As used herein, “SoulMachine Ltd or ethx.co” refers to the company SoulMachine Ltd Company, including but not limited to, its owners, directors, investors, officers, employees, agents or other related parties, unless otherwise provided herein.
The User is solely responsible for understanding and complying with any and all laws, rules and regulations of his/her specific jurisdiction that may be applicable to the User in connection with the use of any and all services, products and content of SoulMachine Ltd or ethx.co.
1.1.1. Account: means an account registered by the User on the Platform.
1.1.2. Base Currency: means the first symbol in the trading pair.
1.1.3. Buyer: means the User who submits an Order to buy Cryptocurrencies through the Platform.
1.1.4. Commission: means a fee charged by or on behalf of any third party (e.g. bank, non-bank financial institution, payment service provider, etc).
1.1.5. Cryptocurrency: means peer-to-peer decentralized digital representation of value (e.g. bitcoins, ethers, etc.).
1.1.6. Deposit: means a Transaction involving transfer of Funds to the Account.
1.1.7. Fiat currency: means government-issued currency, that is designated as legal tender in its country of issuance through government decree, regulation, or law.
1.1.8. Funds: means Cryptocurrency, Fiat currency.
1.1.9. GHS: means Gigahashes, or gh/s — the processing speed of mining hardware.
1.1.10. Margin Trading: means leverage trading when the User may trade with borrowed Funds instead of his/her own (i.e. open a position using less of own Funds than the actual amount of this position).
1.1.11. Order: means the User’s instruction to buy or sell Cryptocurrency on certain conditions.
1.1.12. Platform: means an environment created by SoulMachine Ltd or ethx.co that allows to trade, store, receive, send Cryptocurrencies and other blockchain applications.
1.1.13. Rollover fee: means estimated fee that is charged by SoulMachine Ltd or ethx.co from the User’s balance to rollover a position for the next 4 hours.
1.1.14. Seller: means the User who submits an Order to sell Cryptocurrencies through the Platform.
1.1.15. Services: means all and any service provided by SoulMachine Ltd or ethx.co.
1.1.16. Site: means SoulMachine Ltd or ethx.co website at https://ethx.coincluding all its sub-domains.
1.1.17. Storage: means SoulMachine Ltd or ethx.co service, which includes storing of balances (in Fiat currency and/or in Cryptocurrency) from the abandoned Accounts, no longer supported cryptocurrencies.
1.1.18. Transaction fee: means a fee which is payable to SoulMachine Ltd or ethx.co for each completed Transaction.
1.1.19. Transaction Price: means the total price paid by the Buyer in respect to each Transaction performed via the Service.
1.1.20. Transaction: means (i) transfer of Cryptocurrencies or Fiat currencies by the User to his/her Account (“Deposit Transaction”); (ii) transfer of Cryptocurrencies or Fiat currencies among the Users (“Trading Transaction”), (iii) withdrawal of Cryptocurrencies or Fiat currencies from his/her Account (“Withdrawal Transaction”).
1.1.22. Withdrawal: means a Transaction involving a transfer of Funds from the User’s Account to his/her bank account or to an account opened in any other financial institution.
1.23. Where the context so admits words denoting the singular shall include the plural and vice versa.
2. THE SCOPE OF THE SERVICES
2.1. The Services allow all Users of the Platform to trade Cryptocurrencies with other Users.
2.2. Depending on the User’s place of residence, the User may not be able to use all the functions of the Site. It is the User’s responsibility to follow those rules and laws in his/her place of residence and/or place from which the User accesses this Site.
2.3. The User acknowledges and agrees that, when completing Trading Transactions, he/she is trading with other Users, and that SoulMachine Ltd or ethx.co acts only as an intermediary in such Transactions, not as the counterparty to any trade.
3. THE USER’S RIGHTS AND RESPONSIBILITIES
3.3. The User undertakes to comply with any and all applicable laws and regulations related to the use of the Services.
3.4. The User undertakes to monitor all and any changes on his/her Account, including but not limited to the balance matters.
3.6. The User agrees that, whenever the Transaction is made, the Platform sends and receives the monetary sums and/or cryptocurrencies to/from the Buyer’s and the Seller’s Accounts opened in their name and on their behalf.
3.7. The User undertakes to notify SoulMachine Ltd or ethx.co immediately of any unauthorized use of his/her Account or password, or any other breach of security by email addressed to email@example.com Any User who violates the mentioned rules may be terminated, and thereafter held liable for any losses incurred by SoulMachine Ltd or ethx.co or any user of the Site.
3.8. The User undertakes not to use the Service to perform criminal activity of any sort, including but not limited to, money laundering, illegal gambling operations, financing terrorist organizations, or malicious hacking.
3.9. The User is responsible for any and all damages caused, and all liability actions brought against SoulMachine Ltd or ethx.co for infringement of any third-party rights or violation of any applicable laws.
3.11. Users are solely responsible for determining whether any contemplated Transaction is appropriate for them based on their personal goals, financial status and risk willingness.
3.12. All added payment instruments to your Account, may it be a bank account, credit card, debit card, or others must be named after the Account holder. Any attempt otherwise will be considered as fraud.
4. THE USER’S REPRESENTATIONS AND WARRANTIES
4.1. By registering an Account, the User expressly represents and warrants that he/she:
follows the rules and laws in his/her country of residence and/or country from which he /she accesses this Site and Services;
4.2. The User represents and warrants that he/she will only use the Platform to perform Transactions in accordance with the conditions set forth in these Terms and that they are duly authorised and have the capacity to enter into the Transactions on the Platform.
