By using the Stake feature, you declare that you have read, understood and accepted these Paribu Stake Terms and Conditions (the “Stake Terms and Conditions”).
Stake is suitable for investors who have knowledge and/or experience regarding crypto assets. Stake is subject to specific risks and restrictions, such as locking periods, etc. For this reason, please make sure that you carefully read and understand these Stake Terms and Conditions.
Paribu Kripto Varlık Alım Satım Platformu A.Ş. (“Paribu”) offers its customers a service (“Stake”) of locking, for a certain period, crypto assets recorded on a distributed ledger or based on similar technology, or other assets such as currencies and precious metals, and obtaining yields in return. The Stake Terms and Conditions set forth the terms and conditions regarding the access of customers (the “Customer” or “you”) or their authorised representatives to Paribu's Stake services, their use, conditions of participation, procedures and conditions.
The Stake Terms and Conditions constitute an annex to and an integral part of the Framework Agreement signed between the Customer and Paribu. Paribu reserves the right to amend and update the Stake Terms and Conditions at any time and notifies the Customer of such changes through registered means of communication.
Before participating in Stake, you are advised to carefully read the entire content of the Stake Terms and Conditions. By accessing and using our website and mobile application, you declare that you have READ, UNDERSTOOD, APPROVED and ACCEPTED all terms and provisions that have entered into force and that are legally binding.
Stake can only be performed for crypto assets, permitted currencies (TRY) or precious metals that are permitted by Paribu and accessible through our mobile application and website. The Customer may benefit from the Stake service by locking the permitted crypto assets, currencies and precious metals in accordance with the minimum and maximum yield amounts, by selecting one of the pools determined according to duration, reward and criteria that may be set by Paribu from time to time. The Customer acknowledges and declares that they may benefit from the Stake service within the framework of the rules and restrictions set for each pool. Data such as the earnings percentage and estimated earnings will be shared for each transaction, and the Customer accepts that these are shared for informational purposes only.
You can view all your locked assets on the Paribu mobile application and website. If an active Stake is cancelled before the committed locking period, you will not be entitled to any earnings and only the principal amount you locked will be sent to your account.
The locking transaction can be cancelled in full; cancelling a portion of the value of the relevant crypto asset, currency or precious metal while keeping the remaining portion locked is not possible. No yield is earned as a result of a cancelled locking service.
Paribu may, at its own discretion, prefer to lock crypto assets on a specific blockchain (“On-chain Locking”), in which case the Customer's crypto asset may be transferred to the relevant address in the name and on behalf of the user. In cases where On-chain Locking is performed, the Customer cannot make any transaction for the relevant crypto asset throughout the period they have committed to. Paribu may, at its own discretion, enable locking outside a specific blockchain (“Off-chain Locking”) to be performed. The Customer acknowledges and declares that, in this case, they will have irrevocably waived their right of disposition over the relevant crypto asset and/or value throughout the committed period.
Paribu has the authority to unilaterally determine the crypto assets and other values to be included in the Stake service, as well as the rules and restrictions concerning benefiting from the said service.
Paribu provides the yields of the assets locked by the Customer to the Customer under the conditions previously declared. If the yields arising from the said locking transaction exceed the declared estimated yield, Paribu reserves the right not to distribute the excess portion to the relevant Customer. Paribu takes the necessary measures so that this does not create a conflict of interest.
If Paribu becomes aware of any risk, including security threats and forks, it reserves the right to suspend the provision of the Stake service or reject new transaction requests until the said risk is resolved. Paribu will not be liable for any loss or damage arising from such suspension or transaction rejection for the said reasons.
Paribu also reserves the right to amend, suspend or stop the Stake services at any time, with or without notice to the Customer, due to necessary operational or technical maintenance, and/or to change the technical means of how the assets subject to Stake are kept. Paribu will not be liable to the Customer or any third party in case it exercises this right.
Paribu performs the Customer's instruction regarding the relevant pool in which the Customer wishes to use the Stake service to the extent that it is operationally and technically possible and permitted within the rules and procedures of the specific distributed ledger protocol, and also to the extent that it complies with applicable laws and regulations, the Framework Agreement and the provisions herein, and Paribu's internal rules and policies.
The Customer is aware that the assets they make subject to Stake will be subject to the locking periods specified for the relevant pool. Therefore, no yield is earned if the locked asset is withdrawn or made subject to another transaction before the committed period.
Paribu has no influence over the locking periods defined by the distributed ledger protocol that is subject to an Stake transaction, and therefore disclaims any liability for damages that may arise from the said situations.
If the Customer locks crypto assets in accordance with the duration, yield and criteria that may be set by Paribu from time to time in the pool of their choice, and in accordance with these Stake Terms and Conditions, they will be entitled to a crypto asset yield paid in the form of transaction fees. Data such as the earnings percentage and estimated earnings will be shared for each transaction, and the Customer accepts that these are shared for informational purposes only.
The amount of yields earned during the provision of the Stake services depends on various factors that are internal and/or external to the protocol and may change over time. Since the payment of yields may depend on factors defined by the distributed ledger protocol beyond Paribu's control, the Customer acknowledges, declares and undertakes that the payment of yields cannot be guaranteed and that Paribu is therefore not under any obligation to make any payment to the Customer.
