Policy Commitment
Whalefin Markets Limited (“WML” or “we”) have in place a compensation arrangement approved to cover potential losses of 50% of client virtual assets in cold storage (if any) and 100% of client virtual assets in hot and other storages (if any) (herein referred to as the “Compensated Amount”). Such arrangements include a third-party insurance policy. We are committed to update any amendments or changes (the “Amendments”) in our compensation arrangement to the Securities and Futures Commission (“SFC”), and such Amendments would be subject to their approval.
Monitoring Commitment
We are committed to establish, implement and enforce internal controls and procedures to monitor on a daily basis the total value of client virtual assets under custody and ensure we comply with the applicable SFC compensation guidelines.
If we become aware that the total value of the Compensated Amount exceeds the covered amount under the compensation arrangement and we anticipate such a situation to persist, we are committed to notify the SFC, and take prompt remedial measures to ensure compliance with the applicable regulatory requirements.