Last Updated August 17th, 2022
The following Wash Trading Notice describes how ONBLOCKIO, LDA warns against Wash Trading and the Measures it implements to prevent such practices through the "" NFT Marketplace and any other proprietary website, products, and applications that reference this Wash Trading Notice.
“” refers to an NFT Marketplace that is a cross-chain NFT platform that facilitates transactions between buyers and sellers in the buying and selling, without limitation, of NFTs. This Wash Trading Notice applies to all products, websites, and applications that reference this Wash Trading Notice.
By using “” services, you consent to fully comply with refraining from any unlawful activities as stipulated in the present Wash Trading Notice. The Company considers wash trading prevention a priority, so if you choose and decide to use “” NFT Marketplace, you consent to fully comply with refraining from any unlawful activities as stipulated in the present. The Company reserves a right to terminate your account and deny any further access, participation, or use of the Services. The Company will take all necessary actions to enforce this Wash Trading Notice, including civil remedies and penalties for any violation.
The Company considers wash trading prevention a priority, so if you choose and decide to use the Company's Services, you automatically agree to abide by and comply with the Wash Trading Notice, based on the terms herein.
1. Wash Trading Definition
Wash Trading is, by definition, a tactic that users adopt to make profits and game the system. This illegal activity involves buying and selling the same asset at once to create artificial transactions on the market. Wash Trading can also relate to any operation with or without the user’s intention to manipulate the user-generated assets in “”. These operations may qualify as such insofar as they are associated with, or are likely to provide, false or misleading signals and/or assure or attempt to secure asset prices in the marketplace.
Furthermore, no evidence of intent or state of mind of the participant(s) is required. Therefore, it is not necessary to show that the participant(s) knew they were infringing the rules of use of the marketplace. As such, any action carried out with the sole intention of manipulating the assets will be prohibited on the platform, such as but not limited to the following:
  • Fictitious Transactions: The practice that consists of carrying out transactions in which there is no change in the economic beneficiary of the financial instrument transacted. For instance, when a user carries out multiple transactions between wallets to increase sales volume and earn the transactions-based rewards on the platform.
  • Illusionary Transactions: The practice of creating the illusion that a particular asset has gone up in value for the sole purpose of benefiting from the transaction at a lower price and earning volume-based rewards on the platform.
  • Manipulated Transactions: The practice of encouraging buyers to raise prices or sellers to lower prices with the sole objective of benefiting from the fluctuations in prices and engaging in wash trading-related activities.
  • Repeat Transaction: The practice consists of buying and selling the same asset several times in a short period of time through different accounts belonging directly or indirectly to the same person or entity to attempt to profit from the difference in prices.
2. Wash Trading Preventive Measures
"" adheres to the highest compliance, security, and data protection standards. Therefore, the Company strives to ensure fairness and maintain users' confidence and trust, prohibiting any practice that jeopardizes this integrity.
"" is against any sort of manipulation techniques in which the user carries out several fictitious transactions, normally acting on both sides of the business, as a buyer and as a seller (or in combination with another entity benefiting from the action without any change of the economic beneficiary of the transaction.
As part of the Company’s efforts to combat Wash Trading, it has implemented a set of preventive measures that includes but is not limited to the following:
  • Activity Monitoring: The Company is monitoring all activities and transactions within “” as part of the ongoing and continuous efforts to ensure the platform’s integrity and identify any suspicious activity.
  • Random Checks: The Company, and as part of its efforts to prevent such wrongdoings, the platform will be analyzing and monitoring transactions and could conduct random checks on any unusual activities that might be linked to an attempt of “Wash Trading”.
  • Suspicious Activity Alerts: The Company has implemented an algorithm to detect suspicious activities that might directly or indirectly qualify as “Wash Trading” using various parameters and detection mechanisms.
  • Wash Trading Notice: The Company has published and will regularly update the present Wash Trading Notice to ensure that users fully understand that such practices are prohibited and that they might lead to Corrective Measures as stipulated in the paragraph below.
  • Awareness Campaigns: The Company is maintaining a communication policy across all its social media channels and newsletter to raise awareness amongst users and remind them of the importance of full compliance with the present Wash Trading Notice.
3. Wash Trading Corrective Measures
“” adheres to the highest compliance standards. As such, and whenever there is any suspicious event involving “wash trading” as described in the paragraph above, the Company will take immediate actions that include but are not limited to the following:
  • - Investigate: The Company will open an investigation to establish the facts surrounding any activity that qualifies as suspectful of falling under Wash Trading
  • - Ban: The Company will ban the user(s) suspected to be involved in any wash trading activities based on any wrong-doings or activities that might qualify as Wash Trading. This ban is permanent and cannot be appealed.
  • - Report: The Company will identify and might report the user(s) involved in Wash Trading activities to the competent authorities.
The Company reserves the right to change or modify any or all of the Terms and Conditions at any time, effective immediately upon posting a notice across its platforms. For any queries, questions, or further information on the present “Wash Trading Notice”, please send an e-mail