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Bitnexo Terms & Conditions of Use
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Last Updated: February 22nd 2016.
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IF YOU DO NOT ACCEPT THE TERMS OF USE AND CONDITIONS OUTLINED IN THIS AGREEMENT, DO NOT ACCESS THIS SITE AND DO NOT USE BITNEXO AS A SERVICE. DO NOT TRANSFER FIAT CURRENCY TO BITNEXO BANK ACCOUNTS, EITHER MANUALLY OR ELECTRONICALLY AND OR VIA THIRD PARTIES IN ANY JURISDICTIONS OR AMOUNT. DOING SO WILL REQUIRE US BY LAW TO CLASSIFY ACTIVITY AS SUSPICIOUS WITH CONSEQUENCES IMPLIED.
1. SCOPE OF THESE TERMS & CONDITIONS OF USE
These Terms and Conditions of Use exclusively apply to all remittance services performed and offered in the Websites and or other mediums of contact by Bitnexo, present or future and to the aperture, use and closure of a client's Bitnexo Account and other related services as to referred herein. Collectively with other Terms & Conditions of Use that may apply to specific legal relationships that Bitnexo may take part in, conform the legal relationship between Bitnexo and Third Parties of any nature. For additional services clients may have to accept additional terms and conditions of use. In addition to the type of Bitnexo account you have, additional terms and conditions of use may apply.
2. ACCEPTANCE OF TERMS & CONDITIONS OF USE
By using this website, registering and signing up for a verified customer account you are tacitly agreeing to the Terms & Conditions of Use under which BITNEXO (hereinafter refereed to as “Bitnexo”) operates with. Depending on the context “Bitnexo” may also refer to other services offered by Bitnexo such as sites, printed material and other products. Your adhesion to the Terms & Conditions of Use, confirm that the client is at least eighteen years of age and has capability and capacity to accept and understand the Terms & Conditions of Use. By accepting the Terms & Conditions of Use you confirm that the future and present funds that are to be transmitted to other jurisdictions by the client were legally obtained by yourself or your corporation and legally belong to yourself or your corporation. The documentation provided to comply with KYX requirements and the ability to perform FIAT transmission requests and funding are confirmed to be true and accurate. The possible questionnaire that can arise from my activities in the site will contain the accurate account of the truth.
2.1. INTENTION TO BE LEGALLY BOUND
The acceptance of the Terms & Conditions of Use already constitutes a legal contract between the client and Bitnexo. The parties performing in this agreement are constituting a legal contract and can affect the parties rights. By accessing the service or using the services in any manner, you are deemed to have understood and agreed to be bound by all of the Terms and Conditions of Use contained in this agreement. No content in the acceptance of the terms and conditions is intended to create third party rights.
3. DEFINITIONS & INTRODUCTORY TERMS
The following terminology will be applied to these Terms & Conditions of Use and any or all possible annexing documentation: “INITIATOR”, “CLIENT”, “VERIFIED CUSTOMER”, “CUSTOMER”, when referring to the individual, person or corporation accessing the site and services. Also considering “BITNEXO”, “BENIFICARY”, “WE”, “REMITTANCE SERVICE”, “SERVICE”, “SERVICES” is referring to BITNEXO as a provider of the described service in Articles 5th onward. “PARTY”, “PARTIES” or “US” refer to both the CUSTOMER & BTINEXO or BITNEXO & the CUSTOMER. “FIAT” refers to legal tender money such as USD, CLP, CYN (ISO 4217). “CRYPTO”, “BITCOIN”, “BTC” refers to Crypto-Currency in any of its existence when not specified.
4. MODIFICATION OF TERMS
These Terms and Conditions of Use and any additional Terms and Conditions that may apply to the service are subject to change. Bitnexo shall give notice to its clients of any proposed change by sending an e-mail to the primary email address registered and verified with the clients Bitnexo account as per Articles 20th onward. Although certain changes to any of our policies shall also come into effect immediately without notice and you shall not have the right to object to proposed change. If the client objects to the changes the voluntary closure of the account is available per Articles 19th onward. Independent of the voluntary will of the client, any objection can constitute the arise of a notice by Bitnexo to terminate and/or suspend your verified customer account.
