Trading principles
Understand the Rules Before You Trade
Users should be able to find clear information about applicable rules, fees, product limitations, and material risks before using a digital asset service.
Rule transparency
Rules that can be checked
Important service rules should be written in plain language, kept accessible, and updated when material changes occur. A rule that cannot be found is not a disclosed rule.
- 01
Published before use
Fee schedules, order handling rules, and limitations are provided before a user acts, not after.
- 02
Versioned and dated
Material changes should carry an effective date so users can tell which rules applied to a given period.
- 03
Consistent with practice
Documented rules and operational behaviour should match. Divergence is treated as a control failure.
Fees & charges
A published fee schedule identifies the applicable products, fee types, calculation method, and effective date, so that costs can be calculated before an order is placed.
Market and product risks
Digital asset prices can change rapidly. Liquidity, technology, custody, counterparty, and regulatory risks may affect the value or availability of assets.
Material risks
What users should understand first
Disclosure is only useful if it is specific. The categories below are the minimum a participant should consider.
- 01
Market and liquidity risk
Prices can change rapidly, and liquidity may be limited in stressed conditions. Orders may execute at unexpected prices or not at all.
- 02
Custody and technology risk
Holding digital assets depends on key management, infrastructure, and operational procedures. Failures in any of these can affect access.
- 03
Counterparty and regulatory risk
Third-party arrangements and changes in law or licensing requirements may affect the availability of a service.
User responsibilities
Decisions remain with the user
A platform can disclose risk and provide tools. It cannot make a suitability assessment on a user's behalf, and it cannot remove market risk.
- 01
Read the applicable rules, fee schedule, and risk disclosure before using a service.
- 02
Protect account credentials and verify that you are on an official domain.
- 03
Assess whether digital assets are appropriate for your circumstances and jurisdiction.
- 04
Keep records required by the tax and reporting rules that apply to you.
Order handling
How an order is treated
Participants should be able to predict what happens to an order from submission to execution, including when it is rejected.
- 01
Deterministic priority
Orders are matched according to published priority rules, applied consistently rather than adjusted for individual participants.
- 02
Rejection with a reason
Orders that cannot be accepted should be rejected with a stated reason, so the outcome can be understood and reproduced.
- 03
Cancellation behaviour
Cancellation is subject to documented conditions; a cancellation that arrives after execution is not reversible.
- 04
Self-trade prevention
Where supported, orders from the same beneficiary are prevented from trading with themselves, according to stated rules.
Market integrity
Rules that apply to everyone
A market is only usable if the same conduct rules apply to all participants, including staff and affiliated accounts.
- 01
Prohibited conduct
Wash trading, spoofing, layering, and manipulative patterns are prohibited and treated as grounds for restriction.
- 02
Surveillance
Order and trade data are reviewed for patterns that suggest manipulation, including across related accounts where permitted.
- 03
Consistent application
Rules apply to all participants, including staff and affiliated accounts, with no exemptions communicated privately.
- 04
Escalation
Suspected misconduct is escalated for investigation, documented, and where required reported to the relevant authority.
Related documents
Where the detail lives
Rules, disclosures, and legal terms are separate documents with separate review requirements.