Disclosure of Information and Risks Relating to Asset Custody

Disclosure of Information and Risks Relating to Asset Custody

Waan Exchange Co., Ltd. hereby notifies all customers of the terms and conditions relating to the custody of assets, as well as the risks that may arise from maintaining assets with a digital asset business operator, including recommended risk-management practices, stated below.

1. Digital Asset Custody for Customer 

A digital asset business operator is not a financial institution pursuant to the Deposit Protection laws, any deposit of fiat or digital assets with a digital asset business operator is not protected by the Deposit Protection laws. Consequently, in the event of any loss or damage to a customer’s assets held by a digital asset business operator, the customer may not be able to withdraw such assets in the full amount immediately.

2. Assessment of the Financial Status of the Digital Asset Business Operator

Customers may review the financial statement of a digital asset business operator which has been disclosed on the official website.
(Reference: https://support.waanx.com/en/support/solutions/folders/1070000223544 )

Customers should also consider additional information prior to using any service, including but not limited to the quality of service provided and the procedures for handling complaints.

(Reference: https://www.waanx.com/en/report)

3. Customer Risk Management

Customers should manage the risks in relation to digital asset safekeeping by maintaining with the digital asset business operator only the amount necessary for usage. Any remaining assets not required for transactional purposes may be kept in the customer’s personal digital asset wallet. Prior to transacting, customers should study how to use each type of digital asset wallet, as well as how to keep or store the private key or password, etc.

4. Custody of Digital Assets with Third-Party Service Providers

The digital asset business operator maintains custody of certain digital assets with the following third-party custodian:

Service Provider: Copper Markets (Switzerland) AG

Jurisdiction of Incorporation: Switzerland

Regulatory Oversight: 

- Regulator : The Swiss Financial Market Supervisory Authority (FINMA) 

- License : A member of the Verein zur Qualitätssicherung von Finanzdienstleistungen (VQF), membership number: 100999 

Website: https://copper.co/en 

5. List of Connected Service Providers

In providing brokerage services for digital assets, the digital asset business operator connects to and utilizes the services of the following entities: