Terms of Service

Last updated: December 4, 2018

1. The Terms of Service.

    1. These Terms of Service (the “Terms of Service”) are applicable to Cryptology’s internet platform, including the web-based version and the mobile applications (collectively referred to as the “Platform”) through which Cryptology facilitates the exchange of virtual currencies and fiat currency. The Platform is property of Cypher Pte. Ltd. (“Cryptology”). By using the Platform, YOU AGREE to these Terms of Service. If you do not agree and/or not understand these Terms of Service, do not use the Platform and/or do not log into your account.

    2. Cryptology reserves the right, at its sole discretion, to change, modify, add or remove portions of these Terms of Service, at any time. It is your responsibility to periodically review these Terms of Service to keep yourself apprised of any updates or changes. Your continued use of the Platform following any updates or changes imply your acceptance and agreement to such updates or changes. Insofar as you comply with these Terms of Service, Cryptology grants you a personal, non-exclusive, non-transferable, limited privilege to enter and use the Platform.

    3. All text, graphics, user interfaces, visual interfaces, photographs, trademarks, logos, sounds, music, artwork and computer code (collectively referred to as the “Content”), including but not limited to the design, structure, selection, coordination, expression, “look and feel” and arrangement of such Content, contained on the Platform is owned, controlled or licensed by or to Cryptology, and is protected by trade dress, copyright, patent and trademark laws, and various other intellectual property rights and unfair competition laws (including, but not limited to, the Competition Act, Chapter 50B).

    4. No part of the Platform and no Content may be copied, reproduced, republished, uploaded, posted, publicly displayed, encoded, translated, transmitted or distributed in any way (including “mirroring”) to any other computer, server, website or other medium for publication or distribution or for any commercial use or enterprise, without Cryptology’s express prior written consent.

2. Account.

    1. To use the Platform and the services therein, you will be asked to register and open an account with Cryptology. To open an account, you must be at least 18 years old, have the legal capacity to enter into these Terms of Service and agree to be legally bound by these Terms of Service in therein entirety. You agree to provide Cryptology with accurate and complete information for registration and to promptly notify Cryptology in the event of any changes to any such information. You hereby guarantee and warrant that the information provided as part of the registration process is true, accurate and does not contain any misleading, false or fraudulent information.

    2. Cryptology may suspend or terminate your account or use of the Platform, or the processing of any order transaction, at any time if it determines in its sole discretion that you have violated this Terms of Service or that its provision of services or your use of the Platform in your jurisdictions is unlawful or subject to special requirements.

    3. Cryptology operates under a strict anti-money laundering regime, in accordance with the laws and regulations of the Republic of Singapore. Cryptology may upon registration, or at any timer thereafter and at its own discretion, request personal identifiable information, including, but not limited to, name, birthdate, passport number, address, country of residence, country of origin, confirmation of residential address, references, and any other documentation that it deems appropriate. When dealing with legal entities, Cryptology may upon registration, or at any time thereafter and at its own discretion, request corporate documentation to properly identify the legal entity and its status, including, but not limited to, certificate of incorporation, articles of association, Power of Attorney, and personal identifiable information of the authorized signatory(ies) and/or director(s) and/or shareholder(s), as it deems appropriate, including but not limited to, name, birthdate, passport number, address, country of residence, country of origin, confirmation of residential address, references, and any other documentation that it deems appropriate.

    4. Cryptology at any time and at its own discretion may establish different levels of identity verification and establish limits and/or conditions for the operations and/or transactions adhered to each level of identity verification. You are entitled to inquire regarding your level of identity verification on your account information, Cryptology’s Help Center or by contacting customer support.

    5. Cryptology will review the information provided by you before completing the registration process and at at any time during the provision of the services. Cryptology may at any time request further documentation or information if suspects that the information provided is insufficient or creates confusion as to the its veracity or origin. Cryptology may additionally , at any time, request for you to implement a two factor authentication (2FA) protection for your account.