5. OVERVIEW OF THE SERVICE
5.1. The intentions of the services provided by Bitnexo for its verified customers is that of allowing the transmission of value across jurisdictions. The service allows the Initiator to request and fund a FIAT transmission destined to a specific beneficiary.
5.2. Bitnexo on behalf of its verified clients and associates may or may not facilitate the payout to the beneficiary in either FIAT or Crypto, recurring to perform payouts to third parties and/or Bitnexo itself.
5.3. Bitnexo does not hold value in FIAT for clients in any of the legal relationship herein. Bitnexo may or may deny to hold funds in Crytpo on behalf of its clients. In the legal relationship where Bitnexo might hold Crypto for its clients, both parties must recognize the inherent risk factors associated with holding or Crypto Capitals.
6. REGISTERING AND VERIFYING YOUR BITNEXO ACCOUNT
6.1. All information the client provides during the registration and verification process or at any time thereafter, must be accurate and truthful. Registration by the client represents and warrants that client does not violate any laws or regulations applicable to Bitnexo in any jurisdiction. If client incurs in said violations, client shall indemnify us against any losses we incur in association with the breach of this Article 6.1 and onwards.
6.2. In order for the client to initiate the service; an account must first be opened and verified at Bitnexo entry point, by which interested parties in using the service, must input identification data and provide identification documents or methods, prior to any operation with Bitnexo. As part of the registration and verification process the client will need to accept these Terms and Conditions of Use, as well as provide identification purposed documentation. If client or parties require additional services, additional details of client's identity and operations may be required. Client can also be asked to accept additional terms and conditions of use for additional services.
6.3. If the client is an individual, client must be eighteen years or older to use our services and by opening an account in Bitnexo client declares to be eighteen years or older, which can be proven with identification documents when it applies. This does not apply to services for which Bitnexo sets a different age limit.
6.4. Independent of the type of account client is holder of, Bitnexo may require at any time that client provides evidence of its age.
6.5. Upon entry point to registration and verification of a Bitnexo account, client will be asked to specify the use of said new account. Either Individual, personal or Corporate, incorporated.
6.6. Customer access to the service is subject to verification via petition of identity documents and others that might prove legal status, nature of business and source of the funds transmitted through the service.
7. CLIENTS ACCOUNT
7.1. The Bitnexo client account is an electronic website hosted account which enables client to initiate a FIAT transmission across jurisdictions.
7.2. The FIAT denomination the account holder operates in is in accordance to the jurisdiction from where the client has verified his account at any type and/or level.
7.3. The account that is directly tied to the service belongs solely to the person or legal entity which is registered and verified as the Bitnexo account holder. No person or party other than the Bitnexo account holder has any rights in relation to the capabilities of remittance that client account permits. You may not assign or transfer your Bitnexo account to a third party or otherwise grant any third party a legal or equitable interest and power over it.
7.4. Bitnexo's account may be subject to payment and withdrawal limits, depending on jurisdiction of the service and the verification level of the client's account. Client can initiate a transaction in his account at any time however, client is still subject to internal Bitnexo remittance regulations.
7.5. Client may only add payment instruments for the payment of the service (such as bank accounts) only if client is the named holder of said payment instrument. Bitnexo takes any violation of this requirement as a suspicious activity and will treat any attempt to add a payment instrument of which the client is not the named holder as a fraudulent act and or require to classify activity as suspicious and consequences implied.
7.6. Upon entry point to registration and verification of a Bitnexo account, client will be asked to specify the use of said new account. Either Individual, personal or Corporate, incorporated. The intention of use will determine certain specifications for parties future legal relationship.
8. CLIENTS ACCOUNT ASSOCIATED RESPONSIBILITIES
8.1. Client must assure that the information registered in a Bitnexo account is always accurate and up to date and Bitnexo shall not be liable for any damage or loss arising out of a client's failure to do so. Bitnexo may contact the client at any time to confirm the accuracy of information, to provide further documents and or respond to questionnaires when applicable.
