Terms of Service (Jul 21, 2023)
※Note: The translations provided are for reference purposes only. In the event of any discrepancy, the original Korean text of the Terms and Conditions shall prevail.
Article 1: Purpose
These Terms and Conditions aim to regulate the rights, obligations, and responsibilities between Fingerlabs Corporation (hereinafter referred to as the "Company") and the members who subscribe to and utilize the digital asset wallet service, FAVORLET (hereinafter referred to as the "Service") provided by the Company.
Article 2: Definitions
The definitions of terms used in these Terms and Conditions are as follows:
2.1. Service: Refers to FAVORLET, including all related services provided by the Company, which can be accessed and utilized by members through various mobile devices, smartphones, and other wireless devices and programs.
2.2. Member: Refers to an individual who enters into a service agreement according to these Terms and Conditions and utilizes the services provided by the Company.
2.3. Account: Refers to the account created for member identification purposes after the member agrees to these Terms and Conditions and the Company's request for the collection and use of personal information. It consists of a wallet address and wallet name.
2.4. Wallet Address: Refers to the unique identification address existing in the blockchain, used to record the changes in digital assets between members within the Service.
2.5. Wallet Name: Refers to a 10-character identifier (Korean, English, numbers, symbols) that can be set by the user and matches the wallet address.
2.6. PIN: Refers to a six-digit number set by the member, used for verifying the member's identity, protecting member information, and facilitating the transfer, transaction, and signing of digital assets held by the member.
2.7. Recovery Key: The recovery key allows the user to reset the PIN in case of PIN loss, confirming the user's identity.
2.8. Blockchain: Refers to a technology that sequentially connects blocks containing data electronically, resembling a chain, where transaction records are recorded in a ledger that can be accessed by anyone. It is a distributed data storage method that replicates the records to each computer participating in the blockchain network.
2.9. Digital Assets: Refers to any asset on the blockchain, which serves as a means of storing value and facilitating exchange through electronic methods, including but not limited to coins, tokens, and Non-fungible Tokens (NFTs).
2.10. NFT: Non-fungible Token refers to a token with a unique key value. Members can store or use NFTs issued by the Company or third parties within FAVORLET or individual services.
2.11. Private Key: Refers to the unique combination of characters and numbers used for authorizing and signing the transfer of digital assets held by the wallet address.
2.12. Secret Recovery Phrase: Refers to a combination of 12 unique English words provided to the member during account creation, which is used for account recovery in case of loss.
2.13. Network Fees: Refers to the fees incurred when processing digital asset transfer requests on the blockchain network.
Unless otherwise defined in the preceding provisions, the definitions of terms used in these Terms and Conditions shall be based on relevant laws and general practices.
Article 3: Publication and Amendment of the Terms and Conditions
3.1. The Company shall post the contents of these Terms and Conditions on the initial screen of the service or on a connected screen under the "More" section, ensuring that members can access and review them.
3.2. In the event of amendments to these Terms and Conditions, the Company shall notify the members by posting the effective date, the amended content, and the reason for the amendment on the initial screen of the service or on a connected screen under the "More" section at least 7 days prior to the effective date. However, if the amended content is disadvantageous to the members or involves significant changes, the Company shall provide notice at least 30 days prior to the effective date through the same method of notification and also notify the members through the method stated in Article 17, Paragraph 1. In this case, the Company shall clearly indicate the pre-amendment and post-amendment content in a manner that allows members to easily understand the changes.
3.3. When giving notice as mentioned in the preceding paragraph, the Company shall also notify or inform the members that if they do not express their consent or objection to the amended Terms and Conditions, it will be deemed that they have agreed to the amended Terms and Conditions. If the member does not express their objection to the amended Terms and Conditions until the enforcement date of the Terms and Conditions, it will be deemed that they have agreed to the amended Terms and Conditions. However, if a member does not agree to the amended Terms and Conditions, they may terminate the service agreement.
