2.1. Access and limited license - All users may access certain public areas of the Site; however, only Members may use the Exchange or ancillary services. You understand that all we are providing to you is access to our Services as we provide them. You need to provide your own access to the Internet, and any Internet access or other fees that you incur to access our Site and use our Services are your sole responsibility. We are not providing any hardware or software to you – and you need to purchase or license the necessary hardware and software to access the Site and Services. This Agreement covers all public and non-public areas of the Site.
2.2. We do not provide or issue our Members any virtual currency whatsoever. All virtual currency, including but not limited to Bitcoin (“BTC”) exchanged or traded by and between our Members originates from the Members themselves. The Company does not have access to any third party accounts used by users or Members to obtain virtual currency. All currencies transferred to us by Members for use with the Exchange are held in an omnibus client account controlled by the Exchange. The Exchange maintains an internal ledger recording how much virtual currency each Member possesses in the omnibus client account, and all transactions between Members are based on such ledger.
2.3. YOUR ACCOUNT AND ANY AVAILABLE CURRENCY THEREIN ARE NOT CREDIT CARDS, BANK ACCOUNTS, OR DEPOSITS.
2.4. YOUR ACCOUNT WITH US IS NOT A BANK ACCOUNT. OUR SERVICES ARE NOT FINANCIAL INSTRUMENTS. NO INTEREST WILL BE PAID ON ANY FUNDS OR CURRENCY YOU USE TO PURCHASE OR TRADE FOR ANY OTHER CURRENCY, BITCOIN, OR ANY OTHER THING WITH OTHER MEMBERS, AND ALL ASSETS, INCLUDING SUCH CURRENCY OR BITCOIN, THAT ARE DIRECTLY HELD BY THE COMPANY ARE NOT INSURED BY THE COMPANY OR ANY GOVERNMENT AGENCY. PLEASE NOTE THAT Belfrics Global Sdn Bhd WILL MAINTAIN DEPOSITORY ACCOUNTS WITH A REPUTED BANK FOR CUSTOMER CURRENCY. ALL CURRENCY TRADED OR PURCHASED BY YOU WILL BE ASSOCIATED WITH YOUR ACCOUNT UNTIL USED TO TRADE WITH OTHER MEMBERS OR UNTIL WITHDRAWN BY YOU.
2.5. We are not responsible for any loss or damage incurred by you as a result of your use of our Services or for your failure to understand the nature of virtual currencies or the market for such currencies. All we are providing you is a method by which you can exchange, trade, and/or store certain virtual currencies, and we make no representations or warranties concerning the value, stability, or legality of virtual currencies.
2.5.1. You acknowledge the following risks:
- The risk of loss in trading virtual currencies such as Bitcoin (collectively, “Digital Assets”) may be substantial and losses may occur over a short period of time.
- The price and liquidity of Digital Assets has been subject to large fluctuations in the past and may be subject to large fluctuations in the future.
- Digital Assets are not legal tender, not backed by any government, and accounts and value balances are not subject to any kind of insurance, compensation or have Securities Investor Protection.
- Legislative and regulatory changes or actions at the state, federal or international level may adversely affect the use, transfer, exchange and value of Digital Assets.
- Transactions in Digital Assets may be irreversible, and accordingly, losses due to fraudulent or accidental transactions may not be recoverable.
- Some Digital Assets transactions shall be deemed to be made when recorded on a public ledger, which is not necessarily the date or time that the customer initiates the transactions.
- The value of Digital Assets may be derived from the continued willingness of market participants to exchange fiat currencies for Digital Assets, which may result in the potential for permanent and total loss of value of a particular virtual currency should the market for that Virtual Currency disappear.
- There is no assurance that a person who accepts Digital Assets as a payment today will continue to do so in the future.
- The nature of Digital Assets may lead to an increased risk of fraud or cyberattack, and may mean that technological difficulties experienced by the Company may prevent the access or use of your Digital Assets.
- Any bond or trust account we may hold for your benefit may not be sufficient to cover all losses incurred by you.
You acknowledge that you are solely responsible for determining the nature, potential value, suitability, and appropriateness of those risks for you, and that the Company does not give advice or recommendations regarding Digital Assets including the suitability and appropriateness of, and investment strategies for, Digital Assets. You acknowledge and agree that you shall access and use the Services at your own risk. However, this brief statement does not disclose all of the risks associated with trading in Digital Assets. You should, therefore, carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should be aware that you may sustain a total loss of the funds in your Account (as defined below), and that under certain market conditions, you may find it difficult or impossible to liquidate a position.