If the Customer becomes entitled to a yield, Paribu will, taking operational diligence and efficiency into account, credit the yields to the Customer's account within a reasonable period of time.
Within the scope of the Loyalty program implemented by Paribu, you can benefit from advantages and yields specific to you under the Stake service.
Paribu reserves the right to receive a service fee in return for the Stake service in the form of a percentage of the yield earned by the Customer or any other calculation-specific form. The Customer acknowledges, declares and undertakes that they have accepted this provision. Invoicing the said service fee in fiat currencies or in crypto assets is entirely at Paribu's discretion.
The Stake services contain certain specific risks in addition to the general risks specific to crypto assets that are described in detail in the Risk Disclosure Form on Paribu's website. Such risks may arise as unexpected variations or combinations of the risks set forth in these Stake Terms and Conditions or as other risks. The Customer acknowledges and confirms all such risks associated with the Stake service used and, by accepting these Stake Terms and Conditions, fully and completely assumes any and all such risks, including but not limited to the risks set forth in this Article.
Legal and Regulatory Risk It may be subject to changes through legal regulations published by the Capital Markets Board after the date of signing of these Stake Terms and Conditions, and the Stake services may be partially or completely prevented, and new rules and conditions may be set for access to these services.
Restrictive Disposition Risks Attachment or other judicial or administrative measures may be applied by legal authorities or other competent institutions in respect of any crypto asset or other value made subject to Stake. In this case, you may be unable to withdraw the crypto asset to your account and you may face the risk of being partially or completely unable to benefit from Stake, depending on the scope of the imposed measure.
Technical Risk The functioning of the Stake protocol and/or the transfer of yields depends on network protocols beyond Paribu's control. The underlying network protocol may contain coding errors or may not function as intended. The network protocol may be modified and upgraded without Paribu's intervention. Updates to the network protocol may have unintended adverse effects on the use of Stake services and crypto assets. Updates may change the way network protocols operate and therefore the way the Stake protocol and consequently the Stake services operate. In addition, the network protocol may split (hard fork), which may have an effect on the price performance of a crypto asset and may lead to the partial or complete loss of crypto assets and/or yields made subject to Stake. In addition to the risk of crypto assets being 'slashed' due to the malicious behaviour of the validator node, automatic penalties may also be applied if the validator goes offline due to technical issues. Any malfunction, unintended function or unexpected operation that may occur in the protocols and/or 'staking assets' networks may consequently cause the Stake services to malfunction or operate in an unexpected or unintended manner. Hackers and other groups or organisations may attempt to interfere with the protocols, the Stake services and crypto assets made subject to Stake through numerous methods, including but not limited to denial of service attacks, sybil attacks, spoofing, smurfing, malware attacks or consensus-based attacks. Furthermore, if the protocols, other smart contracts or components are released as open source software, hackers or other persons may discover and exploit intentional or unintentional errors or weaknesses that may adversely affect the Stake services, the network protocol or crypto assets. In all such cases and beyond, the Customer's crypto assets, particularly the yields, may be subject to expropriation and/or theft.
Market Risk Crypto assets made subject to Stake also continue to carry existing market risks. In the event of a significant decrease in the price of the relevant crypto asset, the value of the crypto assets may decrease even if there are good yields.
The Customer acknowledges and confirms that Paribu does not provide any warranty or undertaking that any yield will be obtained. Data to be shared for each transaction, such as the earnings percentage and estimated earnings, are estimates and do not constitute any kind of warranty, undertaking or representation. Paribu does not provide any representation, undertaking or warranty that any particular crypto asset will continuously be available for Stake. Paribu has the right to initiate or terminate the Stake services for any crypto asset, or to amend the Stake Terms and Conditions entirely at its own discretion. Paribu makes its best efforts to ensure that the Stake services are continuously accessible. Nevertheless, Paribu cannot provide any warranty or undertaking for the uninterrupted or error-free operation of the Stake services. The Customer acknowledges and declares that, in the event of such interruptions, the crypto assets made subject to Stake carry the risk of not being able to obtain any yield.
Paribu's liability towards the Customer is limited to the performance of its services and contractual duties in accordance with the standard of care customary in market standards or as set forth in these Stake Terms and Conditions and/or the Framework Agreement. Paribu has no liability for any damage suffered in cases where Paribu has not breached the relevant duty of care. In the event that damage occurs due to Paribu's breach of the relevant duty of care, Paribu will only be liable for direct damages caused by wilful misconduct or gross negligence. Paribu has no liability for indirect or incidental losses (including loss of profit or loss of revenue, etc.). Paribu is not liable for any damage arising from events beyond its sphere of influence or from the materialisation of risks, and is also not liable for any damage caused or aggravated by the Customer, particularly any damage arising from the Customer's failure to take measures to prevent, mitigate or reduce any damage.
In matters not regulated in these Stake Terms and Conditions, the provisions of the Framework Agreement signed between Paribu and the Customer will apply and take effect.