4.3. The User represents and warrants that both Fiat currency and cryptocurrency deposited to the Account belong to the User and derived from legal sources.
4.4. The User represents and warrants than he/she will withdraw any cryptocurrency from his/her Account only to his/her wallets, otherwise SoulMachine Ltd or ethx.co does not hold any liability for the consequences of such withdrawal.
4.5. The User represents and warrants that all Transactions being carried out do not violate the rights of any third party or applicable laws.
4.6. The User understands that his personal data and identifiers may be shared with appropriately authorised third parties, due to legal obligations such as prevention of crimes and tax purposes and/or to provide the service requested by the User.
5. SoulMachine Ltd or ethx.co'S RIGHTS AND RESPONSIBILITIES
5.3. SoulMachine Ltd or ethx.co’s responsibility shall be limited to using reasonable technical efforts to ensure the receipt of the cryptocurrency transferred. When initiating cryptocurrency transactions to a user who is not the SoulMachine Ltd or ethx.co User, SoulMachine Ltd or ethx.co responsibility shall be further limited to ensuring the transfer of the necessary technical data to the cryptocurrency network.
5.5. SoulMachine Ltd or ethx.co is not responsible for any malfunction, breakdown, delay or interruption of the Internet connection or any reason why our site is unavailable at any given time.
5.6. SoulMachine Ltd or ethx.co is not responsible for the delay in the processing of payments made by the fault of any third parties, operators of such transactions.
5.7. In the case of fraud, SoulMachine Ltd or ethx.co undertakes to report all the necessary information, including names, addresses and all other requested information, to the relevant authorities dealing with fraud and breaches of the law. The Users recognize that their account may be frozen at any time at the request of any competent authority investigating a fraud or any other illegal activity.
5.8. Nothing in these terms excludes or limits the responsibility of SoulMachine Ltd or ethx.co for fraud, death or personal injury caused by their negligence, breach of the terms implied by operation of the law or any other liability which may not be limited or excluded by law.
6.REPRESENTATIONS AND WARRANTIES
6.2. All buy and sell orders made on the Platform, will be managed in an anonymous manner so that Buyers and Sellers are not acquainted with each other. The Transaction Price is calculated on the basis of actual matched orders made by the Buyers and Sellers participating in the bidding process on the Platform combined with the applicable Transaction fees.
6.3. SoulMachine Ltd or ethx.co represents and warrants that once the orders to buy or sell Cryptocurrencies match, such orders may not be cancelled or reversed. It holds all Cryptocurrencies acquired by each User in his/her Account and on the respective User's behalf.
7. INTELLECTUAL PROPERTY RIGHTS
7.1. All content on this Site is the property of SoulMachine Ltd or ethx.co and is protected by copyright, patent, trademark and any other applicable laws, unless otherwise specified hereby.
7.2. The trademarks, trade names, service marks and logos of SoulMachine Ltd or ethx.co and others used on the Site (hereinafter the “Trademarks”) are the property of SoulMachine Ltd or ethx.co and its respective owners. The software, applications, text, images, graphics, data, prices, trades, charts, graphs, video and audio materials used on this Site belong to SoulMachine Ltd or ethx.co. The Trademarks and other content on the Site should not be copied, reproduced, modified, republished, uploaded, posted, transmitted, scraped, collected or distributed in any form or by any means, no matter manual or automated. The use of any content from the Site on any other site or a networked computer environment for any other purpose is strictly prohibited; any such unauthorized use may violate copyright, patent, trademark and any other applicable laws and could result in criminal or civil penalties.
7.3. SoulMachine Ltd or ethx.co supports the protection of intellectual property. If you would like to submit (i) a trademark claim for violation of a mark on which you hold a valid, registered trademark or service mark, or (ii) a copyright claim for any material on which you hold a bona fide copyright, please send us an email firstname.lastname@example.org
8. THE USER VERIFICATION
8.1. Identification and verification procedures (also known as 'Know Your Customer' or 'KYC') are required for all the Transactions. If the User refuses to provide required documents and information under KYC, SoulMachine Ltd or ethx.co reserves the right to immediately terminate the Services provision to the User.
8.2. The User undertakes to provide SoulMachine Ltd or ethx.co with correct and relevant documents and personal information contained therein. In case the User provides counterfeit documents and false personal information, such behaviour will be interpreted as a fraudulent activity.
8.3. The User hereby authorises SoulMachine Ltd or ethx.co to, directly or indirectly (through third parties), make any inquiries as we consider it necessary to check the relevance and accuracy of the information provided for verification purposes. Personal Data transferred will be limited to strictly the necessary and with security measures in use to protect the data.
9. ACCOUNT MAINTENANCE
9.1. The Site is for the User’s personal and non-commercial use only. SoulMachine Ltd or ethx.co is vigilant in maintaining the security of the Site and the Service. By registering with SoulMachine Ltd or ethx.co, the User agrees to provide SoulMachine Ltd or ethx.co with current, accurate and complete personal information as prompted by the registration process and to keep such information updated.
9.2. The User is allowed to register only one Account on the Platform. Thus, any additional Account may be suspended.
9.3. The User agrees that he/she will not use any Account other than their own or access the Account of any other User at any time or assist others in obtaining unauthorized access.
9.4. SoulMachine Ltd or ethx.co reserves the right to recommend amount limits for the Account funding/withdrawal. SoulMachine Ltd or ethx.co could recommend daily, monthly and per one-transaction amount limits.