Article 4: Supplementary Provisions
4.1. Matters not stipulated in these Terms and Conditions and the interpretation of these Terms and Conditions shall be governed by the Electronic Commerce Consumer Protection Act, the Act on Regulation of Terms and Conditions, the Personal Information Protection Act, relevant laws, and general commercial practices.
4.2. The Company may establish separate terms of use and operational policies for specific matters and delegate specific matters within the scope defined in these Terms and Conditions in order to apply these Terms and Conditions.
4.3. The Company shall post the content of the separate terms of use and operational policies on the initial screen of the service or on the web page operated by the Company to ensure that members can access and review them.
4.4. In the event of amendments to the separate terms of use and operational policies, the procedures stated in Article 3, Paragraph 2 shall be followed.
Note: The translations provided are for reference purposes only. In the event of any discrepancy, the original Korean text of the Terms and Conditions shall prevail.
Article 5: Conclusion of the Service Agreement
5.1. The service agreement is concluded when an individual (hereinafter referred to as the "applicant") who intends to become a member agrees to the contents of these Terms and Conditions, completes the registration process according to the procedures established by the Company, and the Company approves such application.
5.2. The Company generally approves the applicant's application. However, the Company may reject the application for use in any of the following cases. Furthermore, even after approval, if any of the following reasons are subsequently confirmed, the Company may terminate the service agreement:
If the applicant is under the age of 14.
If the applicant attempts to create an account using another person's online account.
If the applicant has previously lost membership status under these Terms and Conditions.
If the applicant is unable to be approved by the Company due to the applicant's fault or violates other provisions specified in these Terms and Conditions.
If the applicant's use of the service violates the laws of countries other than the Republic of Korea, where the member resides, and constitutes or poses a risk of constituting a violation of such laws.
If the member uses another person's account or provides false information, engages in illegal activities such as money laundering, or engages in activities in violation of laws during the use of the service.
If the applicant violates relevant laws or the criteria set by the Company.
If it is difficult to approve the membership application due to reasons stated in relevant laws, supervisory regulations, guidelines of supervisory authorities, or third-party service terms and conditions.
If the applicant is a national of a country designated as a non-compliant country (high-risk country requiring countermeasures or an enhanced observation country) by the Financial Action Task Force (FATF).
5.3. Members who fraudulently apply for membership by using another person's online account cannot be legally protected.
5.4. The Company may postpone the creation of an account in the following cases:
If the Company's facilities are insufficient or there are technical difficulties.
If there are technical issues related to the provision of services.
If the Company determines that a financial or technical delay is necessary.
5.5. The time of establishment of the service agreement shall be the point at which the Company displays the completion of the account creation process on the application procedure or when the notification under Paragraph 1 reaches the applicant.
5.6. The Company may request real-name verification or self-authentication through a specialized agency within the legally permitted range to verify whether the information provided by the member is accurate and matches their identity.
Article 6: Protection of Personal Information
6.1. The Company makes efforts to protect the personal information of members in accordance with the Personal Information Protection Act, the Act on Promotion of Information and Communication Network Utilization and Information Protection, and other relevant laws. The handling and use of personal information shall be conducted in accordance with relevant laws and the Company's Privacy Policy. However, the Company's privacy policy does not apply to services linked to the Company's services.
6.2. The Company shall not provide a member's personal information to a third party without the member's consent, except in cases where it is requested by relevant national authorities in accordance with related laws, or as otherwise stipulated by law.
6.3. The Company shall not be held responsible for any damages caused by the leakage of personal information due to the member's own fault, unless there is a request from relevant government agencies based on related laws.
Article 7: Management of Member Information
7.1. Members are responsible for the management of their online accounts, PINs, and Recovery keys and must not allow third parties to use them. Members are solely responsible for any consequences arising from the use of their online accounts, PINs, Recovery keys, or unauthorized usage, and the Company shall not be held responsible. However, this shall not apply in cases of intentional or negligent acts by the Company.
