Terms of Service
Thank you for visiting xChange! We hope
that you will find these Terms and Conditions helpful to understand the
nature and scope of agreement you may enter to enjoy our services.
By visiting, accessing, using xChange, you
acknowledge and agree that you have read, understood and accepted all of
the terms and conditions in these Terms and Condition (“Terms”) and
Table of Fees and Commissions available at xChange.cx/fees.
This Terms constitutes agreement between: You
(“you”, “Customer”, “User”) and the following service provider (“we,”
“us” or “our”) Pacific Ventures LTD established and registered on the
territory of Marshall Islands, under number 112820, with registered
office at Ajeltake Road, Ajeltake Island, MH96960, Majuro, Marshall
Islands (hereinafter referred to as “Operator”, “PM”).
For the avoidance of doubt, these Terms have two parties - you and PM.
PLEASE READ THESE TERMS CAREFULLY AS THEY CONTAIN
YOUR LEGAL RIGHTS AND OBLIGATIONS AND PROVIDE YOU WITH CLEAR OVERVIEW
OF OUR SERVICES AND SCOPE OF OUR LIMITED RESPONSIBILITY. WARNING! BY
ACCEPTING THESE TERMS YOU ENTER INTO THE LEGALLY BINDING CONTRACT WITH
ST. IN PARTICULAR, YOU VOLUNTARILY SUBMIT LEGAL RELATIONSHIP WITH US
EXCLUSIVELY TO ARBITRATION THEREFORE EXCLUDING THE JURISDICTION OF ANY
STATE COURTS OVER THESE MATTERS. IF YOU DO NOT WANT TO ACCEPT THESE
TERMS, IN PARTICULAR YOU DO NOT WANT TO WAIVE YOUR RIGHT TO THE STATE
COURT PLEASE REJECT THESE TERMS AND LEAVE OUR SITE IMMEDIATELY.
If you do not agree to be bound by these Terms
and any subsequent amendments, changes or updates, you must not access
or use any of the services we provide.
When using some specific features of the services
or promotions, you may be requested to accept applicable additional
terms and conditions.
SUMMARY
This summary of Terms offers you a brief
overview of the key terms that apply to services. You should read the
complete Terms to learn about how our services work as they apply to you
and may impact your financial situation. Should you have any questions
or doubts on how this Terms apply, please contact us at
support@xchange.cx
SERVICES
We provide you with a Platform that enable
you to exchange Digital Currencies anonymously. You are not able to
predetermine who you shall be the counterpart of the exchange and the
identity of your counterpart shall remain anonymous for you. Your
identity shall also remain anonymous. Any order placed by you may be
partially filled or may be filled by multiple matching orders. As of the
date of this Terms, we do not provide services for the trading of Fiat
Currency for Digital Currency or vice versa. We also do not provide
services for the trading of one type of Fiat Currency for another type
of Fiat Currency. Any fees or commissions you might be incurred with
shall be calculated and charged in Digital Currency only. Fees collected
by us are available at the address xchange/fees
Please note that we support only certain Digital Currencies, which can be exchanged in pairs defined by us.
We do not provide any storage service for any
Digital Currency. All transfers of Digital Currencies you make to us
are passed directly to the exchanging process.
You hereby acknowledge and agree that the
rate of exchange of Digital Currencies, can be up to 5% from rate
indicated by us depending on the chosen pair of Digital Currencies
earmarked for Exchange. We shall act in your best interest to get for
your benefit the best ratio available.
ELIGIBILITY
First of all, we believe that privacy
matters, therefore we don’t require you to pass us your identity.
However, you must meet eligibility criteria to use our Services. You
must be adult and have full legal capacity to enter this Terms and
Digital Currencies you exchange must be of legal origin. We can also
consider other factors as relevant to enter into agreement with you such
as your nationality, place of residence or other information we deem
relevant or we should consider under applicable regulations or in our
sole and absolute discretion. If you however decide to leave us your
personal data we may be required to pass them to relevant authorities
under their lawful request.