9.5. The User is responsible for maintaining the confidentiality of information on their Account, including, but not limited to their password, email, wallet address, wallet balance and of all activities including Transactions made via their Account. If there is any suspicious activity related to the User’s Account, SoulMachine Ltd or ethx.co may request additional information from the User, including authenticating documents and freeze the Account for the review time. The User is obligated to comply with these security requests or accept termination of their Account.
9.6. Creation or use of the Accounts without obtaining a prior express permission from SoulMachine Ltd or ethx.co will result in the immediate suspension of all respective Accounts, as well as all pending buy/sell orders. Any attempt to do so or to assist others (Users or other third parties), or distribution of instructions, software or tools for that purpose will result in termination of such Users’ Accounts. Termination is not an exclusive remedy for such a violation and SoulMachine Ltd or ethx.co may decide to take further action against the User.
9.7. In case if it has been more than six (6) month since the User signed in with his/her Account or made the Funds deposit, SoulMachine Ltd or ethx.co has the right to qualify this Account as abandoned. In that case Storage fee will be applied to such Account with seven (7) days prior email notification to the User. SoulMachine Ltd or ethx.co will charge the Storage fee set forth herein. Abandoned Accounts with zero balances shall be deactivated.
10.1. The Platform allows the User to submit the Orders to buy or sell Cryptocurrencies, use enterprise blockchain solutions, manage various cryptocurrency wallets etc.
10.2. The User recognizes that the Order should only be submitted after careful consideration and the User understands and accepts consequences of its execution. The User agrees that as soon as the Order is executed, such transaction is irreversible and may not be cancelled. Transactions will be executed instantly upon the matching of the Buyer's and the Seller's Orders without prior notice to the Seller and the Buyer and will be considered to have taken place at the execution date and time.
10.3. The User acknowledges and agrees that in case the destination tag is not specified, is incorrectly indicated (in particular XRP, XLM) or the reference number is incorrectly specified (for Fiat transactions), the User may lose the deposit or at least the processing speed of such requests will be made with low priority.
10.4. Minimum and maximum order amount vary for each trading pair and can be seen on the Trade Page when placing an Order.
10.5. The User acknowledges and agrees that Deposit and Withdrawal Transaction in Fiat currency may be delayed due to some bank verifications and checks. Similarly, and due to the inherent nature of the cryptocurrency networks, the User acknowledges and agrees that depositing and withdrawing Cryptocurrencies into/from their Account may take some time.
10.6. Unverified users are not allowed to withdraw any Cryptocurrencies from their Account within forty-eight (48) hours after the Account was created.
10.7. In case if the User discovers transaction activity, including but not limited to unknown deposits and withdrawals, on their Account that was not initiated by the User, the User shall immediately notify SoulMachine Ltd or ethx.co of this fact and follow the instructions sent by SoulMachine Ltd or ethx.co. Otherwise, SoulMachine Ltd or ethx.co reserves the right to freeze the Account until the end of investigation.
10.8. SoulMachine Ltd or ethx.co may be forced to cancel or recall already executed Withdrawal Transaction at a request of financial institutions, including but not limited to banks, which are involved in settlement of such Transactions. In such cases the User obliges to cooperate with SoulMachine Ltd or ethx.co in order to discover the reasons for such request.
10.9. Minimum deposit amount is mentioned on the dashboard and can be variable. If the amount is less than specified, the funds will not be credited to the User's Account.
11. MARGIN TRADING
11.1. Margin Trading is available for long and short positions, which are a subject to specific fees, limits and conditions defined by SoulMachine Ltd or ethx.co.
11.2. SoulMachine Ltd or ethx.co may charge its fees for opening and/or closing of a position, as well as for keeping a position open (“Rollover fee”). Relevant fees can be found on the Fee Schedule page.
11.3. The User may rollover an opened position for the next 4 hours multiple times paying the Rollover fee.
11.4. In any case, an opened position should be closed within 360 days as of the day it was opened.
11.5. Due to volatility and constant changes on a cryptocurrency market SoulMachine Ltd or ethx.co reserves the right to close any open position any time with a two weeks prior notice to the User. In order to cancel the position closure the User has to replenish their Account in order to cover the missing amount within its opened position covered by SoulMachine Ltd or ethx.co. If the User does not close or cover their position after a notice, this position can be closed automatically. SoulMachine Ltd or ethx.co does not cover any losses occurred due to position closure.
11.6. The User acknowledges and agrees that in order to avoid their balance to go negative, SoulMachine Ltd or ethx.co has the right to close any open position, with or without any notification to the User when the price of a base currency (i.e. first symbol in the trading pair) approaches the ‘stop loss price’ value, specified by the User while opening a position.
11.7. Depending on the situation on the Cryptocurrency market any open position can be closed before the onset of ‘stop loss price’. Wherein, the closure price could differ from ‘stop loss price’. SoulMachine Ltd or ethx.co does not cover any losses occurred due to the position closure.
11.8. The User acknowledges and agrees that the position opened under margin trading conditions on the SoulMachine Ltd or ethx.co platform may be closed before the stop-loss price occurs if there is no possibility of reserving the required trading volumes for closing the position at the lowest price. The estimated closing price in the margin trading interface may be different from the real closing price.
11.9. SoulMachine Ltd or ethx.co reserves the right to close any open position without any notice to the User if the User has no sufficient Funds to pay relevant fees or if a position is opened more than 360 days.
