These Terms constitute a legally binding agreement between you (“you” or “your”) and BitMoney Exchange “BitMoney Exchange”, “we”, “our” or “us”). The Terms govern your use of the BitMoney Exchange made available to you on or through the Platform or otherwise. BitMoney Exchange may be provided by BitMoney Exchange or, if specified in these Terms, any Product Terms or any additional terms, by any BitMoney Exchange Affiliate.
By registering for a BitMoney Exchange Account, accessing the Platform and/or using the BitMoney Exchange, you agree that you have read, understood and accepted these Terms, together with any additional documents or terms referred to in these Terms. You acknowledge and agree that you will be bound by and will comply with these Terms, as updated and amended from time to time.
If you do not understand and accept these Terms in their entirety, you should not register for a BitMoney Exchange Account or access or use the Platform or any BitMoney Exchange.
RISK WARNING
As with any asset, the value of Digital Assets can fluctuate significantly and there is a material risk of economic loss when buying, selling, holding or investing in Digital Assets. You should therefore consider whether trading or holding Digital Assets is suitable for you in light of your financial circumstances.
Further information on the risks associated with using BitMoney Exchange is set out in our Risk Warning, which may be updated from time to time. You should read the Risk Warning carefully; however it does not explain all of the risks that may arise, or how such risks relate to your personal circumstances.
It is important that you fully understand the risks involved before making a decision to use BitMoney Exchange.
We are not your broker, intermediary, agent or advisor and we have no fiduciary relationship or obligation to you in connection with any Transactions or other activities you undertake when using the BitMoney Exchange. We do not provide investment or consulting advice of any kind and no communication or information that we provide to you is intended as, or should be construed as, advice of any kind.
It is your responsibility to determine whether any investment, investment strategy or related transaction is appropriate for you according to your personal investment objectives, financial circumstances and risk tolerance and you are responsible for any associated loss or liability. We do not recommend that any Digital Asset should be bought, earned, sold or held by you. Before making the decision to buy, sell or hold any Digital Asset, you should conduct your own due diligence and consult your financial advisor. We are not responsible for the decisions you make to buy, earn, sell or hold Digital Assets based on the information provided by us, including any losses you incur arising from those decisions.
INFORMATION ABOUT OUR AGREEMENT WITH YOU
1. Introduction
1.1. About us. The BitMoney Exchange is an ecosystem centred around an online exchange for Digital Assets trading. The BitMoney Exchange provides users with a trading platform to buy and sell Digital Assets, an integrated custody solution allowing users to store their Digital Assets and other Digital Asset-related services.
1.2. These Terms. By registering to open a BitMoney Exchange Account you are entering into a legally binding agreement with us. These Terms will govern your use of the BitMoney Exchange and tell you who we are, how we will provide the BitMoney Exchange to you, how these Terms may be changed or terminated, what to do if there is a problem, along with other important information.
You must read these Terms, together with the documents referenced in the Terms, carefully and let us know if you do not understand anything.
Where any Local Terms apply to your use of the BitMoney Exchange, such Local Terms shall govern your use of the BitMoney Exchange.
1.3. Additional documents. These Terms refer to a number of additional documents which also apply to your use of the BitMoney Exchange. This includes:
a. Our Privacy Notice, which sets out the terms on which we process any personal data we collect about you, or that you provide to us. By using the BitMoney Exchange, you understand and agree to such processing and you promise that all data provided by you is accurate and up to date.
b. Our Risk Warning, which sets out important information on the risks that can arise when buying, selling, holding or investing in Digital Assets.
c. The Fee Structure page on our Website.
d. Product Terms, which set out additional terms and conditions that will apply to your use of specific BitMoney Exchange.
You acknowledge that you will be bound by, and agree that you will comply with, any relevant additional terms and conditions that apply to your use of the BitMoney Exchange.
2. Eligibility
2.1. Eligibility criteria. To be eligible to register for a BitMoney Exchange Account and use the BitMoney Exchange, you must:
a. be an individual, corporation, legal person, entity or other organisation with the full power, authority and capacity to (1) access and use the BitMoney Exchange; and (2) enter into and comply with your obligations under these Terms;
b. if you are an individual, be at least 18 years old;
c. if you act as an employee or agent of a legal entity, and enter into these Terms on their behalf, you must be duly authorised to act on behalf of and bind such legal entity for the purposes of entering into these Terms;
d. not have been previously suspended or removed from using BitMoney Exchange;
e. not be a Restricted Person;
f. not currently have an existing BitMoney Exchange Account; and
g. not be located, incorporated, otherwise established in, or resident of, or have business operations in:
i. a jurisdiction where it would be illegal under Applicable Law for you to access or use the BitMoney Exchange, or cause us or any third party to contravene any Applicable Law
2.2. Amending our eligibility criteria. We may amend our eligibility criteria at any time in our sole discretion. Where possible, we will give you notice in advance of the change. However, we may occasionally need to make changes without telling you in advance. This may include where:
a. we are making the change as a result of legal and/or regulatory changes;
b. the changes being made are in your interest; and/or
c. there is any other valid reason which means there is no time to give you notice.
Where we are unable to give you advance notice, we will let you know of the change as soon as possible after it is made.
3. How we contact each other
3.1. How you can contact us. For more information on BitMoney Exchange, you may refer to the information found on our Website. If you have questions, feedback or complaints you can contact us via our Customer Support team at https://www.bitmoneyexchange.com or support@bitmoneyexchange.com or +256 700 430 493. These Terms may specify contact details for particular notices. This address is not monitored for those notices.
3.2. How we will contact you. We will contact you using the details you provide to us. This may include contacting you by email, SMS or telephone. It is important that you ensure that your contact details are correct and up to date. If your contact details change, you must let us know immediately. If you do not, we will not be responsible if you do not receive information, notices or other important information from us.
4. BitMoney Exchange
4.1. Specific product terms. Once you have opened a BitMoney Exchange Account, you will be able to use the BitMoney Exchange in accordance with these Terms and the Product Terms that govern your use of each specific BitMoney Exchange Service.
4.2. Intra-group services. You acknowledge and agree that some of the BitMoney Exchange may be provided by BitMoney Exchange Affiliates.
5. Chat Service
5.1. Availability of Chat Service. We may make our interactive online chat service available to you (“Chat Service”) at any time in connection with your use of any of the BitMoney Exchange. By using the Chat Service, you may interact with a bot, chatbot, or other non-human. We will disclose the use of a chatbot, or other non-human, to the extent required by Applicable Law. When engaging with us through use of the Chat Service, you authorise us to monitor and save your chats.
5.2. Important information. The Chat Service is provided as a convenience, often to facilitate your understanding of the BitMoney Exchange. Our Chat Service will make reasonable efforts to provide you with accurate and current information based on your question or need. Nothing we communicate in the Chat Service will be considered a legal agreement, representation or warranty as to the BitMoney Exchange, processes, decisions, or response times. Any personal data shared with us when using the Chat Service will be subject to the applicable privacy-related policies and notices described in our Privacy Notice.
5.3. User Chats. In addition, we may make available to you chats that allow you to interact directly with other users of the Platform (“User Chat”).
5.4. Prohibited actions. You must not use the Chat Service or any User Chat to send any abusive, defamatory, dishonest, or obscene message or any messages intended to manipulate a market or to spread false or misleading information or messages that are otherwise in contravention of Applicable Laws, and doing so may result in termination of the Chat Service session and may lead to restrictions on the availability of BitMoney Exchange to you.
6. Fees and calculations
6.1. Payment of fees. You agree to pay all applicable fees in connection with your use of the BitMoney Exchange as set out on the Fee Structure page on our Website, or otherwise communicated to you in any relevant Product Terms.
You authorise us to deduct all applicable fees, commissions, interest, charges and other sums that you owe from your BitMoney Exchange Account under these Terms or any Product Terms in accordance with the method of calculation set out on our Fee Structure page. If you owe us an amount in one Digital Asset and do not have sufficient assets in that Digital Asset, we may deduct the sums owed in another Digital Asset to effect payment (in which case we will convert the Digital Asset you hold into the Digital Asset in which the sums owed to us are denominated (or the Fiat Currency equivalent), at the rate currently offered on the Platform or at such other commercially reasonable rate as we may determine). In the event that there are insufficient Digital Assets in your BitMoney Exchange Account, you acknowledge that any amount due and payable from you under this clause is a debt immediately due and owing by you to us in such amount and form (whether in the form of a Digital Asset or otherwise) as we may determine, acting in a commercially reasonable manner.