    6. You are solely responsible for the security and proper use of your user ID, password, or other security device used in connection with the Platform and/or the services therein, and shall take all reasonable steps to ensure that they are kept confidential and secure, are used properly, and are not disclosed to or used by any other person or entity. You shall immediately inform Cryptology if there is any reason to believe that your user ID, password, or other security device is, or is likely to become, known to someone not authorized to use it, or is being or is likely to be used in an unauthorized way. Cryptology reserves the right, at its sole discretion, to request that you update the mobile application version, or that you change your password, update or confirm your details, or activate the 2FA and you shall promptly comply with any such request.

    7. You are solely responsible for all activity in connection with access to the Platform and services therein, through your account and/or using your password, and for the security of your computer systems, and in no event shall Cryptology be liable for any loss or damages relating to such activity.

    8. You acknowledge and agree that all payments are processed by Cypher Technologies (CY) Ltd, a company duly registered under registration No. HE 383866, with registered address Arch. Makariou III, 226, 3rd Floor, 3030, Limassol, Cyprus.

    9. Cryptology has made available two alternatives for account holders (current and future users). Each type of account has different features and limitations, as described below, that must be taken into account for your correct use of the Platform.

    10. Global Wire Account: this type of account allows depositing fiat funds to your account. It also allows you to withdraw virtual currencies to your own wallet and withdrawing fiat funds to the wire account (not bank cards) from where you initially deposited fiat funds. At the moment, Cryptology only supports Euro wire transfer only or bank card deposits.

    11. Trading Account: this type of account allows depositing virtual currencies and fiat funds (currently only Euro wire transfer or bank card deposits). It also allows you to withdraw virtual currencies to your own wallet, but it does not allow you to withdraw fiat funds.

    12. You can switch from Global Wire Account to a Trading Account only once and you will not be able to revert this change. You will not be able to change from Trading Account to Global Wire Account.

3. Platform’s Use.

    1. You may use information on the Platform (such as data sheets, knowledge base articles, and similar materials) purposely made available by Cryptology for viewing on or downloading from the Platform, provided that you do not remove any proprietary notice language in all copies of such documents; use such information only for your personal, non-commercial informational purpose; make no modifications to any such information; and, do not make any additional representations or warranties relating to such information.

    2. You may not use any “deep-link”, “page-scrape”, “robot”, “spider”, or other automatic device, program, algorithm or methodology, or any similar or equivalent manual process, to access, acquire, copy or monitor any portion of the Platform or any Content, or in any way reproduce or circumvent the navigational structure or presentation of the Platform or any Content, to obtain or attempt to obtain any materials, documents, or information through any means not purposely made available through the Platform. Cryptology reserves the right to block any such activity.

    3. You may not attempt to gain unauthorized access to any portion or feature of the Platform, or any other systems or networks connected to the Platform or to any server thereto, by hacking, password “mining” or any other illegitimate and illegal means.

    4. You may not probe, scan or test the vulnerability of the Platform, nor breach the security or authentication measures on the Platform. You may not reverse look-up, trace or seek to trace any information on any other user of the Platform, including any account on the Platform not owned by you, to its source, or exploit the Platform’s services or information made available or offered by or through the Platform, in any way where the purpose is to reveal any information, including but not limited to personal identification or information, other than your own information, as provided for by the Platform.

    5. You may not take any action that imposes an unreasonable or disproportionately large load on the infrastructure of the Platform.

    6. You may not use any device, software or routine to interfere or attempt to interfere with the proper working of the Platform or any transaction being conducted on the Platform, or with any other user of the Platform.

    7. You may not pretend that you are, or that you represent, someone else, or impersonate any other individual or entity.

    8. You may not use the Platform or any Content for any purpose that is unlawful or prohibited by these Terms of Services, applicable law, or for the purpose or to solicit the performance of any illegal activity which infringes the rights of Cryptology or others or applicable law.

    9. You agree that Cryptology may, at its sole discretion and without prior notice, terminate your access to the Platform and/or block your future access to the Platform and/or account if it determines that you have violated these Terms of Service or other agreements which may be associated with your use of the Platform or Cryptology’s website in accordance with the Terms of Use. You agree that Cryptology may, at it’s own discretion and without prior notice, freeze your account and suspend your transactions and/or orders. You also agree that any violation by you of these Terms of Service will constitute an unlawful and unfair business practice, and will cause irreparable harm to Cryptology, for which monetary damages would be inadequate, and you consent to Cryptology obtaining any injunctive or equitable relief that Cryptology deems necessary or appropriate in such circumstances. These remedies are in addition to any other remedies Cryptology may have at law or in equity.

