TERMS OF SERVICE
TABLE OF CONTENTS
FIAT-TO-CRYPTO TERMS OF SERVICE
WE ADVISE YOU TO READ THE FOLLOWING TERMS OF SERVICE (HEREINAFTER: »TERMS«) BEFORE CREATING AN ACCOUNT AND/OR USING KRIPTOMAT OŰ (HEREINAFTER: KRIPTOMAT) SERVICES. BY ENTERING ONTO THE WEBSITE, CREATING AN ACCOUNT AND USING OUR SERVICES YOU ACKNOWLEDGE AND AGREE TO THESE TERMS OF SERVICE. IN CASE YOU DO NOT AGREE TO THESE TERMS OF SERVICE, DO NOT ACCESS THIS WEBSITE AND DO NOT USE OUR SERVICES.
*SPECIAL NOTE: SERVICES OF KRIPTOMAT ARE INTENDED AND ARE TO BE USED SOLELY BY THE CUSTOMERS / USERS, NATURAL OR LEGAL PERSONS, WHO ARE RESIDENTS, ARE INCORPORATED OR HAVE ITS REAL SEAT IN THE COUNTRY WHERE TRADING VIRTUAL ASSETS IS LEGAL AND NOT PROHIBITED OR RESTRICTED, AND COUNTRIES WHERE NO SPECIAL LICENSE IS REQUIRED. ONLY SUCH USERS ARE ALLOWED TO MAKE USER ACCOUNT AND BUY, SELL, HOLD, WITHDRAW, TRANSFER, OR OTHERWISE TRADE AT KRIPTOMAT EXCHANGE AT THIS TIME. YOU CAN FIND MORE ABOUT RESTRICTED OR PROHIBITED AREAS ON THIS LINK: https://kriptomat.io/en/global/. INTRODUCTION AND ACCEPTANCE OF THE TERMS.
FIAT-TO-CRYPTO TRANSACTIONS ARE EXCLUDED FOR USERS, NATURAL OR LEGAL PERSONS, WHO ARE RESIDENTS, ARE INCORPORATED OR HAVE ITS REAL SEAT IN THE UNITED STATES.
The three documents together define the conditions that every user must agree to when using KRIPTOMAT services meaning that the use of the Services is conditional upon acceptance of all the three legal documents. Depending on your country of residence, statutory seat or place of incorporation, you may be restricted or prohibited to use some or all the functions of this website. It is your responsibility to follow those rules and the laws of your country of residence and/or country from which you access this website and Services that KRIPTOMAT offers.
The term “we”, “exchange”, “virtual trading platform”, “us”, “our” refers to KRIPTOMAT OÜ. Depending upon the context, “KRIPTOMAT” may also refer to the services, products, website, content or other materials provided by KRIPTOMAT. The term “you”, “user”, “client”, “website visitor” refers to users of our services or website visitors. The term Buyer refers to anyone buying virtual currency at KRIPTOMAT. Seller refers to anyone who sells his virtual currency using KRIPTOMAT platform. Users of the KRIPTOMAT platform are normally both, buyers and sellers. KRIPTOMAT OÜ is s Private Limited Company, having its statutory seat at the following address: Harju maakond, Tallinn, Kesklinna Linnaosa, Roosikrantsi tn 2-K405, 10119, Estonia. KRIPTOMAT owns the domain https://kriptomat.io and is an exchange platform for buying, selling and securely storing virtual assets. KRIPTOMAT is incorporated under the Laws of Estonia, with a registry code 14424637.
Special Note: Risks of Trading Virtual Assets
Any kind of trading of virtual assets and currencies involves significant risk. The value of virtual assets/currencies has high volatility (value can increase and decrease significantly in a very short period of time and at any given moment). Such price fluctuations bring uncertainty. The value of a virtual currency and collapse in demand may be influenced by many factors, including irrational (or rational) bubbles, loss of confidence in the currency, changes in software development, government decisions, creation of a competitive currency, technical problems, political or non-political statements, statements of influencers and news and hacker-attacks. Your virtual assets may be lost by losing your password, private key or other security code.