6.2. Amending our fees. We may adjust our fees from time to time in accordance with clause 18.3 of these Terms.
6.3. Calculations: Any calculations made by BitMoney Exchange in connection with the BitMoney Exchange are final and binding on you in the absence of Manifest Error. Calculations will be made in accordance with the stated methodology for the relevant BitMoney Exchange Service in our good faith discretion.
INFORMATION ABOUT YOUR BITMONEY EXCHANGE ACCOUNT
7. Creating a BitMoney Exchange Account
7.1. Account opening. You must create and maintain a BitMoney Exchange Account in order to access the BitMoney Exchange and the Platform. This may be a BitMoney Exchange Account for an individual user, or a Corporate BitMoney Exchange Account where the user is a corporation, entity or other organisation.
All BitMoney Exchange Accounts are provided at our absolute discretion. We reserve the right to refuse any application for a BitMoney Exchange Account without reason or to limit the number of BitMoney Exchange Accounts that you may hold.
7.2. Sole benefit. By opening a BitMoney Exchange Account you agree that:
a. where you are an individual user, you will use your BitMoney Exchange Account only for yourself, and not on behalf of any third party, unless you have obtained our prior written consent to do so; and
b. where you are a corporate user, your Permitted Users will use the Corporate BitMoney Exchange Account only for your benefit, and not on behalf of any third party, unless our prior written consent has been obtained. Additionally, you will not offer direct market access to the Platform to any other party, including through the use of a sub-account, unless and until such other party has completed identity verification deemed appropriate by BitMoney Exchange and has separately onboarded onto the Platform. Any other party so verified shall be considered a “Permitted User” as that term is described herein. For avoidance of doubt, any entity or individual using a BitMoney Exchange Sub-Account must be separately verified to be considered a “Permitted User” and to be permitted to use the BitMoney Exchange.
You are fully responsible for all activity that occurs under your BitMoney Exchange Account.
7.3. Identity verification. You will need to comply with our identity verification procedures before you are permitted to open a BitMoney Exchange Account and access and use the BitMoney Exchange, whether independently or through a third-party service, by providing us with certain information about yourself and, where relevant, all of your Permitted Users. All information that you provide must be complete, accurate and truthful. You must update this information whenever it changes.
You authorise us to make inquiries, whether directly or through third parties, that we consider necessary to verify your identity, and that of any Permitted Users, or protect you and/or us against fraud, money laundering, terrorist financing or other financial crime, and to take any action we deem necessary based on the results of such inquiries.
When we carry out inquiries, you acknowledge and understand that your personal data, and that of any Permitted Users, may be disclosed to identity verification, compliance data recordation, credit reference, fraud prevention, or financial crime agencies and that these agencies may respond to our inquiries in full.
You can review our Privacy Notice to have more information about how we process your personal data.
7.4. Enhanced due diligence. We may also require you to comply with our enhanced due diligence procedures by submitting additional information about yourself, your business or your Permitted Users, providing additional records or documentation, or having face to face meetings with representatives of BitMoney Exchange.
7.5. Records. We keep your personal data to enable your continued use of BitMoney Exchange, for as long as it is required in order to fulfil the relevant purposes described in this Privacy Notice, and as may be required by law such as for tax and accounting purposes, compliance with anti-money laundering laws, or as otherwise communicated to you. Please review our Privacy Notice for more information on how we collect and use your personal data relating to the use and performance of our Sites and the BitMoney Exchange.
7.6. Sub-Accounts. At our discretion, you may create and access a BitMoney Exchange Sub-Account. Each natural person associated with a BitMoney Exchange Sub-Account is subject to the identity verification requirements set out in this clause 7. Only one natural person or corporate entity may be associated with a particular BitMoney Exchange Sub-Account.
8. Information requests
8.1. When we may request information. We may require information from you at any time for the purposes of complying with any Applicable Law, identity verification requirements, or in connection with the detection of money laundering, terrorist financing, fraud, or any other financial crime, or for any other valid reason. You agree to provide us with any such information we request and permit us to keep a record of the information for the lifetime of your BitMoney Exchange Account as long as it is required to fulfil their intended purposes, or such other period as prescribed by Applicable Law.
