BGUSD Terms  

RISK WARNING

Neither Bitget, nor any of our affiliates or representatives, make any representation or warranty that BGUSD is suitable or appropriate, for any user or in any location, nor that the transactions and services described in these BGUSD Terms (“Terms”) are (or will continue to be) available or appropriate for any user or in any location. You are strongly encouraged to carefully review these Terms and seek independent professional advice as to whether BGUSD is appropriate for you having regard to your personal circumstances and objectives, financial position and risk tolerance level.

By purchasing BGUSD you acknowledge and agree that you will be bound by and will comply with these Terms, as updated and amended from time to time. By purchasing BGUSD, you agree that you have read and understood these Terms. If you do not understand and accept these Terms in their entirety, you should not purchase hold, use, or otherwise acquire BGUSD in any form.

These Terms are supplemental to and shall be read together with the Bitget Terms of Use (“Terms of Use”) and the terms of the Futures Services Agreement, which shall continue to apply. All terms and clauses contained in the Terms of Use and the Futures Services Agreement (except to the extent expressly modified herein) are incorporated by reference and have the same force and effect as if set out in their entirety in these Terms. These Terms constitute Product Terms. References in the Terms of Use to the Services shall include references to these Terms contemplated hereunder.

In the event of any conflict or inconsistency between these Terms, the Terms of Use and the Futures Services Agreement, these Terms shall prevail with respect to the Services contemplated hereunder, unless expressly stated otherwise. We may make changes to these Terms (or any terms or information incorporated by reference) at any time in accordance with the Terms of Use.

1. Definitions

Unless otherwise defined, capitalised words used in these Terms shall have the same meaning given to them in the Terms of Use and Futures Services Agreement. The rules of interpretation set out in the Terms of Use shall apply to these Terms.

Account(s) means a Futures Account and/or such other type of Account that Bitget may support for the purposes of BGUSD from time-to-time, as shown on the Platform.

APY means, with respect to each Reward Calculation Day and each Account, a daily annualised percentage yield, based on a 365-day year, reflecting compounded returns as determined by Bitget in its sole and absolute discretion, and published as the “APY” for BGUSD on the Bitget website (here) each day, subject to a minimum of zero. If, for any reason, Bitget does not publish an APY with respect to a Reward Calculation Day, then the APY for that Reward Calculation Day will be deemed zero.

Spot Account means the Account that a user uses for spot transactions.

Futures Account has the meaning given to it in the Futures Services Agreement.

Margin has the meaning given to it in the Futures Services Agreement.

Margin Requirements has the meaning given to it in the Futures Services Agreement.

Maximum Limit means the maximum aggregate BGUSD balance that may be held across all of your Accounts on the Platform, as determined by Bitget from time to time in its sole discretion.

Qualifying Balance means, with respect to each Reward Calculation Day and across all of your Account(s), an amount equal to the lowest balance of BGUSD recorded in your Account(s) during that Reward Calculation Day, as determined by Bitget in good faith, measuring the BGUSD balance periodically during that Reward Calculation Day.

Reward Amount means any amount of USD Stablecoin that is distributed or supported by Bitget in respect of BGUSD from time-to-time in connection with the Qualifying Balance of the users, at a rate and such frequency as Bitget may select from time-to-time in its sole and absolute discretion.

Reward Calculation Day means 16:00 UTC on the day which Bitget calculates the Reward Amount it will distribute to users’ Account, in accordance with these Terms.

Settlement Date means the day of which a user submits a redemption request.

Unified Account means the Account that a user uses to trade spot and various derivatives using multiple crypto assets within a single account.

USD Stablecoin means USDC, USDT and/or such other USD stablecoin(s) that is/are supported by Bitget in respect of BGUSD from time-to-time, as determined by Bitget in its sole discretion and as shown on the Platform.

UTC means Coordinated Universal Time.

2. Eligibility

2.1 This product is only available to certain users in certain countries. This product is not intended for users/countries to which restrictions/prohibitions apply.

2.2 Bitget reserves the right to adjust the eligibility requirements of this product from time-to-time. Without prejudice to Bitget’s rights under these Product Terms, the Terms of Use and the Futures Services Agreement, if you cease to be eligible, Bitget may exercise its right to repurchase your BGUSD in accordance with clause 6 (Redemption and Repurchase).

3. Purchase

3.1 You may purchase BGUSD on the Platform with a USD Stablecoin at an exchange rate of 1:1. All purchases of BGUSD will be subject to a purchase fee calculated at the variable rate that is determined by Bitget from time-to-time in its sole discretion and which will be incorporated in the conversion quote displayed on the Platform prior to your confirmation of a purchase transaction (in each case, a “Purchase Fee”). When you purchase BGUSD for your Account(s) with a USD Stablecoin, Bitget will credit the corresponding amount of BGUSD to your Spot Account and the USD Stablecoin purchase price (including any Purchase Fee) will be debited from your Spot Account.

3.2 Your BGUSD can only be held in your own Account(s) and cannot be withdrawn, deposited, or transferred outside of the Platform. BGUSD can only be held and used solely within the scope of these Terms.

