Last Updated: 15 February, 2019
BITSMO LLC Terms of Service/End User Agreement
These Terms of Services and any terms incorporated herein (the “Terms”) apply to your (“User”) use of the “Technology platform”, including bitsmo.io, the technology and the platform integrated therein and any applications associated therewith, which are operated and maintained by BITSMO Limited and its subsidiaries (“BITSMO”, “We”, or “Us”). We provide you the possibility to use Our Technology Platform (“Services”) on the following terms and conditions. This Agreement governs your access to and use of the Site, Web Services, Data and Third Party Data, and constitutes a binding legal agreement between you (referred to herein as “You” or “User”) and Provider.
YOU ACKNOWLEDGE AND AGREE THAT, BY CLICKING THE CHECKBOX OR BY ACCESSING OR USING THE SITE, WEB SERVICES, DATA OR THIRD PARTY DATA, YOU ARE INDICATING THAT YOU HAVE READ, UNDERSTAND AND AGREE TO BE BOUND BY THIS AGREEMENT. IF YOU DO NOT AGREE TO THIS AGREEMENT, THEN YOU HAVE NO RIGHT TO ACCESS OR USE THE SITE, WEB SERVICES, DATA OR THIRD PARTY DATA. If you accept or agree to this Agreement on behalf of a company or other legal entity, you represent and warrant that you have the authority to bind that company or other legal entity to this Agreement and, in such event; “Customer”, “You” and “Your” will refer and apply to that company or other legal entity.
I. GENERAL PROVISIONS
1.1. “Communications” shall mean all and any communication, agreement, document, receipt, notice and disclosure, which may be from time to time addressed to User by BITSMO.
1.2. “Crypto assets” shall mean such type of assets which can only and exclusively be transmitted by means of block-chain technology, including but not limited to digital coins and digital tokens and any other type of digital mediums of exchange, such as Bitcoin, Ethereum, Ripple, etc, to the full and absolute exempt of the securities of any kind.
1.3. “Deposit/Withdrawal” of crypto assets shall mean remittance of crypto assets to/from BITSMO Account from/to external third-party service accordingly.
1.4. “Feedback” is any feedback, suggestion, idea or other information or material regarding BITSMO or our Services that you provide, whether by email, posting through our Services or otherwise.
1.5. "Force Majeure Event" shall be understood as any event beyond BITSMO's reasonable control, including but not limited to the flood, extraordinary weather conditions, earthquake, or other act of God, fire, war, insurrection, riot, labor
dispute, accident, action of government, suspension of bank accounts of any kind, extraordinary leaps of the course of crypto asset, communications, network or power failure, or equipment or software malfunction or any other cause beyond BITSMO's reasonable control.
1.6. “BITSMO Account” is a User account accessible after the registration process and via the Services where crypto assets may be stored and operated by BITSMO on behalf of a User.
1.7. “BITSMO IP” shall mean all and any copyright and other intellectual property rights in all content and other materials contained on the Technology Platform or provided in connection with the Services, including, without limitation, the BITSMO name, trademark, BITSMO logo and all designs, text, graphics, pictures, information, data, software, technologies, know-hows, sound and video files, other files and the selection and arrangement thereof.
1.8. "Third-Party Content" is the content provided by third parties, including without limitation links to web pages of such parties, which may be represented on the Technology Platform.
1.9. "Third-party service" is any platform or network in which crypto assets belong to you or where you are the beneficial owner of crypto assets; and this platform is maintained by a third party outside of the Services; including, but not limited to third-party accounts.
1.10. “Trade” shall be understood as an exchange of the crypto asset of one type, owned by one BITSMO Account User, to the crypto asset of another type, owned by the same or another BITSMO account User, at the terms and conditions set forth by such exchange parties, and which is executed solely and exclusively within the Technology Platform with crypto assets deposited to those Users’ BITSMO Accounts. In no case shall the Trade be deemed or construed to be a marginal trade.
1.11. “Transfer” for the purposes herein shall mean a record of Deposit, Withdrawal and/or Trade transaction of crypto asset into, out from or at User’s BITSMO Account, which is technically executed by BITSMO in accordance with User’s Deposit/Withdrawal request or Trade order.
2. ACCEPTANCE OF TERMS:
2.1 This Agreement, which incorporates by reference other provisions applicable to use of https://bitsmo.io, including but not limited to, supplemental terms & conditions set forth hereof (‘supplemental terms’) governing the use of certain specific material contained in https://bitsmo.io, sets forth the terms and conditions that apply to use of https://bitsmo.io by User. By Using BITSMO LLC (other than to read this Agreement for the first time), User agrees to comply with all of the terms and conditions hereof. The right to https://bitsmo.io is personal to User and is not transferable to any other person or entity. User is responsible for all use of User’s Account (under any screen name or password) and for ensuring all use of User’s Account complies fully with the provisions of this Agreement. User shall be responsible for protecting the confidentiality of User’s password(s), if any.
2.2 BITSMO LLC shall have the right at any time to change or discontinue any aspect or feature of https://bitsmo.io, including, but not limited to, content, hours of availability, and equipment needed to access or use.
