Terms of Service
Updated 5th of December 2022
These terms of service (the “Agreement”) is between you and Bitnob Technologies Limited and its affiliates (“Bitnob” “we”,“us”, or “our”), and governs your use of our products and services available through our website (the “Site” ) and our mobile or web applications (each an “App”), including any service we provide to you (“Services”)
By accessing our Services through any means, you accept our terms and conditions and agree to be bound by it. If you do not agree with any of these terms, you are prohibited from using or accessing our Services.
We reserve the right to amend, modify or change any portion of this Agreement without prior notice to you and without your consent. Where any portion of this Agreement is amended or modified, such changes shall be effective immediately.
We suggest that you review these Agreement periodically for such changes and/or modifications. You acknowledge that by accessing and using our Services after such change/modifications, you agree to these terms as modified.
- Eligibility.: If you wish to access our Services, you must create an account (an "Account") with us. You will be required to satisfy our Account opening criteria including any identity verification, screening procedures or other know-your-customer procedures we may apply at our discretion. To open an Account and use our Services, you must be 16 years of age or older and capable of forming a binding contract. We may establish additional eligibility criteria at our discretion. You shall only register one personal Account. In the event of death, payments of all monies/interest in your Account shall be made in accordance with applicable law
- Your Information. : You must provide all requested information completely and accurately, including your full legal name, email address, phone number, bank verification number, government issued ID and any other information we may require to open or maintain an Account. We may ask you for additional information about you or your transactions from time to time and where required, and may provide this to our Partners in connection with Services. You represent and warrant that any information you provide via our platform is accurate and complete. You hereby authorize us, directly or through our third-party service providers, to make any inquiries necessary to verify your identity or protect you against fraud, including any action reasonably necessary to comply with applicable law or regulations.
You agree that the information you provide to us on account registration through our App will be true, accurate, current, and complete.
- Security. :You are responsible for all activities that occur on your Account, whether or not you know about them. It is important that you keep your access credentials including any password secret and private, and not share these with anyone else. You agree that you shall be solely responsible for any activities or actions under your Account and that we are irrevocably authorised to comply with any instructions received on our platform on your behalf for your use of our Services. Such instructions shall be irrevocably deemed to have been authorised by you. You agree not to disclose your password to any third party and you will notify us immediately if your password is lost or stolen or if you suspect any unauthorised use of your Account..
- Restrictions : In order to protect the integrity of our Services, we reserve the right, at any time, in our sole discretion, to block access to our Services from certain places, which may include certain IP addresses and unique device identifiers. We may also block applications for Accounts from certain persons or persons of certain countries where required to do so, or pursuant to our risk appetite and risk management processes. You may not open an Account if you live in certain jurisdictions, or are subject to any sanctions (including UN sanctions or OFAC sanctions) or a citizen of a country, or located in a country, that is subject to sanctions. We may in our sole discretion or as required by law or our third party service providers suspend or prevent any transaction to comply with applicable law or prevent fraud.
- Third-party service providers: We partner with third parties (“Partners”) to facilitate, provide, or otherwise offer certain parts of our services and certain information from you may be provided to those service providers in connection with our services for our legal, regulatory, or compliance purposes.
- We provide Services through our App and Site (collectively our “Platform ”). Services may be subject to eligibility criteria, limits, and restrictions, and may not be available to all customers at all times.
- Cryptocurrency Services: We provide Services allowing you to buy, sell, hold or convert bitcoin or any Cryptocurrency. Any purchase, sale or conversion of any Cryptocurrency will be subject to a conversion rate for the given transaction, being the rate available on our Platform as part of our Services.
- “Cryptocurrency”: means bitcoin and other supported cryptocurrencies on our Platform, including stablecoins. In respect of ‘stablecoins’ we may refer to these on our Platform as “dollars” or “USD” but these relate to the relevant cryptocurrency stablecoin, and they constitute Cryptocurrency and not fiat-currency US dollars.