8.2. Client is required as a responsibility to take reasonable action in keeping any Bitnexo customer account safe and undisclosed to anyone other than intended and verified client. Bitnexo services will never ask the client to provide passwords to us or to any third parties. Any message via any medium clients receive or websites you visit that asks for your password, other than Bitnexo sites, should be treated as threats by the customer.
8.3. If parties involved have indications or suspicions of a Bitnexo account, login details, password or other security feature being lost, stolen, misappropriated, used without authorization or otherwise compromised, client is advised to change the password and contact Bitnexo if nature of breach might violate Terms and Conditions of Use. Any breach may not only affect the security of the clients verified account, but may also result in client being liable for any losses as a result of negligence.
8.4. The same reasonable actions to keep a Bitnexo verified account safe, must be observed with the email account client registered and verified in the Bitnexo account with. Said email should only be accessed by client, as your e-mail address may be used to reset passwords or to communicate with you about subjects that contain private and specific recipient information.
9. CLOSING BITNEXO CLIENT ACCOUNT
9.1. Verified customers may close the Bitnexo account at any time by contacting Bitnexo through the channels open for customer contact. Verified customer accounts are subject of closing and termination once the customer request to do so.
9.2. If clients Bitnexo account holds a balance in Crypto at the time of this petition, Bitnexo will request the client to withdraw remaining Crypto funds within a reasonable period of time. Client's obligations regarding the keep of a Bitnexo account safe shall continue to apply.
10. INITIATING A FIAT TRANSMISSION REQUEST
10.1. To initiate the transmission of FIAT,q client is required to initiate the request through the site. The initiation of a transmission request is the first step in accessing the service. The service will require your login details and password, additional security questions relating to you or your Bitnexo account can be asked if deemed necessary given the nature and jurisdiction of the initiation of the service requested. To make such initiation of transmission of FIAT clients request must be communicated with the relevant information to complete the request properly.
10.2. Every initiation of transmission by customer through the services, must have all the valid means so that transmission is guaranteed to be received by the beneficiary. For the transmission to take place, valid means of identification will be required, other means of identification not posted to the public may be required in order to complete the service. The service cannot be guaranteed if the initiation of the request lacks valid means of information to conduct funding to the intended beneficiary. Any error the client might commit in the offering of the beneficiary details when entering the beneficiary identification shall not make Bitnexo liable for said customer error.
10.3. The initiation of a transmission request can be subject to independent Terms and conforms a legal binding between the parties.
10.4. Client must provide details of the beneficiary bank account and or other means of identification, where applicable. Verified customer must initiate request with proper care and properly type the exact details of who the beneficiary of the intended FIAT transmission will be. Bitnexo will use those details as the unique identifier to determine the intended beneficiary of the transmission.
10.5. Initiator may be requested to supply additional information of the beneficiary identification when estimated to be necessary.
10.6. The correct initiation of the transmission request will take in consideration the beneficiaries email address and the service will send a notification e-mail to beneficiaries email with funding notification and transmission request information pertinent to beneficiary. Instructions on how to claim and receive the FIAT if applicable can also be present in notifications.
10.7. To provide the service and therefore complete the request of FIAT transmission, Bitnexo may use third party intermediaries where and when Bitnexo has no legal capability to complete said transmission request. That intermediary shall then be responsible for ensuring the completion of the client's transmission. As consequence of the responsibility of the intermediary, once the request of transmission and fund availability for said request is deemed complete, Bitnexo will forward the transmission request to the third party intermediary and shall not be responsible for the onward transmission of such funds by that in which the intermediary is now responsible of. Without prejudice to our obligations.
10.8. Client may also cancel the request of transmission at any time before the funds have been credited to the beneficiary. To cancel a request client can express his will via relevant transmission cancel mechanisms put forth in different jurisdictions.
10.8. Transmission requests may be subject to fees and currency conversion fees always depending on the nature of your account and legal relationship.
11. FUNDING THE INITIATED FIAT TRANSMISSION REQUEST
11.1. After registering and verifying the account, the customer will be able to fund and credit his transmission request with FIAT deposits or Crypto deposits when and where available, directly in Bitnexo available accounts or on third party providers.