WARRANTIES, REPRESENTATIONS AND COVENANTS
2.1. It is a pre-condition that our Services are only provided to those who are permitted to enter in legally binding relationships. Therefore, if there is any reason why you are not able to enter into legally binding relationships with Us, for whatever reason - do not use our Services.
2.2. You further represent and warrant that you:
- are at least 18 years old or of other legal age, according to your relevant jurisdiction;
- have not previously been suspended or removed from our Services; c. have full power and authority to enter into this legal relationship and by doing so will not violate any other legal relationships;
- use our Technology Platform with your own e-mail and for your own benefit and do not act on behalf and/or to the interest of any other person;
- guarantee that your crypto assets, which you transfer to the Technology Platform are not sold, encumbered, not in contention, or under seizure, and that neither exist any rights of third parties to your crypto assets;
- will not use our Services or will immediately cease using those if any applicable law in your country prohibits or will prohibit you at any time from doing so;
- will not use our Services or will immediately cease using those if you are a resident or become a resident at any time of the state or region (in accordance with such state or region definition of residency), where the crypto assets transactions you are going to execute are prohibited or require special approval, permit and/or authorization of any kind, which BITSMO has not obtained in this state or region. In case of any doubts, immediately and prior to any use of the Services, contact us at email@example.com and we will provide you with the information, whether We have any approval, permit or authorization in the state or region you are the resident of.
2.3. When accessing or using the Technology Platform, you further represent, agree and warrant, that you will not violate any law, contract, intellectual property or other third-party right or commit a tort, and that you are solely responsible for your conduct while using our Technology Platform. Without prejudice to the generality of the foregoing, you represent, agree and warrant, that you will not:
- Use the Technology Platform in any manner that could interfere with, disrupt, negatively affect or inhibit other users from using our Technology Platform with full functionality, or that could damage, disable, overburden or impair the functioning of Technology Platform in any manner;
- Use the Technology Platform to pay for, support or otherwise engage in any illegal gambling activities; fraud; money-laundering; or terrorist activities; or any other illegal activities;
- Use any robot, spider, crawler, scraper or other automated means or interface not provided by Us to access the Technology Platform or to extract data; d. Use or attempt to use another User account without authorization; e. Attempt to circumvent any content filtering techniques We employ, or attempt to access any service or area of our Technology Platform that you are not authorized to access;
- Develop any third-party applications that interact with our Technology Platform without our prior written consent;
- Provide false, inaccurate, or misleading information; h. Encourage or induce any third party to engage in any of the activities prohibited under this Section.
2.4. YOU INDEMNIFY AND HOLD BITSMO LIMITED HARMLESS AGAINST ANY CLAIMS, DEMANDS AND DAMAGES, WHETHER DIRECT, INDIRECT, CONSEQUENTIAL OR SPECIAL, OR ANY OTHER DAMAGES OF ANY KIND, INCLUDING, BUT NOT LIMITED TO, LOSS OF USE, LOSS OF PROFITS OR LOSS OF DATA, WHETHER IN AN ACTION IN CONTRACT, TORT (INCLUDING BUT NOT LIMITED TO NEGLIGENCE) OR OTHERWISE, ORIGINATED FROM OR IN ANY WAY CONNECTED WITH INVALIDITY OR BREACH OF ANY OF THE WARRANTIES, REPRESENTATIONS AND COVENANTS OF THIS SECTION AND THE ENTIRE TERMS.
3. RISK DISCLOSURE
3.1. Due to our internal policies, We only provide the Services to users with sufficient experience, knowledge and understanding of the work principles of our Technology Platform, and those who fully understand the associated risks. You acknowledge and agree that you shall access and use the Technology Platform at your own risk. The risk of loss in Trading crypto assets can be substantial. You should, therefore, carefully consider whether such Trading is appropriate for you in light of your circumstances and resources. You acknowledge and agree the possibility of the following:
- You may sustain a total loss of the crypto assets in your BITSMO Account, and, in some cases, you may incur losses beyond such crypto assets.
- Under certain market conditions, you may find it difficult or impossible to liquidate a position. This can occur, for example, when the market reaches a daily price fluctuation limit ("limit move") and there is insufficient liquidity in the market.
- Placing contingent orders, such as "stop-loss" or "stop-limit" orders, will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.
- All crypto assets positions involve risk, and a "spread" position may not be less risky than an outright "long" or "short" position.
- The use of leverage can work against you as well as for you and can lead to large losses as well as gains.
- All of the points noted above apply to all crypto assets. This brief statement cannot, however, disclose all the risks and other aspects associated with the Trade of crypto assets and shall not be considered as any professional advice.
3.2. Risks Associated with the Internet-based Trading System. You acknowledge that there are risks associated with utilizing an Internet-based trading system including, but not limited to, the failure of hardware, software, and Internet connections. You acknowledge that BITSMO shall not be responsible for any communication failures, disruptions, errors, distortions or delays you may experience when using the Technology Platform, howsoever caused.
3.3. Risks Associated with the Blockchain Protocol. The Technology Platform and its related Services are based on the Blockchain protocol. As such, any malfunction,
unintended function, unexpected functioning of or attack on the Blockchain protocol may cause the Technology Platform to malfunction or function in an unexpected or unintended manner.