11.10. The User acknowledges and agrees that when the position is closing the SoulMachine Ltd or ethx.co platform displays the approximate closing price, which may differ from the final due to instant changes in cryptocurrency market.
12. TRANSACTION FEE
12.1. The User agrees to pay SoulMachine Ltd or ethx.co the Transaction fee for each completed Transaction.
12.2. Prior to trading, the User must consider the Transaction fee rates published on theFee Schedulepage. However, SoulMachine Ltd or ethx.co reserves the right to change the Transaction fee rates from time to time publishing updates on theFee Schedulepage.
12.3. The Transaction fee amount is automatically charged off in the currency indicated after symbol “/” in the trading pair after the relevant Transaction. Thus, for BTC/USD the fee is charged in USD; for ETH/BTC the fee is charged in BTC.
12.4. The minimum transaction fee equals to minimum currency amount. For Fiat currency it equals to 0.01, for Cryptocurrency it depends on the currency. The Transaction fee is charged according to the Rounding policy.
12.5. Minimum and maximum price, as well as minimum and maximum order amount vary for each trading pair and can be seen on the Trade Page when placing an order.
12.6. For specific type of orders, the Transaction fee may differ from those published on the 'Fee Schedule' page. Transaction fee rate shall be disclosed before the order execution.
12.7. The Transaction fee, other charges, as well as the charge procedure can be changed/reviewed unilaterally by SoulMachine Ltd or ethx.co from time to time and such changes shall become effective the moment they are posted on the Site.
13. ROUNDING POLICY
13.1. For all financial calculations SoulMachine Ltd or ethx.co uses the rounding policy in the favour of the Platform. SoulMachine Ltd or ethx.co rounds the Fiat currencies to the 2nd digit after the separator. The Rounding policy for cryptocurrencies varies depending on cryptocurrency.
13.2. For the purpose of the processes optimization, transactions on the Platform with regard to some items (including, but not limited to currencies, cryptocurrencies, etc.) will not be reflected at the User’s Account and will appear as soon as a unit is whole in accordance with the rounding standards.
14. User agrees to use the platform only for legal activities(permitted in their region).
15. ILLEGAL TRANSACTIONS
15.1. SoulMachine Ltd or ethx.co reserves the right to suspend or terminate your SoulMachine Ltd or ethx.co Account at any time if we reasonably believe to be required to do so by the law or in order to comply with recommendations issued by a relevant government authority or recognized body for the prevention of financial crime.
15.2. It is strictly forbidden to use the Account for any illegal purposes. SoulMachine Ltd or ethx.co will report any suspicious activity to the relevant law enforcement.
15.3. The User shall ensure that they do not use the Services for the transactions relating to:
money laundering, terrorist financing, proliferation of weapons of mass destruction;
any goods or services that are illegal or the promotion, offer or marketing of which is illegal or that are offered in connection with illegal, obscene or pornographic content, depict children or minors in sexual postures, depict means of propaganda or signs of unconstitutional organisations glorifying war or violating human dignity;
any goods or services, promotion, offer or marketing of which would violate copyrights, industrial property rights or other rights of any person;
drugs, narcotics or hallucinogens;
weapons of any kind;
illegal gambling services;
Ponzi, pyramid or any other “get rich quick” schemes;
goods that are subject to any trade embargo;
media that is harmful to minors and violates laws and, in particular, the provision in respect of the protection of minors;
body parts or human remains;
protected animals or protected plants;
weapons or explosive materials; or
any other illegal goods, services or transactions.
16. ACCOUNT SECURITY
16.1. The User is responsible for maintaining the confidentiality of their Account’s credentials, including, but not limited to a password, email, wallet address, balance and of all activity including Transactions made through the Account.
16.2. SoulMachine Ltd or ethx.co personnel will never ask the User to disclose their password. Any message the User receives or website that he/she visits that asks for the password, other than the SoulMachine Ltd or ethx.co Site, should be reported to SoulMachine Ltd or ethx.co. If the User is in doubt whether a website is genuine, it is required to ensure the website is EV SSL compliant (Security Certificate Validation is shown in the address bar of a web browser).
16.3. It is advisable to change the User’s password regularly (at least every three (3) to six (6) months) in order to reduce the risk of a security breach in relation to the Account. SoulMachine Ltd or ethx.co also advises the User not to choose a password that is easily guessed from information someone might know or gather about the User or a password that has a meaning. The User must never allow anyone to access his/her Account or watch the User accessing his/her Account.
16.4. If the User has any security concerns about his/her Account, login details, password or other security feature being lost, stolen, misappropriated, used without authorization or otherwise compromised, the User is advised to change the password. The User must contact Support Service without undue delay on becoming aware of any loss, theft, misappropriation or unauthorized use of the Account, login details, password or other security features. Any undue delay in notifying SoulMachine Ltd or ethx.co may not only affect the security of the Account but may result in the User being liable for any losses as a result. If the User suspects that someone else accessed his/her Account, the User should also contact an appropriate government agency and report the incident.
16.5. The User must take reasonable care to ensure that his/her e-mail account(s) are secure and only accessed by the User, as his/her e-mail address may be used to reset passwords or to communicate with the User about the security of the Account. SoulMachine Ltd or ethx.co cannot be liable for the breach of an e-mail account resulting an unauthorized Transaction to be executed with proper confirmation. In case any of the e-mail addresses registered with the User’s Accounts are compromised, the User should without undue delay after becoming aware of this contact Support Service and also contact his/her e-mail service provider.