2.6. You understand and agree that, due to technical and other restrictions, the virtual currency values displayed on our Site may be delayed and therefore not reflect the current, live market value of such currency. Nonetheless, you agree that the values displayed on our Site control your Account and your use of the Site and Services, including the Exchange.
2.7. While virtual currency market values as publicly displayed on the Site may be delayed, we may offer access to live market value data via technical measures such as the FIX (Financial Information exchange) protocol. This live market value data is valuable to us, and we take proprietary measures to keep all live market value data confidential and inaccessible to the public.To the extent that you receive access to such live data, you hereby agree that you will not redistribute, retransmit, duplicate, or otherwise make such data available in any way, either through automated, manual, or any other means. Any distribution or transmission of our live market values feed is a material breach of this Agreement as well as a violation of our trade secrets. You agree that we are not responsible for any failure or outage in the live market value data provided by us.
2.9. You must promptly inform us of all changes, including, but not limited to, changes in your address and changes in any virtual or fiat currency account used by you in connection with the Site and Services, if applicable. If you provide any information that is untrue, inaccurate, not current or incomplete, or if we or any of our authorized agents have reasonable grounds to suspect that such information is untrue, inaccurate, not current or incomplete, we have the right to suspend or terminate your Account and refuse any and all current or future use of the Site and Services, as well as subject you to civil liability or refer you to the appropriate law enforcement authorities for criminal prosecution. We shall not be liable to make any compensation, monetary or otherwise, following such suspension, termination or inability to use the Site or the Services. You are responsible for any fees that the Company incurs with respect to your Account. If you fail to reimburse us for any fees within thirty (30) days of our initial demand for reimbursement, you agree that you will pay us Seven Thousand Five Hundred Kenyan Shilling (KES 7500) as liquidated damages, being a genuine pre-estimate of loss and damage suffered by Us, as well as any costs incurred by Us for each fee incurred plus interest on the amount owed at a rate equal to the lesser of (is) 1% per month or (ii) the maximum rate permitted by applicable law.
2.10. You are entirely responsible for any and all activities conducted through your Account. You agree to notify us immediately of any unauthorized use of your password or Member ID as well as of any other breach of security. While we may implement certain monitoring procedures designed to alert us to fraudulent activity, we are not responsible for any unauthorized use of your account, and you agree that you are responsible for such unauthorized use and for protecting the confidentiality of your password.
2.11. Control or use of your Account may not be transferred, leased, assigned or sold to a third party. We disclaim any and all liability arising from fraudulent entry and use of the Site,Exchange, and other Services (including, but not limited to, liabilities arising from unauthorized trades executed through your Account). If a User fraudulently obtains access to your Account or the Exchange, we may terminate the User’s access and membership immediately and take all necessary and appropriate actions under applicable federal, state, and international laws
2.12. AS PART OF OUR SECURITY MEASURES AND POLICIES, PLEASE NOTE THAT WE WILL NEVER ASK YOU, FOR ANY REASON, WHETHER BY EMAIL, REGULAR MAIL OR TELEPHONE, TO DISCLOSE YOUR ACCOUNT PASSWORD. PASSWORD INQUIRIES WILL ONLY BE CONDUCTED ONLINE AND ONLY AFTER YOU HAVE SIGNED ONTO THE COMPANY’S SITE. WE WILL NEVER SEND YOU EMBEDDED LINKS IN AN EMAIL REQUESTING THAT YOU SIGN ONTO THE SITE BY CLICKING SUCH A LINK. IF YOU RECEIVE AN EMBEDDED LINK BY EMAIL, CLAIMING TO BE FROM US, YOU SHOULD NOT OPEN IT OR CLICK ON THE LINK. THE EMAIL IS NOT FROM US AND IS LIKELY FRAUDULENT. NEVER GIVE YOUR ACCOUNT PASSWORD TO ANYONE WHOM YOU DO NOT INTEND TO AUTHORIZE TO USE YOUR ACCOUNT.