3.4. Risks Associated with Blockchains and Crypto Assets. You acknowledge and accept that the BITSMO has no control over any cryptocurrency network and you understand all risks associated with utilizing any crypto assets network, including, but not limited to the risk of unknown vulnerabilities in or unanticipated changes to any network protocol. We will not be responsible for any harm occurring as a result of such risks.
3.5. No Control Over Your Own Actions. As defined in the foregoing cl. 4.3 (g) and other provisions herein YOU AGREE TO INDEMNIFY AND HOLD BITSMO HARMLESS AGAINST ANY CLAIMS, DEMANDS AND DAMAGES, WHETHER DIRECT, INDIRECT, CONSEQUENTIAL OR SPECIAL, OR ANY OTHER DAMAGES OF ANY KIND, INCLUDING, BUT NOT LIMITED TO, LOSS OF USE, LOSS OF PROFITS OR LOSS OF DATA, WHETHER IN AN ACTION, IN CONTRACT, TORT (INCLUDING BUT NOT LIMITED TO NEGLIGENCE) OR OTHERWISE, ORIGINATED FROM OR IN ANY WAY CONNECTED WITH YOUR USE OF OUR TECHNOLOGY PLATFORM, INCLUDING, BUT NOT LIMITED TO THOSE ARISING FROM YOUR PERSONAL ERROR AND MISBEHAVIOR SUCH AS FORGOTTEN PASSWORDS, INCORRECTLY CONSTRUCTED TRANSACTIONS, LOSS OF YOUR ACCESSES ETC.
4. CRYPTO ASSETS PROTECTION
4.1. We strive to protect your crypto assets from unauthorized access, use, or spending. We use a variety of physical and technical measures designed to protect our systems and your crypto assets. By remitting your crypto assets to BITSMO Account you entrust and entitle Us to ultimately take decisions on the safety and security of your crypto assets.
4.2. We reserve the right to take different measures of protection, which include, but are not limited to a diversification of crypto assets in different allocations whether on a segregate record (account) or not.
4.3. Nothing herein shall be deemed or construed as a willingness to a seizure of your crypto assets. The main purpose of this section is to notify you about different measures of protection, that We use to keep your crypto assets safe.
5. ELECTRONIC NOTICES
5.1. Consent to Electronic Delivery. You agree and consent to receive electronically all Communications, that BITSMO may be willing to communicate to you in connection with your BITSMO Account and/or use of the BITSMO Services. You agree that BITSMO may provide these Communications to you by posting them on the
Technology Platform. You may contact Us through our Support Center to request electronic copies of Communications.
5.2. Withdrawal of Consent. You may withdraw your consent to receive electronic Communications by sending a withdrawal notice to support. If this is a case you waive your right to plead ignorance. If you decline or withdraw consent to receive electronic Communications, BITSMO may suspend or terminate your use of the Technology Platform.
5.3. Updating Contact Information. It is your responsibility to keep your email address on file with BITSMO up to date so that BITSMO can communicate with you electronically. You understand and agree that if BITSMO sends you an electronic Communication but you do not receive it because your email address on file is incorrect, out of date, blocked by your service provider, or you are otherwise unable to receive electronic Communications, BITSMO will be deemed to have provided the Communication to you. You waive your right to plead ignorance. Please note that if you use a spam filter that blocks or re-routes emails from senders not listed in your email address book, you must add BITSMO to your email address book so that you will be able to receive the Communications We send you. You can update your email address at any time by logging into your BITSMO Account or by sending such information to support. If your email address becomes invalid in a such way that electronic Communications sent to you by BITSMO are returned, BITSMO may deem your account being inactive, and you may be not able to complete any transaction via the Technology Platform until We receive a valid, working email address from you.
6. SPECIAL CONDITIONS
6.1. Transfer confirmation. Once your Deposit/Withdrawal request or Trade order is executed, a confirmation will be electronically made available via Technology Platform detailing the particulars of the Transfer. You acknowledge and agree that the failure of the Technology Platform to provide such confirmation shall not prejudice or invalidate the terms of such transaction.
6.2. Conditions and Restrictions. We may, at any time and in our sole discretion, refuse to perform any Transfer requested via the Technology Platform, impose limits on the Transfer amount permitted via the Technology Platform or impose any other conditions or restrictions upon your use of the Technology Platform without prior notice.
6.3. Access to the Services. We may, in our sole discretion and without liability to you, with or without prior notice and at any time, modify or discontinue, temporarily or permanently, any portion of our Services.
6.4. Cancellations. You may only cancel a Transfer request initiated via the Technology Platform if such cancellation occurs before BITSMO executes the Transfer. Once your Transfer request has been executed, you may not change, withdraw or cancel your authorization for BITSMO to complete such Transfer. If a Trade order has been partially filled, you may cancel the unfilled remainder unless
the order relates to a market rate Trade. We reserve the right to refuse any cancellation request associated with a market rate Trade order once you have submitted such order. While We may, at our sole discretion, reverse a Trade under certain extraordinary conditions, a customer does not have a right to a reversal of a Trade.
