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Terms & Conditions

Last updated: February 2026

These Terms and Conditions ("Terms") govern your access to and use of the Open Mandi platform ("Platform", "Service"), operated by Open Mandi ("we", "us", "our"). By accessing or using the Platform, you agree to be bound by these Terms. If you do not agree, you must not use the Platform.

1. Service Description

Open Mandi is an academic and educational cryptocurrency-based commodities exchange. The Platform enables registered users to:

  1. Deposit and withdraw USDT (Tether) and USDC (USD Coin) stablecoins;
  2. Exchange USDT and USDC at market-determined rates via an on-platform order book;
  3. Trade perpetual futures contracts referencing the spot prices of gold (XAU) and silver (XAG);
  4. View publicly available exchange data including trading volumes, fee revenues, and aggregate user statistics via the Transparency Dashboard.

2. Academic Nature & Educational Disclaimer

The Platform is designed and operated primarily for academic and educational purposes. It is not a regulated financial exchange, brokerage, or investment service. The Platform is not registered with any financial regulatory authority.

Users participate at their own risk and should not treat the Platform as a substitute for professional financial advice, a regulated trading venue, or a reliable mechanism for generating income.

3. Eligibility

To use the Platform, you must:

  1. Be at least eighteen (18) years of age;
  2. Have the legal capacity to enter into a binding agreement in your jurisdiction;
  3. Not be located in, or a resident of, any jurisdiction where the use of cryptocurrency exchange services is prohibited by applicable law;
  4. Not be identified on any government-maintained list of prohibited or sanctioned persons.

4. Account Terms

  1. Each natural person may register for and maintain only one (1) account on the Platform.
  2. You are solely responsible for maintaining the confidentiality of your account credentials. Any activity conducted through your account shall be deemed to have been authorized by you.
  3. You agree to provide accurate and current information during registration and to update such information as necessary.
  4. We reserve the right to suspend or terminate any account that we reasonably believe violates these Terms.

5. Deposit Terms

  1. The Platform accepts deposits exclusively in USDT (Tether) and USDC (USD Coin). No other cryptocurrency or fiat currency is accepted.
  2. Each individual deposit transaction shall not exceed five United States Dollars ($5.00) in value.
  3. Deposits may only be made when the User's aggregate account balance (across all currencies held on the Platform) is strictly less than one United States Dollar ($1.00) in value.
  4. The Platform does not charge fees for deposits. However, blockchain network transaction fees ("gas fees") may apply and are the sole responsibility of the User.
  5. Deposit limits are enforced programmatically and cannot be overridden. These limits exist to maintain the academic character of the Platform and to limit financial exposure.

6. Withdrawal Terms

  1. Withdrawals may only be initiated when the User's aggregate account balance is equal to or greater than ten United States Dollars ($10.00) in value.
  2. The User is solely responsible for providing a valid and correct destination wallet address. The Platform shall bear no liability for funds sent to an incorrect address.
  3. A flat withdrawal fee of $0.10 per transaction is charged to cover blockchain network costs.
  4. Withdrawal processing times are subject to blockchain network conditions and are not guaranteed.

7. Stablecoin Exchange Terms

  1. The exchange rate between USDT and USDC on the Platform is determined solely by market forces through the Platform's order book. The rate is not guaranteed to be 1:1 and may deviate from external market rates.
  2. The Platform does not act as a counterparty to stablecoin exchange transactions. All trades are executed between Platform users.
  3. The Platform does not guarantee the availability of liquidity. Orders may remain unfilled if no counterparty is available at the specified price.
  4. Market orders are subject to slippage and may execute at prices different from the displayed mid-market rate.

