General information about Nuex and its related activities
What is Nuex?
Nuex is a trading platform specialized in cryptocurrencies vs cryptocurrencies from user to user. Nuex provides the platform as it is, for experienced traders.You must have at least a basic knowledge of trading and about cryptocurrencies technically as we do not provide training or consulting.Please, be prepared to follow AML/KYC rules as standard in EU.
What are cryptocurrencies?
Cryptocurrencies are a digital representation of value that is neither issued by a central bank or a public authority, nor necessarily attached to an FC, but is accepted by natural or legal persons as a means of payment and can be transferred, stored or traded electronically (For further information please refer to the EBA Opinion on Virtual Currencies of 4 July 2014, available here, also referred to in the joint communication of the Bank of Italy and the Financial Intelligence Unit dated 30 January 2015, furthermore see the definition of the Legislative Decree. 231/2007, art. 1, paragraph 2, letter "ff".). To identify the risks associated with virtual currencies, the main features of virtual currencies need to be understood. Although each virtual currency has its own functioning mechanisms, most of them, as indicated by the Bank of Italy in the aforementioned communication, have the following characteristics: are created by a private issuer (in the case of centralized currencies), or, on a widespread basis, by users who use highly sophisticated software within open networks (in the case of decentralized currencies); are operated through electronic wallets [e-wallet], which can be saved on computers or smartphones, or accessed via the Internet following registration and authentication mechanisms; can also be purchased with legal tender currency on an exchange platform offering the service of buying, selling and converting virtual currencies with legal tender currency, or received online directly from someone who owns them, and then held on a wallet "inside" the exchange platform, or on its own wallet outside it; transactions through which virtual currencies are transferred have a technical irreversible character (once a transaction has been made, it is not possible to request its cancellation).
What are Digital or cryptographic tokens?
Digital tokens are Cryptographic Account Units issued in connection with an ICO or Initial Coin Offering process carried out specifically to collect money from the public through the sale thereof and exchange with other virtual currencies, or, in certain cases, with legal tender currencies. In an ICO, a company, a start-up or an entity not yet organised in corporation form issues currency or cryptographic tokens and offers them for sale in exchange for legal tender, or, much more often, in exchange for virtual currencies, such as Bitcoin or Ether.
Avoid ICO participation from Nuex!
You cannot withdraw ETH from Nuex to any smart contracts. Withdraw only to your own ETH regular wallet. Above all, do not participate in any ICO from Nuex (or any other exchange): otherwise tokens will be assigned to the exchange, not to you and we can’t transfer the tokens to you.
What are the risks associated with the use of cryptocurrencies or tokens?
Trading in the purchase, sale and conversion of virtual currency and digital tokens involves a number of risks. Risks include but are not limited to: (a) Lack of information: Failing disclosure requirements, it may be difficult to find reliable indications to understand the functioning, costs, value and risks of each type of virtual currency. (b) Lack of legal and contractual protection: purchase, exchange and use of virtual currencies are not supported by legal and/or contractual protection similar to that provided by legal tender transactions; virtual currency transactions are almost always technically irreversible. (c) Lack of regulation and supervision: Issuance and management of virtual currencies, including conversion into legal tender, are activities not subject to supervision by any other authority in Italy. (d) Lack of protection or guarantee of the deposits: in the case of fraudulent conduct, bankruptcy or interruption of trading platforms activity, there are no specific regulatory safeguards to cover the losses incurred. Similarly, virtual currency deposits held with third parties are not covered by traditional protection instruments such as Deposit Guarantee Schemes. (e) High volatility of the value and risk of loss: the value of virtual currencies is highly volatile, partly due to price formation mechanisms and the absence of a central authority to intervene to maintain their value. This may result in losses in the event of owning virtual currency. (f) Risk of use for criminal and illegal purposes1: virtual currency network can be used for transactions related to criminal activities, including money laundering to be avoided by adequate anti-money laundering measures; (g) Legal risk: Legal status of virtual currencies and specific digital tokens is uncertain. This may imply that possession or exchange in certain countries may be subject to express regulation, as well as prohibition by public authorities. (h) Market risk: The market for virtual currencies and cryptographic tokens is still new and uncertain. No one should invest funds in this market or speculate if not willing to make losses, or if not ready to lose the entire investment. (i) Counterparty risk: virtual currencies or digital tokens on deposit, including through the provision of third party services, entail custody risks. Such risks include security breaches, risk of loss, interruption of Exchanger operations (i.e. websites that allow virtual currencies to be exchanged for legal tender and vice versa or virtual currencies). End users are obliged to exercise all possible caution to avoid - or as far as possible eliminate - stocks of virtual currencies and digital tokens in the internal wallets made available by the exchange platforms. (j) Conversion, purchase and sale risks: in addition to liquidity risks, the values of virtual currencies and cryptographic tokens in any market are highly volatile and can change rapidly. Holders who exchange, buy or sell virtual currencies and digital tokens should pay particular attention to how the value can be affected by sudden changes or information. In addition, Holder is exposed to the risk of not being able to convert virtual currencies and digital tokens into legal tender for a long period of time. (k) Liquidity risk: virtual currency and digital token markets have different levels of liquidity. Some are rather liquid, while others may be less liquid. The latter may amplify price volatility. Risks from letters a) to f) are highlighted by the Bank of Italy in the Communication already mentioned in this document dated 30 January 2015. See for further details the joint communication of the Bank of Italy and the Financial Intelligence Unit dated 30 January 2015 and the warning published jointly by ESMA, EBA and EIOPA on risks related to virtual currencies.
Do you support fork?
If a split or fork occurs, we may or may not manage it for our users, and we may or may not add deposits and withdrawals feature, we may or may not add trading for it. If we don't announce anything specifically, it means we are not going to support any new split, fork, token or anything else and we are not responsible for not crediting your account. Our strong suggestion is always to withdraw ahead of time your coin/token and manage any fork by yourself.