11.2. Details for completing the funding will be available to the client in his Bitnexo account. When Bitnexo might provide the service directly the funds will be near instantly credited to the intended beneficiary if both beneficiary and initiator have a verified Bitnexo customer account.
11.3. Prior transmission history might influence transmission processing.
11.4. Client must always first initiate FIAT transmission request before completing any deposit, with exclusion to third party transmission processing.
11.5. Fees are applicable, from third parties such as banking institutions, intermediaries and/or others. Prohibitions to funding may also apply.
12. PROHIBITED TRANSACTIONS & ACTIVITIES IN BITNEXO CLIENT ACCOUNT
12.1. It is strictly forbidden to use Bitnexo's remittance service for any illegal purposes including but not limited to fraud and money laundering. Bitnexo and its affiliates will report any suspicious activity to the relevant law enforcement agency.
12.2. Attempting to conduct or attempt any transaction in violation of the prohibitions contained in Articles 12 onward or without the legal approval and consensus between parties, may result in Bitnexo reserving future rights such as:
12.3. Reverse the request of transmission and/or any funding in any form through intermediaries if permitted for any initiated FIAT or Crypto transmission request; and/or close or suspend client's account and/or report the transaction to the relevant law enforcement agency and/or claim damages from clients or third parties; and/or charge the client with an administration fee of up to 200 USD or equivalent in FIAT and/or Crypto in case we apply any of the above.
12.4. It is strictly forbidden to initiate or fund any type of FIAT or Cypto transmission as consideration for the sale and/or supply of: Items which encourage or facilitate illegal activities. Prepaid debit cards or other medium of stored value pre-paid cards which are not limited to purchases of particular products or services. Pornography, adult material, material which incites violence or hatred. Replicas and any counterfeit products, unlicensed or illegal lotteries or gambling services, unregistered charity services, third party processing or payment aggregation products or services, goods or services that infringe the intellectual property or rights of a third party.
12.5. Bitnexo may suspend or terminate customer's account at any time or refuse to execute or reverse a transmission if Bitnexo believes that either the initiator or the beneficiary directly or indirectly use or will intend to use a customer's verified account for or in connection with what is considered illegal activity in the jurisdiction of where the customer account has been initiated. It is the verified customers responsibility to ensure that initiator and beneficiary do not use our services for transactions that may be considered illegal in the client's jurisdiction.
12.5. Bitnexo reserves the right, in its sole discretion, to aggregate categories of prohibited transactions or associations by aggregating such categories to either these Terms and Conditions of Use or by publishing the change in any of Bitnexo communication channels and sites.
12.6. The doubt by the client, Bitnexo or any of its associates as of the legality of a FIAT transmission, payment for goods and services or any kind of purchase, should be enough to not continue with the transmission request.
13. LEGAL COMPLIANCE
13.1. The verified customer is exclusively responsible to warrant that the use of the services are in conformance with applicable local laws and regulations depending on the jurisdiction entry point of the client.
13.2. When the verified customer starts using the services, he now warrants and represents that: (a) Client is not located in a jurisdiction that has been listed on any United States of America Government lists of prohibited, restricted parties, and/or terrorist supporting country. (b) Bitnexo does not accept funding for FIAT transmission requests that come from United States of America Citizens or from United States of America Banks.
14. SUSPENSION & OR TERMINATION OF BITNEXO CLIENT ACCOUNT
14.1. Bitnexo reserves the right to terminate and/or suspend a client's account or any third party remittance service associated with Bitnexo by giving one month prior notice. The verified customer may terminate his Bitnexo account any time with no reason. Different termination provisions may apply depending on the relationship between parties.
14.2. Bitnexo reserves the right to terminate and/or suspend a client's account or any third party remittance service associated with Bitnexo without prior notice in case of:
14.2.1. Client breaches any article of these Terms and Conditions of Use or any other condition applicable to specific services included in this agreement or in separate Terms and Conditions of Use and agreements;
14.2.2. Client violates or Bitnexo and its associates have enough reason to believe that client is in violation of any law or regulation that is applicable to our services;
14.2.3. Bitnexo and its associates have reason to believe that client or clients are in any way involved in any fraudulent activity, money laundering, terrorism financing or other criminal activity.