2.13. In order to provide you with the Services, including the Exchange, you may also be required to disclose certain other third-party account information to us, including, without limitation, your bank account number, your Bitcoin addresses and related information. As indicated elsewhere in this Agreement, we are not responsible for any unauthorized use of your Account with Us or any third-party accounts, which you use in connection with the Exchange.
2.14. Funding your Account - After creating your Account with us, you will be able to fund your Account by transferring, for example, BTC, from your accounts with such third party virtual currency providers into accounts operated by the Exchange. No fees are charged by us for funding your Account; however, third parties, such as your bank, may charge transaction and other fees.
2.14.1. For example, to fund your Account with 10 BTC, you would use the third-party Bitcoin software to transfer your own pre-existing 10 BTC to the Exchange’s Bitcoin address for the omnibus client account. The Exchange would then credit your Account with 10 BTC on the Exchange’s ledger, and you would be able to trade those BTC for Kenyan Shilling on the Exchange.
2.15. Trading - After your Account has been funded, you may begin to trade your virtual currency with other Members. Trading is accomplished via bids and offers to buy and sell virtual currency. Specific examples and illustrations of how trading works may be found on the Site. We are not responsible for any disputes among or between Members regarding any transaction.
2.15.1. Matching bids and offers to buy and sell virtual currency are automatically paired by the Exchange, and the Exchange will notify the respective Members that the order has been executed. Once a match is made, the order is executed and cleared instantaneously. YOU SHOULD ONLY PLACE A BID OR OFFER TO BUY OR SELL IF YOU FULLY INTEND TO COMPLETE THE TRANSACTION. You have the right to stop payment of a preauthorized bid or offer to sell or buy virtual currency by initiating procedures through your Account online to effectuate closure of such open bid or offer.
2.15.2. Members may only sell as much virtual currency as is recorded by us in the Exchange ledger plus the applicable Transaction Fee. Any attempt by you to sell more virtual currency than our records show exists in your Account after deduction of the applicable Transaction Fee will result in an unsuccessful trade and may be grounds for termination of your Account.
2.15.3. Once an order has been executed and the appropriate currencies have been credited and debited from the Members’ Accounts, there is no way to reverse the transaction. The Exchange simply matches bids and offers put forth by Members and assists Members with carrying out the intent of the Member as expressed via the bid(s) offer(s).
2.16. Fees for Member Transactions - In order to provide the Site, Exchange, and other Services to you, we charge a fee on each transaction initiated by Members of the Site (“Transaction Fee”). The current Transaction Fee may be found on our Site. We reserve the right to change, modify or increase Transaction Fee from time to time. Any such changes, modifications or increases will be effective upon posting such changes, modifications or increases on our Site at www.belfrics.in. If you do not agree to the posted changes, modifications, or increases, you may delete your Account as provided in herein. Your first use of your Account following the posting of any changes or revisions to the terms of this Agreement or modified Transaction Fee as posted on the Site will constitute your acceptance of all such changes or revisions.
2.17. Transaction Fees are paid by both the buyer Member and seller Member in any given transaction. The BTC buyer will be charged a fee in KES and the BTC seller will be charged a fee in BTC. Any fees charged by a third party, including any third party provider of virtual currency when moving such virtual currency in or out of the omnibus client account, will be charged to the Member.
2.18. Unless consented to by us in writing, (is) you may only transfer BTC to the same BTC addresses from which you transferred the BTC into your Account with us, if any.
2.19. Withdrawing Currency - In addition to allowing Members to trade virtual currency, the Exchange allows Members to withdraw virtual currency upon request to us. Members may withdraw all or some of their virtual currency, and there is no minimum amount of virtual currency required to maintain your status as a Member (however, as indicated above, you may only trade or sell virtual currency up to the amount shown as belonging to you in the ledger maintained by the Exchange). BTC currency will be transferred from the Exchange’s account to Bitcoin address provided by the Member. Withdrawals will generally take up to three (3) days to complete, provided that larger withdrawals may take up to thirty (30) days to complete and that any withdrawal may be delayed as necessary to comply with applicable law and/or the Exchange’s customer identification and anti-money laundering procedures.
2.20. A statement of your available currency balance and the status of your Account is available to you in electronic format for viewing online anytime (subject to down times) at the Site. You may review online all transactions that have taken place in the previous one year. You also have the right to receive a receipt, trade ticket or other evidence of a transaction.
