Terms of Use

Terms of Use for Lending Service

Article 1 (Purpose)

These Terms of Use set out the rights and obligations of Dunamu Inc. (the “Company”) and Upbit members who have agreed to the Upbit Terms of Use (each, a “Member”) in connection with the use of the Lending Service offered by the Company, and prescribe the conditions and procedures for using the Service (as defined below).

Article 2 (Definitions)

The terms used in these Terms of Use are defined as follows.

1. “Lending” (the “Service”) means a service under which a Member provides certain collateral assets to the Company and the Company lends digital assets held by the Company to the Member.

2. “Collateral Assets” (the “Collateral Assets” or the “Collateral Claim”) means the “claim for return of deposits (USDT)” and/or the “claim for return of digital assets” provided to the Company by the Member pursuant to Article 5 to secure the digital assets borrowed by the Member.

3. “Collateral Value” means the value of the Collateral Assets provided by the Member, which shall be (i) the face value in the case of USDT, and (ii) in the case of digital assets, the USDT-converted value multiplied by a haircut ratio determined by the Company.

4. “Loaned Assets” means the digital assets lent by the Company to the Member under a Lending Agreement.

5. “Same Asset” means the same type of asset as the Loaned Assets.

6. “Outstanding Loan Balance” means the USDT-converted value (calculated in accordance with Article 3(2)) of the outstanding Loaned Assets and Fees that remain to be repaid.

7. “Lending Ratio” means the ratio of the loaned digital assets to the Collateral Value, calculated as “(USDT-converted value of the Loaned Assets ÷ total USDT-converted Collateral Value) × 100%.”

8. “Fee” means any fee payable by a Member to the Company pursuant to Article 9 of these Terms.

9. “Compulsory Repayment” means, pursuant to Article 7, the Company's act of disposing of the Collateral Assets provided by the Member or recovering the Loaned Assets without obtaining any additional consent from the Member, based on the Member's prior consent given at the time the Lending Agreement is entered into.

Article 3 (Execution of the Lending Agreement)

After a Member who wishes to use the Service agrees to these Terms of Use and completes the application process prescribed by the Company, and once the Company accepts such application, the Member and the Company shall determine the specific type and quantity of the Loaned Assets and the maturity date pursuant to the procedures set forth in Article 5(1), upon which a Lending Agreement shall be concluded.
Where it is necessary to convert digital assets into USDT for calculation purposes under the Service, such conversion shall be made in accordance with the following standards:
1. The Company may use an “Evaluated Price,” which reflects the current price in Upbit’s USDT market, in order to mitigate the impact of temporary price volatility and to protect Members. The detailed calculation method of the Evaluated Price shall be separately disclosed within the Service.
2. In the case of a borrowing application under Article 5, the USDT-converted value of the Loaned Assets and Collateral Assets (digital assets) at the time the application is completed shall be based on the Evaluated Price.
3. When calculating the Lending Ratio, the USDT-converted value of the Loaned Assets and Collateral Assets shall be based on the Evaluated Price.
4. At the time Collateral Repayment or Compulsory Repayment is executed under Article 7, the USDT-converted value of the Loaned Assets and Collateral Assets (digital assets) shall be based on the current price.
5. At the time of deduction of Fees under Article 9, the USDT-converted value of the Loaned Assets and Collateral Assets (digital assets) shall be based on the current price.
If the Loaned Assets or Collateral Assets fall under any of the following categories, the Company may immediately suspend or refuse to enter into new or additional Lending Agreements using such digital assets as Loaned Assets or Collateral Assets:
1. Digital assets subject to review for termination of transaction support;
2. Digital assets scheduled for termination of transaction support;
3. Digital assets that have been designated as investment warning items within the past three (3) years;
4. Digital assets for which transaction support has been reinstated within the past one (1) year;
5. Digital assets reported to financial authorities within the past three (3) months as suspicious transactions pursuant to Article 12(2) of the Act on Protection of Virtual Asset Users;
6. Digital assets for which redenomination, split, consolidation, or similar changes are scheduled; or
7. Any other digital assets deemed by the Company to pose a risk to user protection or market order.

Article 4 (Eligibility)

A Member must satisfy all of the following requirements to use the Service, and the Company may refuse the Member’s use of the Service if any of the following requirements is not met:

1. The Member must agree to these Terms of Use and must not be in violation of these Terms of Use.

2. The Member must agree to and comply with the Upbit Terms of Use, including completion of the identity verification procedures required under Article 14(7) thereof.

3. The Member must have no violations of the Upbit Terms of Use, including Article 5(2) and Article 5(5) thereof, and must not be subject to any usage restriction under Article 17 thereof.

