By creating a Tournament Sub-account (as defined below) required for participation in the “BitMEX 2020 Return on Equity Tournament” (the “Tournament”), you acknowledge that you have read and understood and agree unconditionally to be bound by these terms and conditions (the “TT Terms”), which constitute the terms and conditions that relate to, and the entire agreement between you and HDR Global Trading Limited (“HDR”) with respect to, participation in the Tournament.
These TT Terms are without prejudice to the terms of service (the “Terms”), affiliate program terms of service, risk disclosure statement and privacy notice, each as amended, modified, supplemented or replaced from time to time.
Capitalised terms used and not defined in these TT Terms shall have the meaning given to them in the Terms.
In these TT Terms:
“Charity Award” means each payment or delivery (and the amount or value thereof) awarded and/or paid by a member of the HDR Group to any person under Section 4 (Charity Awards).
“Exchange Rate” means, in respect of any time, the rate of conversion of USD to XBT according to the .BXBT30M index at that time.
“Leaderboard Position” means, in respect of a Participant, the “Leaderboard Position” for that Participant determined in accordance with Section 3© (Tournament Awards) for the purposes of HDR’s determination of potential Tournament Awards under Section 3(a) (Tournament Awards).
“Non-tournament Account” means an account registered on the Trading Platform that is not disabled or otherwise restricted at any time before the Payout Date.
“Participant” means each Member that participates in the Tournament and satisfies the requirements set out in these TT Terms.
“Participation Period” means, for each Participant, the period from (i) the time at which the balance of the Participant’s Tournament Sub-account exceeded 0.01XBT until (ii) the Tournament End.
“Payout Date” means, in respect of a Participant, the date at which HDR credits any prize award which HDR deems that Participant is eligible to receive as a result of that Participant’s participation in the Tournament, which is currently scheduled to be 22 November 2020. HDR may change the Payout Date, or provide for multiple Payout Dates, in its sole discretion.
“Relevant Group” means, with respect to any person, all persons who are controlled by, control, or are under common control with, that person, or who are otherwise acting in concert with that person, as determined in HDR’s sole discretion.
“Tournament Award” means each prize or payment (and the amount thereof) awarded and/or paid by HDR to a Participant in respect of the Tournament.
“Tournament End” means 00:00 UTC on 13 November 2020.
“Tournament Start” means 00:00 UTC on 16 October 2020.
“Tournament Sub-account” means a sub-account of a Non-tournament Account created by a Member in accordance with the instructions set out at Tournament Instructions.
Whether any person is eligible to participate in the Tournament and/or receive any Tournament Awards will be determined by HDR in HDR’s sole discretion. Without prejudice to the foregoing, in order to participate in the Tournament, you must:
At all times have complied and continue to comply with the Terms in all respects;
Have registered a Non-tournament Account before the Tournament End;
Have submitted a complete ID verification application in respect of the Non-tournament Account and received confirmation (by email or via the website at bitmex.com/verify) that the submission has been received (please note that this ID verification application need not have been approved in order for a Participant to participate in the Tournament, subject to Section 3 (Tournament Awards) below);
Have created a Tournament Sub-account before the Tournament End;
Have transferred a minimum aggregate amount of 0.01XBT into the relevant Tournament Sub-account before the Tournament End.
Each person (or Relevant Group) shall only be eligible to participate in the Tournament in respect of one Tournament Sub-account. If HDR determines that a person or Relevant Group has registered and attempted to participate in respect of more than one Non-tournament Account, HDR may, in its sole discretion, exclude that person or Relevant Group from the Tournament or elect to consider only the lowest-performing Tournament Sub-account created by that person or any member of the Relevant Group when determining Tournament Awards.
The following persons are excluded from participation in the Tournament: Any officer, employee, contractor, agent, representative of or professional adviser to any member of the HDR Group; and Any family member of any person specified in paragraph (i) above.