2.21. Trading Errors- If you believe that you have been erroneously charged a Transaction Fee, please notify us immediately of such error, along with any additional information concerning the transaction. If we do not hear from you within thirty (30) days after such alleged erroneous Transaction Fee first appears on any Account statement, such fee will be deemed acceptable by you for all purposes.
2.22. Cancellation and Termination of your Membership and Account:
2.22.1. You may close your Account by providing written notice to us, and on such notice, a hold will be placed on your Account to allow all pending transactions to clear, if any. After notifying us of your desire to close your Account, you may use the Exchange to withdraw the remaining available currency associated with your Account.
2.22.2. All currencies appearing in the ledger and attributed to you must be withdrawn or otherwise sold or transferred before cancellation of your Membership and closing of your Account will be finalized.
2.22.3. We reserve the right at our sole discretion to block access to or to suspend, close or terminate your Account if: (i) you violate the terms and conditions of this Agreement, including but not limited to engaging in abusive or harassing behaviour; (ii) you add currency to your Account using any source that you do not have the legal right from which to transfer funds; (iii) we have reasonable suspicion that you are directly or indirectly using our Site, Exchange or other Services in violation of applicable law or regulation; (iv) we are directed by a regulatory authority, law enforcement, or a court of competent jurisdiction; (v) we are otherwise required to do so by applicable law or regulation; or (vi) for any other reason in our sole and absolute discretion. We are not responsible for any loss of currency or funds resulting from your violation of the terms and conditions of this Agreement or from any government forfeiture.
2.22.4.Without limiting other remedies, we may immediately issue a warning, temporarily suspend, indefinitely suspend, or terminate your access and use of the Site and Services, including closing your Account, at any time, with or without advance notice, if:
188.8.131.52. We believe, in our sole discretion, that you have breached any material term of this Agreement or the document(s) it incorporates by reference;
184.108.40.206. We are unable to verify or authenticate any information you provide to us;
220.127.116.11. We believe, in our sole discretion, that your actions may cause legal liability for you, our users or us; or
18.104.22.168. We decide to cease operations or to otherwise discontinue any services or options provided by the Site, Exchange, or parts thereof.
2.22.5. You agree that neither the Site nor any third party acting on our behalf shall be liable to you for any termination of your access to any part of the Site or Services.
2.22.6. You agree that if your access is terminated by us, you will not attempt to regain access to the Site, Exchange, or Services – using the same or different username – without prior written consent from us.
2.23. Stolen Cards and Fraudulent Use of Credit Cards - We take credit card fraud very seriously. To the extent that the Site or Services allow the use of credit cards, discovery that any Member has used a stolen or fraudulent credit card will result in the notification of the appropriate law enforcement agencies and termination of such Member’s account.
2.24. Service Interruption - From time to time due to technological factors, scheduled software uploads and other factors beyond or within our control, the Site, Exchange, or other Services may be temporarily interrupted. You agree that we are not liable for any loss and damage arising from such interruption and to hold us harmless against any such interruption of or inability to access the Site or Services.
2.25. Agreement to Receive Notifications and Other Communications - We reserve the right to send electronic mail or other messages to you and to other Members. The purpose of these communications may include but is not limited to:
2.25.1. Providing you with information concerning your Account;
2.25.2. Providing information to you regarding products or services offered by our affiliates or partners;
2.25.3. Informing you about any of our related products or services;
2.25.4. Providing you with information about any item that we think, in our sole discretion, may be of interest to you.
2.26. Absent mutual consent of parties involved, we reserve the right to cancel or nullify trades if: (i) The trade resulted from an erroneous print disseminated by the underlying market which is later cancelled or corrected where such erroneous print resulted in a trade higher or lower than the average trade in the underlying currency pair during the time period encompassing five minutes before and after the erroneous print, by an amount at least five times greater than the average quote width for such underlying currency pair; (ii) The trade resulted from an identifiable interruption or malfunction of an Exchange execution or communication system that caused a quote or order to trade in excess of its disseminated size or quote; (iii) The trade resulted from an erroneous quote in the primary market for the underlying currency pair that has a width of at least $10.00 or that width is at least three times greater than the average quote width for such underlying security during the time period encompassing five minutes before and after the dissemination of such quote. Underlying market includes various digital currency venues and FX rates; or (iv) The trade occurred at a price caused by any of the above, 10% above or below fair market value or deemed clearly erroneous.