4. The Member must not appear on any published list of large-amount or habitual tax delinquents pursuant to the National Tax Collection Act, the Framework Act on National Taxes, the Local Tax Collection Act, the Customs Act, or other applicable tax laws.

5. The Member must not otherwise violate the Company’s service operation policies.

Article 5 (Determination of Loaned Asset Quantity)

The Member shall provide USDT and/or digital assets as Collateral Assets to the Company in accordance with the procedures below and may borrow digital assets within the Lending Ratio determined by the Company.
1. The Company shall specify on its website or within the Service the minimum and maximum amounts or quantities of Collateral Assets and Loaned Assets, and the Member shall confirm such information before providing Collateral Assets and applying for Loaned Assets. The types of Loaned Assets available for borrowing may be changed from time to time.
2. The Member may determine the type and quantity of digital assets to borrow and submit an application for use of the Service. The applied quantity shall be calculated based on the evaluated price of the Loaned Assets and the Collateral Assets (digital assets). The quantity displayed at the time of application is provided for reference only and does not represent the actual quantity to be delivered. The final confirmed quantity of the Loaned Assets shall be determined based on the evaluated price at the time the procedures under this paragraph are completed.
3. To secure repayment of the borrowed digital assets, the Member shall provide Collateral Assets to the Company. In such case, the Company may require the Member to enter into a pledge agreement establishing a pledge over the Collateral Assets (the “Pledge Contract”).
4. The Company shall finally approve and determine the quantity of the Loaned Assets only if all of the following conditions are satisfied. If any of the following conditions is not satisfied, the Company may reject the borrowing application, in which case the Member must reapply pursuant to this Article:
  1. The Member satisfies all eligibility requirements under Article 4;
  2. The Company is able to lend the quantity of digital assets requested by the Member;
  3. The difference in the Lending Ratio between (i) the time the Member submits the borrowing application pursuant to Paragraph (1)(2) and (ii) the time the Company approves the lending shall not exceed the threshold determined by the Company;
  4. Within a certain period determined by the Company from the time of application, there exists an executable transaction case within Upbit from which the market prices of both the Loaned Assets and the Collateral Assets can be confirmed.
Upon completion of the procedures set forth above, a Lending Agreement and/or a Pledge Contract shall be executed between the Member and the Company. The principal terms shall be as follows, and the Company shall display such information within Upbit or the Service for the Member’s review at any time:
1. Lending Agreement:
  1. Loaned Assets: The type and quantity of digital assets approved by the Company
  2. Maturity Date: Thirty (30) days, unless otherwise agreed.
    *Provided, however, that where user protection is deemed necessary due to designation as an investment warning item, commencement of transaction-support termination procedures, redenomination, split or consolidation, or similar events under Paragraph (5), the Company may, after providing notice on Upbit, shorten the maturity date to a date between three (3) and ten (10) days from the date of such notice. If the existing maturity date is earlier, the earlier date shall apply.
2. Pledge Contract:
  1. Secured Claim: The Company’s claim for return of the digital assets loaned under Subparagraph 1 above
  2. Collateral Claim: The USDT and/or digital assets provided by the Member as Collateral Assets pursuant to Paragraph (1)
The Member may trade or withdraw the Loaned Assets borrowed pursuant to the preceding paragraph within Upbit.
Based on the Member’s experience using the Service and other relevant factors, the Company may establish differentiated borrowing limits for each Member.
If any change occurs to the Loaned Assets or the Collateral Assets (including a symbol change, redenomination, split, consolidation, or similar event), the Company may adjust the relevant digital assets accordingly, and the terms of the Lending Agreement, including the Member's repayment obligations in respect of the Loaned Assets, shall be modified based on the adjusted digital assets.

Article 6 (Collateral Assets)

The Company shall designate and notify the types of digital assets that may be provided as Collateral Assets, and such list may be amended from time to time.
Until the Loaned Assets have been fully repaid, the Member may not withdraw any Collateral Assets, regardless of the Lending Ratio.
Pursuant to Article 9(8) of the Upbit Terms of Use, the Company shall pay deposit-use fees on USDT provided as Collateral Assets.
The pledge shall secure the principal amount of the Collateral Claim, penalties, costs of enforcing the pledge (including Fees), costs of preserving the pledged property, and any claims for damages arising from default or defects in the pledged property. For the avoidance of doubt, the claim for deposit-use fees described in Paragraph (3) shall not form part of the pledged claim for return of deposits.
A Member may provide additional Collateral Assets in order to reduce the current Lending Ratio. However, once additional Collateral Assets have been provided, no further borrowing shall be permitted regardless of the Lending Ratio.