RISK
- Exchanging Digital Currencies involves
multiple risks which mean that Digital Currencies you might want to
trade could depreciate at any time what may lead to significant
deterioration of your financial situation.
- You must consider that as any market
where assets are exchanged Digital Currencies market is subject to
volatility and liquidity risks. Furthermore, trading Digital Currencies
are subject to new regulations what may cause restrictions in their
availability.
- If you don’t have knowledge about risk
associated with Digital Currencies, you should acquaint yourself with
them first and reconsider if you are willing to acquire them and later
on exchange with us.
OTHER LEGAL PROVISIONS
Below you may read complete Terms, which
regulate details of services, your eligibility, your obligations and
rights, limitations of our liability, information on complaints,
disclaimers, security of your data and other which you must consider as
of major importance to you. Please read them carefully and if you have
any questions please submit them to us at support@xchange.cx
HOW TO USE XCHANGE
- Specify the amount of Digital Currency
you would like to exchange and the Digital Currency which you want to
receive - a pair. Please note that not every pairing of Digital
Currencies may be available.
- You will be presented with an estimated exchange ratio of your Order. Please note that the ratio may fluctuate rapidly.
- Specify the destination address, which
is where you want the newly exchanged Digital Currencies to be sent. We
shall bear no liability should you provide erroneous wallet id.
- Enter the refund address so we will know
where to send the funds back if your requested transaction cannot be
processed for any reason. It is fully optional to provide it.
- Transfer Digital Currencies you are
willing to exchange to the address we shall indicate in the exact amount
as you have requested and agreed to exchange. Once the transfer is
booked the exchange will proceed.
- The exchange will take from 30 minutes
to few hours. Once the exchange is done, the Digital Currency shall be
credited to the wallet as specified by you pursuant to point 3 above.
DEFINITIONS
Under the Terms and Conditions, the following terms will apply:
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AML/CFT - Anti Money Laundering and Counter Financing Terrorism
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Business Day - day when banks are open for business in London;
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Copyrights - rights subject to intellectual property laws protection;
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Digital Currency - cryptocurrencies admitted to exchanging with XCHANGE;
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FATF - an international AML/CFT organization - Financial Action Task Force which sets global standards AML/CFT;
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Fiat Currency - currency issued by competent bodies of internationally recognized countries;
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Force Majeure - unforeseeable circumstances that prevent a party from fulfilling a contract;
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Fee - our remuneration which you pay for trading with us. Fees are specified in Table of Fees;
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Order - an instruction placed by you for the purpose of exchange of Digital Currencies;
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Personal Data - data identifying you as our client;
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Platform - an internet
platform xChange.cx Onion platform available at xChange.cx Onion,
through which the Operator will provide Services to the User; Platform
is an online blockchain technology-based platform which shall provide to
the User opportunities to Exchange cryptocurrencies;
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Restricted Locations - Iran, North Korea, Russia, Belarus and any other country we deem as such pursuant to FATF’s statements;
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Sanctions Lists - lists of individuals subject to international sanctions;
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Services - lists of individuals subject to international sanctions;
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User - a human being with
the unrestricted capacity to perform legal transactions or limited
capacity to perform legal transactions, legal personality or an
organizational unit without legal personality, who in any way uses the
Platform or services provided on the Platform by the Operator after
accepting these Terms and Conditions.
CONCLUDING AGREEMENT
-
The Agreement between you and us is
concluded once you accept this Terms, Table of Fees and Table of Limits,
as presented on the xchange.cx website.
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We may require you to provide additional
information about you, your source of wealth and origin of Digital
Currencies. We may require you to provide with documentation confirming
and supplementing data provided.
ELIGIBILITY
- To be eligible to use XCHANGE.cx, you must
be at least 18 years old, have full legal capacity and reside in a
country which we consider as appropriate based on FATF evaluation. In
particular due to AML/CFT laws and obligations we may refuse to provide
you access to our services if we detect that you are a resident of a
country deemed by FATF as high risk or non-cooperative jurisdiction.
