[LAST REVISED: 6 OCTOBER 2019]
This user agreement stands between you (or ‘your’) and NIOC Exchange OÜ (‘we’, ‘our’, or ‘us’), a cryptocurrency exchange in Estonia and can be altered from time to time based on its terms and conditions. In case you don’t agree with this user agreement, you are kindly requested to refrain from using our services.
This agreement should be read thoroughly and agreed with before you proceed forward to using any of our services. NIOC Exchange OÜ holds the right to introduce new services and terms to this user agreement from time to time about which you will be notified through email. Such terms and conditions will take effect immediately upon notice.
You are to ensure that all the information you provide to the company during the application process and thereafter is legit and up to date. If it is not, you are to notify us at the earliest and not later than within a month. In case, any of the information you provided proves to be inaccurate, the company won’t be held liable for any adverse consequences.
Additionally, you agree to only use our website and services if it is legal to do so in your country of residence. You hereby also warrant that registering on the website, opening an account, and using our services do not violate any laws or regulations enforced by your country and applicable to you.
- SUBJECT OF THE AGREEMENT
1.1. This agreement describes the terms and conditions you ought to abide by when using our services/ the exchange platform. You will have to pass our KYC procedures and abide by our AML/KYC policy before you can use any of our services.
1.2. We offer the following services to users who have passed the KYC procedure:
1.2.1. Opening and maintaining a user’s trading room.
1.2.2. Opening and maintaining crypto wallets.
1.2.3. Processing the transactions between users within the exchange platform.
1.3. Other than the services mentioned in clause 1.2. of this User Agreement, we also offer the below-listed services to our customers who have passed our KYC procedures and abide by our AML/KYC Policy.
1.3.1. Processing the transaction or trades between customers on the exchange platform to exchange virtual currencies against virtual as well as fiat currencies.
1.4. A specifically designed advanced KYC procedure has to be followed by corporate and institutional clients according to the AML/KYC Policy. Thus, special terms will be applicable to them in addition to the terms and conditions specified in this User Agreement.
1.5. All trades happening on the exchange platform will be carried out using the trading API system of the company.
1.6. All cash accounts will be referred to as ‘Account/ Accounts’ hereafter, and all the bank accounts and assets held within it isn’t subject to earn any interest.
1.7. The asset balance in the account belongs to a person or legal entity who is the registered holder of the specific trading room. No other person other than the registered holder holds the right to the specific account and its assets. Also, the registered account holders are advised not to sign or transfer your account or trading room to third party, or grant them access.
1.8. Fiat currencies can sometimes be held in the account for short time frames. According to the local legislative requirements, the company doesn’t offer services for currency storage. Thus, any account for that specific currency will be temporary. It is the customer’s responsibility to withdraw fiat currencies from the account.
1.9. All transactions happening on NIOC Exchange should be performed only through assets. The platform will not accept transfers from third parties to the users’ accounts; nor will the company perform any withdrawals from the users’ accounts to any third parties.
1.10. You are solely responsible for all the activities happening through your trading room. IF you find any unauthorized use of your trading room, or any other account, you are to notify us immediately. Though we might take some measures to alert us about fraudulent activities, we aren’t responsible for any unauthorized activities happening in your trading room. You are solely responsible for protecting the confidentiality of your password.
1.11. We hold the right to carry out money laundering, fraudulent, illegal, or terrorist financing activities check before authorizing the withdrawal of assets from your NIOC Exchange account. For this purpose, we will also want you to submit specific information including verification documents.
1.12. You are strictly prohibited to use your Trading Room or accounts for any illegal purposes including but not limited to money laundering and fraud. We hold the right to report any and all suspicious activities to the law enforcement agency.
1.13. If you attempt to violate any of the terms listed in this agreement, we hold the right to:- (1) reverse the transaction, (2) block/suspend your account, (3) report the transactions, (4) claim damages from you, (5) and charge you an administration fee.