Article 7 (Repayment)

The Member shall be obligated to repay the Outstanding Loan Balance in Same Assets by the maturity date displayed in the Service.
Prior to the maturity date, the Member may voluntarily repay all or part of the Outstanding Loan Balance in Same Assets (the "Direct Repayment").
Where the Member is unable to make Direct Repayment in Same Assets before the maturity date, the Member may repay the Outstanding Loan Balance using the Collateral Assets (the "Collateral Repayment"). Collateral Repayment is permitted only for repayment of the entire Outstanding Loan Balance. The detailed procedures are set forth in Paragraph (7). A Collateral Repayment Fee may apply pursuant to Article 9.
If any of the following grounds for Compulsory Repayment occurs, the Company shall notify the Member of the loss of the benefit of time (i.e., the occurrence of Compulsory Repayment), and upon such notice the Member shall immediately lose the benefit of time, after which the Company may execute Compulsory Repayment. A Compulsory Repayment Fee may be charged pursuant to Article 9:
1. Where the Member fails to repay by the maturity date displayed in the Service;
2. Where the Lending Ratio reaches the compulsory repayment threshold (the "Compulsory Repayment Threshold");
3. Where a notice of tax delinquency seizure is issued or other compulsory execution or tax collection proceedings are commenced against the Member's account;
4. Where an investigative authority requests suspension of deposits, withdrawals, or trading with respect to the Member's account;
5. Where a seizure order (including partial seizure) or an order preserving forfeiture or collection is issued against the Member's account;
6. Where the Member's account becomes subject to trading restrictions or other sanctions under applicable laws or the Upbit Terms of Use (including where customer verification has not been completed);
7. Where the Member's death is confirmed (Compulsory Repayment may be executed immediately without prior notice); or
8. Where transaction support for either the Loaned Assets or the Collateral Assets is terminated, or a redenomination, split, or consolidation is scheduled.
The Company shall notify the Member at least twice when the Lending Ratio is approaching the Compulsory Repayment Threshold. The Member may provide additional Collateral Assets or make full or partial Direct Repayment in order to maintain the Lending Ratio below the Compulsory Repayment Threshold.
The Company may notify the Member of loss of the benefit of time for any of the following reasons, and upon delivery of such notice, the Member shall lose the benefit of time on the following day (excluding the first day), and the Company may execute Compulsory Repayment:
1. The Member assigns or pledges the Collateral Claim to a third party without the Company’s prior written consent (except in cases of merger or transfer of all or a material part of assets);
2. A provisional seizure is imposed on the Collateral Claim or a related dispute arises, making repayment of the secured claim materially difficult;
3. The Member files for rehabilitation or bankruptcy, or such proceedings are filed against the Member and commenced;
4. The Member provides false information to the Company in connection with the Service;
5. The Member breaches any obligation under these Terms of Use;
6. The Member violates any order, corrective demand, or administrative guidance issued by financial authorities or other administrative agencies concerning operation of the Service;
7. Due to amendments or reinterpretation of laws or court rulings after execution of the contract, performance of the Lending Agreement or the Pledge Contract becomes unlawful;
8. A force majeure event (including natural disaster, war, strike, communication failure, or similar cause) continues without cure for more than eight (8) business days, making continuation of the individual transaction impracticable.
The Company may conduct Collateral Repayment or Compulsory Repayment by either of the following methods:
1. Selling the Collateral Assets and using the sale proceeds to purchase Same Assets equivalent to the Outstanding Loan Balance for repayment.
  (A) For market stability, such sales and purchases may be executed through split orders or other methods separately announced by the Company.
  (B) Such sales and purchases shall be deemed transactions conducted pursuant to the Member's prior consent, and trading fees shall apply.
2. Where the method described in Subparagraph (1) is impracticable in light of the status of the Member's account or market stability considerations, confiscating Collateral Assets equivalent to the Outstanding Loan Balance.
If any Outstanding Loan Balance remains after Compulsory Repayment, the Company may set off such remaining balance against Same Assets held in the Member's account.
Notwithstanding the occurrence of any grounds under Paragraph (4) or Paragraph (6), the Company may postpone Compulsory Repayment if deemed necessary. The Company may also refuse a Member's request to waive the benefit of time and demand Compulsory Repayment where no such grounds have arisen.

Article 8 (Additional Application)

With respect to an existing Lending Agreement, a Member may borrow additional Same Assets within a Lending Ratio not exceeding the threshold determined by the Company. The procedures set forth in Article 5 shall apply mutatis mutandis. However, no additional borrowing shall be permitted unless the eligibility requirements under Article 4 are satisfied.
Notwithstanding Paragraph (1), if the Member has provided additional Collateral Assets pursuant to Article 6(5), no additional application shall be permitted. In other words, only Members who have never provided additional Collateral Assets may apply for additional borrowing, and only within the Lending Ratio determined by the Company.

