Welcome to this comprehensive guide outlining the terms and conditions governing transactions involving cryptocurrency in Hong Kong. Whether you're purchasing or selling digital assets, understanding the operational framework, compliance requirements, and user responsibilities is essential for a secure and seamless experience. This document details everything from pricing mechanisms to regulatory compliance, ensuring transparency and legal adherence.
1. Cryptocurrency Pricing Quotation System
The cryptocurrency quotation system provides real-time exchange rate information between various digital currencies and Hong Kong’s法定 currency (HKD). These displayed rates are indicative only and do not constitute binding contractual offers.
1.1 Nature of Quoted Rates
Exchange rates shown on the platform reflect current market conditions at a specific moment. However, due to rapid market fluctuations, these prices may change instantly. The service provider cannot guarantee that displayed rates will remain valid or reflect real-time market movements.
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1.2 Factors Influencing Price Premiums
Price premiums or discounts are dynamically adjusted based on multiple factors, including but not limited to:
- Market sentiment
- Volatility levels
- Real-time supply and demand imbalances
These adjustments ensure fair valuation while accounting for operational risks.
1.3 Limited Usage Rights
You are granted limited rights to access and use the quotation system solely for the following purposes:
- Engaging in a transaction with the service provider
- Educational purposes to understand how cryptocurrencies function
- Personal, non-commercial use
Unauthorized redistribution or quoting of prices to third parties is strictly prohibited.
1.4 Validity of Accepted Quotes
Once both parties agree on a price, the quote remains valid for five minutes only. After this period, the offer expires, and a new quotation must be obtained.
2. Transaction and Payment Procedures
2.1 Buying Cryptocurrency
Preparation Phase
- Price negotiations are not accepted; all transactions follow the displayed rate.
You must provide:
- The exact amount in HKD or cryptocurrency
- Preferred payment method
- A correct receiving wallet address
Incorrect wallet addresses result in irreversible losses. No liability is assumed for misdirected transfers.
Transaction Execution
- Full payment must be made before cryptocurrency is dispatched.
For cash payments:
- Banknote authenticity is verified via automated machines.
- Only accepted notes matching the contract amount are processed.
- All cash payments are final and non-refundable upon handover.
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Confirmation & Completion
- Upon successful payment verification, the corresponding cryptocurrency is sent to your provided address.
A transaction receipt is issued, detailing:
- Date and time
- Cryptocurrency type and amount
- Fiat currency details
- Payment method used
The sender covers blockchain network fees, which are set at competitive levels to ensure prompt confirmation. Delays caused by network congestion are beyond operational control.
In rare cases where technical issues delay processing, resolution occurs as soon as possible. However, there is no contractual obligation to meet predefined repair timelines unless otherwise agreed.
After blockchain confirmation (as defined in Appendix A), the transaction is complete. Post-sale support is available using the reference number or transaction ID from your receipt.
Minor discrepancies in received amounts due to known technical limitations may occur. In such cases, compensation in HKD may be issued at the company's discretion.
2.2 Selling Cryptocurrency
Pre-Transaction Requirements
- No price negotiation is allowed.
You must provide:
- The amount of cryptocurrency or equivalent HKD value
- Your preferred payout method
You will receive an official receiving address. Entering an incorrect address results in irreversible loss, with no liability assumed.
Transaction Process
- You must fully transfer the agreed cryptocurrency amount before any fiat disbursement.
- You control the transaction fee on the blockchain; lower fees may lead to longer confirmation times.
After sending funds, present a clear screenshot showing:
- Sent amount
- Recipient address (must match ours)
All sent cryptocurrency is non-refundable once transferred.
Confirmation & Payout
- The system waits for blockchain confirmations and verifies the received amount.
- You may wait onsite or return later during business hours.
- Once confirmed, HKD is paid via your chosen method.
- A receipt is printed and requires your signature to confirm receipt of funds.
If the cryptocurrency is not received on the same day due to wallet or exchange delays, the original contract becomes void. Late arrivals may result in:
- Return of cryptocurrency, or
- Creation of a new contract at a revised rate determined solely by the service provider
Post-transaction support is available using your receipt details.
3. Blockchain Accuracy and Dispute Resolution
3.1 Official Verification Channels
All disputes are resolved using the following blockchain explorers as authoritative sources:
- 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 / SPL / BSC): etherscan.io / solscan.io / bscscan.com
These platforms serve as the sole reference for validating transaction authenticity.
3.2 User Responsibility
You acknowledge full responsibility for actions taken within the premises, including:
- Installing wallets
- Sending crypto to third-party addresses
- Receiving transfers from external sources
Staff are not liable for correcting input errors related to addresses or network types.
Sending funds via incorrect blockchain protocols (e.g., BEP-20 instead of ERC-20) renders recovery impossible. You bear full responsibility for such losses.
Special caution applies when sending Tether (USDT) — only transfers to designated ERC-20 or TRC-20 addresses are supported. Other token types cannot be retrieved.
For unsupported transfers, recovery assistance may be offered at a cost of up to HKD 1,000, regardless of success.
4. Record Keeping and Regulatory Compliance
All transactions are recorded electronically to comply with anti-money laundering (AML) regulations.
Records include:
- Blockchain transaction IDs (inbound and outbound)
- Identity verification data
- Surveillance footage
- Communication logs
Data may be disclosed to law enforcement or regulatory bodies upon request and in accordance with internal policies.
5. KYC, AML, and Fraud Prevention
5.1 Identity Verification
Transactions exceeding set thresholds require completion of KYC procedures, including submission of:
- Government-issued ID (e.g., Hong Kong ID card or passport)
- Proof of address
- Source of funds documentation
All personal data is stored securely and handled per Hong Kong’s Personal Data (Privacy) Ordinance.
5.2 Risk-Based Controls
The platform uses third-party compliance tools to screen:
- Customer identities
- Cryptocurrency addresses
Transactions may be rejected if: - The user appears on sanctions lists
- Involved in criminal proceedings
- Associated with high-risk addresses
Continuous monitoring may trigger suspicious transaction reports (STRs) to JFIU or FIIB without customer notification.
Fraudulent activity will be reported to local authorities.
Frequently Asked Questions
Q: Are quoted prices guaranteed?
A: No. Prices are indicative and subject to change. A quote is only valid for five minutes after acceptance.
Q: What happens if I send crypto to the wrong address?
A: Transfers to incorrect addresses cannot be reversed. You are fully responsible for verifying recipient details.
Q: Can I get a refund after sending cryptocurrency?
A: No. All crypto transfers are final and non-refundable once initiated.
Q: Why was my transaction flagged?
A: Transactions may be flagged due to high-risk address associations, suspicious patterns, or compliance alerts from monitoring systems.
Q: Do you report transactions to authorities?
A: Yes. We comply with Hong Kong laws and may submit STRs to JFIU/FIIB if illegal activity is suspected.
Q: How long are my data and records kept?
A: Records are retained per internal policy and legal requirements, typically for several years.
6. Taxation and Legal Disclaimer
The service complies with Hong Kong’s Inland Revenue Ordinance (Cap. 112) and maintains dual-currency accounting practices.
No investment, tax, or legal advice is provided. Users are encouraged to consult independent professionals before transacting.
All trades are initiated voluntarily, without solicitation or advisory input from the service provider.
Final Notes
Terms are subject to change. The English version prevails in case of discrepancies. Continued use constitutes acceptance of updated policies.
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