1.14. By using our platform, you represent that it is legal to do so in your legal jurisdiction. If the use of our website is prohibited in your province, state, or country, you agree that you will not use our website.
1.15. Based on your country of residence, you might not be able to use all the features of our platform. Therefore, you are responsible for following the rules and laws that your country puts forward.
1.16. When you make transactions to other customers, you acknowledge that we only act as an intermediary and not as a counterparty.
2. RISK ACCEPTANCE
2.1. We offer execution-only service. You are to familiarize yourself with our Risk Disclosure Statement which is an important part of this agreement. In order to utilize our services, you have to have an understanding of the following:
2.1.1. Virtual Currency can be extremely risky. Each virtual currency features a unique set of characteristics which make them less likely to fluctuate in value. Additionally, factors such as regulatory activity, unexplainable price volatility, and market manipulation can affect market liquidity. Bugs, hard forks, and various other unforeseeable reasons can result in the blockchain networks going offline. Therefore, the company isn’t responsible for any losses that may occur due to factors beyond its control. We also recommend not to trade more than you can afford losing.
2.1.2. You will require advanced technical knowledge to understand virtual currencies. Often explained in technical language, you will have to have an extensive understanding of applied cryptography and computer science to understand the innate risks associated with virtual currencies. Whenever a virtual currency is listed on the exchange platform, neither does it indicate approval nor disapproval of the underlying technology.
2.1.3. Clients will be responsible for all the consequences associated with transferring assets to any address. For instance, the entered address might be correct, but the true owner of the address might never be discovered, or the address might belong to an entity that would first require an action from your side to return your assets, or an entity who will not return your assets. Furthermore, the transactions might not be reversible.
2.1.4. More risks associated with trading assets are listed in our Risk Disclosure Statement. When using our trading room to make transactions, you accept the risks associated with sending assets. You agree that you have enough knowledge and experience in market sophistication.
2.2. You are responsible for complying with the applicable laws and we aren’t responsible for administering the laws that apply to your transactions. You are also responsible for paying any taxes that arise from your use of our services.
2.3. We don’t give you advise on trading risks.
2.4. You should regularly check your account balances and transaction history, and any irregularities should be reported at the earliest.
2.5. There are chances for currency blockchains to fork. In such situations, we may or may not support the forked virtual currency promptly.
2.6. It is your responsibility to make sure that any transaction you make is appropriate based on your personal goals, financial status, and risk appetite.
3. CUSTOMER’s TRADING ROOM, DEPOSITING AND WITHDRAWAL OF ASSETS
3.1. You can access/ log into your trading room after completing the registration process on our website. For the registration process, you will have to provide us with your email address and a password. The trading room holds all the information about your assets, and also enable you to open accounts.
3.2. You can add assets to your trading room by simply following the deposit instruction provided when log into your trading room. Any assets deposited by you or transferred to you will be stored in your trading room.
3.3. You are eligible to withdraw all or a part of the assets that is held in your trading room at any time.
3.4. You can withdraw all part of your available assets provided there are enough assets left to support any current or pending transactions.
4. CASH ACCOUNT AND CONDUCTING TRADING OPERATIONS VIA THE EXCHANGE PLATFORM
4.1. The cash account is an electronic facility that allows the customers to use the exchange platform to perform buying and selling of cryptocurrencies. We also offer you the access to the exchange platform’s functionality.
4.2. To avoid any doubts, we don’t issue assets or act as a counterparty for exchange transactions. Rather, we provide a technological facility to our customers where they can exchange their cryptocurrencies with other customers.
4.3. When a customer completes the registration process, a cash account is automatically opened under their credentials. Once a cash account is created under your name, you can start selling and buying assets.
4.4. You agree that the company have the right automatically transfer the exchanged amount whenever you place an exchange order. Once the exchange order is executed, you will be notified.
4.5. Any exchange order once issued on the exchange platform cannot be reversed.
4.6. In order for the exchange platform to execute the exchange order correctly, make sure that the information entered is correct and doesn’t contain any errors.