Each Participant represents, warrants, acknowledges and agrees at all times during the period from creation of that Participant’s Tournament Sub-account to (and including) the final Payout Date or, if no Payout Date is applicable in respect of that Participant, the end of the Participation Period, that: The Participant is authorised, and has the power and capacity, to participate in the Tournament; According to the laws of each jurisdiction applicable to that Participant’s participation in the Tournament, the Tournament and the Participant’s participation in it are lawful in all respects; Participation in the Tournament is at the Participant’s own risk and no member of the HDR Group shall be liable for any damage or harm arising out of the Tournament or that Participant’s participation in it.
All Tournament Awards shall be determined by HDR in its sole discretion, including with respect to the form, amount, value and recipient of each Tournament Award. Without prejudice to the foregoing, HDR intends to credit to the Non-tournament Account of the Participants specified in the table below an amount of XBT (as at the Tournament End and calculated in accordance with the Exchange Rate) equal to the US dollar value specified in the same row in the table below:
|Leaderboard Position||USD value of Tournament Award|
|3 - 10 (inclusive)||100,000|
|11 - 100 (inclusive)||10,000|
|101 - 1000 (inclusive)||1,000|
HDR intends to credit the relevant Tournament Award on the Payout Date.
No Tournament Award will be paid to a Participant who has not had an ID verification application confirmed as approved by HDR (or one of its representatives), acting in its sole discretion, in respect of the relevant Non-tournament Account before the Tournament End.
Each Participant’s “Leaderboard Position” will be determined by HDR in its sole discretion. Without prejudice to the foregoing, HDR intends to apply the following formula as a guideline for ranking all Participants in descending order of “Return on Equity”:
Return on Equity = Final Balance / Transfer In
Final Balance means, in respect of a Participant, the sum of:
(A) the XBT wallet balance of the Participant’s Tournament Sub-account as at the Tournament End (excluding (i) any amounts accrued or realised prior to the start of that Participant’s Participation Period other than any Transfer In and (ii) any unrealised gains and/or losses as at the Tournament End); plus
(B) the aggregate total of all amounts transferred out of that Participant’s Tournament Sub-account from creation of that Tournament Sub-account until the Tournament End; and
“Transfer In” means the aggregate amount in XBT transferred into the Participant’s Tournament Sub-account from creation of that Tournament Sub-account until the Tournament End (without, for the avoidance of doubt, any deduction for any transfer out, withdrawal, fee payment, settlement, losses, or any other deductions).
In the event of a tie between two or more Participants with equal Return on Equity at the Tournament End (each such group of Participants, a “Tied Group”), HDR intends to aggregate the Tournament Awards proposed for each Leaderboard Position occupied by the Tied Group and divide the amount equally among the Participants in the Tied Group.
HDR may in its sole discretion award any prizes (in any form or amount, of any value, and at any time, that it chooses) to any Participant in addition to the Tournament Awards described in this Section.
The right to receive any Tournament Award that HDR has determined is payable is personal to the relevant Participant and cannot be assigned or otherwise transferred.
HDR reserves the right to substitute any Tournament Award with an alternative Tournament Award of its choosing at any time prior to payment or delivery, as applicable.
HDR intends to pay a “Charity Award” to a charitable organisation equal to each Tournament Award paid to a Participant in accordance with the table set out in Section 3(a) (Tournament Awards). The payment or delivery of any Charitable Award shall be determined by HDR in its sole discretion. Without prejudice to the foregoing, HDR intends to pay the corresponding Charity Award to a charitable organisation selected by: each Participant in Leaderboard Position 1 to 10 (inclusive) from a list provided by HDR for this purpose, and each such Participant shall notify HDR of the relevant selection prior to the Payout Date of any Tournament Award for which that Participant may be eligible; and HDR, in respect of the corresponding Charity Awards for Tournament Awards that may be payable in respect of Leaderboard positions 11 to 1000 (inclusive).
Any Charity Award paid or delivered by HDR Group to any person under this Section is a payment by the relevant HDR Group person to the relevant person and is independent of any Tournament Award. No Charity Award shall be considered to be paid or delivered to or on behalf of any Participant.