- We do not provide Services to residents of Restricted Locations.
- We shall not provide you Services or may
withdraw to do so in case if we gain any knowledge that you are or could
have been involved in any illegal activity. In particular we do not
provide Services to persons listed on any Sanctions Lists.
- We shall also refuse to provide you with
Services if we become aware that you were involved in any activity which
reasonably could have been harmful to us.
- We shall exchange solely Digital Currencies of legal origin.
- We do not provide Services to legal persons.
TECHNICAL REQUIREMENTS
-
In order to use our Services you need a
device with access to the Internet You are obliged to ensure such
compatibility and by no means we shall not be responsible to adapt the
Service to your devices. You must be also aware that facilitating older
devices and/or obsolete software or hardware cause disturbances or
unavailability of our Service.
-
In case if we decide or if we need to change
technical requirements of our Service we shall made available such
information to you with prior notification unless it is beyond our
control. Such change shall not be considered as an amendment of this
Terms.
AVAILABILITY
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We strive to make our services available to
you on a 24/7 basis. We reserve the right to temporarily suspend or
terminate the provision of some functionalities of the Service or entire
Service due to the implementation of enhancements, maintenance or
review. We shall notify you in advance about such scheduled limitations
of availability of the Service.
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As any on-line service, the XCHANGE may
be subject to temporary failure or interruption. We are constantly
improving our infrastructure, but such risk may materialize any time and
we exercise due diligence to remove such failure in reasonable time. To
the highest extent as permitted by law we shall not be liable for any
loss or damage resulting from such failures.
-
You must acknowledge that some
functionalities or entire Service may be and/or become limited or
unavailable in certain jurisdictions even without prior notification. We
carry no liability nor responsibility for actions of any competent
authorities who may at any time and without prior notification introduce
such limitations.
SERVICE
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Exchanging on our Platform does not involve any Fiat Currency.
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You may exchange only Digital Currencies listed on the xChange page.
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For the purpose of exchanging your Digital
Currency to Digital Currency you must place an Order on Platform
specifying what Digital Currency you wish to exchange in return for
other Digital Currency.
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The Order consists of:
- Your Digital Currency for exchange;
- The amount of your Digital Currency;
- The Digital Currency you wish to receive;
- Our information on the exchange rate;
- information on the wallet for withdrawal;
- information on the wallet for refund in case the Order shall be canceled;
- information on our wallet where you shall be obliged to send your Digital Currency for the execution of the Order.
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The Digital Currency you receive shall be deducted by transaction fee as specified in Table of Fees.
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The minimal Order value for a given Digital
Currency is specified by us in Table of Limits available on our website.
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We reserve the right reject or to cancel any Order placed in following cases:
- you have not sent us sufficient amount of Digital Currency to execute an Order you placed;
- The Order is no longer possible to execute;
- we detect that the Digital Currency you are willing to trade may be associated with any illegal activity;
- any case related to your activity with regard to AML/CFT,
- in any other case, when we have
reasonable grounds to suspect that your action might have been related
to any illegal activity, was intended to cause any damage to any User or
to us.
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In case we cancel the Order for reasons
indicated above, the Digital Currency you sent shall be returned to the
address specified by you.
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We will strive to execute Order as soon as
possible within 6 hours from the moment we receive your Digital
Currency. Should the execution take longer, please contact us at
support@xchange.cx.
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Please note that if you misspell or provide
other erroneous wallet address your Digital Currency might be loss which
is outside our control. You may never get back your Digital Currency
back and you accept that we shall not carry any liability for your any
such conduct.
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Digital Currency exchange rate presented in
Order is not a fixed rate. Our exchange service attempts to provide
accurate price and exchange rate information, which is volatile and
subject to quick irregular fluctuation even without the knowledge of the
User. Due to the rate fluctuations of cryptocurrencies, the difference
can vary.
