EXMO Listing Policy
DEFINITIONS
Digital asset: means a peer-to-peer digital representation of value (e.g. bitcoin, ethereum, etc).
Digital asset issuer: means a company that issues the Digital asset.
Legal Opinion: shall mean a written legal statement which expressly states and determines: that Digital Asset is not a Security Token under the laws of England and Wales and laws of country of registration of the Digital asset issuer.
Listing Team: means EXMO Team comprised of management, and other employees, which take decision about listing.
Listing applicant: means the Digital asset that possibly can be listed on the Platform.
Platform: means the EXMO’s trading platform, accessible using the internet and/or telecommunications networks and/or through EXMO Workstation and/or such other graphical user interface, application program interface or other front-end trading interface as EXMO may establish or permit from time to time to enable authorized Users of the trading platform to enter into Transactions.
Project: means a blockchain network where the Digital asset is used.
Storage fee: means a fee for storing of delisted Digital asset that is charged after expiration of thirty (30) days possibility for Users to withdraw it.
User Agreement: means an electronic agreement between the User and EXMO that applies to the User’s use of the Platform, any and all services, provided by EXMO and is available at https://exmo.com/blog/en/user-agreement/
1. LISTING PROCEDURE
1.1 The listing procedure can be initiated by EXMO that selects the Listing applicant or by the Digital asset issuer itself.
1.2 If a listing procedure initiated by EXMO – it conducts due diligence of available Digital Assets prior to the selection of the Digital Asset candidate. While EXMO completes this due diligence, it is in no way responsible for any Users decision to trade or invest in the Digital Asset.
1.3 If a listing procedure initiated by the Digital asset issuer itself – it should make a listing application request to become potential Listing applicant.
1.4 The Listing Team shall examine all potential Listing applicants and will conduct due diligence. While EXMO completes this due diligence, it is in no way responsible for any Users decision to trade or invest in the Digital Asset.
1.5 The Listing Team can take decision to reject the potential Listing applicant, the Listing Team does not give justification or reason for the decision.
1.6 The Listing Team conducts an evaluation of the Listing applicant’s required documentation provided by the Listing applicant and EXMO conducts internal due diligence in a reasonable time period, but no longer than one (1) month following the receipt of the Listing applicant’s documents. On completion of the due diligence the Listing Team will notify relevant parties of the decision to list the Digital Asset or not.
1.7 If the Listing Team makes a decision not to list the Digital asset, then EXMO will send an EXMO’s official listing rejection to the email specified by the Listing applicant. For the avoidance of doubt all communication on the Listing procedure will be provided by means of email indicated by the Listing Applicant. EXMO reserves the right to reject the Listing Applicant without providing any justification or reason for the decision.
1.8 If the Listing Team approves listing of the Digital asset, EXMO will inform the Listing Applicant about official listing approval.
1.9 Users will be subsequently informed of the EXMO decision of listing new Digital asset by means of email or by Social Media post.
2. ASSESSMENT CRITERIA
2.1 Criteria considered by the Listing Team in the Listing Procedure are detailed in articles 3 – 9 of this LISTING/DELISTING Policy. It must be clear that the criteria listed in articles 3-9 are guidance and not a full list of considerations taken into account in the decision.
2.2 The criteria in articles 3 – 9 should all be assessed by the Listing Team during the Listing Procedure.
3. INNOVATION
3.1 The Digital asset impact
How the Digital asset influences the development of the domain industry and technology overall.
3.2 Uniqueness
Technology of the Digital asset employs is innovative and unique.
3.3 Whitepaper
Whitepaper has detailed explanation of the problems it aims to solve and the original ideas behind their solving mechanism, along with the clear description of their Project.
3.4 Roadmap
The Project should have a clearly described roadmap, which they follow in accordance with the timeframes set out.
4. TEAM
4.1 Founders and team
Founders should be able to show their strategy and achieve Project aims. The team also needs to demonstrate experience in KYC requirements and AML/CTF standards.
4.2. Transparency
The team should be available and responsive to questions or feedback about the Digital Asset, its sale and/or use of funds across multiple forums.
5. TECHNOLOGY
5.1 Source code
The code is open-source, well-tested, well-documented, easy to understand and maintainable.