6.5. Insufficient Crypto Assets. If you have an insufficient amount of crypto assets in your BITSMO Account to complete a Transfer via the Technology Platform, We may cancel the entire order or may fulfill a partial order using the amount of crypto assets currently available in your BITSMO Account, less any fees owed to BITSMO in connection with our execution of the Transfers.
6.6. Taxes. It is your responsibility to determine what, if any, taxes apply to the Transfers you complete via the Technology Platform, and it is your responsibility to report and remit the correct tax to the appropriate tax authority. You agree that BITSMO is not responsible for determining whether taxes apply to your transfers or for collecting, reporting, withholding or remitting any taxes arising from any Trades and Transfers and does not act as your tax agent.
6.7. Feedbacks. We own exclusive rights, including all intellectual property rights, to Feedback. Any Feedback you submit is non-confidential and shall become the sole property of BITSMO. We will be entitled to the unrestricted use and dissemination of such Feedback for any purpose, commercial or otherwise, without acknowledgment or compensation to you. You waive any rights you may have to the Feedback (including inter alia any copyrights). Do not provide Feedback if you expect to be paid or want to continue to own or claim rights on it; your idea might be great, but We may have already had the same or a similar idea and We do not want disputes. We also have the right to disclose your identity to any third party who is claiming that any content posted by you constitutes a violation of their intellectual property rights, or of their right to privacy. We have the right to remove any posting you make on our website if, in our opinion, your post does not comply with the content standards set out therein.
7. SUSPENSION AND TERMINATION OF YOUR BITSMO ACCOUNT
7.1. In case of your breach of the Terms, or any other event as We may deem necessary, including without limitation market disruption and/or Force Majeure event We may, in our sole discretion and without liability to you, with or without prior notice:
- suspend your access to all or a portion of our Services; or b. prevent you from completing any actions via the Technology Platform, including closing any open Trade orders. In case the transferring resumes, you acknowledge that prevailing market rates may differ significantly from the rates available prior to such event; or
- terminate your access to the Services, delete or deactivate your BITSMO Account and all related information and files in such account.
7.2. In the event of termination, BITSMO will return any crypto assets stored in your BITSMO Account and not owed to BITSMO, unless BITSMO believes you have committed fraud, negligence or other misconduct.
a. Remaining funds after Account termination
Except as set forth in subsection (b) below, once the Account is closed/withdrawn, all remaining
balance (which includes charges and liabilities owed to Bitsmo) on the account will be payable
immediately to Bitsmo. Upon payment of all outstanding charges to Bitsmo (if any), the User will
have 5 business days to withdraw all funds from the Account.
b. Remaining funds after Account termination due to fraud, violation of law, or violation of
Bitsmo maintains full custody of the funds and User data/information which may be turned over to
governmental authorities in the event of Account suspension/closure arising from fraud
investigations, violation of law investigations or violation of these Terms.
8. DISCLAIMER OF WARRANTIES. LIMITATION OF LIABILITIES
8.1. Except as expressly provided to the contrary in a writing by Us, our services are provided on an "As is" and "As available" basis. WE EXPRESSLY DISCLAIM, AND YOU WAIVE, ALL WARRANTIES OF ANY KIND, WHETHER EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE AND NON-INFRINGEMENT AS TO OUR SERVICES, INCLUDING THE INFORMATION, CONTENT AND MATERIALS CONTAINED THEREIN.
8.2. You acknowledge that information you store or transfer through our services may become irretrievably lost or corrupted or temporarily unavailable due to a variety of causes, including but not limited to software failures, protocol changes by third party providers, internet outages, Force Majeure event or other disasters including third party DDOS attacks, scheduled or unscheduled maintenance, or other causes either within or outside our control. You are solely responsible for backing up and maintaining duplicate copies of any information you store or transfer through our services.
8.3. Except as otherwise required by law, IN NO EVENT SHALL BITSMO, OUR DIRECTORS, OFFICERS, MEMBERS, EMPLOYEES OR AGENTS BE LIABLE FOR ANY DIRECT, INDIRECT, CONSEQUENTIAL OR SPECIAL DAMAGES, OR ANY OTHER DAMAGES OF ANY KIND, INCLUDING, BUT NOT LIMITED TO, LOSS OF USE, LOSS OF PROFITS OR LOSS OF DATA, WHETHER IN AN ACTION IN CONTRACT, TORT (INCLUDING BUT NOT LIMITED TO NEGLIGENCE) OR OTHERWISE, ARISING OUT OF OR IN ANY WAY CONNECTED WITH THE USE OF OR INABILITY TO USE OUR SERVICES OR THE BITSMO IP, INCLUDING WITHOUT LIMITATION ANY DAMAGES CAUSED BY OR RESULTING FROM RELIANCE BY ANY USER ON ANY INFORMATION OBTAINED FROM BITSMO, OR THAT RESULT FROM MISTAKES, OMISSIONS, INTERRUPTIONS, DELETION OF FILES OR EMAIL, ERRORS, DEFECTS, VIRUSES, DELAYS IN OPERATION OR TRANSMISSION OR ANY FAILURE OF PERFORMANCE, WHETHER OR NOT RESULTING FROM A FORCE MAJEURE EVENT, COMMUNICATIONS FAILURE, THEFT, DESTRUCTION OR UNAUTHORIZED ACCESS TO BITSMO 'S RECORDS, PROGRAMS OR SERVICES.