- Send/Receive Bitcoin:We also provide Services that allows you to send or receive Bitcoin, including through the Bitcoin Lightning Network, and other supported networks. In addition, this Services also enables you to receive payments or value transfers from third parties into your Account or paid out to your designated account or withdrawal method for fiat currency. In those circumstances we may work with Partners, and any receipt will be subject to the relevant amount being duly sent by the sender or the relevant third-Party on their behalf. We will credit your Account with any received amounts in one or more supported Cryptocurrencies depending on your elections, or our default elections. You will have no recourse against any sender of such amounts, or any of our Partners involved in the relevant transaction
- Transaction Limits:We set limits on your Account, or certain Services, including transaction limits, at our discretion. Transactions you instruct to us via the Platform - including buy, sell, send, pay or transfer Transactions - are irrevocable and cannot be reversed, modified, or canceled once you have submitted transaction details and confirmed that you wish to proceed with the transaction. Any errors in your inputs are your responsibility alone, and transactions are at your own risk.
- Insufficient balances: If you have insufficient balances in your Account to process any order or instruction you give us with respect to Services, we reserve the right not to process such order or instruction.
We will act as your custodian for any Cryptocurrency assets in your Account from time to time. You will be the beneficial owner and have beneficial title to any Cryptocurrency asset held by us as custodian for you. We do not trade or rehypothecate your Cryptocurrency that we hold as your custodian.
User assets saved or invested on our platforms are backed 1:1 in the relevant currencies it was deposited. User assets are kept in a mixture of cold and hot wallet.
We will use commercially reasonable efforts to securely store and control access to private keys associated with your Cryptocurrency.
FEES AND EXPENSES
Account fees.There is currently no cost to you to create or maintain an Account.
Third-Party Fees.Certain third parties may charge fees for certain services they provide, and we may pass those fees on to you. Transactions on the Bitcoin Network or the Lightning Network or any other blockchain network may incur fees, which will be passed on to you.
Taxes.It is your responsibility to determine if any taxes apply to you, your transactions or any use of our Services. It is your responsibility to report and remit any such tax to the appropriate tax authority. We are not responsible for determining whether taxes apply to your use of our Services.
Changes.We reserve the right to change our fee and cost structures in the future and impose any fees, costs, commissions or other commercial terms as we determine at our discretion. In such case any applicable fees will be shown to you at the time of or prior to your confirmation of a transaction to which a fee applies.
DEPOSITS AND WITHDRAWALS
Cryptocurrency Withdrawals.If Cryptocurrency withdrawals to an external wallet are enabled on your Account (a "Withdrawal" ), you agree that, whenever you withdraw any Cryptocurrency from your Account to an external wallet, you will comply with all applicable laws. You are solely responsible for providing accurate instructions for any Withdrawal as Withdrawal made to the wrong wallet address or using the wrong associated network is irrevocable and shall not be refunded. We are not responsible for any loss or delay incurred with respect to a Withdrawal executed in accordance with your instructions. Withdrawals may be delayed as a result of latency, disruption, congestion, or other delay on the relevant Cryptocurrency Network.
A Withdrawal cannot be reversed, modified, or canceled once it has been confirmed by you.
Cryptocurrency Deposits. If Cryptocurrency deposits are enabled on your Account (a "Deposit" ), any Deposit you initiate must conform to the protocols of the receiving Wallet. You agree to comply with all applicable rules in initiating a Deposit, and you will not deposit bitcoin to your Account from a wallet associated with any fraud or sanctions.
The person initiating the deposit is solely responsible for executing the transaction correctly and for paying any applicable network fees. Deposits must be recognized by the number of network confirmations determined by us in our discretion, and Deposits may be delayed before appearing in your Account. We are not responsible for any erroneous or delayed Deposits for any reason, including erroneous instructions or address information.
Limitations. Any Deposit or Withdrawal must be in compliance with all applicable laws, rules, and regulations. We may at any time impose limitations or restrictions on the ability to Deposit or Withdraw Cryptocurrency to/from your Account, as well as on the size, type, or manner of any such transactions. We reserve the right to charge fees for Deposits or Withdrawals, which will be shown to you at or prior to your confirmation of the Deposit or Withdrawal, as applicable..
Use of License
Permission is granted to temporarily download one copy of the materials (information or software) on Bitnob's website for personal, non-commercial transitory viewing only. This is the grant of a license, not a transfer of title, and under this license, you may not:
- Modify or copy the materials;
- Use the materials for any commercial purpose, or for any public display (commercial or non-commercial);
- Attempt to decompile or reverse engineer any software contained on Bitnob's website;
- Remove any copyright or other proprietary notations from the materials; or
- Transfer the materials to another person or “mirror” the materials on any other server.