16.6. Irrespective of whether the User is using a public, a shared or his/her own computer to access the Account, the User must always ensure that his/her login details are not stored by the browser, cached or otherwise recorded. The User should never use any functionality that allows login details or passwords to be stored by the computer he/she is using.
16.7. Additional products or services the User uses may have additional security requirements and the User must familiarize with those as notified to him/her.
16.8. Two-factor authentication must be enabled in order to make any Withdrawal Transactions.
17.3. SoulMachine Ltd or ethx.co also reserves the right to cancel unconfirmed Accounts or Accounts that have been inactive for a period of six (6) months or more and/or to modify or discontinue our Site or Service. The User agrees that SoulMachine Ltd or ethx.co will not be liable to them or to any third party for termination of their Account or access to the Site.
17.4. The suspension of the Account shall not affect the payment of the Transaction fees due for past Transactions. Upon termination, the User shall provide a valid bank account details or cryptocurrency address to allow the transfer of any currencies deposited to his/her Account. SoulMachine Ltd or ethx.co shall transfer the currencies as soon as possible following the User's request in the time frames specified by SoulMachine Ltd or ethx.co.
17.5. SoulMachine Ltd or ethx.co will send the credit balance of the User’s Account to him/her, however in circumstances a number of intermediaries may be involved in an international payment and these or the beneficiary bank may deduct charges. SoulMachine Ltd or ethx.co will use reasonable efforts to ensure that such charges are disclosed to the User prior to sending the payment; however, where they cannot be avoided, the User acknowledges that these charges cannot always be calculated in advance, and that he/she agrees to be responsible for such charges.
18. SERVICES AVAILABILITY
18.1. All Services are provided “AS IS”, without guarantees of any kind, either expressed or implied.
18.2. SoulMachine Ltd or ethx.co will strive to keep the Site up and running; however, all online services suffer from occasional disruptions and outages and SoulMachine Ltd or ethx.co is not liable for any disruption or loss the User may suffer as a result. Thus, SoulMachine Ltd or ethx.co does not provide any guarantees that access to the Site will not be interrupted or that there will be no delays, failures, errors, omissions or loss of transmitted information.
19. API, WIDGETS AND MOBILE APPLICATIONS
19.1. API requests are limited to 6000 requests per 10 minutes. If this limit is exceeded, it may result to the ban for 10 minutes. For example, if you perform 6000 queries in the first minute, the next query is possible only after 9 minutes + 1 second.
19.2 SoulMachine Ltd or ethx.co may provide widgets for the User’s use to put our data on the User’s Site. The User is free to use widgets in their original unmodified and unaltered state.
20. FINANCIAL OR LEGAL ADVICE
SoulMachine Ltd or ethx.co does not provide any financial, investment or legal advice in connection with the Services provided by SoulMachine Ltd or ethx.co. SoulMachine Ltd or ethx.co may provide information on the price, range, volatility of Cryptocurrencies and events that have affected the price of Cryptocurrencies, but it should not be considered as an investment or financial advice and should not be construed as such. Any decision to buy or sell Cryptocurrencies is the User’s decision and SoulMachine Ltd or ethx.co will not be liable for any loss suffered.
21.1. The User undertakes to pay all his/her taxes and duties, which can be resulted from the use of SoulMachine Ltd or ethx.co Services and should be paid according to the User’s state of residence regulations.
21.2. SoulMachine Ltd or ethx.co is not responsible for any violation made by the User due to his/her obligation to calculate and pay taxes and duties.
22. NOTICES AND COMMUNICATION
22.1. SoulMachine Ltd or ethx.co reserves the right to send notices to and communicate with the User by any means of communication available to SoulMachine Ltd or ethx.co, considering the contact details provided by the User.
22.3. The main official information channel of SoulMachine Ltd or ethx.co is theforum.ethx.co
23. GOVERNING LAW AND DISPUTE RESOLUTION
24. LIMITATION OF LIABILITY
24.1. IN NO EVENT SHALL SoulMachine Ltd or ethx.co, ITS OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, AND ALL THIRD PARTY SERVICE PROVIDERS BE LIABLE TO THE USER OR ANY OTHER PERSON OR ENTITY FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, PUNITIVE OR CONSEQUENTIAL DAMAGES WHATSOEVER, INCLUDING ANY THAT MAY RESULT FROM (I) ACCURACY, COMPLETENESS OR CONTENT OF THIS SITE, (II) ACCURACY, COMPLETENESS OR CONTENT OF ANY SITES LINKED (THROUGH HYPERLINKS, BANNER ADVERTISING OR OTHERWISE) TO THIS SITE, (III) THE SERVICES FOUND AT THIS SITE OR ANY SITES LINKED (THROUGH HYPERLINKS, BANNER ADVERTISING OR OTHERWISE) TO THIS SITE, (IV) PERSONAL INJURY OR PROPERTY DAMAGE OF ANY NATURE WHATSOEVER, (V) THIRD-PARTY CONDUCT OF ANY NATURE WHATSOEVER, (VI) ANY UNAUTHORIZED ACCESS TO OR USE OF OUR SERVERS AND/OR ANY AND ALL CONTENT, PERSONAL INFORMATION, FINANCIAL INFORMATION OR OTHER INFORMATION AND DATA STORED