8.4. We resume the right, in our sole discretion, to control any action or proceeding (at our expense) to which We are a participant and determine whether We wish to settle it.
8.5. To the maximum extent permitted by applicable law, IN NO EVENT SHALL THE AGGREGATE LIABILITY OF BITSMO (INCLUDING OUR DIRECTORS, OFFICERS, MEMBERS, EMPLOYEES AND AGENTS), WHETHER IN CONTRACT, WARRANTY, TORT (INCLUDING NEGLIGENCE, WHETHER ACTIVE, PASSIVE OR IMPUTED), PRODUCT LIABILITY, STRICT LIABILITY OR OTHER THEORY, ARISING OUT OF OR RELATING TO THE USE OF, OR INABILITY TO USE, BITSMO OR TO THESE TERMS EXCEED THE
FEES PAID BY YOU TO BITSMO WITHIN 3 MONTHS IMMEDIATELY PRECEDING THE DATE OF ANY CLAIM GIVING RISE TO SUCH LIABILITY.
8.6. BITSMO shall not be liable for:
- any inaccuracy, error, delay in, or omission of (i) any information, or (ii) the transmission or delivery of information;
- any loss or damage arising from a Force Majeure Event.
8.7. We strive to protect our users from fraudulent and scam activities in crypto assets sphere. It is possible that some crypto assets are purposed for unlawful seizure of the property, or are construed as a fraud, scam or any other activity, recognized by the laws as illegal and/or non-compliant with legal requirements. We reserve the right to prohibit and discontinue any transactions on our Technology Platform with such crypto asset at our sole discretion, without any prior notice to you and without publication of the reason for such decision, whenever this comes to our knowledge. YOU INDEMNIFY AND HOLD BITSMO LIMITED HARMLESS AGAINST ANY CLAIMS, DEMANDS AND DAMAGES, WHETHER DIRECT, INDIRECT, CONSEQUENTIAL OR SPECIAL, OR ANY OTHER DAMAGES OF ANY KIND, INCLUDING, BUT NOT LIMITED TO, LOSS OF USE, LOSS OF PROFITS OR LOSS OF DATA, WHETHER IN AN ACTION IN CONTRACT, TORT (INCLUDING BUT NOT LIMITED TO NEGLIGENCE) OR OTHERWISE, ORIGINATED FROM OR IN ANY WAY CONNECTED WITH PROHIBITION AND DISCONTINUATION OF TRANSACTIONS IN OUR TECHNOLOGY PLATFORM WITH ANY CRYPTO ASSET.
8.8. To be able to access to our Technology Platform, the User may use without limitation different mobile devices, such as mobile internet devices, tablets/smartphones and wearable computers ("Mobile Devices"). In no way, we make any guarantee that each particular Mobile Device is compatible with our Technology Platform. YOU AGREE TO INDEMNIFY AND HOLD HARMLESS AGAINST ANY CLAIMS, DEMANDS AND DAMAGES, WHETHER DIRECT, INDIRECT, CONSEQUENTIAL OR SPECIAL, OR ANY OTHER DAMAGES OF ANY KIND, INCLUDING, BUT NOT LIMITED TO, LOSS OF USE, LOSS OF PROFITS OR LOSS OF DATA, WHETHER IN AN ACTION, IN CONTRACT, TORT (INCLUDING BUT NOT LIMITED TO NEGLIGENCE) OR OTHERWISE, ORIGINATED FROM OR IN ANY WAY CONNECTED WITH YOUR USE OF OUR TECHNOLOGY PLATFORM VIA MOBILE DEVICES, INCLUDING, BUT NOT LIMITED TO THOSE ARISING FROM YOUR INABILITY TO CONNECT TO OUR TECHNOLOGY PLATFORM FROM PARTICULAR MOBILE DEVICE AND YOUR PERSONAL ERROR AND MISBEHAVIOR SUCH AS YOUR LOSS/DAMAGE/DEFECT OF SUCH MOBILE DEVICE.
9. NO OFFER OF SECURITIES
9.1. BITSMO endeavors all possible measures to be sure that crypto assets that are available via the Technology Platform cannot be classified as "security" by SEC and/or other competent national authorities. Moreover, BITSMO represents that it never intended or desired to make tokens and/or coins that can be classified as "security" available via Technology Platform.
9.2. The responsibility for the fact that the instrument cannot be treated as “security” lies with the owner of token and/or coin. If there is any risk or speculations that token and/or coin can be treated as “security”, the Technology Platform reserves the right to prohibit and discontinue any transactions on our Technology Platform with such tokens and/or coins at its sole discretion.
9.3. We follow the best practices to decide whether crypto asset is security or not. However, We give no warranty and/or investment, financial, legal or any other professional advice, that any crypto asset available via our Technology Platform is not a security.