This license shall automatically terminate if you violate any of these restrictions and may be terminated by Bitnob at any time. Upon terminating your viewing of these materials or upon the termination of this license, you must destroy any downloaded materials in your possession whether in electronic or printed format.
You will not do any of the following:
- submit any false, misleading or inaccurate information to us either as part of initial Account due diligence, or as part of any of our requests for information or other interactions with you;
- use our Platform or any application programming interfaces belonging to us or our affiliates without our express written consent, or otherwise access your Account other than through the Apps or Site;
- access, tamper with, or use non-public areas of the Services, our computer systems, or the technical delivery systems of our providers; attempt to probe, scan, or test the vulnerability of any of our system or network or breach any security or authentication measures;
- violate (or assist any other party in violating) any applicable law, statute, ordinance, or regulation, or access or attempt to access the Services or Platform from any restricted jurisdiction or if you are subject to any sanctions or equivalent restrictions;
- void, bypass, remove, deactivate, or otherwise circumvent any technological measure implemented by us, any of our providers, or any other third party (including another user) to protect our Services; or attempt to access or search the Services or download any information from our Services unless explicitly authorized to do so; or attempt to decipher, decompile, disassemble, or reverse engineer any software used to provide the Services;
- intentionally defraud or attempt to defraud or mislead us, or any other person;
- obtain or attempt to obtain any confidential information or personal data about us, our systems, our staff, our customers, our Partners, or otherwise;
- participate or attempt to participate in any unlawful activity, including any bribery or corruption activity, or any action which would be prohibited by any anti-corruption legislation applicable to us, our affiliates, or to you or the jurisdiction in which any such activity takes place;
- make any Deposit from, or Withdrawal to, any external wallet belonging to any person who is subject to any sanctions, or who is on any sanctions or similar lists of any sanctions authority including the UN sanctions list and OFAC sanctions lists;
- collect or store any personally identifiable information from our platform or from other users of our Services without their express permission;
- violate any applicable law or regulation; or
- encourage or enable any other individual to do any of the foregoing.
CANCELLATION, SUSPENSION, OR TERMINATION OF SERVICES
We may, in our sole discretion and without any liability, with or without prior notice and at any time, suspend, modify, or terminate, temporarily or permanently, all or any portion of our Services, establish certain transaction limits or terminate your Account, and/or this Agreement with you, with or without reason.
We have the right to immediately suspend your Account, and freeze any funds or assets in your Account, if: we suspect you or your Account to be in violation of this Agreement, or our compliance and risk management procedures including anti-money laundering and sanctions screening; we are required to do by a government or regulatory authority, applicable law, court order that has jurisdiction over us; we believe there is unusual activity in your Account or that you are using your credentials or your Account in an unauthorized or inappropriate manner.
Your Account will remain suspended and funds and assets in your Account will remain frozen until a determination is made in the investigation by us or law enforcement agency at which point we may determine to terminate your Account.
RISK DISCLOSURE; DISCLAIMERS
- General.Your use of our Services is subject to the following conditions and risks: (i) Bitcoin transactions are irreversible, and, accordingly, losses due to fraudulent or accidental transactions may not be recoverable and we or our affiliates or Partners are not liable for any fraudulent or accidental transactions; (ii) legislative and regulatory changes or actions may adversely affect the value of bitcoin (iii) your bank accounts are at increased risk of being blocked in certain jurisdictions when linked to Bitcoin accounts; and (iv) the volatility and unpredictability of the price of bitcoin relative to fiat currency may result in significant short term losses. These losses are beyond our control and we will not be liable for it.
- Knowledge. You warrant to us that you have a sufficient understanding of Bitcoin, relevant Cryptocurrency networks, and the relevant technology and risks associated with it, to understand and appreciate risks associated with Cryptocurrency.
Limitations and Liability
Services are provided "as is". We make no warranties, expressed or implied, and hereby disclaims and negates all other warranties including, without limitation, implied warranties or conditions of merchantability, fitness for a particular purpose, or non-infringement of intellectual property or other violation of rights.
In no event shall Bitnob or its affiliates be liable for any damages (including, without limitation, losses, damages, or claims arising from: user error; server or system failures; network failures; change in law; unauthorized access or activities; failure of any transaction) arising out of the use or inability to use our services, even if Bitnob or a Bitnob authorized representative has been notified orally or in writing of the possibility of such damage.