There are also other potential risks that may not be foreseen in these Terms. Virtual currencies have special risks that are not generally shared with the official currencies because they are not issued by governments, or with commodities or goods that are tangible or registered in the official registry. Virtual currencies are intangible, decentralized, digital assets, backed by technology and trust. No central bank or other institution can take any measures to protect the value of virtual currency. Virtual currencies are an autonomous and largely unregulated system of firms and individuals issuing currencies. The risk of loss in trading, buying, selling or holding virtual assets/currencies can be substantial. You should therefore carefully consider whether trading in virtual assets/currency or any levered or derivative virtual assets is suitable for you in light of your financial condition. Be careful to keep your private keys, passwords, security codes and words for yourself and change them on a regular basis.
KRIPTOMAT uses payment providers for transfers of fiat money for rendering exchange services and operating with the fiat money, whereas assisting banks do not, by any means, represent a medium of exchange, transfer, withdrawal, deposit or other transaction in connection to virtual currencies. KRIPTOMAT shall not ask you for any password or private key, nor shall we ask users to transmit any funds, Bitcoins or other virtual currency to our bank account, Bitcoin address, Ethereum address or other addresses, which are not listed on the trading platform. Please do not trust any discount or promotion related information. KRIPTOMAT shall not be responsible for any losses caused by transmitting funds from/to bank accounts, or virtual funds to any addresses that are not listed or given to you on the trading platform. Take care of always accessing KRIPTOMAT website through link https://kriptomat.io/ and KRIPTOMAT exchange through the link: https://app.kriptomat.io/login. In case of uncertainty or suspicious link is given on forums or received by a suspicious account, user or website, please contact our support immediately and do not transfer any fiat or virtual money to such suspicious links or accounts. In case of uncertainty, always type the website https://kriptomat.io or https://app.kriptomat.io/login into browser yourself.
Description of Services and Trading Limitations
The exchange services, operated by KRIPTOMAT, allow users to buy, sell and store virtual currencies such as but not limited to Bitcoin, Ethereum, Augur, Gnosis, 0xProject, Enjin, OmiseGo, and other tokens and coins that are carefully selected by KRIPTOMAT. Our exchange does not offer any coins or tokens that are or might be considered as securities. KRIPTOMAT services also allow all registered users to:
- Buy/exchange virtual currency for fiat money;
- Buy/exchange virtual currency for virtual currency;
- Transfer virtual currencies to other KRIPTOMAT wallet addresses or other third party wallet addresses; PLEASE NOTE: In the process of listing new currencies, Kriptomat is following its internal procedures and safety requirements. Therefore, some of the currencies may at the beginning only have a buy and sell option, without an option to transfer the currency to another Kriptomat wallet or other third party wallet addresses. Users will be notified about this before placing a buy/sell order and will have to agree with it beforehand.
- Storing virtual currencies in the KRIPTOMAT virtual currency wallet.
Every user has to open a user account (for detailed instructions see the section “CREATING AN ACCOUNT” down below or check the instructions on the website in “How KRIPTOMAT works” section), connect your bank account or your payment card (Mastercard, Visa or other debit cards).
All prices on the KRIPTOMAT platform are shown in EUR. KRIPTOMAT uses only EUR as a conversion currency for fiat-to-crypto exchange for SEPA deposits. USD, GBP or other fiat currencies are currently not possible to use for exchange on KRIPTOMAT platform. It is not possible to exchange one fiat currency to another fiat currency. KRIPTOMAT reserves the right to add other conversion fiat currencies for purchasing virtual currencies in the future. KRIPTOMAT also reserves the right to remove any of exchanging pairs in the future.