8. Futures Trading Terms

  1. The Platform offers perpetual futures contracts referencing the spot prices of gold (XAU) and silver (XAG). These are derivative instruments that do not confer ownership of the underlying commodity.
  2. Futures trading involves the use of leverage, which amplifies both potential gains and potential losses. Users may lose the entirety of their deposited margin.
  3. Positions may be liquidated automatically and without prior notice if the User's margin falls below the maintenance margin requirement. The Platform shall bear no liability for losses resulting from liquidation.
  4. The mark price used for liquidation and profit/loss calculations is derived from external price feeds and the Platform's order book data. The Platform does not guarantee the accuracy of external price feeds.

9. Fee Schedule

  1. The current fee schedule is published on the Platform's Fee Structure documentation page. All fees are disclosed transparently.
  2. The Platform reserves the right to modify the fee schedule with reasonable prior notice to Users.
  3. All fees collected by the Platform are publicly visible on the Transparency Dashboard.

10. Risk Disclosures

By using the Platform, you acknowledge and accept the following risks:

  1. Cryptocurrency risk — stablecoins, while designed to maintain a stable value, may depeg from their target value. The Platform bears no liability for loss of value in deposited stablecoins.
  2. Trading risk — futures trading is speculative and involves substantial risk of loss. Leveraged positions can result in losses exceeding the initial margin deposited.
  3. Liquidation risk — positions may be forcibly closed at unfavorable prices during periods of high volatility.
  4. Liquidity risk — the Platform may experience periods of low liquidity, resulting in wide spreads or inability to execute orders at desired prices.
  5. Technical risk — the Platform may experience downtime, bugs, or errors that affect trading activity. The Platform is provided on an "as is" basis.
  6. Smart contract risk — deposits and withdrawals interact with blockchain networks and may be subject to smart contract vulnerabilities.
  7. No insurance — funds held on the Platform are not insured by any government agency or private insurance provider.

11. Prohibited Activities

Users shall not engage in:

  1. Market manipulation, including but not limited to wash trading, spoofing, or layering;
  2. Operating multiple accounts for the purpose of circumventing deposit limits or other Platform restrictions;
  3. Automated trading via bots or scripts without prior written authorization;
  4. Attempting to exploit bugs, vulnerabilities, or design flaws in the Platform for financial gain;
  5. Any activity that violates applicable law or regulation in the User's jurisdiction.

12. Limitation of Liability

  1. THE PLATFORM IS PROVIDED "AS IS" AND "AS AVAILABLE" WITHOUT WARRANTIES OF ANY KIND, WHETHER EXPRESS OR IMPLIED.
  2. IN NO EVENT SHALL OPEN MANDI BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES ARISING FROM YOUR USE OF THE PLATFORM.
  3. OPEN MANDI' TOTAL LIABILITY SHALL NOT EXCEED THE AMOUNT OF FEES PAID BY THE USER TO THE PLATFORM IN THE TWELVE (12) MONTHS PRECEDING THE CLAIM.
  4. OPEN MANDI SHALL NOT BE LIABLE FOR TRADING LOSSES, LIQUIDATION LOSSES, OR LOSSES ARISING FROM PRICE MOVEMENTS, MARKET CONDITIONS, OR USER ERROR.

13. Intellectual Property

All content, software, designs, and trademarks on the Platform are the property of Open Mandi or its licensors. Users are granted a limited, non-exclusive, non-transferable license to access and use the Platform for its intended purpose.

14. Privacy

Your use of the Platform is subject to our Privacy Policy. Aggregate and anonymized data may be displayed on the Transparency Dashboard. No personally identifiable information is made public.

15. Modifications to Terms

We reserve the right to modify these Terms at any time. Material changes will be communicated to Users via the Platform. Continued use of the Platform after such notice constitutes acceptance of the modified Terms.

16. Severability

If any provision of these Terms is found to be invalid or unenforceable, the remaining provisions shall remain in full force and effect.

17. Governing Law

These Terms shall be governed by and construed in accordance with applicable law, without regard to conflict of law principles. Any disputes arising from these Terms shall be resolved through binding arbitration.

18. Contact Information

For questions regarding these Terms, please contact us at legal@openmandis.com.