You will indemnify and hold harmless us and our affiliates from and against any claims, disputes, demands, liabilities, damages, losses, and costs and expenses, including, without limitation, reasonable legal and accounting fees arising out of or in any way connected with our services, your use of the services (including those provided in whole or part by, or otherwise connected to our Partners, or your non-compliance with the terms of this agreement or any applicable law, rule or regulation.
Neither we, nor our affiliates have any liability to you or any third party for, any losses, fees, costs, expenses or other liabilities ( “losses” ) that you may incur or suffer as a result of or in connection with our Services. Notwithstanding any other section of this agreement, no relevant person is liable to you for any indirect, incidental, special, exemplary, or consequential damages, howsoever caused.
Entire Agreement:This Agreement constitutes the entire and exclusive understanding and agreement between us and you regarding our Services, and this Agreement supersedes and replaces any and all prior oral or written understandings or agreements regarding the Services. If any provision of this Agreement is held invalid or unenforceable by an arbitrator or a court of competent jurisdiction, that provision will be enforced to the maximum extent permissible and the other provisions of this Agreement will remain in full force and effect.
You may not assign or transfer this Agreement. Any attempt by you to assign or transfer this Agreement will be null. We may freely assign or transfer this Agreement without restriction.
Subject to the foregoing, this Agreement will bind and inure to the benefit of the parties, their successors, and permitted assigns. In the event that us or our affiliate is or are acquired by or merged with another entity, we may transfer or assign the information we have collected from you as part of such change of control.
Intellectual Property: We reserve all rights not expressly granted to you in this Agreement. The Services are protected by copyright, trademark, and other laws. Nothing in the Agreement gives you a right to use, in any manner, our name, trademarks, product names, logos, domain names, layout or design of any page or form contained on a page, other distinctive brand features, or other proprietary or intellectual property rights (our "Marks"). All right, title, and interest in and to our Services are and will remain our exclusive property.
Notices: Any notices or other communications provided by us under this Agreement or connected with Services, including those regarding modifications to this Agreement, will be given by either posting to the Site or Apps, by email, or by other electronic means. We will not be obliged to provide notice in any physical medium such as post.
Waiver of Rights: Our failure to enforce any right or provision of this Agreement will not be considered a waiver of such right or provision. The waiver of any such right or provision will be effective only if in writing and signed by our duly authorized representative. Except as expressly set forth in this Agreement, the exercise by either party of any of its remedies under this Agreement will be without prejudice to its other remedies under this Agreement or at law.
Unclaimed Property: If there are funds in your Account and we have no record of you accessing the Services for several years and are unable to contact you, we may be required by applicable law to deliver any such funds to the applicable state or jurisdiction as unclaimed property.
Feedback:We appreciate, and may solicit, feedback, comments, ideas, proposals, and suggestions for improvements to our Services, and if you choose to submit the same, you agree that we are free to use it without any restriction or compensation to you.
Downtime: :The Services may be periodically unavailable during scheduled or unscheduled downtime. We and our affiliates are not liable to you for any inconvenience or loss as a result of such downtime.
Force majeure: We shall not be held liable for any delays, failure in performance, or interruptions of service which result directly or indirectly from any cause or condition beyond our reasonable control, including but not limited to: any delay or failure due to any act of God, act of civil or military authorities, act of terrorism, civil disturbance, war, strike or other labor dispute, fire, interruption in telecommunications or Internet services or network provider services, failure of equipment and/or software, other catastrophe, or any other occurrence which is beyond our reasonable control. However no such event will reduce our obligation to perform the relevant service or obligation when the relevant cause or condition allows, or otherwise affect your rights under this Agreement
Accuracy of Materials: The materials appearing on Bitnob's website could include technical, typographical, or photographic errors. Bitnob does not warrant that any of the materials on its website are accurate, complete or current. Bitnob may make changes to the materials contained on its website at any time without notice. However, Bitnob does not make any commitment to update the materials.
Links: Bitnob has not reviewed all of the sites linked to its website and is not responsible for the contents of any such linked site. The inclusion of any link does not imply endorsement by Bitnob of the site. Use of any such linked website is at the user’s own risk.
Governing Law: These terms and conditions are governed by and construed in accordance with the laws of British Virgin Islands.