4.7. Every exchange order executed on the exchange platform will be confirmed to the customer using the recordkeeping functionality.
4.8. The company isn’t responsible for any asset transactions that are carried out between the customers. Whenever you make transactions, you agree to bear any risk associated with it.
4.9. We hold the right to verify all the transactions happening on our platform any time, especially in case of suspicion.
5. EXPENSES AND COMMISSIONS
5.1. We will not charge commissions or fees for crediting, debiting, or transferring assets.
5.2. We charge commissions (exchange fee) on each exchange transactions that happen over our exchange platform. You can find the current exchange fees on our website.
5.3. We hold the right to change or modify the exchange fees from time to time. Any such changes will be updated on the website and you will be notified about the same.
5.4. We offer a partnership and affiliate programs, details of which can be found on the website.
5.5. We will deduct the exchange fee from the asset you purchase from another customer on our platform.
5.6. For any transaction that happen on our exchange platform, the exchange fees will be deducted from both the buyer and seller.
5.7. The customers will be responsible for any expenses incurred by the company to execute the customer’s requests.
6. THE COMPANY’S RIGHTS AND RESPONSIBILITIES
6.1. We reserve the following rights:
6.1.1. To cancel, reject, adjust, or delete the trading order or transaction the customer may place.
6.1.2. To block a customer’s account.
6.1.3. To restrict access or impose limits either on general or on specific assets.
6.1.4. At our sole discretion, we also have the right to refuse or proceed with any transaction or access to the trading room.
18.104.22.168. In case of failure of the website, failure of communications channels linked to the website, and situations where impractical use of the website or our exchange platform is detected.
22.214.171.124. A breach of security.
126.96.36.199. Situations where incorrect execution of orders happens.
188.8.131.52. A breach of this agreement or any other agreement with the company.
184.108.40.206. Instances where customers don’t comply with any of the applicable laws.
220.127.116.11. Market or general conditions which affects a particular asset or its derivatives.
18.104.22.168. Issues with liquidity.
22.214.171.124. Fraudulent actions where customers places trading orders with prices that are considered much lower or much higher than the market prices.
6.2. In order to manage and mitigate the potential terrorist financing and money laundering risks faced by our company, we reserve the rights to block the customer’s trading room or account in case of suspicious activity.
(i) When customers don’t comply with and violate any of the agreements listed on our website.
(ii) Appear to be suspicious or fraudulent.
(iii) Breaches the law, agreement, or our AML/KYC Policy.
6.3. We reserve the right to control and modify any functionality associated with the price feeds, content, and configuration, including but not limited to:
6.3.1. The parameter and protocols
6.3.2. The availability of a particular asset on the exchange platform
6.4. If a dispute arises, we reserve the right to consult a third-party for advice or to conduct investigations or analysis.
6.5. The company will do all things in its limit to execute any trade or transactions. Thus, we request that you don’t hold us responsible if we are unable to guarantee the execution.
6.6. We won’t be responsible for any damage or loss that arises from the use of our exchange platform unless it is caused by a breach of this agreement by the company.
6.7. We won’t be responsible for any breakdown, delay, malfunction, or interruption of the internet connection at any given time.
6.8. We won’t be responsible for any delay in the processing of payments caused by third parties.
6.9. We reserve the right to restrict trading on our exchange platform when the legislation of a particular country establishes new regulations.
6.10. In case of fraud, we have the right to freeze your account and run an investigation at any time.
7. CUSTOMER REPRESENTATIONS, WARRANTIES, AND AUTHORISATIONS
7.1. The customer warrants that:
7.1.1. They possess a sound mind, are of legal age, and competence.
7.1.2. They are in their right mind and not under the influence of alcohol, drugs, or any other influence.
7.1.3. No other individual has the right to their account.
7.1.4. They are suitable to enter this agreement.
7.1.5. All the information they provide during the registration process is true and complete.
7.1.6. In case they represent a corporate or an institutional customer, they are fully authorized to do so according to the legislation.