3.3 Bitget reserves the right to implement minimum or maximum transaction value limits from time-to-time, with or without prior notice, in its sole and absolute discretion.

3.4 Bitget may impose a Maximum Limit. Bitget reserves the right to adjust the Maximum Limit applicable to your Account(s) from time to time, with or without prior notice. If your BGUSD balance exceeds the applicable Maximum Limit, Bitget may repurchase the excess amount in accordance with clause 6 (Redemption and Repurchase). You must not attempt to purchase or otherwise acquire BGUSD in excess of the applicable Maximum Limit. Bitget will not be liable for any failed purchase or transfer due to a breach of the Maximum Limit.

3.5 Bitget reserves the right to refuse or suspend the purchases of BGUSD, in whole or in part, at any time and for any reason, as determined in its sole discretion. Bitget may also suspend or limit the availability of BGUSD generally if it determines that doing so is necessary or desirable to protect the integrity of the Platform or comply with Applicable Laws.

4. Trading Margin

4.1 BGUSD is a Digital Asset that Bitget has determined to accept for the purpose of satisfying Margin Requirements for Futures Account under multi-asset Margin or Unified Account, where applicable. BGUSD may only be used as Margin in Accounts designated by Bitget. Bitget reserves the right, in its sole discretion, to determine the collateral value of BGUSD from time to time, including the application of any valuation haircuts or adjustments. The applicable collateral ratio for BGUSD from time to time will be published (here). If your Futures Account is not set to multi-asset mode, then your BGUSD balance in that Futures Account will not count toward your Margin Requirement for that Futures Account.

4.2 The margin value of BGUSD in any Futures Account will not include any accrued but unpaid Reward Amount associated with the BGUSD balance in that Futures Account.

4.3 Bitget reserves the right to suspend or cease accepting BGUSD as margin if it determines, acting reasonably, that such action is necessary to comply with Applicable Laws or to protect the integrity, security, or reputation of the Platform or related services.

5. Rewards

If you hold BGUSD in your Account(s) on a Reward Calculation Day, you will be entitled to the Reward Amount (if any) in respect of that Reward Calculation Day. Any Reward Amount will ordinarily be credited on the following calendar day to your Account(s) at 00:00 UTC in the form of a USD Stablecoin. Bitget does not guarantee nor provide any assurance that the APY on any particular Reward Calculation Day will be positive. The APY may be zero, in which case the Reward Amount in respect of the relevant Reward Calculation Day will be nil.

6. Redemption and Repurchase

6.1 Subject to any applicable restrictions that may apply from time-to-time in accordance with this clause, you shall have the right to redeem BGUSD on the Platform for a USD Stablecoin at an exchange rate of 1:1. Unless waived by Bitget in its sole discretion, all redemptions will be subject to a redemption fee calculated at the variable rate that is determined by Bitget from time-to-time in its sole discretion and which will be incorporated in the conversion quote displayed on the Platform prior to your confirmation of a redemption transaction (in each case, a “Redemption Fee”). When you redeem BGUSD for a USD Stablecoin, Bitget will credit the corresponding redemption amount of USD Stablecoin to your Spot Account and the BGUSD will be debited from your Spot Account.

6.2 Bitget reserves the right to apply redemption restrictions or conditions from time-to-time, with or without notice, to the extent it deems appropriate in its sole discretion, including, without limitation, to facilitate compliance with Applicable Laws or to protect the security, integrity or reputation of the Platform.

6.3 Bitget reserves the right, and you irrevocably consent and grant Bitget the option, to repurchase BGUSD from you at any time and for any reason, with or without prior notice. In the event of such repurchase, your Account(s) will be credited with the equivalent amount of a USD Stablecoin at an exchange rate of 1:1, and the corresponding amount of BGUSD will be debited from your Account(s). You are not entitled to any damages or compensation in respect of Bitget exercising its right to repurchase. No Redemption Fee will apply if Bitget exercises its right to mandatorily repurchase BGUSD.

7. Disclosure and Consents

You hereby acknowledge, confirm your understanding, and agree that:

(a) BGUSD is a reward certificate offered on the Platform. It represents participation solely in a platform-managed reward mechanism.

(b) By holding BGUSD, you are entitled to redeem each BGUSD for a USD Stablecoin on a 1:1 basis and to receive the Reward Amount for each Reward Calculation Day at the applicable APY, in accordance with these Terms, from Bitget.

(c) You will have no legal or beneficial ownership, claim, entitlement, or any other right (whether direct or indirect) in any assets managed by Bitget, except for your contractual right to redeem BGUSD for a USD Stablecoin in accordance with these Terms.

(d) Bitget may manage the assets backing BGUSD (the “BGUSD Pool”) solely for its own account and not on behalf of BGUSD holders. Bitget may adjust its asset allocations and generate income or returns from such assets as it determines appropriate, in its sole discretion. All rights, title and interest in and to the BGUSD Pool and any income or gains derived therefrom belong exclusively to Bitget.