THEREIN, (VII) ANY INTERRUPTION OR CESSATION OF SERVICES TO OR FROM THIS SITE OR ANY SITES LINKED (THROUGH HYPERLINKS, BANNER ADVERTISING OR OTHERWISE) TO THIS SITE, (VIII) ANY VIRUSES, WORMS, BUGS, TROJAN HORSES OR THE LIKE, WHICH MAY BE TRANSMITTED TO OR FROM THIS SITE OR ANY SITES LINKED (THROUGH HYPERLINKS, BANNER ADVERTISING OR OTHERWISE) TO THIS SITE, (IX) ANY USER CONTENT OR CONTENT THAT IS DEFAMATORY, HARASSING, ABUSIVE, HARMFUL TO MINORS OR ANY PROTECTED CLASS, PORNOGRAPHIC, “X-RATED”, OBSCENE OR OTHERWISE OBJECTIONABLE AND/ OR (X) ANY LOSS OR DAMAGE OF ANY KIND INCURRED AS A RESULT OF THE USER'S USE OF THIS SITE OR THE SERVICES FOUND AT THIS SITE, WHETHER BASED ON WARRANTY, CONTRACT, TORT OR ANY OTHER LEGAL OR EQUITABLE THEORY AND WHETHER OR NOT SoulMachine Ltd or ethx.co IS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. IN ADDITION, YOU SPECIFICALLY ACKNOWLEDGE AND AGREE THAT ANY CAUSE OF ACTION ARISING OUT OF OR RELATED TO THIS SITE OR THE SERVICES FOUND AT THIS SITE MUST BE COMMENCED WITHIN ONE (1) YEAR AFTER THE CAUSE OF ACTION ACCRUES, OTHERWISE SUCH CAUSE OF ACTION SHALL BE PERMANENTLY BARRED. IN ADDITION, THE USER SPECIFICALLY ACKNOWLEDGE AND AGREE THAT IN NO EVENT SHALL SoulMachine Ltd or ethx.co’S TOTAL AGGREGATE LIABILITY EXCEED THE TOTAL AMOUNT PAID BY THE USER FOR THE PARTICULAR SERVICES THAT ARE THE SUBJECT OF THE CAUSE OF ACTION. THE FOREGOING LIMITATION OF LIABILITY SHALL APPLY TO THE FULLEST EXTENT PERMITTED BY LAW AND SHALL SURVIVE ANY TERMINATION OR EXPIRATION OF THIS AGREEMENT OR THE USER'S USE OF THIS SITE OR THE SERVICES FOUND AT THIS SITE.
24.2. SoulMachine Ltd or ethx.co will not be liable for the Transactions, initiated by the User, below the prescribed limits, as stated in clause 10.10. hereof.
26. MODIFICATIONS AND AMENDMENTS
27. FORCE MAJEURE
28. LINKS TO THIRD-PARTY WEBSITES
This Site and the Services found at this Site may contain links to third-party websites that are not owned or controlled by SoulMachine Ltd or ethx.co. SoulMachine Ltd or ethx.co assumes no responsibility for the content, terms and conditions, privacy policies or practices of any third-party websites. In addition, SoulMachine Ltd or ethx.co does not censor or edit the content of any third-party websites. By using this Site or the Services found at this Site, you expressly release SoulMachine Ltd or ethx.co from any and all liability arising from the User's use of any third-party website. Accordingly, SoulMachine Ltd or ethx.co encourages the User to be aware when the User leaves this Site, or the Services found at this Site and to review the terms and conditions, privacy policies and other governing documents of any other website that you may visit.
The trading of commodities and currencies involves a significant amount of risk. Prices can fluctuate on any given day. Because of such price fluctuations, you may gain or lose value of your assets at any given moment. Any currency may be subject to large swings in value and may even become absolutely worthless. There is always an inherent risk that losses will occur as a result of buying, selling or trading anything on the market.
Bitcoin (or other cryptocurrencies) trading has specific risks, which are not shared with other official currencies, goods or commodities in a market.
Unlike most currencies, which are supported by government reserves or other legal entities, as well as commodities such as silver and gold, Bitcoin (or other cryptocurrencies) is a "flat" currency, which is only backed by mathematics, technology and trust. The currency is absolutely decentralized, which means there is no authority that can take corrective measure to protect the Bitcoin (or other cryptocurrencies) value in a crisis or issue more currency.
Bitcoin (or other cryptocurrencies) is an autonomous and mostly unregulated worldwide payment system. When using Bitcoin (or other cryptocurrencies)s - traders put their trust in the digital, decentralized and mostly anonymous system, which relies on p2p networking and cryptography to maintain its integrity.
Bitcoin (or other cryptocurrencies) trading is susceptible to irrational or rational bubbles or absolute loss of confidence, which could collapse demand/supply. Any actions, even remotely connected to Bitcoin (or other cryptocurrencies)s can crash confidence in this currency, such as unexpected changes imposed by the currency developers, a government crackdown, the creation of a superior competing Bitcoin (or other cryptocurrencies) alternative, or even a deflation or inflation spiral. Confidence might also collapse because of various technical problems: if the anonymity of the system can be compromised, funds lost or stolen, or in the event that hackers or governments become able to prevent Bitcoin (or other cryptocurrencies) transactions from settling.
Every user has to carefully assess whether his/her financial situation and tolerance for risk is suitable for buying/selling/trading Bitcoin (or other cryptocurrencies)s.
1. POLICY STATEMENT
Ethx.co creates opportunities for the people and builds trust between them worldwide. Ethx.co is committed to conducting business in accordance with the highest ethical, professional and legal standards. The public, Ethx.co’s partners and Users’ have the right to expect that professional, competent and trustworthy people are employed by Ethx.co.
