Structured risk language.
Read before allocation.结构化风险披露。
配置资金前请阅读。

These disclosures define what Cycle Memo does, what it does not do, and the risks borne by clients. They are written for qualified investors who read disclosure language before, not after, allocating capital.本披露说明 Cycle Memo 做什么、不做什么，以及由客户承担的风险。它面向会在配置资金前，而不是配置后，阅读披露条款的合格投资人。

Audience对象Introduced qualified investors经引荐的合格投资人

Version版本2026.05

Binding Terms约束条款Engagement letter服务约定书

Nature of Service服务性质

Cycle Memo provides private BTC cycle research, market commentary, Binance spot copy-trading access coordination, and related client materials exclusively to qualified, professional, or accredited investors, where applicable, who have been formally introduced. Cycle Memo does not operate, sponsor, or manage a pooled investment fund. Client capital remains in client-controlled Binance accounts.Cycle Memo 仅向通过正式引荐进入的合格投资者、专业投资者或合格认定投资者（如适用）提供私人 BTC 周期研究、市场评论、币安现货跟单接入协调及相关客户材料。Cycle Memo 不运营、不发起、不管理任何混合投资基金。客户资金始终保留在客户本人控制的币安账户内。

No Investment Advice非投资建议

Information on this site is provided for general informational purposes only. It is not personalized investment advice, a recommendation, or an offer or solicitation to buy or sell any security, digital asset, financial instrument, or investment strategy. Any engagement is subject to separate review and written terms.本网站信息仅作一般信息参考之用，不构成个性化投资建议、投资推荐、任何证券、数字资产或金融工具的销售或购买要约，也不构成任何特定投资策略的推荐。任何合作均须经过单独审阅并受书面条款约束。

Geographic Restrictions地域限制

This site is not directed at any person or entity in a jurisdiction where distribution, publication, or use would be contrary to local law or would subject Cycle Memo to registration requirements. By accessing this site you represent that you are permitted to do so under applicable law.本网站不面向任何使用、发布或分发本网站内容会违反当地法律法规，或会使 Cycle Memo 承担注册义务的司法辖区内人员或实体。访问本网站即表示您确认自己依法可访问本网站。

Track Record Disclosure历史记录披露

The track record reflects publicly documented calls and judgments made by Cycle Memo's principal(s). It does not represent the entirety of trading activity or actual results of any individual client account. Hypothetical scenarios are illustrative and may exclude transaction costs, slippage, taxes, funding costs, and timing differences.本网站展示的历史记录反映 Cycle Memo 主理人公开记录的判断及决策，不必然代表全部交易活动，也不反映任何特定客户账户的实际结果。模拟情景仅供示意，可能未包含交易费用、滑点、税费、资金费率及执行时间差异。

Crypto-Specific Risks加密资产特定风险

Bitcoin and digital assets are highly volatile. Clients may lose all principal in a single market event. Risks include exchange downtime, withdrawal freezes, venue insolvency, custody or account restrictions, hacks, copy-trading system failures, liquidity gaps, execution differences, and sudden regulatory changes.比特币及数字资产价格高度波动。客户可能在单次市场事件中损失全部本金。风险包括交易所宕机、提现冻结、交易场所破产、托管或账户限制、黑客攻击、跟单系统故障、流动性缺口、执行差异及监管突变。

Forward-Looking Statements前瞻性陈述

Certain statements on this site are forward-looking, including projections, scenarios, market views, and price targets. Actual results may differ materially from those expressed or implied. Cycle Memo undertakes no obligation to update forward-looking statements.本网站部分陈述属于前瞻性陈述，包括预测、情景假设、市场观点及价格目标。实际结果可能与所述或暗示存在重大差异。Cycle Memo 不承担更新任何前瞻性陈述的义务。

Confidentiality保密

Materials made available through the Private Memo room, including evidence packs, DDQ responses, terms materials, sample Memos, and bi-monthly Memos, are confidential and proprietary. They are provided solely to the named introduced recipient and may not be redistributed without written consent.Private Memo 资料室提供的材料，包括证据包、DDQ 答复、条款材料、样本备忘录及双月备忘录，均属于机密及专有材料，仅向具名引荐接收方提供，未经书面同意不得再分发。

Regulatory Position监管定位

Cycle Memo is not currently registered, licensed, authorized, or approved by any financial, securities, commodities, or crypto-asset regulator. Nothing on this site should be read as implying regulatory approval, investment adviser registration, broker-dealer status, fund-manager status, exchange status, custody status, or crypto-asset service provider authorization. Access is available only by private introduction and is subject to jurisdictional review, written terms, and counsel review. Cycle Memo may limit, decline, or withdraw availability where registration, licensing, authorization, or other regulatory requirements would apply.Cycle Memo 目前未在任何金融、证券、商品期货或加密资产监管机构注册、获牌、获授权或获批准。本网站任何内容均不应被理解为监管批准、投资顾问注册、经纪商身份、基金管理人身份、交易所身份、托管身份或加密资产服务提供商授权。访问仅通过私人引荐开放，并须经过司法辖区审阅、书面条款及律师审阅。如相关安排涉及注册、牌照、授权或其他监管要求，Cycle Memo 可限制、拒绝或撤回服务。

Exchange KYC / AML交易所 KYC / AML

Client Binance accounts must be in good standing and have passed Binance KYC / AML checks. Cycle Memo relies on the client's exchange account eligibility and does not perform or assume responsibility for exchange-level KYC / AML reviews. Cycle Memo may decline service if an account is restricted, ineligible, or unsuitable for the copy-trading arrangement.客户币安账户须处于正常状态，并已通过币安 KYC / AML 审核。Cycle Memo 依据客户交易所账户资格开展服务，不执行亦不承担交易所层面的 KYC / AML 审核责任。如账户受限、不符合资格或不适合跟单安排，Cycle Memo 可拒绝服务。

No Tax, Legal, or Accounting Advice非税务、法律或会计建议

Cycle Memo does not provide tax, legal, or accounting advice. Prospective clients should consult their own advisers regarding the legal, tax, regulatory, and accounting consequences of any digital-asset activity.Cycle Memo 不提供税务、法律或会计建议。潜在客户应就任何数字资产活动的法律、税务、监管及会计影响咨询其自身专业顾问。

Privacy / Data隐私 / 数据

Where personal data is collected, including names, email addresses, inquiry details, IP information, and technical logs, such data should be processed under a dedicated privacy policy consistent with GDPR and other applicable data-protection laws.如收集姓名、邮箱、询问内容、IP 信息及技术日志等个人数据，应依据独立隐私政策处理，并符合 GDPR 及其他适用数据保护法律。

Terms of Use使用条款

Use of this site is subject to additional written terms that may be updated from time to time. Continued access to the site or private materials may require acknowledgement of those terms.本网站使用可能受不时更新的附加书面条款约束。继续访问本网站或私人材料，可能需要确认接受相关条款。

Intellectual Property知识产权

Cycle Memo and the Cycle Memo mark are proprietary. Site content, including text, graphics, data compilations, and software, is protected by copyright and may not be copied, redistributed, or used commercially without written consent.Cycle Memo 及 Cycle Memo 标识为专有资产。本网站内容，包括文字、图形、数据汇编及软件，均受版权保护，未经书面同意不得复制、再分发或商业使用。

Structured risk language.Read before allocation.结构化风险披露。配置资金前请阅读。