PLEASE READ THESE TERMS OF SERVICE CAREFULLY. PLEASE NOTE THAT BY ACCESSING OR USING THE SERVICES, YOU HEREBY AGREE TO BE LEGALLY BOUND BY THESE TERMS OF SERVICE AND ALL OF ITS ASSOCIATED TERMS.
1.1 These Terms and Conditions (the: “T&C”) are deemed a binding agreement between the client and Lipan Services OU (the “Company”). By using or otherwise accessing the Services, or clicking to accept or agree to these Terms and Conditions where that option is made available, client agrees for eligibility for use of the Services and that client has read, understood, and accepted these Terms and Conditions.
- Company Details
2.1 BitTheBank.com (the “Website”) is owned and operated by the Company, with registered address in Harju maakond, Tallinn, Lasnamäe linnaosa, Väike-Paala tn 2, 11415, Estonia. Lipan Services OU is licensed and regulated by the Estonian Ministry of Economics, The Financial Intelligence Unit (FIU) to provide services of exchanging a virtual currency against a fiat currency license number FVT000374.
- The Services
3.1 The Website is an open platform, in which it allows the purchase and sale of digital currencies and/or digital currencies in exchange of FIAT based currencies.
3.2 The Company provides services of exchanging a digital currency against a fiat currency (license number FVT000374) issued by the Estonian Financial Intelligence Unit (“FIU”).
3.3 ALL digital currency-purchases and orders are accepted online ONLY (via the website, not by phone/email/any other means). The Company will never solicit clients into making any purchases on its Website.
3.4 The Company does not and will not provide financial advice, recommendation, or analysis with respect to the digital currencies market.
3.5 Please note that in any case in which you have been provided with financial information and/or if you have been contacted by a third party claiming to be on behalf of the Company offering you with financial information, requesting you for personal or financial information, you are hereby advised to stop any communications with such party and inform the Company at [email protected]
4.1 You should be aware that the digital currencies market is a highly volatile and speculative. As such market fluctuations may occur immediately and during your use of the Website. Please Note, quoted rates indicated on the Website are estimations only and should not be considered as the final rate of purchase or sale of the digital currencies. Final rates will be determined following a successful purchase and/or sale of the digital currencies and solely upon the completion of the account verification process.
4.2 The Company will not assume any responsibility for any changes and/or fluctuations with respect to the rates and/or prices of the digital currencies which have been indicated on the Company’s Website upon initializing or submitting a purchase or sale order and upon completing the relevant procedure.
5.1 The Company charges a standard conversion fee for all digital currencies transactions upon purchase and/or sale.
5.2 Digital currencies transactions in any FIAT currency other than EUR (USD/GBP/AUD/CAD) will be subject to an extra 3% FIAT currency conversion fee, which will be calculated into the decisive digital currency rate at the time in which the Client has initialized the transaction on the Website.
5.3 The Company reserves the right to amend or change its charges and/or fees for the execution of your transactions on the Website upon providing a prior written notification on such change.
- Money Withdrawal or Refund
6.1 The digital currencies which are available for sale or purchase on the Website or currencies which are digitally transferred on each currency’s blockchain technology, in which transactions are transferred to a blockchain based wallet ID, each wallet ID is unique and generated for the own purpose of the Client. The Company has no access to your wallet and as such could not facilitate any assistance with accessing the wallet of the user. Given these characteristics of the digital currencies market, you should be aware that the Company could not execute any refunds and once a transfer of the digital currency has been executed it shall be final and shall be transferred to the indicated wallet ID. We ask you to maintain all of your wallet details secretly and to not give your personal wallet information to any third party.
6.2 In any case in which you will request to sell your digital currencies held on the Company’s platform, the Company shall be able to liquidate such currencies through the Services offered on the Website. For the time being, the Company may facilitate your request to liquidate your digital currencies for FIAT currencies in the EUR currency only and through the SEPA remittance system.
7.1 We encourage you to consult with an attorney, financial advisor, or other financial professional who could evaluate your needs and advise you if the digital currency market is suitable for you, based on your financial status and background. The company does not make any guarantee or other promises as to any results that may be obtained from using its Website’s Services.
7.2 Buying and selling digital currencies involves inherent financial risk. No Client should make any investment decision without first consulting a financial advisor and conducting a self-research and due diligence. To the maximum extent permitted by law, the Company disclaims any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable or result in any investment or other losses. The Client’s use of the information on the Website or materials linked from the Website is at the Client’s own risk.
8.1 You are allowed to use the Services offered on the Website, only if you are over the age of 18 years and eligible for the Services in accordance with the law of your residence and/or domicile. The Company has no obligation or capability to verify whether you are eligible to use the Services and the Company shall not assume any responsibility with respect to your use of the Services.