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Once you place your Order you shall receive from us a link which you can use to monitor its status.
FEES
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Exchange of Digital Currencies to Digital
Currencies with our Services is charged with fees. You agree and
authorize us to deduct a fee for each executed Order in the amount
specified in Table of Fees and Commissions.
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We may amend the Table of Fees and
Commissions at any time with at least 7 days prior notice sent to your
email address indicating the effective date of their introduction. New
fees and commissions values shall be binding to as of the date of their
entry into force and shall apply to Orders placed before the date of
their entry into force.
ACKNOWLEDGEMENTS
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You assume full responsibility for any such risk to exchanging on XCHANGE.
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XCHANGE shall not be responsible for any such risks and adverse consequences.
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Due to market fluctuations, lack of
liquidity which are outside of our control, the execution of Order may
not be possible, and in such cases we shall not carry any responsibility
or liability.
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You are responsible for following your local
legal obligations and requirements. We shall not be liable for any loss
or damage resulting from your failure to comply with any such
regulations.
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We have the right to investigate any alleged
violation of these Terms, binding us laws and regulations and to take
actions we deem necessary without your consent or prior notice. In
particular we have the right to:
- block and cancel orders;
- report data we have about you and your activity to competent authorities.
RISK DECLARATION
-
Before using our Services, it is crucial
that you understand the risks associated with Digital Currencies and our
Services.
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You hereby declare that you are aware and
familiar with all risks related to Digital Currencies, In particular
risks listed below. You are aware that such a list is not exhaustive and
is not intended to be exhaustive. In our belief it refers to most
common risks associated with Digital Currencies and some of them may
apply in high extent and some to lesser extent. You must independently
or with help of your advisor determine your risk appetite and determine
if you want to exchange your Digital Currencies with us.You bear sole
responsibility for materialization of any such or similar risk and
cannot make any claims against us.
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Fluctuation risk - prices
of Digital Currencies fluctuate rapidly and in short period may lose
significant value. In particular we may not be able to reach ratio of
exchange we present to you while placing Order. We shall strive that the
executed rate shall not vary more than 20% of what we presented to you
in Order;
-
Liquidity risk - Under some
circumstances you may find difficult to buy or sell Digital Currency
since there might be no other user to trade with;
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Suspension of trading -
Under some circumstances we may be required to cease to offer to
exchange of some Digital Currencies. Such suspension may arise either in
our own discretion if we deem that trading such Digital Currencies may
cause damage to us our Users, or in cases when we shall be obliged to do
so by binding us laws.
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Data transmission and infrastructure risk
- use of our Service and access to our Platform via internet might be
affected by, but not limited to, the failure of hardware, software, and
connections. Such failures may cause, disruptions, errors, distortions
or delays you may experience when using Platform.
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Attack risk - your and our infrastructure may be subject to hostile attack what may affect the continuity of our Services.
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Integrity risk - technology
facilitated to develop, mine, maintain, transfer, verify your Digital
Currency may be subject to attack and loss of its value.
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Operations on Digital Currency
- Digital Currencies may be canceled, lost, double spent or their value
may be significantly decreased due to forks and rollbacks. Over the
time given Digital Currencies may lose some their features what may
cause their immediate depreciation.
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Risk of origin - Some
Digital Currencies might be associated with illegal activity or be
originated in other illegal sources without your awareness, what may
result in difficulties or inability in their depositing or trading.
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Regulatory risk - the legal
status of Digital Currency is still unclear in most of the countries.
Regulations limiting trading of Digital Currencies may be expected.
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Liquidation or bankruptcy risk
- in case if XCHANGE would stop its operations we shall have general
liability to you limited to the value of Digital Currency assigned to
you.
