Deribit updates Terms of Service as of 29 January 2021

We have clarified and updated our Terms of Service. As of 29 January 2021 8 am UTC, our updated Terms of Service will be applicable on all uses of our Platform and our Website.

The following material updates have been made:

– We have added the definitions of ‘Market Data’ and ‘Derived Data’, and added article 4.6 regarding the use of Market Data and Derived Data;
– Article 6.4 has been specified;
– In order to avoid uncertainty about our terms in regards to extreme market circumstances, we have added a new provision in the form of article 6.5;
– To improve the readability and clarity, we made some minor grammar and style changes.

– Our updated Terms of Service can be found here (Link).
– The previous Terms of Service can be found here (Link).
– A markup versus our previous Terms of Service can be found here (Link).

Please find below the new articles.

Changes to Article 4. Your Use of our Platform

4.6 Use of Market Data: The use of Market Data and/or Derived Data is for personal use only. You are not allowed to aggregate, resell, publish, forward or in any other way process Market Data and/or Derived Data (except for personal use) without explicit approval from us. In case you wish to make use of this Market Data and/or Derived Data for any non-personal use, please contact [email protected].

Changes to Article 6. Trading

6.4 Trading restriction: We reserve the right to (i) limit your right to place Orders; (ii) cancel Orders; and/or (iii) partially or entirely close any or all of your Positions. The latter includes, but is not limited to, a Position that is profitable and/or a Position that does not breach any margin requirements. We can do this -without limitation- in order to reduce or close counterparty Position(s) that have breached the margin requirements. We are not liable for any damages that you might incur due to such measures. In the event we close any Position of you on the basis of this clause, we can determine the price you will receive for the Product of which the Position is closed at our sole discretion, but in principle this will be the Mark Price.

6.5 Forced deleveraging: Under extreme market circumstances, in order to protect the integrity of Deribit and the Platform, we reserve the right to partially or entirely close your Position(s) to be able to close positions of counterparties to help prevent counterparty bankruptcies, where the liquidity in the market is not enough to take over positions of counterparties that are on the verge of bankruptcy or already bankrupted. (Bankruptcy is defined in 6.7 below). In the event we close any Position on the basis of this clause, we can determine the price you will receive for the Product of which the Position is closed at our sole discretion, but in principle this will be the Mark Price. In case of liquidation on the basis of this clause 6.5, whether or not any compensation from the Insurance Fund will be provided will be determined by us at our sole discretion.

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