10. APPLICABLE LAW; ARBITRATION
10.1. You and BITSMO agree to arbitrate any dispute arising from these Terms or your use of the Services, except for disputes in which either party seeks equitable and other relief for the alleged unlawful use of copyrights, trademarks, trade names, logos, trade secrets or patents. ARBITRATION PREVENTS YOU FROM SUING IN COURT OR FROM HAVING A JURY TRIAL. This Agreement, and the rights and obligations of the parties hereto, shall be governed by and enforced in all respects by the laws of the Estonia, without regard to choice of law principles. 10.2. You and BITSMO agree to notify each other in writing of any dispute within thirty (30) days of when it arises. Notice to BITSMO shall be sent to firstname.lastname@example.org .
10.3. Any dispute, controversy, difference or claim arising out of or relating to the Terms, including the existence, validity, interpretation, performance, breach or termination thereof or any dispute regarding non-contractual obligations arising out of or relating to it shall be referred to and finally resolved by arbitration administered by the Estonia law.
10.4. The law of this arbitration clause shall be Estonia law.
10.5. The seat of arbitration shall be in Estonia.
10.6. The number of arbitrators shall be three. The arbitration proceedings shall be conducted in English language.
10.8. Whether the dispute is heard in arbitration or in court, you will not commence against BITSMO a class action, class arbitration or representative action or proceeding.
11.1. Entire Agreement. These Terms contain the entire agreement, and supersede all prior and contemporaneous understandings between the parties regarding the Services.
11.2. Order of Precedence. In the event of any conflict between these Terms and any other agreement you may have with BITSMO, the terms of that other agreement will prevail only if these Terms are specifically identified and declared to be overridden by such other agreement.
11.3. Amendments. We reserve the right to make changes or modifications to these Terms from time to time, in our sole discretion. If We make changes to these Terms, We will provide you with notice of such changes, such as by sending an e-mail, providing notice on the homepage of the Site and/or by posting the amended Terms via the applicable BITSMO websites and mobile applications and updating the "Last Updated" date at the top of these Terms. The amended Terms will be deemed effective immediately upon posting for any new users of the Services. In all other cases, the amended Terms will become effective for pre-existing users upon the earlier of either:
- the date User click or press a button to accept such changes or; b. the date User continues use of our Services after BITSMO provides notice of such changes or publishes new version of the Terms on the Website.
11.4. Any amended Terms will apply prospectively to use of the Services after such changes become effective. If you do not agree to any amended Terms, you must discontinue using our Services and contact us to terminate your account.
11.5. No Waiver. Our failure or delay in exercising any right, power or privilege under these Terms shall not operate as a waiver thereof.
11.6. Severability. The invalidity or unenforceability of any of these Terms shall not affect the validity or enforceability of any other of these Terms, all of which shall remain in full force and effect.
11.7. Assignment. You may not assign or transfer any of your rights or obligations under these Terms without prior written consent from BITSMO, including by operation of law or in connection with any change of control. BITSMO may assign or transfer any or all of its rights under these Terms, in whole or in part, without obtaining your consent or approval.
11.8. Headings. Headings of sections are for convenience only and shall not be used to limit or construe such sections.
11.9. Interpretations. Terms "Remittance", "Deposit", "Withdrawal", “Trade” and some others referred to herein are used in a the reference to crypto assets solely and as defined in cl. 1 herein and shall not be deemed as construed for the use in regular financial und.
11.10. Competitions. From time to time our business partners, contractors, clients, counterparties may hold different competitions, trials, games and any other type of events available to users through our Technology Platform. By agreeing to participate in such competitions, you shall comply with the rules of each particular
competition and act according to them. Unless otherwise provided by the rules of particular competition, BITSMO does not control and is not associated with any of such competition and shall have no responsibility for conducting and holding the competition. BITSMO reserves the right to publish the rules of the competition received from the holder of the competition. You understand and acknowledge that your participation in such competition, and your interactions with holder, are at your own risk. YOU INDEMNIFY AND HOLD BITSMO HARMLESS AGAINST ANY CLAIMS, DEMANDS AND DAMAGES, WHETHER DIRECT, INDIRECT, CONSEQUENTIAL OR SPECIAL, OR ANY OTHER DAMAGES OF ANY KIND, INCLUDING, BUT NOT LIMITED TO, LOSS OF USE, LOSS OF PROFITS OR LOSS OF DATA, WHETHER IN AN ACTION IN CONTRACT, TORT (INCLUDING BUT NOT LIMITED TO NEGLIGENCE) OR OTHERWISE, ORIGINATED FROM OR IN ANY WAY CONNECTED WITH INVALIDITY OR BREACH OF ANY OF THE WARRANTIES, REPRESENTATIONS AND COVENANTS GIVING BY THE HOLDER OF THE COMPETITION.
II. POSSIBILITIES AND SERVICES OF OUR TECHNOLOGY PLATFORM
12. REGISTRATION OF AN ACCOUNT WITH BITSMO
12.1. It is necessary to go through the registration process and create an account with BITSMO to use our Technology Platform in a right order and with its full functionality.
12.2. BITSMO reserves the right, in its sole discretion, to limit the number of BITSMO Accounts that you may hold, maintain or create. BITSMO Accounts cannot be assigned to any third party.