8.2. What happens when you provide information. Your access to your BitMoney Exchange Account and the Transaction limits that apply to your use of the BitMoney Exchange may be altered as a result of information collected about you on an ongoing basis. If there is a reasonable suspicion that any information provided by you is wrong, untruthful, outdated, or incomplete, we may send you a notice to request corrections, remove relevant information, or do such other things that we consider necessary to ensure that the information provided by you is true and correct.
8.3. If you fail to provide any requested information. You must comply with any information request we send to you. If you decline to provide the requested information, or otherwise do not comply in a timely manner, we reserve the right to suspend or terminate your access to your BitMoney Exchange Account, or to all or part of the BitMoney Exchange immediately, without notice.
9. Accessing your BitMoney Exchange Account
9.1. Access. To access your BitMoney Exchange Account you or, where relevant, your Permitted Users, must have the necessary equipment (such as a computer or smartphone) and access to the internet. Your BitMoney Exchange Account can be accessed directly using the Platform or by such other mode of access (including APIs) as we may prescribe. You are only permitted to access your BitMoney Exchange Account by using the Access IDs we provide to you or your Permitted Users for such purposes. We may require multi-factor authentication to keep your BitMoney Exchange Account safe and secure.
The use of the Platform and other access methods may be subject to such additional terms as we communicate to you.
9.2. Restricting access to third parties. You must ensure that any BitMoney Exchange Account(s) registered under your name will not be used by any person other than yourself or, with respect to Corporate BitMoney Exchange Accounts, your Permitted Users, other than in accordance with these Terms.
10. Account information and Transaction records
10.1. Your Account History. You will be able to access your Account History on the Platform. You must review your Account History carefully and let us know if you see any entries or Transactions that you do not recognise or you think are incorrect within fourteen (14) calendar days of the date that your Account History is provided or made available to you.
10.2. Errors. We may rectify any error in your Account History at any time, and reserve the right to void, cancel or reverse any Transaction involving or deriving from a Manifest Error or to amend the details of such Transaction to reflect what we reasonably consider to be the correct or fair details of such a Transaction.
You acknowledge and agree that where you execute any Transaction with Improper Intent and/or in the case of Manifest Error, BitMoney Exchange is authorised by you (without any payment or penalty or liability due by BitMoney Exchange and provided that such action is in compliance with Applicable Law) to either:
a. cancel/void such Transaction and treat such Transaction as if they had never been entered into; or
b. amend the price(s) of such Transaction (upon notice from BitMoney Exchange to you of the amended price(s)) to reflect the prevailing market price(s) as at the relevant time, as determined by BitMoney Exchange by reference to an available source for fair market pricing;
If BitMoney Exchange cancels a Transaction pursuant to the rights referred herein, BitMoney Exchange will reverse any transfers of Digital Assets that have been made to and/or from your BitMoney Exchange Account in connection with such Transaction as if that Transaction had never taken place.
If BitMoney Exchange amends a Transaction pursuant to the rights referred herein, BitMoney Exchange will confirm the details of the amended terms of the Transaction to you through an agreed communication channel and will affect such transfers of Digital Assets to and/or from your BitMoney Exchange Account as are required to reflect the terms of the amended Transaction.
You acknowledge and agree that you shall be solely responsible for your own transactions with any third parties that may have been entered into in connection with or reliance on any Transaction(s) that may be subject to any cancellation/amendment pursuant to BitMoney Exchange’s rights herein.
10.3. Information sharing. We may be required under these Terms or Applicable Law to share information about your BitMoney Exchange Account and Account History with third parties and BitMoney Exchange Affiliates. You acknowledge and agree that we are entitled to disclose such information. For more information about how we process your personal data you can review our Privacy Notice.
USING YOUR ACCOUNT
11. Instructions
11.1. Giving Instructions. You must ensure that any Instruction submitted is complete and accurate. We are not required to verify the accuracy, authenticity or validity of any Instruction and will not monitor or reject Instructions on the basis that they are, or appear to be, duplicates. However, if we are in doubt as to the accuracy, authenticity or validity of an Instruction, we may refuse to act upon or defer acting upon any Instruction, or seek further information with respect to the Instruction.
Instructions are irrevocable and therefore once an Instruction has been submitted you, or your Permitted Users, have no right to rescind or withdraw it without our written consent. Your Instruction is not deemed to be received by us until it has been received by our server. Our record of all Instructions will be conclusive and binding on you for all purposes.