14.3. Bitnexo may suspend the client's account at any time if:
14.3.1. Bitnexo and its associates reasonably believe that the Bitnexo account has been compromised or for other security reasons. Bitnexo and its associates reasonably suspect a client's account has been used or is being used without client's authorization or fraudulently; Bitnexo will notify client either prior to the suspension or, if prior notification is not possible under the circumstances, after the suspension unless Bitnexo and its associates are prohibited by law to notify client or clients.
15. FEES ASSOCIATED WITH BITNEXO CLIENT ACCOUNT
15.1. Transmission related fees and other Fees applied to client's account and the service can always be viewed at any time in the "Fees" section of our site and/or our communication channels with our customers.
15.2. Fees are subject to change in accordance with Articles 4 onwards.
15.3. Fees are subject to whether client is individual, corporate, intermediary or third party. Under certain circumstances we may charge additional fees as set out in Articles 12 onwards.
15.4. Bitnexo Fees are either conveyed as a percentage of the transmission or as a fixed amount in FIAT or Crypto. Fees that emerge from transmission of value across jurisdictions can be deducted from the clients funded FIAT transmission request, the FIAT fee amount will be converted into an equivalent fee in that of the base FIAT currency in which the client has initiated the FIAT transmission request.
15.4. Fees outstanding by verified customer will be deducted from the verified customers funded FIAT transmission request.
15.5. The verified customer hereby authorizes Bitnexo to deduct fees originated from the use of the service. Transmission fees will be charged when the transmission is executed and said is also marked as complete in Bitnexo clients interface.
15.6. If the verified customer funds to cover his transmission request are insufficient and or those clients whom do not match the numeric amount to be transmitted as described and displayed in party communications including site and emails. This insufficiency and lack of matching between amount may be reason enough for Bitnexo to refuse the ongoing FIAT transmission. Reversal and/or charge-back fees can be deducted from funded transmissions when insufficiency is present.
15.5. Bitnexo reserves the right to peruse payment of legal expenses by verified customers if Bitnexo had to induce the aid of enforcement agencies, debt collections agencies or other form of collection of outstanding fees.
16. LIABILITY
16.1. LIMITATIONS OF LIABILITY
Under no circumstance shall Bitnexo, its associates, intermediaries, service providers, or any of their respective officers, directors, agents, joint venturers, employees or legal representatives, suppliers be liable to you or any third party under any circumstances for any indirect or any amount in lost profits or any incidental or consequential damage that arises from or in connection with the Bitnexo services, Bitnexo site, or the present agreement. Including negligence.
16.2. Bitnexo will not be liable for any of the following:
16.3. The transmission request instructions received contain incorrect or improperly formatted information; or
16.4. Any suspension or refusal to accept payments in which Bitnexo has reason to believe to be made fraudulently or without proper authorization;
16.5. a hardware, software, or Internet connection is not functioning properly;
16.6. FORCE MAJEURE (In articles seventeen and onwards)
16.1. When and if a legal relationship allows parties and Bitnexo specifically to hold funds in Crypto, Bitnexo is not responsible for any loss or damage incurred by the client as a result of the client's use of Crypto Currency and the volatile nature of them.
17. FORCE MAJEURE
17.1. We shall not be liable for unforeseen circumstances preventing the proper performance despite any reasonable precautions taken by Bitnexo. Unforeseen circumstances may include, but are not limited to acts of god, hacking attacks, power outages, theft, equipment breakdowns, fire, flood, internal mechanical or systems failures and/or downtimes, political and special events, terrorism, riots or civil disturbances; war, whether declared or not and failure of public infrastructure.
17.2. Reasons must be beyond be parties and not be a product or result of the negligence of the afflicted party or parties.
17.3. If by reason of any Force Majeure Event, either the client or Bitnexo is delayed or prevented from complying with any of these terms and conditions of use, then such delay or non-compliance shall not be deemed to be a breach of these terms and conditions of use and no loss or damage shall be claimed by the client, intermediaries, third parties or Bitnexo.