9.1. The Company does not provide any trading services, spot or leveraged positions for any pairs either those that or that do not include digital currencies to FIAT or vice versa. The Company acts merely as a digital currency exchange and wallet provider as authorized by the license which it holds. Please note, BitTheBank does not offer any trading services to clients and does not act as a counterparty to any transaction conducted on the Website, either for the purpose of purchase or sale of the digital currencies.
10.1 You hereby agree to release and to indemnify, defend and hold harmless the Company and its parents, subsidiaries, affiliates and agencies, as well as the officers, directors, employees, shareholders and representatives of any of the foregoing entities, from and against any
and all losses, liabilities, expenses, damages, costs (including attorneys’ fees and court costs) claims or actions of any kind whatsoever arising or resulting from your use of the services and/or arising from any violation of these Terms and Conditions and/or the Company’s policies.
10.2 The Company reserves the right, at its own expense, to assume exclusive legal defense and control of any matter otherwise subject to indemnification by client and, in such case, client agrees to cooperate with the Company in the legal defense of any such matter as my be requested by the Company.
- Risk Warning
By accepting these Terms and Conditions, Client also acknowledges that he has been warned of the following risks:
11.1 New Technology Client understands that digital currencies including but not limited to the company platform, blockchain technology, including other associated and related technologies are new and untested and outside of your or the Company’s control and adverse changes in market forces or the technology, broadly construed, will excuse the non-performance by the Company under this Agreement including temporary interruption or permanent termination of your access to the Software and Services.
11.2 Loss of funds the risk of loss in trading or holding digital currencies can be substantial. Therefore, client should carefully consider whether trading or holding digital currencies is suitable for the Client in light of specific financial condition.
11.3 Forks and changes in relevant network may result in significant and sudden changes to the value and/or usability of his digital currencies.
11.4 The Company is not responsible for such loss of value of your digital currencies and bears no responsibility for any loss incurred by client while using the Website or in any direct or indirect connection to it.
11.5 Regulatory environment digital currencies, Blockchain technologies have been the subject of scrutiny by various regulatory bodies around the world. The functioning of the Website could be impacted by one or more regulatory inquiries or actions, including but not limited to restrictions of use of digital currencies.
11.6 Risk of theft and hacking Hackers or other groups or organizations may attempt to steal your data and password in any number of ways.
11.7 Risk of security weaknesses of the Website There is a risk that the Website may unintentionally include weaknesses or bugs in the source code interfering with the use of or causing the loss of Tokens and digital currencies.
11.8 Internet transmission, software and hardware risks. Client acknowledges that there are risks associated with using the Services including, but not limited to, the failure of hardware, software, and internet connections. Client acknowledge that the Company shall not be responsible for any communication failures, disruptions, errors, distortions, or delays client may experience when using the Services, howsoever caused.
- Warranties and Representations
By entering these Terms and Conditions client warrants and represents that:
12.1 Client has full capacity to contract under applicable law; and to be a user of the Website.
12.2 Client will only be transacting via the Website with legally-obtained funds that belong to client and shall adhere to the Anti Money laundering regulations applicable in his country of residence and/or in Estonia.
12.3 Client will not be furthering, performing, undertaking, engaging in, aiding, or abetting any unlawful activity through your relationship with us or through your use of the Website;
12.4 Client will not use the Website for illegal purposes, including money laundering of criminal proceeds, transfer or receipt of payment for planning, preparation or commitment of crime, for financing the terrorism and illegal trade;
12.5 Client will not use the Website for any purpose prohibited by these Terms or in any manner that could damage, disable, overburden, or impair the Company.
12.6 Client will be complying with and obeying all applicable laws, including but not limited to securities and capital market legislation, anti-money laundering and counterfeiting terrorism, consumer protection laws, and financial promotion.
- Warranties; Exclusion of Liability; Indemnification
13.1 The Company will not be liable for the outcome of the clients’ sharing sensitive information with 3rd parties.
13.2 The Company will not be liable for the outcome of the clients’ usage and/or sharing of his personal information and/or of the information of his wallet details and/or access. Please do not share such information with anyone else as such may result with the loss or theft of your funds.
13.3 The Company will not be liable for the outcome of the clients’ sending digital currencies to 3rd party wallets. All transactions are final and irrevocable.
13.4 please make sure that when sending a digital coin, you should take additional care and time to verify that the details which you have used to perform a transaction have been placed diligently and correctly, the mistype or error of recipient’s wallet ID when sending your digital currencies to a third party may result in the loss of some or all your funds.
13.5 The Company and its affiliates make no representations or warranties of ether express, implied, statutory or otherwise regarding the Platform, including any warranty that the Services will be uninterrupted, error free or free of harmful components, secure or not otherwise lost or damaged.
13.6 Except to the extent prohibited by law, the Company and its affiliates disclaim all warranties, including any implied warranties of merchantability, satisfactory quality, fitness for a particular purpose, non-infringement, or quiet enjoyment, and any warranties arising out of any course of the Services.