7.1.7. They warrant that both fiat and virtual currencies added to their account are obtained from legal sources.
7.1.8. They warrant that virtual currencies from their account will be withdrawn only to their wallets.
7.1.9. They warrant that any and all transactions being carried out on the platform don’t violate any applicable laws or the rights of any third parties.
7.2. You hereby agree to remove the confidential nature of all communications and allow the company to disclose the contents of such communication when the company finds it necessary.
7.4. The customer agrees that he/she will immediately notify the company about any errors in the exchange platform.
7.5. In case of any unauthorized exchange/ trading transactions, you are to bring it into our attention within one day from the date of the transaction. In case of delay, you will be solely responsible for any losses that arise from it.
7.6. You agree to compensate any losses for any damages, costs, and expenses, you might cause the company by breaching any of the applicable law or agreements.
7.7. The customer understands that the technological facility we use, and related software services may be provided by external third parties.
7.8. You understand that the functionality of the exchange platform, its configurations, and content can be modified by external/third-party licensors, including but not limited to:
7.8.1. The parameters and protocols
7.8.2. The availability of specific assets on the platform
8.1. You understand that the underlying operating rules of certain virtual currencies can vary from time to time. In case of a fake Fork occur, it will lead to the creation of a new virtual currency. The amount of the new Forked virtual currency will be held proportional to our holdings of the prior virtual currency.
8.2. Whenever a Fork occurs, we temporarily suspend all the operations happening on our exchange platform till we come to a decision about whether or not either or both the new Forked virtual currency and the prior virtual currency.
8.3. You hereby understand and agree that you have no right with respect to any new Forked Virtual Currency. When we don’t support a new Forked virtual currency, you might not be able to withdraw or trade the new Forked virtual currency from the exchange platform. When we decide not to support a new Forked virtual currency, we will:
(i) Obtain and manage the new Forked virtual currency as our property.
(ii) Make new Forked virtual currency available on the platform on a one-time basis.
(iii) we don’t allow support omnibus client account for crypto assets.
During instances when a third-party attempt to or transfer virtual currency to virtual currency addresses, we would treat such airdropped virtual currencies as we would treat any unsupported virtual currencies. Additionally, you should understand that airdropped virtual currencies don’t create any relationship between our company and the sender or any related network. Also, we aren’t subject to any obligation associated with it.
10. FINAL PROVISIONS
10.1. During some instances, we reserve the right to provide information to our customers on practical aspects of asset exchange and derivative trading.
10.2. The e-mail and password using which you register with us will be used every time you have to log into your trading room and have access to your accounts and assets. You are always responsible to keep your email address and the password to your trading room safe.
10.3. With respect to the credentials, you hereby accept to undertake the following:
a) You are responsible for keeping your credentials confidential.
b) Without prior written consent from the company, you aren’t allowed to disclose your credentials to any individuals other than your authorized representatives.
c) If you notice any loss or unusual activity in your account, you are to notify us immediately.
10.4. In case you are suspicious that your credentials are lost, stolen, or misappropriated, you are advised to change your password at the earliest. You are also to contact our customer service without delay on becoming aware of the theft, loss, or misappropriation.
10.5. We don’t extend our services to people residing in jurisdictions which are classified as high risk and non-cooperative by the FATF and have strategic AML/CFT deficiencies.
10.6. We don’t accept transfers from payment institutions or individuals located in FATF high-risk countries and non-cooperative jurisdictions.
10.7. Our licensors, suppliers, agents, resellers, and service providers are not liable to you or any third parties for any direct, indirect, or incidental damages for loss of business, reputation, profit, information, or revenue.
10.8. Unless expressed in 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 or statuary without limitation, implied warranties of merchantability, fitness for a particular purpose, title and non-infringement as to our services, exchange platform, the information, content, and materials contained herein. We make no representation or warranties that the exchange platform and services, or any materials contained therein, will be interrupted; nor do we make any representations or warranties as to quality, truth, suitability, usefulness, accuracy, and completeness of the exchange platform and our services.