KRIPTOMAT offers users to buy virtual currencies with SEPA transfer, credit cards (Visa and MasterCard) or other payment methods, such: as Neteller, Zimpler, Skrill, Paypal, among others. KRIPTOMAT also reserves the right to offer debit cards (such as: Maestro), bonus cards or other purchase methods. KRIPTOMAT reserves the right to add other means of payment in the future. USERS who use credit cards or other payment methods other than SEPA transfer will be able to make a purchase in their own currency. In the course of the transaction, the conversion into EUR currency shall be automatically made by the payment processor (not KRIPTOMAT); the conversion rate can bring an additional cost onto the user.
Deposit and withdrawal limitations
You may request a withdrawal of your virtual assets of fiat equivalent of such assets, subject to the limitations as stated in the Terms. The amount of funds for payments and withdrawals of fiat money are limited per day and per month. For the purpose of purchasing virtual currency, a user can make a deposit of a maximum of 20.000 EUR per day and a maximum of 100.000 EUR per month. In case that this daily amount exceeds the set limit, the excess amount will be automatically returned to the users bank account from which user has made SEPA payment. If the user made a payment using a credit card for the amount higher than a daily limit, KRIPTOMAT will process the payment of the amount reaching the daily limit and deny the payment of the excess amount. The limitation applies to natural persons. This is a precautionary measure for AML/CTF purposes. The amount of deposited, traded, transferred or withheld virtual currency per day and month is not limited.
Creating and Closing an Account
Creating Kriptomat Account
- Contact information, such as name, home address, email address (which will have to be confirmed), date and place of birth, mobile phone number (which will have to be confirmed by sending you an entry code).
- Account information, such as username and password.
- Financial information, such as bank account numbers, bank statements, and trading information.
- Identity verification information, such as the image of your government issued ID, passport, national ID card.
- Residence verification information, such as utility bill details, phone bill or similar document.
- Selfie photo with your government issued ID, passport.
The source of the account data is a user who opens an account. The account opening data will be used and processed for the purposes of performing a detailed Know Your Customer (Hereinafter: KYC) procedure according to necessary Anti-Money Laundering and Anti-Terrorist Regulations. KYC process verification is a mandatory step for every new user before his/her first purchase.
KRIPTOMAT will guide you through the process step by step. KRIPTOMAT will make thorough due diligence of each user (natural or legal person) according to our internal risk management policy. LOGIN When login to our platform, the user must first enter your email and password. After that user will receive a code via SMS, that user will need to enter in order to sign in and register (for security reasons, you will receive a new code on your mobile number each time you sign-in to KRIPTOMAT). After entering the code, you will see the control panel of the user account. Every registered user has his/her own wallets on KRIPTOMAT platform. The wallet consists of the two features: (1) actual wallet for the virtual currency/tokens to be stored and (2) the balance of the fiat, which user deposited for the purchase of virtual currency. We use the term “wallet” for both – wallet for virtual coins and tokens, and balance for the fiat money (EUR).
NOTE that KRIPTOMAT does not offer users a fiat money account. The wallet shows only the balance of fiat money, which is available to a user for the purpose of purchasing virtual currency on KRIPTOMAT platform. The wallet does not serve as a fiat deposit account and a user can not make any transaction of fiat money other than to buy virtual currency on KRIPTOMAT platform. However, the wallet does indeed serve as a deposit/withdrawal and storage account for virtual assets.
Closing Kriptomat Account
You may close your account at any time. In case you wish to do so, you will need to move your virtual assets to another wallet first. In case there is also a fiat balance shown in your wallet, KRIPTOMAT will return fiat assets and transfer them to your bank account, which you have previously connected to your KRIPTOMAT account. By deleting your account, additional processing and bank costs may arise for the user. If you have purchased virtual currencies only by using your Credit Card and have not yet connected your Bank account with KRIPTOMAT account, you will have to connect your bank account with your KRIPTOMAT account in order to get a refund of your fiat money.