13.7 The Company shall not have any liability or responsibility for any errors or omissions in performance of the Website, for your action or inaction in connection with the Website or for any damage to your computer or data or funds or any other damage client may incur in connection with the Website.
13.8 The Company has no control over, or is responsible for, any products or Services that client may choose to purchase from any third-party source using digital currencies that was purchased through the Website. Should the Client experience problems or disputes with a product/merchandise, or service, purchased from a third-party using digital currencies purchased and/or transferred using the Website, the Client should address it to the merchant from whom the services/merchandise were acquired and the Company will have no liability concerning it.
13.9 Client’s use of the Website is at own risk.
13.10 In no event shall the Company be liable for any direct, indirect, punitive, incidental, special or consequential damages arising out of or in any way connected with the use of the Website, the delay or inability to use the Website or otherwise arising in connection with the Website whether based on contract, tort, strict liability or otherwise, even if advised of the possibility of any such damages.
13.11 The Company makes no representation that Services can be received and are applicable or appropriate for use in all jurisdictions.
14.1 The Company bears no liability for determining whether taxes apply to any of client’s transactions, or for collecting, reporting, or remitting any taxes arising from any transaction.
14.2 The company will never request any additional payments from Clients as part of their refund policy to cover taxes. Clients should consult with a qualified accountant regarding tax matters.
15.1 Client may not transfer or assign these Terms and Conditions or any rights or obligations he/she has under these Terms and Conditions without our prior written consent.
15.2 The Company reserves the right to freely assign or transfer these Terms and Conditions and the rights and obligations under these Terms and Conditions to any third party at any time without prior notice or consent.
15.3 If client objects to such transfer or assignment, client may stop using the Platform and terminate these Terms and Conditions by contacting the Company.
- KYC and AML
16.1 The Company retains the exclusive right to request from clients the following documentation for the process of on-boarding:
16.1.1 POI (Proof of Identity) – Government issued ID, i.e Drivers license, National ID or a Passport. A Clear copy, in colour, showing all 4 corners of the document, and the document must be valid for at least 3 months forward should be provided.
16.1.2 POR (Proof of Residency) – Bank statement, credit card statement, or utility bill as proof of address (for gas/water/electricity/cable/land line). The address and name should be matched against the clients’ information they have registered with, , and the document must be valid for at least 8 months forward should be provided.
16.1.3 Signing of Declaration of Digital Asset Purchase, mandatory for all wires and for total transaction volume of 5,000 EUR per account.
16.1.4 Matching of the client IP, proof of address and issuer bank GEO BIN.
16.1.5 Signing of declaration of source of funds for wires of 30,000 EUR and above.
16.1.6 Proof of source of funds for incoming wires of 30,000 EUR and above.
16.1.7 WorldCheck screening for blacklisting, negative media, and PEP.
16.3 The Client agrees to provide all information, materials and documents that Company will require as listed above. In case of a breach of this obligation, the Company shall be entitled to refuse to execute, or to suspend the execution of the Transaction, as well as to stop deposits and withdrawals of any currencies for that matter.
16.4 The Company has the right to refuse to process the Client’s transaction, as well as to freeze Client’s deposits and withdrawals, in response to a request of state authorities, or in order to enforce the Terms and Conditions, as established and published on the Website.
- Jurisdiction and Applicable Law
17.1 The Terms and conditions and any legal relationship between the Parties arising out of or in connection with them shall be governed by and construed in accordance with the laws of Estonia without regard to its conflict of laws rules.
17.2 The Parties settle all their disputes arising out of or in connection with the Terms and conditions in accordance with the laws of Estonia.
- Dispute Settlement
18.1 The Parties agree to try in good faith to settle through negotiations any dispute, disagreement or claim arising out of or in connection with execution, termination or rescission of these terms and conditions.
18.2 Any dispute arising out of or in connection with this contract, including any question regarding its existence, validity or termination, shall be referred to and finally resolved by arbitration/The seat, or legal place, of arbitration shall be Tallinn, Estonia. The language to be used in the arbitral proceedings shall be English.
19.1 All communications and documents to be made or given pursuant to these Terms and Conditions must be in the English language.
19.2 These Terms and Conditions constitute the entire agreement and understanding of the Parties and supersedes any previous agreement between the Parties relating to the subject matter of these terms and conditions.
19.3 If at any time any one or more of the provisions of these terms and conditions is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction neither the legality, validity or enforceability of the remaining provisions of these terms and conditions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction shall be in any way affected or impaired as a result.
19.4 Headings are inserted for the convenience of the parties only and are not to be considered when interpreting this Agreement. Words in the singular mean and include the plural and vice versa. Words in the masculine mean and include the feminine and vice versa.