7.2. If a member becomes aware that their online account, PIN, or Recovery key has been stolen or used by a third party, they must immediately notify the Company and follow the Company's instructions. The Company may take immediate action, such as suspending the use of the account, based on the notification.
7.3. If a member fails to notify the Company of the situation described in the preceding paragraph or fails to follow the Company's instructions despite notification, the Company shall not be held responsible for any resulting disadvantages.
7.4. The Company does not separately store, manage, or save a member's online account, PIN, or Recovery key. Therefore, members are advised to ensure the confirmation, backup, and management of their online accounts and PINs in a personal cloud before deleting the service.
7.5. The online account and PIN are required when reinstalling the FAVORLET app or using the FAVORLET web service on a different device. They are also required when performing token transfers or using features that require PIN input for user verification.
Article 8: Company's Obligations
8.1. The Company shall faithfully exercise the rights and fulfill the obligations stipulated by relevant laws and these Terms and Conditions in good faith. The Company shall not engage in acts prohibited by relevant laws or contrary to public morals and shall make every effort to provide the service continuously and stably.
8.2. The Company shall take measures to ensure the security of personal information for the protection of member privacy and shall publicly announce and comply with its privacy policy. The Company shall ensure that members' personal information is not disclosed or provided to third parties, except as stipulated in these Terms and Conditions and the privacy policy.
8.3. If opinions or complaints raised by members regarding service usage are deemed valid, the Company shall promptly address them. The Company shall utilize bulletin boards or the methods stated in Article 17, Paragraph 1 to communicate with members and provide them with information regarding the handling process and results of their opinions or complaints.
8.4. In the event of equipment failure or loss or damage of data during service improvement, unless due to force majeure, emergency situations, unresolvable defects, or unavoidable circumstances, the Company shall make every effort to repair or restore them without delay to ensure continuous and stable service provision.
Article 9: Member’s Obligations
9.1. Members shall not engage in the following activities:
Unauthorized use of others' information.
Impersonating Company employees or administrators, or using someone else's name to post content or send emails.
Unauthorized modification of information posted by the Company.
Intentionally transmitting, posting, distributing, or using viruses, computer codes, files, programs, or other materials designed to interfere with or destroy the normal operation of computer software, hardware, or electronic communication equipment, unless prohibited by law.
Infringing upon the copyrights or intellectual property rights of the Company, third parties, or any other entity.
Damaging the reputation of the Company or third parties, or obstructing their business operations.
Disclosing or posting obscene, violent, or otherwise inappropriate information, images, sounds, or any content contrary to public order and morals on the Company's services.
Unauthorized use of the Company's services for profit, business, advertising, promotion, political activities, election campaigns, or any other purposes unrelated to the original intent of the services, without prior consent from the Company.
Unauthorized reproduction, distribution, facilitation, or commercial use of information obtained through the Company's services, as well as exploiting known or unknown bugs to use the services.
Unauthorized access to the services through means such as agents, scripts, spiders, spyware, toolbars, or other automated methods or illegitimate means, generating or increasing exposure or click counts in an improper manner, or causing excessive load on the Company's servers.
Modifying the services or adding/inserting other programs to the services without prior authorization, hacking or reverse-engineering the servers, distributing malicious programs, exceeding access permissions, leaking or modifying source code or service data, establishing separate servers, arbitrarily changing or imitating parts of websites to impersonate the Company.
Unauthorized collection, storage, posting, or distribution of other members' personal information and account information.
Deceiving others for personal gain, causing harm to others related to the use of Company services.
Disrupting the sound trading order by manipulating digital asset prices or engaging in other methods that unreasonably influence market prices.
Violating current laws, the provisions of these Terms and Conditions, or the Company's operational policies.
Engaging in any other illegal or unfair activities.
9.2. Members shall comply with relevant laws, the provisions of these Terms and Conditions, and any notifications from the Company. They shall refrain from engaging in any activities that hinder the Company's business operations.