12.3. When you create a BITSMO Account, you undertake to:
- create a strong password that you do not use for any other websites, online or off-line services;
- create a strong password that you do not use for any other websites, online or off-line services;
- agree to pass through AML/KYC procedures, which may be applied to You from time to time;
- maintain and promptly update your BITSMO Account information; e. maintain the security of your BITSMO Account by protecting your password and restricting access to your BITSMO Account;
- promptly notify Us if you discover or otherwise suspect any security breaches related to your BITSMO Account;
- take responsibility for all activities that occur under your BITSMO Account and accept all risks of any authorized or unauthorized access to your BITSMO Account, to the maximum extent permitted by law.
13. DEPOSIT/WITHDRAWAL OF CRYPTO ASSETS TO BITSMO ACCOUNT
13.1. Our Technology Platform allows Users to remit crypto assets to BITSMO Account from external third-party service and vice versa except to certain limitations, which may be updated from time to time. YOU INDEMNIFY AND HOLD BITSMO LIMITED HARMLESS AGAINST ANY CLAIMS, DEMANDS AND DAMAGES, WHETHER DIRECT, INDIRECT, CONSEQUENTIAL OR SPECIAL, OR ANY OTHER DAMAGES OF ANY KIND, INCLUDING, BUT NOT LIMITED TO, LOSS OF USE, LOSS OF PROFITS OR LOSS OF DATA, WHETHER IN AN ACTION IN CONTRACT, TORT (INCLUDING BUT NOT LIMITED TO NEGLIGENCE) OR OTHERWISE, ORIGINATED FROM OR IN ANY WAY CONNECTED WITH YOUR DEPOSIT/WITHDRAWAL TRANSFER REQUESTED IN VIOLATON OF SETTLED LIMITATIONS.
13.2. Authorization to create an address. You understand and acknowledge, that an address for receiving crypto asset will be created automatically as soon as you request the Deposit transfer and before any crypto asset can be remitted to Your BITSMO Account and you fully and irrevocably authorize its creation.
13.3. Ownership verification. In case you are required to verify, that you possess crypto asset of the third-party service that you use to remit crypto asset to your BITSMO Account, you undertake to provide such verification by following BITSMO instructions.
13.4. Deposit/Withdrawal Authorization. When you request Us to Deposit/Withdraw crypto assets into or out from your BITSMO Account, you authorize BITSMO to execute such Transfer via the Technology Platform.
13.5. No control over third-party services. You may be charged fees by the third-party service you use to remit your BITSMO Account. BITSMO is not responsible for any third-party services' fees. You are solely responsible for your use of the third-party service, and you agree to comply with all terms and conditions applicable to any third-party service.
13.6. Rejected or Suspended Deposit/Withdrawal Transfers. In some cases, the third-party service may reject your crypto assets to be processed, suspend the Deposit/Withdrawal Transfer of your crypto assets, or be not able to support the Transfer, or may otherwise be unavailable. YOU AGREE THAT YOU WILL NOT HOLD BITSMO LIABLE FOR ANY CLAIMS, DEMANDS AND DAMAGES, WHETHER DIRECT, INDIRECT, CONSEQUENTIAL OR SPECIAL, OR ANY OTHER DAMAGES OF ANY KIND, INCLUDING, BUT NOT LIMITED TO, LOSS OF USE, LOSS OF PROFITS OR LOSS OF DATA, WHETHER IN AN ACTION IN CONTRACT, TORT (INCLUDING BUT NOT LIMITED TO NEGLIGENCE) OR OTHERWISE, ORIGINATED FROM OR IN ANY WAY CONNECTED WITH SUCH REJECTED OR SUSPENDED ETC. DEPOSIT/WITHDRAWAL TRANSFERS.
13.7. Delays. Subject to the terms and conditions of these Terms, We will use commercially reasonable efforts to record all Transfers on a spot basis as soon as practicable. However the timing associated with Deposit/Withdrawal of crypto assets depends inter alia upon the performance of third-parties services, and We make no guarantee that crypto assets will be Deposited/Withdrawn in any specific timeframe.
YOU HEREBY UNDERSTAND AND ACKNOWLEDGE, THAT ANY DELAYS ARE POSSIBLE; YOU INDEMNIFY AND HOLD BITSMO LIMITED HARMLESS AGAINST ANY CLAIMS, DEMANDS AND DAMAGES, WHETHER DIRECT, INDIRECT, CONSEQUENTIAL OR SPECIAL, OR ANY OTHER DAMAGES OF ANY KIND, INCLUDING, BUT NOT LIMITED TO, LOSS OF USE, LOSS OF PROFITS OR LOSS OF DATA, WHETHER IN AN ACTION IN CONTRACT, TORT (INCLUDING BUT NOT LIMITED TO NEGLIGENCE) OR OTHERWISE, ARISING OUT OF OR IN ANY WAY CONNECTED WITH THE TRANSFER DELAY, WHETHER ORIGINATED FROM OUR FAULT OR NOT.
14. CRYPTO ASSETS TRADE
14.1. Please note, that we do not provide You with financing and thus do not perform and support margin trading. The Trade takes place between Users.