10.9. You further acknowledge the fact that the information you store or transfer through our exchange platform have chances of getting lost or corrupted temporarily due to a wide array of reasons such as internet outages, software failures, protocol changes by third-party providers, force majeure events etc.
10.10. Due to the nature of our business, we don’t offer refunds.
10.11. We don’t sell, lease, license, or disclose your personal information with any third party for any reason unless for the next cases:
10.11.1. We reserve the right to share your personal information with a third-party exchange platform operator for the verification and due diligence purpose. The customer hereby agrees to the company providing such information to third-party for such purposes.
10.11.2. We have the right to disclose your personal information to third parties when it is required to do so by the law or other government authorities.
10.11.3. We also reserve the right to disclose your information to non-affiliated third parties in case it’s necessary to protect the company’s rights or property.
10.12. If a situation arises where the customer is suspicious about the company breaching one or more terms of this agreement, the customer then has the right to file a complaint with the company within one day after the grievance has arisen.
10.13. While making any and all financial calculations, the company uses the rounding policy in favor of the cryptocurrency exchange platform. The fiat currencies are rounded to the 2nd digit after the separator. Additionally, the rounding policies also vary based on the type of cryptocurrency.
10.14. Sometimes, the transactions won’t be reflected in the customer’s account or trading room due to the process optimization. The transactions will be shown in the trading room as soon as the unit is executed properly in accordance to the standards.
10.15. All content published on our website is protected by copyright, trademark, patent, and all other applicable laws, unless otherwise stated in this agreement. The use of any content from our website without a prior written agreement from the owner of the information or the company is strictly unappreciated. Any such violation will be seen as a violation of the copyright, patent, trademark, and other applicable laws and will lead to civil or criminal penalties.
11. GOVERNING LAW AND JURISDICTION
11.1. This agreement and all the rights and obligations that adhere to the parties involved will be governed by laws active in the company’s jurisdiction irrespective of the choice of law principles.
11.2. You agree that any arbitration, civil action, or another legal proceeding that happens between the employer and agents arising out of this agreement or the customer’s account shall be brought, heard, and resolved by a court located only in the company’s jurisdiction. No issues related to this agreement can be brought forward by the customer for more than one year after the cause of action arose.
12. AMENDMENTS AND TERMINATION OF THE AGREEMENT
12.1. The company to its sole discretion has the right to change any conditions of this agreement. You are solely responsible for reviewing this agreement from time to time. In case, you don’t agree with the changes, you have the right to refuse using our exchange platform and other services.
12.2. This agreement will continue to be effective until termination and can be terminated by the customer at any time only if they have no liabilities held or owed to the company.
12.3. The company requires 3 days’ time to count the possible amounts owed to the company after you submit a written notice of termination. The customers will be updated about the amount and termination of the agreement by means of e-mail.
12.4. We have the right to suspend or terminate this agreement or any of your accounts without prior notice in situations where:
12.4.1. You breach any or all of the conditions of this agreement.
12.4.2. You actually violate, we have valid reasons to believe you violated any of the laws or regulations that apply to the use of our services.
12.4.3. We have valid suspicions that you are using abusive trading practices.
12.4.4. We have valid reasons to believe you are involved in any kind of fraudulent activity such as terrorism financing, money laundering, or other criminal activity.
12.4.5. We aren’t satisfied with the information you provided during the ‘Know Your Client’ verification process, or if you haven’t provided any additional documents necessary for the verification procedure.
12.5. We have the right to suspend your account at any point of time if we notice:
12.5.1. We have valid reasons to believe your accounts have been compromised for other security reasons.
12.5.2. We suspect your account is being used without your authorization or fraudulently. In such scenarios, we might notify you prior to suspension.
Your consent to this agreement means that you have carefully read and understood this agreement and the above-listed addendums. Therein you also agree to all the provisions contained under the agreements. Additionally, your consent also represents that all the information provided by you during the registration process is correct and complete.