KRIPTOMAT may also terminate your account at any time and at our sole discretion, upon notice to you by e-mail or other communication channels. Note that it is in our sole discretion to suspend your access to the Services if it is suspected that you have failed to comply with these Terms, pose an unacceptable fraud or regulatory risk to KRIPTOMAT or if you provide any false, incomplete, inaccurate or misleading information. KRIPTOMAT will not be liable to you for any losses incurred in connection with the closure or suspension of your account by KRIPTOMAT.
Purchases and Withdrawals
Purchasing with SEPA (Bank Account)
Before buying your first cryptocurrency with SEPA deposit, you must add a bank account to your KRIPOTMAT account and verify it with a deposit of minimum 25 EUR. You can do that by entering your bank account details (Bank name, SWIFT/ BIC and account number) into the form. After that, you will receive payment order with the KRIPTOMAT bank details and your own individualized reference number. The user must go to his online bank or go physically to the bank and make a SEPA payment using the payment order. The user will get a notification email when KRIPTOMAT receives the funds to his account. For successful verification of your bank account or credit card, you must deposit at least 25 EUR with the SEPA form. These funds will be shown in your wallet under balance and will be available to make a purchase of virtual currencies on KRIPTOMAT or withdrawal of the funds back to your bank account. It usually takes 1-3 days for the fund to be transferred, however, it can take up to 7 days to be transferred with the SEPA payment. This is the time that the bank needs to process the transaction.
KRIPTOMAT cannot affect this time and shall not be liable for the possible damage that would result from this. The user can connect multiple bank accounts to KRIPTOMAT account. The user who verified one or more of his / her bank accounts to KRIPTOMAT account, will not be able to make purchases with any other bank account but only with the bank account connected to KRIPTOMAT account. KRIPTOMAT does not accept payments from other bank accounts, which are not connected to the user’s KRIPTOMAT account and the funds paid shall be returned to the user.
Purchasing with Credit Cards and Other Payment Methods
The user can also buy virtual currencies by using a credit card or other payment methods, such as Skrill, Neteller, Zimpler, among others. All available payment methods can be seen in the Kriptomat app. The user must enter the respective details of the credit card to be able to buy virtual currency – their details are: credit cardholder name, credit card number, expiration date, and CVC.
In case of using a credit card or other payment method, you do not have to connect your bank account with KRIPTOMAT account. The minimum purchasing amount is 25 EUR. NOTE that it is the sole responsibility of users to use the Credit card that is his / hers or third party’s credit card, which he /she is authorized to use. In case that user buys virtual currency with a stolen card or does not have authorisation of a credit card holder to use it, this can result in freezing user’s assets and user’s KRIPTOMAT account. All such actions shall be announced to law enforcement or other public authorities respectively.
Withdrawals of Fiat to User’s Bank Account
Withdrawals of fiat money are possible only to the provided bank account. If a user connected only his credit card with KRIPTOMAT account, he will be requested to add and verify his bank account when making a withdrawal. WITHDRAWALS OF VIRTUAL CURRENCIES Users can withdraw (transfer) their virtual assets to another wallet or account. All transfers are in the sole responsibility of the user. Be careful to always enter the wallet address to which you wish to transfer your virtual assets to.
KRIPTOMAT is not responsible for the transferred of your virtual assets outside your KRIPTOMAT account.
A user shall receive the purchased crypto assets into his/her wallet instantly (within a few minutes), taking into account swift changes in prices of the crypto asset, momentary crypto asset illiquidity of the crypto asset providers of Kriptomat and other external circumstances that may affect the speed of crypto asset transfers. In case of not receiving your crypto assets within 24 hours, please contact our technical support: [email protected].
Fees for Services
KRIPTOMAT operates on the basis of fees exclusively and shall not issue any invoices. Fees may be incurred for part of the Services provided by KRIPTOMAT to its users. You shall abide by relevant agreements while using such services. KRIPTOMAT may change the fee models and structures of such services as the case may be and at any given time. KRIPTOMAT may also start charging fees on free services, if there are any. KRIPTOMAT shall release an announcement or put up a notice on a respective page before the above-mentioned changes or modifications are made and come into force.
