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ZAIF COIN RESERVE

This is an explanation of “Zaif Coin Reserve” our fixed-amount installment deposit service for virtual currencies.
Please read the explanation below carefully before using Zaif Coin Reserve.
By using Zaif Coin Reserve, you will be deemed to have agreed to the Zaif Exchange Terms of Use and the explanation below.


Last update date: September 29, 2017

Zaif Coin Reserve

Zaif Coin Reserve is an online service whereby a “Service Agreement” (as defined below) for virtual currencies is entered into by and between our Company and a Member (as defined in “Members of Zaif Coin Reserve” below) for that Member to delegate us to purchase on his or her behalf a fixed amount of virtual currencies designated by that Member in advance each day (on a continuing basis unless otherwise requested by the Member) at our virtual currencies exchange so that the purchase amount of virtual currencies for each month equals the monthly purchase amount set aside by the Member in advance (the “Reserved Purchase Amount”; this continual service of purchasing virtual currencies, “Zaif Coin Reserve”), and we store, remit, sell, or otherwise handle the purchased virtual currencies in accordance with the instructions of the relevant Member.
This explanatory document outlines details such as the procedures with respect to transactions that a Member engages in with us using the Zaif Coin Reserve service provided by us and the details of the agreement to delegate to us the monthly purchasing of virtual currencies (the “Service Agreement”); it also applies to the details of any services incidental to Zaif Coin Reserve. Furthermore, by using Zaif Coin Reserve, Members will be deemed to have acknowledged and agreed to the Member Regulations prescribed by us for each of the settlement financial institutions designated by us.

Members of Zaif Coin Reserve

A Member of Zaif Coin Reserve refers to an individual who falls under the definition of “Member” as defined in Article 2, Paragraph 1 of the Zaif Exchange Terms of Use; has made an application to use Zaif Coin Reserve, having agreed to the details of this explanatory document; and who has had that application approved by us (in this explanatory document, “Member”). Only a Member may use Zaif Coin Reserve or any services incidental thereto.

Principle of self-responsibility

In using Zaif Coin Reserve, customers are deemed to engage in all of the following at their own responsibility and judgment: (a) applying to use Zaif Coin Reserve, having sufficiently understood this explanatory document and the risks of fluctuations in market prices for virtual currencies; (b) setting and changing their monthly Reserved Purchase Amount for use with Zaif Coin Reserve; and (c) selling or transferring (withdrawing to an external wallet) any virtual currencies that they have deposited or purchased.

Designating an account for direct debit

When making an application to join Zaif Coin Reserve, each Member is required to use our prescribed web-based service for registering a direct debit account in order to register an account with a financial institution from which the Reserved Purchase Amount and the purchase fee, separately determined by us, is to be debited. The type of account that a Member is able to register for the direct debits described above is restricted to accounts opened with those financial institutions that are able to use our prescribed web-based service. The registered direct debit account will be used to take payment, by direct debit, of each month’s Reserved Purchase Amount and the purchase fee, separately determined by us.
A Member may not change his or her registered direct debit account. However, if there are circumstances, such as a Member having closed or changed bank accounts due to moving house or changing jobs, that Member may contact us to undertake procedures to change his or her registered direct debit account.

Application for and formation of Service Agreement

A Service Agreement will be formed when a Member has applied on our website to use Zaif Coin Reserve, has completed registration of a direct debit account and designation of his or her Reserved Purchase Amount, and when we have approved that Member’s application to use Zaif Coin Reserve. After the Service Agreement is formed, the Member will be able to use Zaif Coin Reserve and any services incidental thereto, and unless the Member requests to cancel the Service Agreement, we will continue to make monthly direct debits and purchases of virtual currency installment deposits on behalf of the Member.

Designating Reserved Purchase Amount; payment method

The Reserved Purchase Amount is to be at least JPY 1,000 per month, and a Member may designate a Reserved Purchase Amount in units of JPY 1,000.

Payment of a purchase fee separately determined by us is also required to purchase virtual currency installment deposits each month, and the amount to be direct debited each month is equal to the sum of the Member’s Reserved Purchase Amount and the purchase fee separately determined by us.

Interest does not accrue on either of the money deposited for the cost of purchases or the virtual currency installment deposits.

Purchasing method of virtual currency installment deposits each month and transfer to Member accounts

Beginning from the tenth day of the month immediately following that in which the relevant direct debit date of the Member’s Reserved Purchase Amount falls, we will purchase from our virtual currencies exchange a fixed daily amount (calculated based on that Member’s Reserved Purchase Amount) of the virtual currencies designated by that Member in advance. Such purchases of virtual currencies will be made each day for all Members together; however, details of matters such as the timing and method of the purchases will not be disclosed due to such reasons as ensuring soundness of the exchange and security.

The daily purchase amount is a pro-rated amount of the Member’s Reserved Purchase Amount based on the number of days in the relevant month, and any fractional amounts will be adjusted on the final purchase day for each month.

Purchases of virtual currencies from the exchange will be conducted at the smallest unit price for the exchange (up to four decimal places); however, these will be distributed to each Member by truncating to the smallest unit price for the virtual currency (i.e., eight decimal places for Bitcoin). Purchased virtual currencies will be distributed to each Member on the day immediately following the relevant purchase and will be transferred to each Member’s account.

Cancellation of Service Agreement

If a Member wishes to cancel his or her Zaif Coin Reserve membership, he or she is required to give notice of cancellation of the Service Agreement on our website.

Such notice of cancellation will be considered to have been received by us when it is actually confirmed to have reached our server, and if for whatever reason such notice of cancellation is unable to be confirmed as having reached our server, that Member will not be considered to have given us notice of cancellation.

A Service Agreement for which notice of cancellation has been given by the date separately determined by us will terminate as of the end of the relevant month in which the date of cancellation falls.

A Service Agreement for which notice of cancellation has been given by the date separately determined by us will terminate as of the end of the relevant month in which the date of cancellation falls.

Sale of virtual currencies (i.e., conversion to JPY) is outside the scope of Service Agreements.

Risks

Please refer to the “Explanation on important matters” section of the document “Explanations on Our Services” for risks associated with trading of handled virtual currencies.