    10. You agree that Cryptology may, in its sole discretion and without prior notice, terminate or suspend your access to the Platform and/or account, for cause, which includes, but is not limited to, requests by law enforcement or other government agencies, a request by you (self- initiated account deletions), discontinuance or material modification of the Platform or unexpected technical issues or problems.

    11. If Cryptology does take any legal action against you as a result of your violation of these Terms of Service, Cryptology will be entitled to recover from you, and you agree to pay, all reasonable legal fees and costs of such legal action, in addition to any other relief granted to Cryptology. You agree that Cryptology will not be liable to you or any third party for termination of your access to the Platform or account as a result of any violation of these Terms of Service.

    12. You are strictly prohibited to perform “self-trading” (or “wash-trading”) actions. Cryptology’s system will identify when this type of action occurs and your account will be penalized with an automatic transaction fee on the value of each transaction that is deemed to have been “self-traded”.

4. Disclaimer.

    1. Cryptology does not promise, guarantee, or otherwise assure that the Platform or any Content, service or feature of the Platform will be error-free or uninterrupted, or that any defects will be corrected, or that your use of the Platform will provide specific results. The Platform and its Content, are delivered on an “as-is” and “as-available” basis. All information provided on the Platform is subject to change without prior notice.

    2. Cryptology disclaims any and all liability for the acts, omissions and conduct of any third parties in connection with or related to your use of the Platform. Please read the Risk Acknowledgment and Disclosure.

    3. You assume total responsibility for your use of the Platform, your activities, orders, transactions, submitted documentation and overall behavior. Your only remedy against Cryptology for dissatisfaction with the Platform is to stop using the Platform. This limitation of relief is a part of the bargain between you and Cryptology.

    4. This disclaimer applies to any damages, liability or injuries caused by any failure of performance, error, omission, interruption, deletion, defect, delay in operation or transmission, computer virus, communication line failure, theft or destruction of or unauthorized access to, alteration of, or use, whether for breach of contract, tort, negligence or any other cause of action.

    5. Cryptology reserves the right to, at any time and without notice, modify, suspend or terminate operation of or access to the Platform, or any portion of the Platform, for any reason; to modify or change the Platform’s layout or features, or any portion of the Platform; and to interrupt the operation of the Platform, or any portion of the Platform, as necessary to perform routine or non-routine maintenance, error correction, or other changes.

    6. Cryptology reserves the right to restrict, block or limit the use of the Platform and Content, and access to the services in accordance with geographic locations of the users. Any offer for any feature, product or service of the Platform is void where prohibited. If you choose to access the Platform from a country that has prohibited the services and the Content of the Platform, you do so on your own initiative and you are solely responsible for complying with applicable law.

5. Liability.

    1. Except where prohibited by law, in no event will Cryptology be liable to you for any indirect, consequential, exemplary, incidental or punitive damages, including lost profits, even if Cryptology has been advised of the possibility of such damages.

6. Indemnity.

    1. You agree to indemnify and hold Cryptology, its officers, directors, shareholders, predecessors, successors in interest, employees, agents, subsidiaries and affiliates, harmless from any demands, loss, liability, claims or expenses, including legal fees, made against Cryptology by any third party due to or arising out of or in connection with your use of the Platform.

7. Governing Law & Dispute Resolution.

    1. All matters relating to your access to or use of the Platform, including the interpretation, existence, validity or termination of these Terms of Service and all disputes that may arise thereto, shall be referred to and finally resolved by arbitration administered by the Singapore International Arbitration Centre (“SIAC”) in accordance with the Arbitration Rules of the SIAC (“SIAC Rules”) for the time being in force, which rules are deemed to be incorporated by reference in this clause. The seat of the arbitration shall be Singapore, the Tribunal shall consist of three (3) arbitrators. The language of the arbitration shall be English. The applicable and governing law shall be the laws of the Republic of Singapore without regard to any conflict of laws.