Kriptomat will also charge administration fee upon returning funds back to user’s bank account in cases when user’s account has been disabled permanently due to the suspicious activity on user’s Kriptomat account and user failed to additionally verify his identity and (where applicable) source of funds/wealth. For more information, check our Fee schedule.
You shall stop using the service if you disagree on the above-mentioned changes, modifications, fee changes or paid content. Services shall be paid in EUROS if the transaction shall be made in EUR. If the transaction is made in virtual currency, the fee shall be paid in correspondent virtual currency. Unless otherwise stated or agreed, the user agrees that the KRIPTOMAT network has the right to deduct the fees for its services directly from the assets of the user account. Fees shall be paid at the time of the completion of each transaction.
Know Your Customer (“KYC”) and Anti Money-Laundering (“AML”)
KRIPTOMAT is a virtual exchange, having acquired two operating licenses by the Financial Intelligence Unit, namely for:
- Providing services of exchanging a virtual currency against fiat currency (License no. FV000079);
- Providing a virtual currency wallet service (License no. FRK000060).
Both licenses are issued by the Estonian Financial Intelligence Unit (Hereinafter: FIU), which is the Anti Money Laundering authority in Estonia. KRIPTOMAT has established and follows strict rules for AML and KYC procedure and is fully compliant with Estonian Money Laundering and Terrorist Financing Prevention Act (hereinafter: the Act), and obtained licenses on the basis of the full compliance with the rules of the Act.
KRIPTOMAT has the right to know the real transaction background and purpose of the users who use our product or our service. Users should always provide the real, comprehensive, accurate information required by KRIPTOMAT and its procedure; if KRIPTOMAT has reasonable grounds to suspect that the user has provided false trading information or identity information, KRIPTOMAT is entitled to restrict the user from the use of the exchange for some or all products and services functions temporarily or permanently. Each user is allowed to create and use one account only. If a user will try to open multiple accounts, KRIPTOMAT shall have to discretion to not verify it and block it.
NOTE that KRIPTOMAT has a strict obligation to assess all the transactions from the anti-money laundering and counter-terrorist financing regulations and report the suspicious transactions to the regulator (FIU).
Eligibility for Service, Prohibition of Third Country Users
Services are intended solely for users who are 18 or older and for legal persons. By accessing or using our Services, you warrant and guarantee that you are at least 18 years old and have the full legal capacity and appropriate business capacity to make transactions.
SERVICES OF KRIPTOMAT ARE INTENDED AND ARE TO BE USED SOLELY BY THE CUSTOMERS / USERS, NATURAL OR LEGAL PERSONS, WHO ARE RESIDENTS, ARE INCORPORATED OR HAVE ITS REAL SEAT IN THE COUNTRY WHERE TRADING VIRTUAL ASSETS IS LEGAL AND NOT PROHIBITED OR RESTRICTED. ONLY SUCH USERS / CUSTOMERS ARE ALLOWED TO MAKE USER ACCOUNT AND BUY, SELL, HOLD, WITHDRAW, DEPOSIT OR OTHERWISE TRADE AT KRIPTOMAT EXCHANGE AT THIS TIME.
You also represent and warrant that you are not a member of any such country with restrictions or prohibition. NOTE that in case if user withdraws fiat money from KRIPTOMAT account to his bank account, which is in tax free country, KRIPTOMAT shall analyze the content of the information received, considering the User’s current area of activity, payment practice and other known information, and report to FIU if the transaction is being considered suspicious. You also represent and warrant that you are not on any trade or economic sanctions lists, such as the United Nations Security Council Sanctions List, nor restricted or prohibited from engaging in any type of trading platforms by the Hong Kong Monetary Authority, Hong Kong Customs and Excise Department, as well as other administrative law enforcement agencies. The list of prohibited/restricted areas includes areas is accessible here: https://kriptomat.io/en/global/.