Each Participant agrees to appear on a leaderboard made available by HDR, including by any pseudonym or alias selected by the Participant or HDR, at HDR’s discretion. The leaderboard will indicate the then current Leaderboard Position of each Participant. The content, order, function and operation of the leaderboard shall be determined by HDR in its sole discretion.
Except to the extent prohibited by Applicable Laws, each Participant grants HDR Group the right to use the Participant’s pseudonym or alias (as selected by the Participant or HDR), and other information with respect to the Participant’s Tournament Sub-account, in each case as chosen by HDR’s acting in its sole discretion, for the purposes of selecting and broadcasting winners and for advertising and promotional purposes for the Tournament and similar competitions, tournaments or other initiatives, worldwide, and in perpetuity, in any and all forms of media, now known or hereafter devised without additional compensation, review or approval rights, notification or permission.
This Section is without prejudice to HDR’s privacy notice with respect to personal identifying information.
Each Participant shall be fully responsible for any tax and any other liability, assessment or claim arising from or made in connection with participation in the Tournament, including (without limitation) the receipt by that Participant of any Tournament Award.
All calculations made by any member of the HDR Group are final.
You acknowledge, agree and understand that no aspect of the Tournament amounts to investment advice or any marketing, or promotion or offer of any product or investment to you or any third party. You are solely responsible for any losses, damages or costs resulting from your reliance on any data or information that the HDR Group may provide in connection with the Tournament or your participation in it. You will make your own independent decision whether or not to participate in the Tournament.
To the maximum extent permitted under Applicable Law, any product, service, Trading Platform performance or functionality, or other item provided by or on behalf of the HDR Group are provided on an “as is” and “as available” basis and the HDR Group expressly disclaims, and you waive, any and all other warranties of any kind, whether express or implied, including implied warranties of merchantability, fitness for a particular purpose, title or non-infringement or warranties arising from course of performance, course of dealing or usage in trade. Without limiting the foregoing, the HDR Group does not represent or warrant that any aspect of the Tournament, Trading Platform performance or functionality, or delivery of any services or products in connection with the Tournament will be accurate, complete, reliable, current or error-free, or free of viruses or other harmful components.
By entering the Tournament, each Participant waives all rights, in respect of any claim against the HDR Group, to claim punitive, incidental or consequential damages, attorneys’ fees or any damages other than actual out-of-pocket costs incurred to enter the Tournament (but not including any costs associated with trading activity, to the extent applicable). Each Participant hereby releases HDR Group from any and all liability, of whatever nature, associated with the Tournament, including, without limitation, with respect to Tournament Awards and/or Charity Awards.
Any attempt by any Participant, or any other person, to undermine the operation of the Tournament may be in violation of criminal and civil laws. HDR reserves the right to seek any applicable remedy, including damages (and recovery of any relevant expenses, including attorneys’ fees) from any such person to the fullest extent permitted by law.
Any failure or delay by any member of the HDR Group to enforce any of the TT Terms or exercise any right under the TT Terms will not be construed as a waiver to any extent of any such rights.
Should any provision of these TT Terms be held to be void, invalid, unenforceable or illegal by a court, the validity and enforceability of the other provisions shall not be affected. If any provision is determined to be unenforceable, you agree to an amendment by HDR of such provision to provide for enforcement of the provisions’ intent, to the extent permitted by applicable law.
These terms were prepared in the English language and the English language version shall prevail in the event of any conflict, discrepancy or ambiguity between translations.
These TT Terms and any non-contractual obligations arising out of or in connection with them are governed by and construed in accordance with English law.
Subject to the Applicable Law of your jurisdiction, the courts of England have exclusive jurisdiction to settle any dispute arising from or connected with these TT Terms (including a dispute relating to the existence, validity or termination of these TT Terms or the consequences of their nullity or any non-contractual obligation arising out of or in connection with these TT Terms).