION OVER THE PARTY (OR OVER THE ASSETS OF THE PARTY) AGAINST WHOM SUCH AN AWARD IS RENDERED. Time for Filing: ANY ARBITRATION AGAINST Funex Club OPERATORS MUST BE COMMENCED BY FILING A REQUEST FOR ARBITRATION WITHIN ONE (1) YEAR, AFTER THE DATE THE PARTY ASSERTING THE CLAIM FIRST KNOWS OR REASONABLY SHOULD KNOW OF THE ACT, OMISSION OR DEFAULT GIVING RISE TO THE CLAIM; AND THERE SHALL BE NO RIGHT TO ANY REMEDY FOR ANY CLAIM NOT ASSERTED WITHIN THAT TIME PERIOD. THIS ONE YEAR LIMITATION PERIOD IS INCLUSIVE OF THE INTERNAL DISPUTE RESOLUTION PROCEDURE SET FORTH IN PARAGRAPH 1 OF THIS SECTION, ABOVE. THERE SHALL BE NO RIGHT TO ANY REMEDY FOR ANY CLAIM NOT ASSERTED WITHIN THAT TIME PERIOD. If applicable law prohibits a one-year limitation period for asserting claims, any claim must be asserted within the shortest time period permitted by applicable law. Process; Notice: The party who intends to seek arbitration after the expiration of the Dispute Resolution Period set forth in paragraph 1, above, must submit a request to the HKIAC in accordance with the HKIAC Rules. If we request arbitration against you, we will give you notice at the email address or mailing address you have provided. You agree that any notice sent to this email or mailing address shall be deemed effective for all purposes, including without limitation to determinations of the adequacy of service. It is your obligation to ensure that the email address and/or mailing address on file with Funex Club is up-to-date and accurate. Governing Law: These Terms (including this arbitration agreement) shall be governed by, and construed in accordance with, the laws of Hong Kong. Confidentiality. The parties agree that the arbitration shall be kept confidential. The existence of the arbitration, any nonpublic information provided in the arbitration, and any submissions, orders or awards made in the arbitration (together, the “Confidential Information”) shall not be disclosed to any non-party except the tribunal, the HKIAC, the parties, their counsel, experts, witnesses, accountants and auditors, insurers and reinsurers, and any other person necessary to the conduct of the arbitration. Notwithstanding the foregoing, a party may disclose Confidential Information to the extent that disclosure may be required to fulfill a legal duty, protect or pursue a legal right, or enforce or challenge an award in bona fide legal proceedings. This confidentiality provision shall survive termination of these Terms and of any arbitration brought pursuant to these Terms.
3. Class Action Waiver. You and Funex Club agree that any claims relating to these Terms or to your relationship with Funex Club as a user of Funex Club Services (whether based in contract, tort, statute, fraud, misrepresentation, or any other legal theory, and whether the claims arise during or after the termination of these Terms) shall be brought against the other party in an arbitration on an individual basis only and not as a plaintiff or class member in a purported class or representative action. You and Funex Club further agree to waive any right for such claims to be brought, heard, or arbitrated as a class, collective, representative, or private attorney general action, to the extent permissible by applicable law. Combining or consolidating individual