Convert Terms of Use

By utilizing the Convert Services (as defined below), you confirm your understanding and acceptance of all the terms and conditions outlined in these terms (referred to as the “Convert Terms”). You further acknowledge your commitment to abide by and comply with these Convert Terms. In the event that a comprehensive understanding and wholehearted acceptance of these Convert Terms prove to be unattainable, it is strongly advised that you refrain from accessing or engaging with the Convert Services. These Convert Terms constitute an integral part of WhiteBIT User Agreement (https://whitebit.com/terms) (the “User Agreement)”.
Upon successfully registering your WhiteBIT Account and passing verification (KYC), you will gain access to the WhiteBIT Convert Services. These services empower Users to engage in the buying and selling of Digital Assets, utilizing the pricing data provided by WhiteBIT (referred to as the “Convert Services”). Within the framework of the Convert Services, Users are provided with the ability to submit a Conversion Order to WhiteBIT, seeking to convert one Digital Asset into another Digital Asset and/or to convert a particular Fiat money into a Digital Asset (and vice versa), based on the designated trading pairs available on the Platform (herein referred to as a “Conversion”). NOTE THAT WHITEBIT HOLDS EXCLUSIVE AUTHORITY TO EITHER ACCEPT OR DECLINE THESE CONVERSION ORDERS. Upon acceptance, a transaction will be automatically initiated, operating in accordance with the stipulations outlined within these Convert Terms.
The Conversion provides an automated solution by intelligently determining the most favorable real-time convert rate for the designated Digital Assets/Fiat money, enabling you to promptly execute the Conversion at that precise rate and conduct the instant convert.
To initiate a Conversion between the supported Funds on the platform, you have the option to place a significant convert order (the “Conversion Order”). A Conversion Order involves specifying the type and quantity of the Digital Assets or Fiat money (“Funds”) to be converted, along with the intended type of Funds to be received upon the execution of the Conversion.
You agree to utilize the WhiteBIT Convert Services feature responsibly and in compliance with all applicable laws, regulations, and ethical standards. You shall refrain from using the Convert Services for any unlawful, fraudulent, malicious, or abusive purposes. Additionally, you shall not engage in activities in a way that may disrupt, adversely affect or prevent other Users from the full use of the Services and the Platform or somehow damage, disable, overload or disrupt the normal functioning of the Convert Services or infringe upon the rights of other users or third parties.
When initiating a Conversion, WhiteBIT retains the option (without any obligation) to furnish a non-binding, indicative, and discretionary quote for the conversion (referred to as a “Convert Quote”). This Convert Quote is provided in an automated mode on an “as-is” basis. Subsequently, you shall make the determination to engage the Convert Service based upon WhiteBIT's proposal, within a timeframe specified by WhiteBIT at its sole discretion. WhiteBIT may additionally adjust the quote based on jurisdiction, pair volatility, and the amount converted per single transaction. It is also your responsibility to assess the competitiveness of the price and determine whether to engage in the Conversion within the stipulated time period. Approving the Conversion signifies the submission of a Conversion Order to WhiteBIT, prompting the processing of the requested Conversion at the price stipulated in the Convert Quote. Upon submission of a Conversion Order, WhiteBIT is granted temporary authorization to lock the necessary amount of the User’s Funds intended for conversion until the completion of the Conversion (subject to WhiteBIT’s right to reject any such Conversion Order, as elaborated further below).
Upon WhiteBIT's authorization of the Conversion Order, pertinent information concerning the approximate price and quantities involved in the requested Conversion will be furnished. NOTE THAT THIS PROVISION DOES NOT CONSTITUTE AN ASSURANCE AGAINST POTENTIAL PRICE FLUCTUATIONS. Additionally, WhiteBIT will secure the amount of pertinent Funds intended for Conversion and designated for provision to the User as part of the said Conversion. Subsequently, WhiteBIT will execute the requested Conversion by debiting the User’s WhiteBIT Account for an approximate volume of Funds to be converted and crediting the User’s WhiteBIT Account with the estimated quantity of Funds to be received pursuant to the Conversion. Although settlement is generally anticipated to conclude within seconds following WhiteBIT's acceptance of the pertinent Conversion Order, it is crucial to emphasize that WhiteBIT does not undertake an obligation to guarantee settlement within this specific timeframe. Depending on factors such as market conditions, technical considerations, etc., the settlement process can occasionally extend beyond several hours. Upon approval of a Conversion Order by WhiteBIT, the User is prohibited from canceling the requested Conversion or initiating transfers, withdrawals, or alternative trades involving the Funds associated with said Conversion. WHITEBIT SHALL NOT BE HELD ACCOUNTABLE FOR POTENTIAL LOSSES OR OPPORTUNITY COSTS ARISING FROM ANY FLUCTUATIONS IN THE VALUE OF THE FUNDS ENGAGED IN THE CONVERSION DURING THE SETTLEMENT PERIOD.
WhiteBIT holds the sole discretion to ascertain the listing of Funds on the Platform and their eligibility for Conversion purposes. WhiteBIT reserves the right to introduce or withdraw Funds from the Platform, at its own discretion, and without prior notice, from time to time. WhiteBIT also retains the prerogative to modify the available order size for a Conversion pertaining to specific Funds. Users acknowledge that WhiteBIT shall bear no liability in connection with such introductions, withdrawals, or alterations.
Prior to utilizing Convert services, Users are advised to conduct autonomous research on various Digital Assets and to take measures to comprehend the inherent risks tied to Digital Assets trading. Users assume complete responsibility for determining the appropriateness of the Convert Services in light of their individual financial goals and situation. Additionally, Users bear sole accountability for any gains or losses incurred in connection with their utilization of the Convert Services. WHITEBIT DOES NOT PROVIDE ANY ASSURANCES OR GUARANTEES REGARDING THE OUTCOMES RESULTING FROM THE TRADING OF FUNDS, WHETHER FACILITATED THROUGH THE CONVERT SERVICES OR OTHERWISE.
Upon a User’s acceptance of the Conversion and subsequent submission of a Conversion Order, WhiteBIT is not bound to undertake the processing of the requested Conversion on behalf of the User. WhiteBIT retains the sole discretion to either approve or decline the Conversion Order, considering prevailing market conditions and other pertinent factors.
In the context of a cross-market conversion, it is essential to acknowledge the possibility of encountering operational challenges or the potential for failure. In such instances, it should be duly noted that the user might acquire ownership of a cross Digital Asset, typically represented by USDT (Tether US), which acts as the resultant residue arising from the executed conversion process.
In the event that, during the process of Conversion, no orders are available for the designated Funds, the funds reserved for the Conversion will promptly be restored to your Account balance.

General Terms

Any terms or references utilized in these Convert Terms, which have specific definitions and interpretations outlined in the WhiteBIT User Agreement, but lack explicit definitions or interpretations within these Convert Terms, will maintain the exact meanings and interpretations as stipulated in the User Agreement. These Convert Terms should be understood in conjunction with and serve as an addition to the User Agreement. If any conflicts or discrepancies arise between the content of these Convert Terms and the User Agreement, the Convert Terms will take precedence, particularly concerning matters involving the Convert Services.

Disclaimer

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