11.2. Acting on your Instructions. By submitting an Instruction you or your Permitted Users are authorising us to initiate the Transaction on your BitMoney Exchange Account. We are therefore authorised to credit or debit (or provide settlement information to third parties for the purposes of the third party crediting or debiting) your Digital Assets from your BitMoney Exchange Account in accordance with your Instruction. If you have insufficient Digital Assets or Fiat Currency in your BitMoney Exchange Account to effect the Transaction (i.e. less than the required amount to settle the Transaction and to pay all the fees associated with the Transaction), then we have the right to refuse to effect any Transaction. BitMoney Exchange may also refuse to act on instructions to the extent permitted by these Terms. It is your responsibility to hold sufficient Digital Assets or Fiat Currency credited in your BitMoney Exchange Account.
11.3. Protection of Instructions. You are aware that Instructions and information transmitted on the Platform or by email are generally transmitted via the internet and may be routed via public, transnational installations which are not specifically protected. We cannot guarantee that the Instructions and information transmitted will be completely protected against unauthorised access, and you accept the associated risks.
11.4. Withdrawals. Subject to these Terms and any applicable Product Terms, and provided that you have sufficient balance on your BitMoney Exchange Account and the relevant Digital Assets are not on hold in your BitMoney Exchange Account in connection with any BitMoney Exchange Service, you may give Instructions to BitMoney Exchange to transfer Digital Assets to an external wallet address by submitting a withdrawal request on the Platform. Upon receipt of the withdrawal request, BitMoney Exchange will: (i) deduct your BitMoney Exchange Account balance; and (ii) initiate an on-chain transfer to an external wallet designated by you. BitMoney Exchange may not process a withdrawal request if, in our reasonable opinion, we consider that Applicable Law prevents the execution of the relevant withdrawal. BitMoney Exchange may also suspend withdrawals at such time deemed appropriate by BitMoney Exchange to resolve any incidents on the Platform. Once such incidents have been resolved, BitMoney Exchange will resume withdrawals.
12. Transactions
12.1. Entering into Transactions. You may enter into Transactions directly with us, or directly with other users, which may or may not be facilitated by us.
We do not represent or warrant that any Transaction will be completed successfully or within a specific time period.
12.2. Unauthorised Transactions. You are responsible for the control and use of your BitMoney Exchange Account. As such, we will assume that you, or a Permitted User, have authorised any Instruction sent from your BitMoney Exchange Account unless we are notified otherwise. It is important that you monitor your Account History to ensure any unauthorised or suspicious activity on your BitMoney Exchange Account is identified and notified to us as soon as possible. We are not responsible for any claim or losses resulting from a Transaction executed as a result of an unauthorised Instruction unless you have notified us in accordance with this clause and it is confirmed by our internal investigation that you, or a Permitted User, have not authorised the Instruction in any way, even by mistake, negligence, error or as a consequence of a fraud and it is proven that the unauthorized Instruction is solely due to a technical issue attributable to BitMoney Exchange.
12.3. Retention of Transaction information. To facilitate compliance with global industry standards for data retention, you agree to permit us (but agree to not require us) to keep a record of all Transaction information for the lifetime of your BitMoney Exchange Account as long as it is required to fulfil their intended purposes, or such other period as prescribed by Applicable Law.
13. Material interests and conflicts
13.1. BitMoney Exchange. You understand that BitMoney Exchange is a member of a group of companies which is involved in activities connected with Digital Assets.
13.2. Nature of our duties. You understand and agree that neither your relationship with us nor any BitMoney Exchange Service we provide to you, nor any other matter, will give rise to any duties on our part or on the part of any BitMoney Exchange Affiliate, whether legal, equitable, fiduciary in nature, save as are expressly set out in these terms. In particular, we and any BitMoney Exchange Affiliate may from time to time act in more than one capacity, and in those capacities we may receive fees or commissions from more than one user (including you). You agree that we may act in such capacities and provide any other BitMoney Exchange service or carry out any business with or for you, any BitMoney Exchange Affiliate or any other user.
13.3. Material interests. You understand and agree that neither we nor any BitMoney Exchange Affiliate will be required to: (1) have regard to any information known to us, or to any BitMoney Exchange Affiliate, which is a material interest; (2) disclose any such information to you; or (3) use any such information for your benefit. You further acknowledge that from time to time we may receive general market information in the course of providing BitMoney Exchange to you, which we may use in the ordinary course of our business.