PROHIBITIONS
In connection with our Services you are strictly prohibited to:
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use our Services in order the place proceeds from any illegal activity,
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transact or deal in, any contraband Digital Currencies,
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transact or deal in, any Digital Currencies that does not belong to you,
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use Services against or to circumvent any
Laws, including AML/CFT, anti-corruption laws, economic sanction,
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use Services to evade taxes,
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make any arrangements to trade, obtain
financing or otherwise transact via our Services with anything other
than Fiat Currencies, keys, property, real property, financial
instruments of any nature, electronic money and services,
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use any falsified or misleading data,
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take advantage of any shortcomings in our Platform,
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engage in spoofing, fictitious trading,
price manipulation, wash trading, mixing or any Digital Currency data
distorting activity.
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place Orders with in a manner that may disrupt or cause negative impact on execution of Orders,
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create false information that may affect market depth,
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create impression that you act as our representative or proxy,
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use any virtual private network, proxy
service, or any other service, network, or product in order to disguise
your IP address or location,
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post, submit, publish, display, or transmit
any data which may be objectively interpreted as offensive or against
local customs,
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violate or avoid any of the provisions in this Terms.
INTELLECTUAL PROPERTY
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All copyright and other intellectual
property rights provided in connection with the Services, are the
proprietary property of PM or our licensors and are protected by
Marshall Islands law and applicable international intellectual property
rights laws.
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We grant you a limited, nonexclusive and
non-sublicensable license to access and use our intellectual property
solely for your personal use. The license granted does not permit you to
and sale, distribution, display, modification, copying, creating
derivatives of our intellectual property. The license shall terminate as
of the date of termination of agreement between you and us.
CLAIMS
-
You should send us complaints and disputes
as soon as you become aware of them, maximum within 3 Business days of
the date of the discovery at support@xchange.cx.
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The complaint must contain following details:
- identification data,
- description of the occurrence subject to the complaint
- Your demand.
- We shall put reasonable efforts to
investigate your complaint as soon as possible no later than within 24
hours from the date of complaint submission.
- In complicated cases we may prolong the 30 days period until 60 days from the date of the submission.
TERM AND TERMINATION
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The agreement between you and us shall be
concluded for the duration of placing Order, its execution and
transmission of exchanged Digital Currency to you.
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In case if we disclose that you are in
breach of any provision of this Terms we may terminate the agreement
with immediate effect as of the date of dispatch to you the termination
notice.
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Any outstanding fees, costs, charges,
expenses, and liabilities accrued or incurred by you under this Terms
(pro-rated where appropriate) shall be deductible or payable as of the
execution of each Order.
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We may immediately terminate agreement
before the execution of Order if a Force Majeure Event has occurred.
DISCLAIMER
EXCEPT AS EXPRESSLY PROVIDED FOR HEREIN, THE
SERVICES AND ALL RELATED COMPONENTS AND INFORMATION ARE PROVIDED ON AN
“AS IS”- AND “AS AVAILABLE” BASIS, WITHOUT ANY KIND OF WARRANTIES. WE
DISCLAIM ALL WARRANTIES, WHETHER EXPRESS OR IMPLIED, INCLUDING IMPLIED
WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE,
AND NON-INFRINGEMENT. YOU ACKNOWLEDGE AND ACCEPT THAT WE DO NOT WARRANT
THAT THE SERVICES WILL BE UNINTERRUPTED, IMMEDIATE, SECURE, AND/OR
ERROR-FREE.
YOU ACKNOWLEDGE THAT YOUR DATA AND INFORMATION
PROVIDED BY YOU MAY BECOME LOST OR CORRUPTED OR TEMPORARILY UNAVAILABLE
DUE TO A VARIETY OF CAUSES, INCLUDING FAILURES, CHANGES BY THIRD PARTY
PROVIDERS, OUTAGES, FORCE MAJEURE OR OTHER DISASTERS INCLUDING THIRD
PARTIES ILLEGAL ACTIVITY, 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.