14.2. When you submit a new Trade order via the Technology Platform, you authorize BITSMO to:
- record a transfer of Your crypto assets from/into/on your BITSMO Account and/or,
- where applicable, reserve Your crypto assets on your BITSMO Account in accordance with such Trade order
- and charge you any applicable fees for such record (as described in the Terms).
14.3. You acknowledge and agree that, respective to your trading activity, Our Technology Platform:
- is not acting as your broker, intermediary, agent, or advisor or in any fiduciary capacity;
- s not acting as a party of transferring of a particular crypto asset.
14.4. Trade rates. Each placed Trade order creates different market exchange rates. You acknowledge and agree that the rates information made available via the Technology Platform may differ from prevailing rates made available via other sources outside of the Technology Platform.
14.5. Market volatility. Particularly during periods of high volume, illiquidity, fast movement or volatility in the marketplace for any crypto assets, the actual market rate at which a market Trade transaction is executed may be different from the prevailing rate indicated via the Technology Platform at the time of your Trade transaction. You understand, that We are not liable for any such rates fluctuations.
14.6. The rates made available via the Technology Platform shall not be considered as an investment or financial pieces of advice or referred to as such and cannot be used as a basis of investment strategy, legal position in the court and nothing in the rates information can be ensured to contain no errors, mistakes, mispresentations or failures etc. THEREFORE, NEITHER BITSMO, NOR, WHERE APPLICABLE, ANY OF THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, AGENTS OR OUTSOURCED ADVISORS MAKES ANY REPRESENTATION, WARRANTY OR GUARANTEE WHATSOEVER WITH RESPECT TO THE RATES INFORMATION AND, IN PARTICULAR, AS TO THE ACCURACY OR COMPLETENESS OF THE RATES INFORMATION. YOU AGREE TO INDEMNIFY AND HOLD HARMLESS AGAINST ANY CLAIMS, DEMANDS AND
DAMAGES, WHETHER DIRECT, INDIRECT, CONSEQUENTIAL OR SPECIAL, OR ANY OTHER DAMAGES OF ANY KIND, INCLUDING, BUT NOT LIMITED TO, LOSS OF USE, LOSS OF PROFITS OR LOSS OF DATA, WHETHER IN AN ACTION, IN CONTRACT, TORT (INCLUDING BUT NOT LIMITED TO NEGLIGENCE) OR OTHERWISE, ORIGINATED FROM OR IN ANY WAY CONNECTED WITH YOUR USE OF RATES INFORMATION AND/OR YOUR TRADING ACTIVITY VIA TECHNOLOGY PLATFORM.
15. BITSMO’s FEES
15.1. Amount of Fees. You agree to pay the fees for Transfers completed via Technology Platform ("Fees") as defined by the Fees and Limits,which We may change from time to time. Changes to the Fees are effective as of the effective date indicated in the posting of the revised Fees and Limits, and will apply prospectively to any Transfers that take place following the effective date of such revised Fees.
15.2. Payment of Fees. You authorize Us, or our designated payment processor, to charge or deduct your BITSMO Account crypto assets for any applicable Fees owed in connection with trades you complete via the Technology Platform.
16. COPYRIGHTS AND OTHER INTELLECTUAL PROPERTY RIGHTS.
16.1. Unless otherwise indicated by Us, BITSMO IP is the proprietary property of BITSMO or our licensors or suppliers and is protected by international copyright laws and other intellectual property rights laws.
16.2. We hereby grant you a limited, nonexclusive and non-sublicensable license to access and use the BITSMO IP for your personal or business use solely for the purposes of regular use of the Technology Platform.
16.3. Such license is subject to these Terms and does not permit:
- any resale of the BITSMO IP; b. the distribution, public performance or public display of any BITSMO IP; c. modifying, adapting or otherwise making any derivative uses of the BITSMO IP, or any portion thereof; or
- any use of the BITSMO IP other than for the intended purposes.
16.4. The license granted under this Section will automatically terminate if We suspend or terminate your access to the Services.
17. THIRD-PARTY CONTENT
17.1. While using our Technology Platform, you may view Third-Party Content. We do not control, endorse or adopt (unless otherwise expressly stated by Us) any Third-Party Content and shall have no responsibility for Third-Party Content, including without limitation material that may be misleading, incomplete, erroneous, offensive, indecent or otherwise objectionable. In addition, your business dealings or correspondence with such third parties are solely between you and the third parties. We are not responsible or liable for any loss or damage of any sort incurred as the result of any such dealings, and you understand that your use of Third-Party Content, and your interactions with third parties, is at your own risk.
BITSMO reserves the right to modify, discontinue or terminate the Site, Web Services, Data and Third Party Data or to modify this Agreement, at any time and without prior notice. If BITSMO modifies this Agreement, BITSMO will post the modification on the Site or provide you with notice of the modification. BITSMO will also update the “Last Updated Date” at the top of this Agreement. By continuing to access or use the Site, Web Services, Data and Third Party Data after BITSMO has posted a modification on the Site or has provided you with notice of a modification, you are indicating that you agree to be bound by the modified Agreement. If the modified Agreement is not acceptable to You, Your only recourse is to cease using the Site, Web Services, Data and Third Party Data.