Rights and Limitation to Use Kriptomat Website and Services
KRIPTOMAT grants you a limited, non-exclusive, non-transferable license, subject to these Terms, to access and use the KRIPTOMAT website and Services, solely for approved purposes as permitted by KRIPTOMAT. The Services are protected by the copyright and other intellectual property laws. All rights not expressly granted in these Terms are reserved. This website has the right to inquire, freeze or deduct the items and accounts of the user in according to the requirements of any applicable judicial organizations, administrative organizations and military organizations, including but not limited to public security organizations, procuratorial organizations, courts, customs, tax authorities and so on. You agree you will not copy, transmit, distribute, sell, license, reverse engineer, modify, publish, or participate in the transfer or sale of, create derivative works from, or in any other way exploit any of the intellectual property without the explicit written consent of KRIPTOMAT.
The name KRIPTOMAT, website www.kriptomat.io, trademark logotype, images, texts, the content of the website, graphic design, databases, and corporate identity represent the intellectual property of KRIPTOMAT OŰ. All other brands, product names and company names or trademarks are the property of their respective owners. All the above stated belongs to KRIPTOMAT OŰ and is its sole property, including all the material rights on the texts, graphics, content, trademarks, databases, etc. created by third-party contractors, employees, KRIPTOMAT consultants, and other KRIPTOMAT partners. By accepting these Terms you agree that all the above stated is protected by copyrights, trademarks or other respective intellectual property rights. All content provided on this website by KRIPTOMAT, including but not limited to information and materials provided in connection with your profiles, questions and answers, requests for information, users` comments, is your sole responsibility and KRIPTOMAT excludes its full responsibility. You agree and acknowledge that you are fully responsible for all the content you provide to us.
KRIPTOMAT does not guarantee the accuracy, integrity and quality of users` profiles, content, comments, etc. You agree that KRIPTOMAT is not responsible for any loss or damage that your reliance on the mentioned information may have on you. You acknowledge and confirm that you will not use this Website and Services for any purpose that is illegal, unlawful, unethical or inconsistent and/or contrary with these Terms and the purpose for which this website and services were created. KRIPTOMAT reserves the right to investigate all violations of these Terms of Service, threats and unauthorized use of the website and will act accordingly and in a manner that is considered appropriate, including, among other things, reporting on the suspicion of illegal activities to the competent law enforcement authorities, the regulator or other authorized third parties. If necessary and bound by the law, KRIPTOMAT will disclose all the relevant information to the above-stated authorities, including personal names, emails, IP address, search history, etc. You also acknowledge that you will not perform any activities that would, at our discretion, constitute or represent a disproportionate and excessive burden on our website, exchange and related infrastructure, (that would not in any way interfere with or attempt to interfere with the proper functioning of the website and affect Services, or would try to circumvent our measures to restrict access to the Website and Services whatsoever.
Disclosures to the Authorities
KRIPTOMAT may share or disclose your Personal Information with law enforcement, data protection authorities, government officials, authorized financial institutions and other authorities when it is:
- Required by law;
- Compelled by a court order, or other legal procedure;
- Reasonably believed by KRIPTOMAT that disclosure is necessary to prevent physical harm or financial loss;
- necessary to report suspected illegal activity and disclosure is justified respectively; or
KRIPTOMAT will disclose all the relevant information to the above-stated authorities, including personal names, emails, IP address, search history, etc. Any circumstances identified in the user’s transactions that are unusual or suspicious or there are characteristics which point to Money Laundering, Terrorist Financing, or an attempt of the same, KRIPTOMAT shall disclose such behavior of users to the relevant authorities.
For more information, please contact us at: [email protected].