Ethx.co will comply with applicable legislation. In line with applicable legislation Ethx.co has a ‘zero tolerance’ policy towards fraud, corruption, collusion, money laundering, financing of terrorism and other criminal conduct (jointly “Prohibited Conduct”) and will thoroughly investigate and seek to take disciplinary and/or legal action against those who perpetrate, are involved in, or assist with fraudulent or other improper actions in all Ethx.co activity and related transactions.
Ethx.co will provide adequate and appropriate resources to implement the Anti-Fraud Policy and will ensure it is communicated and understood.
2. LEGISLATION COMPLIANCE
The Anti-Fraud Policy has been drafted to comply with the current applicable local and international legislation, including, but not limited to applicable EU legislation.
Adherence to the Anti-Fraud Policy Ethx.co will ensure compliance with all relevant legislation and internal policies.
In pursuance of the Anti-Fraud Policy, Prohibited Conduct includes fraud, corruption, collusion, money laundering, financing of terrorism and other criminal conduct defined as follows:
A. Fraud: any act or omission, including a misrepresentation that knowingly or recklessly misleads, or attempts to mislead, a party to obtain a financial or other benefit or to avoid an obligation.
B. Corruption: offering, giving, receiving, or soliciting, directly or indirectly, anything of value to influence improperly the action of another party.
C. Collusion: arrangement between two or more parties designed to achieve an improper purpose, including influencing improperly the actions of another party.
D. Money laundering: (a) the conversion or transfer of property, knowing that such property is derived from criminal activity or from an act of participation in such activity, for the purpose of concealing or disguising the illicit origin of the property or of assisting any person who is involved in the commission of such activity to evade the legal consequences of his action; (b) the concealment or disguise of the true nature, source, location, disposition, movement, rights with respect to, or ownership of property, knowing that such property is derived from criminal activity or from an act of participation in such activity; (c) the acquisition, possession or use of property, knowing, at the time of receipt, that such property was derived from criminal activity or from an act of participation in such activity; (d) participation in, association to commit, attempts to commit and aiding, abetting, facilitating and counselling the commission of any of the actions mentioned in the foregoing points
E. Terrorist financing: provision or collection of funds, by any means, directly or indirectly, with the intention that they should be used or in the knowledge that they are to be used, in full or in part, in order to carry out any of the offences within the meaning of Articles 1 to 4 of Council Framework Decision 2002/475/JHA of 13 June 2002 on combating terrorism.
F. Criminal conduct: conduct, which constitutes an offence in any part of the world or would constitute an offence in any part of the world if it occurred there.
4. KEY RESPONSIBILITIES
Ethx.co performs a “Know-Your-Customer Policy” (KYC) due diligence on all new Users and a due diligence on all transactions in order to detect possible compliance or integrity concern. Such due diligence is performed in accordance with the requirements of the money laundering and terrorist financing activities regulations, pursuant to the terms of KYC.
In view of the Anti-Fraud Policy Ethx.co is responsible for:
ensuring efficient and effective systems, procedures and internal controls are in place to enable the prevention and detection of Prohibited Conduct;
ensuring the Anti-Fraud Commissioner identifies Prohibited Conduct risks in their areas of business and that all systems, procedures and internal controls are properly implemented and enforced;
ensuring all members of the operational anti-fraud department have a duty to report any internal and external suspicions or incidents of Prohibited Conduct;
reviewing continuously its systems, procedures and internal controls through risk management processes and audit arrangements;
reporting any suspicions regarding Prohibited Conduct to the relevant state authorities.
5. FRAUD DETECTION AND INVESTIGATION
Ethx.co’s Operational Anti-Fraud Department, in particular, the Anti-Fraud Commissioner, is the first line of detection, investigation and protection in preventing Prohibited Conduct through the Users and transactions appraisal process. The Anti-Fraud Commissioner will be responsible for the proper fulfillment of the Anti-Fraud Policy.
The Anti-Fraud Commissioner, through the Operational Anti-Fraud Department, working in close collaboration with the Nominated Officer (cf. Know-Your-Customer Policy), shall be responsible for:
receiving reports of alleged or suspected Prohibited Conduct involving Ethx.co, its Users and/or related transactions;
investigating such matters and cooperating directly with the Nominated Officer in order to facilitate the investigations;
reporting its findings to the Ethx.co management and relevant authorities, as well as any other third party on a need-to-know basis.
For situations requiring an urgent response, the Anti-Fraud Commissioner may take any necessary measures required for the investigation, notably to preserve evidence.
The Operational Anti-Fraud Department shall enjoy complete independence in the exercise of its responsibilities. The Anti-Fraud Commissioner shall have full authority to open, pursue, close and report on any investigation on Prohibited Conduct within its remit without prior notice to, the consent of, or interference from any other person or entity.
(c) Professional Standards
All Prohibited Conduct investigations conducted by the Operational Anti-Fraud Department shall be fair and impartial, with due regard to the rights of the Users and persons or entities involved. The presumption of innocence applies to those alleged to have engaged in misconduct. Those involved in the Prohibited Conduct investigation (be those under investigation or those conducting the investigation) should be aware of their rights and obligations and ensure they are fully respected.
All Users are required to cooperate with the Operational Anti-Fraud Department and the Anti-Fraud Commissioner promptly, fully, efficiently and in the manner specified by the Operational Anti-Fraud Department, including by answering relevant questions and complying with requests for information and records.