(e) Bitget does not act as a fiduciary, advisor, or trustee for users in relation to BGUSD, and no trust, or pooled investment arrangement is created by holding BGUSD.

(f) Your BGUSD can only be held in your own Account(s) and cannot be withdrawn. It is not minted on any blockchain network and cannot be deposited, withdrawn, or transferred outside of the Platform. BGUSD can only be held and used solely within the scope of these Terms.

(g) There may be restrictions on purchase and redemptions, and Bitget can repurchase your BGUSD at any time.

(h) Bitget has the right in its sole discretion to adjust the supported USD Stablecoin from time-to-time. The form of USD Stablecoin used to purchase BGUSD may not be the same form of USD stablecoin that will be credited on redemption or repurchase. The form of USD Stablecoin used to credit Reward Amounts may change.

(i) Bitget reserves the right, in its sole and absolute discretion, to modify, suspend, or restrict (as the case may be) the uses, valuation or functionalities of BGUSD at any time, with or without prior notice. Such changes may include, but not limited to, BGUSD’s eligibility to serve as collateral (if applicable), integration with other products or services on the Platform, or participation in promotional or incentive programs.

(j) The APY for each Reward Calculation Day is determined separately by Bitget in its sole and absolute discretion, taking into account a number of factors, including, without limitation, the aggregate amount of Qualifying Balance across all holders of BGUSD on that Reward Calculation Day, the level of Reward Amount in respect of that Reward Calculation Day, and the volatility in broader financial markets or shifts in macroeconomic factors. There is no guarantee nor assurance that Bitget will successfully generate Reward Amount on any given Reward Calculation Day, and the APY may be zero in respect of some Reward Calculation Days. Bitget has full discretion to determine the composition and asset balance of the BGUSD Pool and this will have implications for the Reward Amount (if any) that can be generated on a Reward Calculation Day, which in turn will impact the Reward Amounts paid to holders of BGUSD.

(k) Whilst BGUSD may be redeemed for a USD Stablecoin at an exchange rate of 1:1, Bitget reserves the right to suspend, delay, or impose limits on redemptions at any time, at its sole discretion. In extreme or exceptional circumstances, Bitget’s ability to promptly fulfill redemption requests may be adversely affected — including, without limitation, in cases of large-scale redemption requests requiring Bitget to rebalance or liquidate assets from the BGUSD Pool. During such periods, you may not be able to access the corresponding USD Stablecoin immediately, as the underlying assets may require additional time or cost to liquidate. Redemption restrictions may also be imposed in response to market volatility, liquidity constraints, or other operational or legal considerations, and may result in delays or losses.

(l) By holding BGUSD, you are exposed to the credit and operational risk of Bitget. In the event of Bitget’s insolvency or operational failure, you may be unable to redeem BGUSD or receive any associated Rewards. The assets comprising the BGUSD Pool are owned and managed solely by Bitget for its own account and are not held in segregated custody. In the event of insolvency, you will rank as an unsecured creditor of Bitget and will have no legal or beneficial interest in the BGUSD Pool or any related assets.

8. Liability

The following is a summary of certain key risks associated with the purchase, holding, and use of BGUSD. This summary is not exhaustive and does not capture all possible risks that may arise. You are solely responsible for assessing whether BGUSD is suitable for you.

(a) By purchasing, holding, or using BGUSD, you acknowledge, understand, and accept all the risks arising out of participating in purchases of BGUSD including those set out in clause 7 (Disclosure and Consents), Risk Disclosure and this clause. You confirm that you have carefully assessed whether, and determined that, BGUSD is appropriate for you.

(b) Purchases and redemptions of BGUSD are subject to a Purchase Fee and a Redemption Fee respectively. The Purchase Fee and Redemption Fee are variable. Bitget has full discretion to adjust the fees from time-to-time. The applicable Purchase Fee or Redemption Fee will be incorporated in the conversion quote that will be shown on the Platform prior to your confirmation of the purchase or redemption transaction. Please check the applicable fee before confirming your transaction. No Redemption Fee applies if Bitget exercises its right to repurchase your BGUSD.

(c) The regulatory environment surrounding Digital Assets is subject to change, and any adverse regulatory actions or new laws may impact the operation, performance, redemption or offering of BGUSD.

(d) In no event will Bitget or any of its Affiliates be responsible or liable to you or any other person or entity for any direct or indirect losses (including loss of profits, business or opportunities), damages, or costs arising out of or in connection with any risk identified in these Terms. This limitation of liability is in addition to the limitation of liability contained in the Terms of Use.

(e) Bitget or the responsible third party custodians maintain full custody of the Digital Assets and user data/information which may be turned over to governmental authorities in the event of suspension, limitation or termination arising from fraud investigations, investigations of violation of law or violation of these Terms. Bitget will not be liable to you and/or any third party for loss or damage suffered due to delay, transmission errors, technical faults or defects, breakdowns and illegal intrusion or intervention in the information provided and services offered, or any failures or delays in completing any transactions. Bitget will not be liable for any loss or damage suffered due to delays, technical faults or interruptions in the availability of the Platform, or any Services.