    2. No recovery may be sought or received for damages other than out-of-pocket expenses, except that the prevailing party will be entitled to costs and attorneys’ fees. In the event of any controversy or dispute between Cryptology and you arising out of or in connection with your use of the Website, the parties shall attempt, promptly and in good faith, to resolve any such dispute. If you and Cryptology are unable to resolve any such dispute within a reasonable time (not to exceed thirty (30) days), then either party may submit such controversy or dispute to Arbitration as referred on the preceding paragraph.

8. Severability.

    1. If any of the provisions of these Terms of Service are held by a court or other tribunal of competent jurisdiction to be void or unenforceable, such provisions shall be limited or eliminated to the minimum extent necessary and replaced with a valid provision that best embodies the intent of these Terms of Service, so that these Terms of Service shall remain in full force and effect. These Terms of Service shall not be interpreted or construed to confer any rights or remedies on any third parties.

9. Entire Agreement.

    1. These Terms of Service constitute the entire agreement between you and Cryptology with regard to your use of the Platform and your account, and any and all other written or oral agreements or understandings previously existing between you and Cryptology with respect to such use are hereby superseded and cancelled, except for the Terms of Use, AML Policy, Data Privacy Policy, and Margin Trading Policy, where applicable.

10. Non-Waiver.

    1. Cryptology’s failure to insist on or enforce strict performance of these Terms of Service shall not be construed as a waiver by Cryptology of any provision or any right it has to enforce these Terms of Service, nor shall any course of conduct between Cryptology and you or any other party be deemed to modify any provision of these Terms of Service

11. Margin Trading

    1. Among the features available on the Cryptology’s platform, Cryptology has implemented a peer-to-peer financing functionality or financed transactions, otherwise known as “Margin Trading”.

    2. Through this functionality, you are allowed to offer financing from and on your own account, with the interest and time-frame of your choice, financing for other users of the Platform (as a “Supplier”). Correspondingly, you are allowed to receive financing from other users that are offering financing (as a “Receiver”).

12. Financing Order Book.

    1. Suppliers will be able to place their financing conditions — repayment timeframe and interest — on the Financing Order Book on the Platform. The Platform will automatically match the Suppliers’ best financing conditions to a Receiver’s financing request.

    2. Receivers will be able to place their bids for financing on the Financing Order Book and the platform will automatically match the bid with the most adequate Supplier.

    3. The Platform acts as an intermediary connecting Suppliers and Receivers, however, it is not part of the financing arrangement.

    4. The conditions for the financing are commercial terms negotiated between the Suppliers and Receivers, the Receivers do not have any obligation to purchase virtual currencies after obtaining financing and can repay the principal plus interest at any time, as well as, replace financing from one Supplier to another if other Supplier offers more favorable terms.

13. Maximum leverage.

    1. Receivers may only finance their positions for up to five (5) times (5X) or ten (10) times (10X) of the value of the virtual currency purchase.

14. Forced Liquidation.

    1. The Platform will force liquidation, without notice, of the positions taken by the Receivers when the Receiver’s equity falls below 20% and return the financing to the Supplier with interest and return the balance (if any) to the Receiver.

    2. Additionally, the Platform may force liquidation, without notice, of the positions taken by the Recipient when the Recipient is in brach of the Terms of Use, Terms of Service, these Margin Trading Policy and/or in accordance with the AML Policy.

    3. By using the margin trading functionality, you agree to grant the Platform sufficient powers to implement, levy, monitor and maintain any and all liens in favor of the Suppliers and to force liquidate your positions as Recipient, as necessary to ensure that the Suppliers of your financing are repaid in full.

15. Referral Program.

    1. After completing your registration, and at any time thereafter, you are allowed to refer Cryptology’s services to other potential users and will be entitled to a reward in accordance with these Terms of Service.

    2. The reward will be 30% of the trading fees that Cryptology receives for the trades of the newly registered user (that you have referred). The reward will last for three (3) months. To be entitled to this reward, you should have an active account with Cryptology and provide your referral details to the new user.

    3. In case the new user that you have referred does not input your referral details, Cryptology will not be able to process your referral rewards.

    4. Importantly, your rewards will only be processed in the same currency or virtual currency of the trade fee.

    5. There is no limit on the amount of users that you can refer Cryptology’s services.