Article 10: Ownership of Rights
10.1. Copyrights and intellectual property rights to the content within the services created by the Company shall belong to the Company.
10.2. Members shall not replicate, transmit, publish, distribute, broadcast, or exploit for commercial purposes, or allow third parties to use, the information with intellectual property rights belonging to the Company, obtained through the use of the services, without prior consent from the Company.
10.3. The Company grants members the right to use the accounts in accordance with the terms and conditions set by the Company for the services. Members are not permitted to transfer, sell, or provide the accounts as collateral or engage in any other acts of disposal.
Article 11: Provision of Services
11.1. The Company provides the following services to members either independently or in cooperation with other companies:
Provision of digital asset wallets
Storage, verification, and transmission of digital assets
Approval and signing of various transaction requests related to the services and affiliated companies
Any other services provided by the Company, developed by the Company, or provided to members through affiliated companies
11.2. Services are provided 24 hours a day, year-round, as a general principle.
11.3. The Company may change or terminate all or part of the services mentioned in the preceding clause. In such cases, the Company will notify members in advance of the reasons and timing of such changes or termination through the initial service screen or notice board, in accordance with the method specified in Article 17, Paragraph 1. However, in cases where the Company is unable to provide prior notice due to unavoidable reasons, it may provide notice afterwards.
11.4. The Company may conduct regular inspections if necessary for the provision of services, and the timing of regular inspections will be announced on the service provision screen. In addition, during regular inspections, there may be restrictions on the use of all or part of the services, and the Company shall not be held liable for any damages incurred unless it is due to intentional or gross negligence on the part of the Company.
11.5. Network fees may be incurred when transferring digital assets and executing smart contracts.
11.6. The Company may obtain current market price information for the digital assets held by members from third-party exchanges and market data providers for display. However, the current market price information may be subject to errors depending on the time of access and network conditions, and the Company shall not be held responsible for any incidents or losses resulting from reliance on such market price information.
Article 12: Changes to the Services
12.1. The Company may make changes to the content, operational aspects, and technical aspects of the services for the purpose of providing stable services.
12.2. In the event of changes to the content, method of use, or operating hours of the services, the Company will notify users of the reasons for the changes, the content of the modified content services, and the date of implementation before the changes are made through the initial service screen or notices within the Company's operated application. However, in cases where there is a need for unavoidable changes such as bug fixes, error corrections, or urgent updates, or when the changes are not considered significant, the Company may provide notice after the changes have been made.
Article 13: Maintenance and Suspension of the Services
13.1. The provision of the services will generally be available 24 hours a day, 365 days a year, unless there are special operational or technical difficulties for the Company. However, the Company may conduct regular maintenance checks as necessary, and the maintenance schedule will be announced on the initial service screen.
13.2. Notwithstanding the previous clause, the Company may temporarily suspend all or part of the services in the following cases. In such cases, the Company will notify users of the reasons and duration of the suspension through the initial service screen or the method prescribed in Article 17, Clause 1. However, in cases where the Company cannot provide prior notice due to unavoidable circumstances, it may provide notice after the suspension has occurred.
System maintenance checks, server expansion or replacement, network instability, equipment failure or repair of service facilities, or other unavoidable circumstances related to system operations.
Power outages, equipment failure, service congestion, telecommunication service provider's equipment repair or inspection, or other circumstances that make it impossible to provide normal services.
Disruption of transactions or financial institution failures.
Suspension of services by third-party providers, such as affiliated companies.
Force majeure events, including but not limited to war, revolution, natural disasters, or other circumstances beyond the Company's control.
In the event of significant operational difficulties, such as the termination of business due to business transfers, divisions, mergers, expiration of contracts with affiliated companies, or significant deterioration of the profitability of the services, the Company may discontinue all or part of the services. In such cases, the Company will notify users of the discontinuation date, reasons for discontinuation, and methods for transferring users' digital assets in accordance with the method prescribed in Article 17, Clause 1, at least 30 days prior to the discontinuation date.
