Definition of illegal trade and disposal programs

Dear users,

VOOX has always adhered to the principle of “user first”, to continuously optimize the product experience and provide users with high-quality activities. While the platform's risk control rules have been progressively improved, some users have recently been found with malicious wash trading acts, and some users have been maliciously obtaining bonuses and vouchers by participating in the platform's activities, which seriously affects the normal transactions of other users. In order to maintain the fair and just operation order of the exchange, create a healthy and sustainable market environment, our platform has recently dealt with a number of users who have displayed malicious behavior. For the purpose of preventing the recurrence of such problems, we hereby disclose the exact definition of illegal trading behavior:

1. The number of transactions per day for a single UID ≥ 200 (open or close a position counts as 1), will be defined as [high-frequency wash trading].
2. The number of daily positions of a single UID ≥ 100, will be defined as [high-frequency wash trading].
3. The number of positions per day for a single UID ≥ 50, and the number of positions with a holding time < 5 minutes accounts for over 70% of the total positions, will be defined as [high-frequency wash trading].
4. If the number of positions per day for a single UID ≥50, and the value of positions held < 5 minutes accounts for over 50% of the total position value, will be defined as [high-frequency wash trading].
5. If ≥20 orders are placed within one hour, and the time interval between adjacent orders is less than 2 minutes, will be defined as [high-frequency wash trading].
6. The agent account rebates commission to its associated account or transfers commission to other accounts, will be deemed to be wash trading.
7. If there are multiple linked account trades or simultaneous open long and short (hedging transactions) and other behaviors, they will be deemed to be wash trading.
8. Multiple accounts with the same IP, device, or high similarity in trading behavior, or with funds linked, will be considered as bulk registered accounts for wash trading.
9. Activities such as self-buying and self-selling, controlling order books, or engaging in arbitrage on spot or futures prices will be considered market manipulation and will be subject to the strictest penalties.

A good trading environment needs to be maintained by all users, and our platform will formulate appropriate penalties for different violation degrees of the wash trading acts.
Mild violation: E-mail warning
Moderate violation: Deduct the full commission of the day
Severe violation: Deduct the full commission of the day, deduct illegal profits
Serious violation: Deduct the full commission of the day, deduct illegal profits, reduce the rebate percentage
Numerous serious violations: Deduct the full commission of the day, deduct illegal profits, clear out assets and cancel accounts

For accounts with violations, trading and withdrawals are still possible in normal situations, the commissions and profits generated from illegal trading will be deducted. Our platform always reserves the right to take stricter action against accounts with serious infractions.
*NOTE: Due to the endless emergence of malicious users and their increasingly sophisticated operational techniques, the specific number of daily transactions, positions, funds amount, etc. listed above is only one of the reference standards. The platform risk control system will monitor and identify users based on their transaction behavior data automatically, and the platform has the final right to interpret the definition of high-frequency wash trading. If you have any questions about the handling of illegal accounts, please feel free to contact online customer service.

VOOX Team