IN NO EVENT SHALL OUR AGGREGATE LIABILITY ARISING
OUT OF OR RELATED TO THE AGREEMENT BETWEEN US EXCEED THE TOTAL AMOUNT
PAID BY YOU HEREUNDER IN THE TWELVE (12) MONTHS PRECEDING THE LAST EVENT
GIVING RISE TO LIABILITY.
INDEMNITY
- You shall indemnify us and our officers,
employees, contractors, directors, affiliates, subsidiaries,
shareholders and successors, and hold them harmless from and against all
third-party claims except those resulting solely from our breach of the
Terms.
- We shall indemnify and hold harmless you
against all third-party claims except those resulting solely from your
breach of the Terms.
YOUR DATA AND PRIVACY
-
The access to the XCHANGE services does not require provision of Personal Data.
- The information we may collect from you for further processing is solely data of your Digital Currency wallets.
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We also use automated processes for gaining additional information about you which may include:
- scanning of your Digital Currencies;
- investigating your location with
the support of third parties if we are required to do so under AML/CFT
regulations and in order to verify if you are not placing orders from
Restricted Locations.
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You may voluntarily disclose your personal
data by contacting us for instance by writing emails to us with your
personal data.
- We will put all reasonable efforts to keep all your data confidential.
- Under limited circumstances, we may disclose
your personal data you voluntarily provided to us to third parties as
permitted by, or required to comply with, applicable laws, rules and/or
regulations in the jurisdiction of which you are a citizen or a
permanent resident and in order to comply with laws of Marshall Islands.
For example, we may disclose personal information to cooperate with
regulatory authorities and law enforcement agencies to comply with
subpoenas or other official requests, and as necessary to protect our
rights or property. Except as described herein, we will not use your
personal information for any other purpose, unless we describe how such
information will be used at the time you disclose it to us, or we obtain
your permission.
- Your e-mails, internet conversations (chat),
meetings and other communications with us may be recorded/maintained by
us for security purposes, compliance with the applicable laws and
regulation. You may request to delete such correspondence and we shall
follow such instruction to the extent as permitted by law. If you don’t
want to be recorded you must terminate the agreement between you and us.
You hereby acknowledge, that Digital Currencies may be recorded on
public blockchain outside of scope of our control
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We use shall use your personal data for the purpose of:
- communication
- to investigate your complaints or queries,
- to follow our legal obligations,
- for the purpose of safeguarding our legitimate interest.
- The exhaustive information on how we use your personal data can be found in our Privacy Policy available at xchange.cx.
FINAL PROVISIONS
- Nothing in this Terms should be understood
by you as legal, tax or advisory. Should you require any assistance
regarding legal aspects and/or effectiveness you should contact your
professional advisor.
- We do not provide any advisory and you must
not regard us as acting in that capacity. Some tools and information
made available to you should be considered as decision supporting tools
only. You should consult your professional advisors before entering into
any transaction if you think you are not able to assess if it
corresponds to your risk appetite.
- Any communication between you and us shall
be made via emails. We shall the e-mail address you provided voluntarily
to us. It is your responsibility to such email address
operative.
- You may not assign or transfer any of your rights under this Terms.
- Headings of sections in this Terms are informative only and are intended to help you to navigate this document.
- This Terms and the agreement between us as
well as any claim, counterclaim or dispute of any kind or nature
whatsoever arising out of the Terms, directly or indirectly, shall be
governed by, and construed in accordance with UNIDROIT Principles of
International Commercial Contracts 2016.
- Any dispute or claim arising out of or
relating to this Terms, or the breach, termination or invalidity
thereof, shall be settled by arbitration in accordance with the UNCITRAL
Arbitration Rules as at present in force. The seat of the arbitration
shall be Singapore. The number of arbitrators shall be three. The
language of the arbitration shall be English. The arbitration clause
shall be governed by the laws of Singapore.
- Our failure or delay in exercising any right, power or privilege under these Terms shall not operate as a waiver thereof.