Article 14: Use of Digital Assets
14.1. Users may transfer digital assets to FAVORLET through external wallets at any time.
14.2. The quantity of transfers made by the Company in response to a user's transfer request is limited to the user's available balance of digital assets. Network fees will be separately charged for transfers.
14.3. Users are responsible for the accuracy of the external wallet address provided. The Company shall not be held responsible for sending digital assets to an incorrectly provided external wallet address by the user.
14.4. The Company shall not be responsible for sending unsupported digital assets between wallets or networks. Users should exercise caution when using the service.
14.5. If the Company determines that a user's transfer request or other activity is suspected of being involved in money laundering, financing of terrorism, or transactions subject to reporting obligations under applicable financial transaction laws, the Company may suspend the service. In such cases, the Company shall not be liable for any loss or damages incurred by the user who requested the transfer.
14.6. Unless there is willful misconduct or negligence on the part of the Company, the Company shall not assume any liability.
14.7. The Company may add or remove individual digital assets that users can access through the service due to reasons such as inherent defects in the digital assets, the bankruptcy or dissolution of major partner companies, unavoidable service interruptions, relevant laws, government policies, or similar reasons. The Company shall provide prior notice of the addition or removal of digital assets through the initial service screen or notice board and notify users in accordance with the method prescribed in Article 17, Clause 1.
14.8. Users may be granted digital assets by the Company according to the standards and discretion set by the Company through the use of the service and affiliated services. However, such standards and conditions may be subject to change depending on the Company's operational situation or the nature of the conditions. Users can view the digital assets received from the Company through the service and engage in transactions with other users within the service.
14.9. Some digital assets may be restricted from being transferred to external wallets.
Article 15: Restriction of Use
15.1. The Company may restrict the use of the service, permanently suspend the use, or terminate the user agreement while also requesting corrective actions in the following cases:
When a user violates the obligations of users under Article 9.
In the case of five consecutive PIN errors.
When hacking or fraud incidents occur.
When the provision of services to the Company's users is discontinued due to a court decision, ruling, order, and/or cooperation with investigative agencies, or when a government agency requests service restrictions under relevant laws.
When there is a reasonable suspicion or involvement in market manipulation, money laundering, unfair trading, criminal activities, or any other suspicious activities.
When a user registered as a member is confirmed to be under 14 years of age.
In cases where there are significant circumstances that reasonably suggest fraudulent activities, such as refusing to verify error information during transactions.
In other cases where the administrator determines that it significantly disrupts the normal provision of services.
15.2. In cases where the use of the service is restricted according to the above, the following measures, including the content of Article 11, Clause 1, may be applied concurrently:
Restriction on member's service login and use.
Restriction on the use and access to the member's held digital assets.
15.3. In the event of restricting the use of the service under this article, the Company shall provide prior notice to the member in accordance with the method prescribed in Article 17, Clause 1, including the following:
Reason for the restriction of use.
Type and duration of the restriction.
Method of filing an objection to the restriction.
However, in urgent situations where immediate action is required, the notice may be provided after the fact.
15.4. Members may file an objection to the restriction of use through the customer center. If the objection is deemed valid by the Company, the Company will promptly resume the service.
Article 16: Termination of User Agreement
16.1. A member may request the termination of the service user agreement at any time by following the procedures set by the Company for withdrawal through the login information or customer center. Regarding the destruction of personal information upon member withdrawal, the Company shall follow its privacy policy.
16.2. If a member violates the obligations of users under Article 9 of these Terms and Conditions or falls under the grounds for use restriction as stipulated in Article 15, and despite the Company's request for corrective actions in accordance with Article 15, Clause 1, the member fails to rectify the situation within a reasonable period or repeatedly commits the same violation more than twice, the Company may terminate the user agreement.