In accordance with Ethx.co internal rules on access to information, all information and documents collected and generated during a Prohibited Conduct investigation, not already in the public domain, shall be kept strictly confidential. The confidentiality of the information collected will be respected both in the interests of those concerned and the integrity of the investigation.
In particular, during the Prohibited Conduct investigation the confidentiality will be respected in so far as it would not be contrary to the interests of the investigation.
The Operational Anti-Fraud Department shall disclose such information and documents only to those persons or entities authorized to receive them or otherwise on a need-to-know basis.
Ethx.co will review the Anti-Fraud Policy to reflect new legal and regulatory developments and ensure good practice.
I WARRANT AND GUARANTEE THAT I HAVE NO INTENTION TO COMMIT ANY OF PROHIBITED CONDUCT ACTS DESCRIBED HEREIN; FURTHERMORE, I CONSENT TO ANY CHECKS DUE TO INVESTIGATION UNDER THE ANTI-FRAUD POLICY AND I AGREE TO COOPERATE FULLY AND PROMPTLY WITH THE ANTI-FRAUD COMMISSIONER WITHIN SUCH INVESTIGATION.
Ethx.co Anti-Money Laundering and Know Your Customer Policy (hereinafter - the “AML/KYC Policy”) is designated to prevent and mitigate possible risks of Ethx.co being involved in any kind of illegal activity.
Both international and local regulations require Ethx.co to implement effective internal procedures and mechanisms to prevent money laundering, terrorist financing, drug and human trafficking, proliferation of weapons of mass destruction, corruption and bribery and to take action in case of any form of suspicious activity from its Users.
AML/KYC Policy covers the following matters:
1. Verification procedures
One of the international standards for preventing illegal activity is customer due diligence (“CDD”). According to CDD, Ethx.co establishes its own verification procedures within the standards of anti-money laundering and “Know Your Customer” frameworks.
1.1. Identity verification
Ethx.co’s identity verification procedure requires the User to provide Ethx.co with reliable, independent source documents, data or information (e.g., national ID, international passport, bank statement, utility bill). For such purposes Ethx.co reserves the right to collect User’s identification information for the AML/KYC Policy purposes.
Ethx.co will take steps to confirm the authenticity of documents and information provided by the Users. All legal methods for double-checking identification information will be used and Ethx.co reserves the right to investigate certain Users who have been determined to be risky or suspicious.
Ethx.co reserves the right to verify User’s identity in an on-going basis, especially when their identification information has been changed or their activity seemed to be suspicious (unusual for the particular User). In addition, Ethx.co reserves the right to request up-to-date documents from the Users, even though they have passed identity verification in the past.
User’s identification information will be collected, stored, shared and protected strictly in accordance with the Ethx.co’s Termsand related regulations.
Once the User’s identity has been verified, Ethx.co is able to remove itself from potential legal liability in a situation where its Services are used to conduct illegal activity.
1.2. Card verification
The Users who are intended to use payment cards in connection with the Ethx.co’s Services have to pass card verification in accordance with instructions available on the Ethx.co’s Site.
2. Compliance Officer
The Compliance Officer is the person, duly authorized by Ethx.co, whose duty is to ensure the effective implementation and enforcement of the AML/KYC Policy. It is the Compliance Officer’s responsibility to supervise all aspects of Ethx.co’s anti-money laundering and counter-terrorist financing, including but not limited to:
a. Collecting Users’ identification information. b. Establishing and updating internal policies and procedures for the completion, review, submission and retention of all reports and records required under the applicable laws and regulations. c. Monitoring transactions and investigating any significant deviations from normal activity. d. Implementing a records management system for appropriate storage and retrieval of documents, files, forms and logs. e. Updating risk assessment regularly. f. Providing law enforcement with information as required under the applicable laws and regulations.
The Compliance Officer is entitled to interact with law enforcement, which are involved in prevention of money laundering, terrorist financing and other illegal activity.
3. Monitoring Transactions
The Users are known not only by verifying their identity (who they are) but, more importantly, by analyzing their transactional patterns (what they do). Therefore, Ethx.co relies on data analysis as a risk-assessment and suspicion detection tool. Ethx.co performs a variety of compliance-related tasks, including capturing data, filtering, record-keeping, investigation management, and reporting. System functionalities include:
1) Daily check of Users against recognized “black lists” (e.g. OFAC), aggregating transfers by multiple data points, placing Users on watch and service denial lists, opening cases for investigation where needed, sending internal communications and filling out statutory reports, if applicable;
2) Case and document management.
With regard to the AML/KYC Policy, Ethx.co will monitor all transactions and it reserves the right to:
ensure that transactions of suspicious nature are reported to the proper law enforcement through the Compliance Officer;
request the User to provide any additional information and documents in case of suspicious transactions;
suspend or terminate User’s Account when Ethx.co has reasonably suspicion that such User engaged in illegal activity.
The above list is not exhaustive and the Compliance Officer will monitor Users’ transactions on a day-to-day basis in order to define whether such transactions are to be reported and treated as suspicious or are to be treated asbona fide.
4. Risk Assessment
Ethx.co, in line with the international requirements, has adopted a risk-based approach to combating money laundering and terrorist financing. By adopting a risk-based approach, Ethx.co is able to ensure that measures to prevent or mitigate money laundering and terrorist financing are commensurate to the identified risks. This will allow resources to be allocated in the most efficient ways. The principle is that resources should be directed in accordance with priorities so that the greatest risks receive the highest attention.