5.2 Developer community
The code should be developed and maintained on a regular basis. With an active and responsive developer community.
5.3 Security
Bugs and vulnerabilities are required to be fixed and improved on regular basis. The source code cannot allow scams, hacks, and theft of funds.
5.4 Prototype availability
The Project is available for implementation via testnet or mainnet.
6. LEGAL AND COMPLIANCE
6.1 Regulatory framework
The Digital asset is not classified as a security in UK and EU and does not violate any laws by its nature.
6.2. Legal opinion
The Listing Applicant shall provide EXMO with a Legal Opinion issued by lawyers of a reputable law firm based in UK/EU or as agreed by EXMO in advance.
6.3 Compliance obligations
the Digital asset cannot affect EXMO’s ability to meet Anti-Money-Laundering and Counter Terrorist Financing (AML/CTF) and Know-Your-Customer (KYC) compliance obligations and any other obligations under government licenses in any jurisdiction. Also, the Digital Asset Issuer must have conducted AML and KYC procedures within the Initial Coin Offering (ICO), Initial Exchange Offering processes if any.
6.4 Rights
There could be defined rights related to the Digital asset (for instance, voting rights, ownership rights, etc). IF this is the case, EXMO will need additional evidence that the Digital Asset is not security in itself.
6.5 Reputation
The Digital asset, network, application or fundamental nature of the Project does not constitute a prohibited business.
7. WORLDWIDE AVAILABILITY
7.1 Market capitalization
The total market value of the Digital Asset with reference to comparable Digital Assets.
8. MARKETING
8.1 Project social activity
The Digital asset issuer actively communicates with its customers in various channels, including email, social media, and support requests and provides timely answers to questions of the community.
8.2 The Digital asset provision
The percentage of the Digital Asset available for trading.
8.3 Joint marketing
The Digital asset issuer is interested in common promotion and PR events and creating a new Project jointly with EXMO.
9. COMMUNITY DEMAND
9.1 Community activity
The Project has social media channels where users, supporters, developers actively interact which build a community and guarantee transparency. The Internet community provides positive comments and feedbacks on the Project.
9.2 Investors interest
The Project benefits from the interest of various stakeholders, including private investors, venture firms or hedge funds, preferably those who have experience in the industry of financial innovations.
10. DELISTING PROCEDURE
10.1 EXMO reserves the right to delist any Digital asset from the Platform for any reason with thirty (30) days prior notification to the Digital asset issuer and Users that possess such Digital asset on their Platform Accounts. In some case which under EXMO`s sole discretion potentially may bring EXMO to losses or in case of a force-major, EXMO is entitled to delist any Digital asset from the Platform during 3 (three) business days.
10.2 EXMO will inform Users that have such Digital assets on their Platform Accounts about the Digital asset delisting by means of email notification and by Social Media post. Users bear the sole responsibility for regularly checking updates on the Digital asset delisting.
10.3 EXMO shall follow next criteria while taking a decision to delist the Digital asset from the Platform:
- a) implementation of new regulatory standards and other compliance issues;
- b) blockchain or related technology becomes compromised or defective;
- c) the Digital asset no longer supported by the Digital asset issuer or others;
- d) limited trading volume on the Platform or potentially suspicious trading activity;
- e) unreliable Digital asset issuer who ignores listing good practice and act without good faith;
- f) violation of the User Agreement or the Listing Policy;
- g) complaints by Users and traders of the Digital asset;
- h) detection of other risks related to the listing.
10.4 EXMO will deactivate the Digital asset deposit option on the Platform on the date of delisting notification.
10.5 EXMO will deactivate the Digital asset trading option on the Platform after expiration of thirty (30) days period since delisting notification.
10.6 EXMO shall provide Users with a thirty (30) days term after delisting notification to withdraw Digital asset which will be delisted from their Accounts.
10.7 If the User does not withdraw the Digital asset within 30 (thirty) days after delisting notification, the Storage fee will be applied until remaining Digital assets are withdrawn by the User or until the Digital asset balance on the User’s account reaches a zero balance. The amount of the Storage fee will be determined for each delisted Digital asset individually. EXMO will inform Users that possess such Digital assets on their Platform accounts on the Storage fee amount in delisting notification.