16.3. In the event of terminating the user agreement in accordance with this article, the Company shall notify the member in accordance with the method prescribed in Article 17, Clause 1.
16.4. Upon completion of the termination of the user agreement, all information except for the information that the Company must retain according to applicable laws and its privacy policy will be deleted.
Article 17: Notice to Members
7.1. In the event that the Company needs to notify a member, unless otherwise specified in these terms and conditions, the Company may do so via the email address provided by the member or through notifications within the service.
7.2. If the Company needs to make a general announcement to all members, the Company may prioritize the announcement by posting it on banners or pop-ups within the service for a period of at least 7 days, in lieu of the aforementioned notification methods.
Article 18: Limitation of Liability
8.1. The Company shall not be liable for any damages incurred by members in the following cases, unless such damages are caused intentionally or by gross negligence of the Company:
Inability to provide the service due to force majeure events or national emergencies of equivalent nature.
Inability to use the service due to compliance with administrative orders, sanctions, or legal measures imposed by government authorities.
Service disruptions or failures caused by external system defects or user-caused issues beyond the Company's control.
Service disruptions caused by communication service providers, including telecommunications operators, as stipulated under the Telecommunications Business Act.
Server failures caused by momentary increases in service access or related factors.
Inaccurate, false, or incomplete information, data, or facts posted by members in relation to the service.
Lack of specific regulations in relevant laws concerning the use of free services.
Transactions or dealings between members or between members and third parties mediated through the service.
Damages incurred by deposits of digital assets to wallet addresses that have been terminated (through member withdrawal).
Issues arising from the lack of prior agreement or contract between the Company and partner companies or situations that go beyond the scope of such agreements/contracts.
Damages caused by service restrictions and suspensions due to measures taken in accordance with the terms and conditions.
Transfers of specific blockchain-based tokens to other blockchain wallets or vice versa.
Digital asset transactions resulting from the theft or loss of a member's online account and PIN.
8.2. The Company shall not be responsible for any failure of members to obtain expected benefits or losses incurred in connection with the use of the service.
8.3. The Company does not provide any direct or indirect warranties or guarantees, except as expressly stated in these terms and conditions and to the extent permitted by applicable law. Furthermore, the Company does not guarantee the value of any digital assets.
Article 19: Compensation for Damages
19.1. If a member suffers damages due to the Company's culpable actions, the Company's liability for compensation includes ordinary damages as defined in the Civil Code, and in cases of special circumstances, the Company shall be liable for compensation only when it was aware of or could have been aware of such circumstances.
19.2. Notwithstanding the preceding paragraph, the member may be held fully or partially responsible for the following:
Inability to provide the service due to force majeure events or national emergencies of equivalent nature.
Failure to immediately notify the Company of the cause or fact of damages, despite being aware of them.
Disclosure of wallet-related account and transaction information to third parties or enabling the use of the wallet through the member's intentional or negligent actions.
In other cases where the member's intentional or negligent actions contribute to the occurrence of damages.
19.3. The Company shall not be liable for damages incurred by members due to reasons beyond the Company's control.
19.4. If the information provided by the member to the Company is found to be untrue, the Company may suspend the provision of the service at any time and terminate the entire or partial agreement in accordance with these terms and conditions. In such cases, if the Company suffers any damages as a result, the member may be held liable for compensating the Company.
19.5. If a member intentionally or negligently causes damages to the Company by disrupting the operation of the Company's services or related systems, violating laws, these terms and conditions, or social order, the member shall be liable for compensating the Company for all damages incurred.
Article 20: Governing Law and Jurisdiction
20.1. The laws of the Republic of Korea shall govern any disputes between the Company and its members.
20.2. The jurisdiction of the court for any disputes between the Company and its members shall be determined by mutual agreement between the parties. In the absence of such agreement, the court shall be determined in accordance with the Civil Procedure Act.
Addendum:
This agreement shall come into effect on July 21, 2023.
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