Dear Biconomy Users:
In order to ensure the trading experience of community users, standardize market trading behaviour, and protect the rights and interests of investors, the Biconomy system will use multi-dimensional feature recognition to determine the use of multiple accounts and devices for illegal arbitrage (including but not limited to brushing fees, rebates, and bonuses), hedging, etc.), the platform will take corresponding measures (including but not limited to real-name authentication, account blocking, asset freezing, login restrictions, etc.) for users whose illegal arbitrage is detected by the system.
1. Abnormal trading behaviours and handling methods stipulated by the exchange
Abnormal trading behaviour specified by the exchange
1) Excessive market trading behavior: A daily limit on the maximum number of open positions (e.g., 100 times);
2) Self-dealing behavior;
3) The combined positions of the related accounts under actual control exceed the exchange position limit;
4) Actually link accounts, use trading methods such as reverse trading, knock-on trading, etc. to manipulate market prices and make profits in violation of regulations;
5) Code-stealing transactions: Customers illegally steal other people’s accounts and passwords, or use associated accounts to conduct illegal transactions and transfer funds;
6) Use accounts and related accounts to trade orders;
7) Regulation of quantitative transactions and arbitrage transactions;
8) Use your own account or multiple accounts to conduct AB position trading;
9) High-frequency trading or using programs to conduct high-frequency illegal transactions, Open and close positions a total of 10 times within 3 minutes;
10) Actually linked accounts, abnormal convergence transactions occur;
11) Operate account transactions on behalf of others;
12) Use ultra-short-term trading (frequent opening and closing of ultra-short-term positions);
13) Participate in price manipulation or any other malicious market behaviour;
14) May harm other users or the Biconomy platform by exploiting vulnerabilities in this service or other unreasonable means;
15) Participate in any other activities that Biconomy believes are harmful to the market;
16) Use multiple devices and accounts to collect fees, rebates, bonuses, hedging, etc.
Measures for handling abnormal trading behaviour
1) Immediately terminate your account and access to our servers and deduct illegal gains.
2) Invalidate all transactions that constitute ultra-short-term trading activities (i.e. rollback transaction data).
3) Close all transactions that constitute ultra-short-term trading activities based on our current market prices.
2. Types and treatment methods of counter-trading, brushing orders, AB positions, and high-frequency illegal transactions
Types and characteristics of knock-on transactions
1. Code theft transaction
Code-stealing transactions refer to the use of stolen transaction passwords from others to conduct counterparty transactions with accounts controlled by oneself, disrupting the order of transaction management and achieving the purpose of transferring funds;
1) Linked account matching transactions
In two or more related accounts, through prior planning or prior agreement with others, they declare at the same price at the same time. One account buys high and sells low, resulting in an obvious loss, or buys low and sells high, resulting in an obvious profit. The act of transferring funds from the principal’s account to his free account;
2) The client transfers funds from the client’s account through counter-trading.
The principal uses the principal's account to conduct counterparty transactions with its own account, thereby transferring funds from the principal's account to its own account;
3) Identification of associated accounts: similar registration time, same registered IP, same deposit and withdrawal address, etc.
2. Types and characteristics of order brushing, AB positions, and high-frequency illegal transactions
1) Multiple associated accounts place orders for the same variety, same direction, similar proportion of lots, similar opening price, and similar closing price during the same time period.
2) Use the same account or multiple linked accounts to open and close positions using manual or pending order transactions for the same variety, different directions, and similar proportions of lots in the same time period.
3) Quickly open and close transactions within a very short time (5 minutes).
3. How to deal with illegal transactions such as knocking and brushing orders
According to the relevant regulations of the exchange, the exchange will impose certain penalties on investors who trade in violation of regulations, such as ordering corrections and confiscating illegal gains. Those suspected of minor offences will be given warnings, forced liquidation, suspension of opening transactions and other penalties; while those suspected of serious offences will be notified of criticism, forced liquidation, suspension of opening transactions, frozen accounts, and declared as "market prohibited persons." and other punitive measures; if the exchange is suspected of violating the laws of the host country, the exchange will transfer it to judicial authorities and prosecute through courts and other measures in accordance with the law.
3. Biconomy strictly prohibits unfair trading practices. Biconomy reserves the right to exercise executive control over your account at its sole discretion if you engage in the following conduct:
1. Participate in price manipulation or any other malicious market behaviour;
2. May harm other users or the Biconomy platform by exploiting loopholes in this service or other unreasonable means;
3. Participate in any other activities that Biconomy believes are harmful to the market;
4. Use multiple devices and accounts to collect fees, rebates, bonuses, hedging, etc.
We apologize for any inconvenience this may cause and thank you for your understanding. If you encounter other problems, please contact the official online customer service in the APP in time.
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Thanks for your support!
Biconomy Team
04/22/2024
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