18. ERROR IN TRANSMISSION REQUESTS AND TRANSMISSION REQUEST FUNDING
18.1. Bitnexo will amend any processing error that is discovered. If the error results in the client's amount to be less than the amount to which he is entitled, Bitnexo will credit the client for the difference. If the error results in the client receiving an amount more than the correct to which he is entitled, Bitnexo will debit the extra funds from the initiator or beneficiary.
18.2. If the error resulted in our not completing a transaction on time or in the correct amount, we will be liable for your losses or damages directly caused by this failure, unless:
(c) circumstances beyond our control (such as fire, flood or loss of Internet connection) prevented the transaction, despite our reasonable precautions.
(a) through no fault of ours, you did not have enough available funds to complete the transaction,
(b) our system was not working properly and you knew about the breakdown when you started the transaction.
19. TERMINATION OF THE TERMS & CONDITIONS OF USE
19.1. BY THE CLIENT: Stops using the services at any time for any reason. Client may choose to close his account at any time, as long as no pending transactions or open disputes, are present. Contact for closure of client accounts: Articles 26 onward.
19.1.1. Client will be required to withdraw any Crypto balance before closing his Bitnexo account.
19.2. BY BITNEXO: Bitnexo can close your account or terminate your access to the services without liability, for any reason, upon notice or without notice. Reasons for termination may include, but are not limited to, your violation of these Terms and Conditions of Use.
19.3. Bitnexo reserves the right to modify or terminate the Services at any time and/or for any reason.
20. COMMUNICATION BETWEEN PARTIES
The main method of communication between parties is via e-mail. For this reason the client is responsible at all times to maintain at least one valid e-mail address, which is required to be revised by client for incoming messages when a transaction via the service is taking place. Other than communicating via e-mail, Bitnexo may contact its clients via letter or telephone, where appropriate. Bitnexo will never email it clients with executable files attached or with links to any executable files.
21. KYX & AML POLICIES
21.1. OVERVIEW OF BITNEXO-CIP (CUSTOMER IDENTIFICATION PROGRAM)
Complying with general Know Your Customer Regulations is an on-going obligation we in Bitnexo maintain as one of our main obligation. Bitnexo designs policies and procedures which are intended to combat money laundering. Policies and procedures supported by management controls, triggers based on location, amount, customer, and others. All are kept up to date and communicated to pertinent staff. If you require more information regarding our KYX & AML Policies please refer to articles 26.
22. DISCLOSURES TO LEGAL AUTHORITIES AND AUTHORIZED FINANCIAL INSTITUTIONS
Government, legal and/or authorized financial institutions. May require and Bitnexo must compile in providing information about clients and the client's transmission and activities in the site or in third party sites that act as Bitnexo's associates or agents. Information may be disclosed to government authorities and enforcement agencies, as described in our Privacy Policy.
23. OTHER JURISDICTIONS
Bitnexo makes no representation that the site, agent, intermediary or third party services or any of the medium that is contained therein is appropriate or legal for use in other jurisdictions and access to them from jurisdictions where their content or service may be illegal or prohibited. Clients who choose to access the site and services from such locations do so on their own initiative and are solely responsible for determining compliance with all applicable local laws.
24. CLIENTS DATA & CLIENTS BITNEXO ACCOUNT
Client's history of FIAT transmission are displayed in the client's account view together with the fees charged for the service. Each transaction is given a unique transaction identification number. Referring to transactions in the service by the identification number is intended for the use of the parties and their legal relationship that may arise with the use of the service. Refer to Bitnexo's Privacy terms for further detail.
25. TAXES
It is verified customer’s responsibility to determine what, if any, taxes apply to the transmission where you act as either an Initiator or a beneficiary and it is your responsibility to collect, report and remit the correct tax to the appropriate tax authority. Bitnexo is not responsible for determining which if any taxes apply to your transmissions in FIAT and/or Crypto. Or for reporting, collecting or remitting any taxes arising from any type of transmission through the service.
26. HOW TO CONTACT BITNEXO
26.1. Via email regarding any question arising from our Terms and Conditions of Use. Contact Bitnexo's Compliance Officer: [email protected]