Draft template. This page has not been reviewed by a lawyer and is not legal advice. It must be reviewed and completed by qualified counsel before anyone relies on it.

Terms of use

Last updated: 2 October 2026.

These terms cover the Kasumi website, terminal, relay and software. Provider: [legal entity and contact to be completed].

What Kasumi is

Kasumi is software for submitting encrypted orders into periodic batch auctions. It hides an order before its epoch closes. It does not hide settlement, balances or wallet addresses, and it is not an anonymity service.

Unaudited software

The smart contracts have been tested and reviewed internally. They have not been audited by an independent third party. They may contain defects that cause loss of funds. See the security review and the risk disclosure.

Eligibility

• You must be legally able to enter into these terms where you live.
• Stock Tokens are issued by Robinhood Assets (Jersey) Limited and are not offered to US persons. Do not use Kasumi to trade them if you are a US person or if holding or trading them is restricted where you are.
• You must not use Kasumi if you are subject to sanctions or located in a sanctioned territory.

Kasumi is not affiliated with, endorsed by, or operated by Robinhood.

No advice

Nothing on this site is investment, legal or tax advice, or an offer or solicitation to buy or sell any asset. Reference prices are provided for information and may be stale or wrong.

No custody

Kasumi never holds your private keys. Settlement moves tokens between wallets through a contract that you authorise with a token approval and a signed order. You are responsible for:

• the approvals you grant, and revoking them when you no longer need them
• checking every order before you sign it
• the security of your wallet and device

How orders execute

An order is valid for one epoch. It may be filled in full, in part or not at all, at the single clearing price of its batch. An epoch can be cancelled, in which case nothing settles but the orders in it may already be public. The relay can decline orders. Details are in the protocol.

Acceptable use

Do not attack, overload or probe the service beyond what responsible security research needs, do not submit orders you do not intend to settle in order to disrupt a batch, and do not use it for unlawful purposes.

Liability

The service is provided as is, without warranties. To the extent the law allows, the provider is not liable for losses arising from use of the software, including losses caused by defects, third-party networks, oracles, token issuers or blockchain behaviour. Nothing here limits liability that cannot be limited by law. [Liability clause to be completed by counsel.]

Changes and governing law

These terms may change; the date above shows the current version. Governing law and courts: [to be completed].