Article 9 (Fees)

The Member shall pay to the Company application fees, usage fees, Collateral Repayment Fees, Compulsory Repayment Fees, and any other applicable Fees. The specific standards, amounts, calculation methods, and payment methods shall be posted on the Company's website or within the Service.
No Compulsory Repayment Fee shall be charged in the case of Compulsory Repayment under Article 7(4)(3) through (8); provided, however, that a Compulsory Repayment Fee shall apply in the case of Article 7(4)(6) where Compulsory Repayment results from failure to complete customer verification.

Article 10 (Notice of Risks and Compulsory Repayment)

When giving notice pursuant to Article 7(4) through (6), the Company shall provide notice using at least two of the following methods:

1. Telephone call

2. Social network service (SNS)

3. Text message (SMS)

4. Pop-up notification

5. Mobile application push notification

6. Email

Article 11 (Suspension, Modification, or Termination of the Service)

The Company may temporarily suspend provision of the Service for any of the following reasons. In such cases, notice shall be given in accordance with Article 12(2) through (4) of the Upbit Terms of Use:
1. Maintenance or inspection of information and communications equipment such as computers or systems;
2. Security threats, replacement, or malfunction;
3. Administrative dispositions, orders, recommendations, or guidance issued by financial supervisory authorities or other government agencies, whether legally binding or effectively imposed, concerning the Service;
4. Natural disasters, war, strike, communication failure, or other events of similar nature;
5. Compliance with the Credit Provision Business Guidelines for Virtual Asset Service Providers;
6. Any other unavoidable operational reason deemed necessary by the Company.
For the stable provision of the Service, the Company may modify matters relating to the content, operation, or technical aspects of the Service. The Company shall provide notice at least thirty (30) days prior to the effective date of such modification. However, changes to the types of Loaned Assets or Collateral Assets may be made from time to time without prior notice, and such changes shall not affect existing Lending Agreements or Pledge Contracts.
If continuation of the Service becomes impracticable due to any of the following reasons, the Company may discontinue part or all of the Service. In such case, the Company shall provide at least thirty (30) days’ prior notice of the discontinuation date, reason, and measures for Members through the Service’s main page, bulletin board, or pop-up notification:
1. Amendments to applicable laws or administrative dispositions, orders, recommendations, or guidance by financial supervisory authorities or other government agencies that make continuation of the Service impracticable;
2. Material business reasons, such as significant deterioration in profitability;
3. Compliance with the Credit Provision Business Guidelines for Virtual Asset Service Providers.

Article 12 (Precautions)

During use of the Service, if the market price of the Loaned Assets increases or the value of the Collateral Assets decreases, the economic burden of repaying the Loaned Assets may increase, and the Member may ultimately incur losses.
Due to fluctuations in the market price of digital assets:
1. The evaluated price of digital assets at the time of application for borrowing and at the time such application is completed may differ, which may result in differences between the applied quantity and the confirmed quantity of the Loaned Assets;
2. If the Lending Ratio reaches the Compulsory Repayment Threshold, Compulsory Repayment may be executed at an unexpected time, and a Compulsory Repayment Fee may be charged.
In the event of extreme price volatility, losses exceeding the value of the Collateral Assets may occur, and a shortfall may remain even after disposal of the Collateral Assets. The Company may claim such shortfall from the Member.
Members should note that if customer verification is not completed or a similar circumstance arises, Compulsory Repayment may be executed immediately.

Article 13 (Relationship with the Upbit Terms of Use)

Matters not specified herein are governed by the Upbit Terms of Use and applicable laws, or, where no applicable law exists, by customary practice.
If these Terms of Use conflict with the Upbit Terms of Use, these Terms of Use shall prevail.

These Terms take effect on August 13, 2026.
Previous Terms of Use for Lending Service are listed below.

※ This English version of the Terms of Use for Lending Service is a translation based on the original Korean version of the Terms of Use for Lending Service. If there is any conflict between the original Korean version and this English version, the original Korean version of Terms of Use for Lending Service shall prevail.

- Link to Terms of Use for Lending Service (2026.05.08 ~ 2026.08.12) >
- Link to Terms of Use for Lending Service (2026.04.09 ~ 2026.05.07) >
- Link to Terms of Use for Lending Service (2025.11.08 ~ 2026.04.08) >
- Link to Terms of Use for Lending Service (2025.09.08 ~ 2025.11.07) >
- Link to Terms of Use for Lending Service (2025.07.04 ~ 2025.09.07) >