Interruption, Termination, Restriction, Disruption and Change of Services
KRIPTOMAT will make its best endeavor to provide users with the Service in a timely manner and as soon as possible, however, there are no guarantees that access will be uninterrupted, or that there will not be any delays, failures, errors, omissions, or other impairments of the system or the loss of the transmitted data. While KRIPTOMAT has made every effort to ensure continuity, speed and security of the Services, we are unable to completely foresee and hedge every legal, technological and other possible risk, including but not limited to force majeure, hacker attack, system instability, virus, flaw in third-party services, act of government and other unforeseen risk that may result in service interruption, data loss and other losses and risks.
KRIPTOMAT reserves the right to upgrade, improve or enhance security by taking the website out of the service – KRIPTOMAT shall do so as soon as reasonably possible and shall not be held liable for damage that results from the inability of users to make transactions. When upgrading the website in order to improve user experience or upgrade the website, the website might face a downtime. A downtime may also happen if the high volume of users make transactions and or use platform at the same time.
KRIPTOMAT shall not be responsible for the damage resulting from such downtimes. For high volume or abnormal transactions, market interruption and other conditions that are caused by system failure, network failure, distributed denial-of-service (DDoS) and other hacker attacks and other unexpected factors, KRIPTOMAT reserves the right to cancel the abnormal transaction results, and rollback all the transactions of a certain period of time. In accordance with operational and security needs, KRIPTOMAT may suspend or restrict part of the Services, or start providing additional services. By continuing using the Services, after any changes, additions, and deductions of the Services, you continue to agree to the Terms and any other Terms added subsequently. Users will be informed about the changes with an email. KRIPTOMAT has made every effort to ensure the accuracy of the information on the website. The content and information given on the website are subject to change without notice and are provided for the sole purpose of assisting users to make independent decisions.
KRIPTOMAT has taken all reasonable measures to ensure the accuracy of the information on the website, however KRIPTOMAT does not guarantee the accuracy, suitability, reliability, completeness, performance and/or fitness for purpose of the content of any Services available through the website, and will not accept liability for any loss or damage that may arise directly or indirectly from the content or your own inability to access our website, nor shall be responsible for any delay or failure of the transmission or the receipt of any instruction or notifications sent through our platform. It is the sole liability of users to prepare devices and bear costs for internet connection of their devices and internet accessibility and coverage off the internet provider and mobile carriers. NOTE that exchanging assets for fiat money or any kind of assets on KRIPTOMAT platform are final, meaning that user can not return the purchased virtual assets back for the purchase price later and redeem the same amount of money that he spent on purchasing. In case the user does not wish to hold his assets, he has to exchange it for the desired asset.
KRIPTOMAT may change the service content and/or may also interrupt, suspend or terminate the service and inform users) about such case. KRIPTOMAT reserves the right to discontinue or terminate the services provided to you without notice, including in the following cases:
(1) If the personal information you have provided is not true, inconsistent with the information at the time of registration or later and failed to provide reasonable proof (please remember, according to the laws or regulations you are obliged to submit the true information);
(2) If you violate the relevant laws and regulations or these Terms of Service;
(3) When required by any law or regulation, as well as the requirements of the competent public and local authorities;
(4) When security is or could potentially be compromised.
(5) Other circumstances that invoke necessary measures for legal compliance and safety.
You agree to safeguard the security of your account and the virtual assets within your account. KRIPTOMAT reserves the rights to freeze a part or all of your assets, or otherwise restrict you from accessing part or all of the Services, given that the circumstances show that your account is exposed to potential risks according to these Terms, laws, regulations, legal instruments, government requests and other circumstances, for which KRIPTOMAT estimates such risk. KRIPTOMAT shall “unfreeze” the frozen account when the conditions to do so are met and there is no risk of any kind for KRIPTOMAT and the user.
KRIPTOMAT reserves the right to determine whether to unfreeze partially or wholly when users request to unfreeze. You shall fully understand the request to unfreeze account may not be necessarily accepted, and before unfreezing the account, you shall cooperate with us on identity verification or other relevant requirements and provide, including but not limited to, identity information, identity card, passport, other valid identity documents and other documents or information required by KRIPTOMAT.
In case of a fork, deposits and withdrawals may be halted and may remain unavailable until further notice. Kriptomat will notify users over emails prior to halting the transactions. Users will be notified by email when the deposits and withdrawals of the cryptocurrency are again available.
Limitation of Liability, Exclusion of and Warranties and Guarantees
There is no assurance that KRIPTOMAT trading market for virtual assets will be orderly and stable. Every user him/her/itself should exercise prudence in trading virtual assets (as well as any other assets). Prices can and do fluctuate on any given moment. Due to such price fluctuations, the user may increase or lose value in virtual assets at any given moment. Any virtual asset or trading position may be subject to large volatility in value and may even become worthless or illiquid. Every user shall bear any losses resulting from the other user or users` transaction instruction errors (including but not limited to price, quantity and other factors).
The user shall bear any loss resulted in his/her own fault or error, including but not limited to unprompted operation or transaction, not timely trading operations, forgetting or leakage of passwords, cracked passwords or private keys, and/or the invasion of the user’s computer by the third person. In the event of a potential loophole in the trading rules that unjustly enriches the user, we will contact the user to recover the gains. The user must effectively cooperate, otherwise, we will take actions, including, but not limited to restrictions on account transactions, freezing account funds, legal enforcement of the user in a court and other recourse measures. In the event the user does not cooperate, the user will also bear recourse costs. The information, which KRIPTOMAT provides on its website may be inaccurate or have typographical errors and KRIPTOMAT shall not be liable for such errors.
KRIPTOMAT shall also not be liable for any direct, indirect, punitive, incidental, consequential, and other damages or loss of data, profits, goodwill or reputation, personal injury or any other damage resulting from (i) your access and use of this website or KRIPTOMAT Services, (ii) your inability to use the website or Services (iii) any information or content contained on our website, (iv) your information or material provided on our website. The exclusion of liability applies regardless of whether the damage was caused by a breach of contract, liability for damages, negligence, and strict liability or otherwise. Unless expressly provided in these Terms, KRIPTOMAT does not make any representations and excludes any warranties, expressed or implied, to the fullest extent possible under the applicable law regarding the relevance, reliability, availability, timeliness and accuracy of the Services and website information, the content of the website and links to third party websites on our website. Our Services, website, information and content on it, are provided without any warranty of KRIPTOMAT of any kind. KRIPTOMAT platform works as a network – a third party platform for “network service provider” and as such does not guarantee that the platform can fully meet the needs of users.
To the full extent permitted by the applicable law, you hereby agree to indemnify KRIPTOMAT and its partners against any action, liability, cost, claim, loss, damage, proceeding or expense suffered or incurred if direct or not directly arising from your use of our website, your use of the Service or from your violation of these Terms.
Jurisdiction and Applicable Law
This Terms of Service shall be governed by and interpreted in accordance with the law of the Republic of Estonia. In case of a dispute, parties shall solve disputes in an extrajudicial way – users of the Services agree to a mediation procedure according to Estonian law and mediation procedure, before taking the case before the court. Should the dispute not be settled in mediation procedure, then the Harju County court shall have exclusive jurisdiction to solve it.
KRIPTOMAT may transfer or assign to third party rights and obligations under the Terms, without your consent. In such a case, KRIPTOMAT shall inform you about the transfer by email or other communication channels. Terms shall come into effect from the moment you accept the terms by entering KRIPTOMAT website/platform, and expire when you stop using it or when these Terms expire.
Modification of These Terms
KRIPTOMAT reserves the right to change and update these Terms of Service within the Website at any time. We will inform users of the changes. It is your responsibility to familiarize yourself with any possible changes. The date of the last Terms is in the document. If you have any questions, please contact us at [email protected]. If these Terms become unacceptable to you or you do not agree to the Terms after modifying them, do not use this site anymore and delete your user account. By using the Website and trading on the exchange, you agree to the Terms of Service as modified.
Last update: 12 August 2019
Previous update: 8 March 2019