Cryptology

Terms and Conditions

USER AGREEMENT Last updated: 25th of January 2018

CRYPTOLOGY (the Platform) represents a medium that has prepared an application, which is distributed through AppStore or Google Play, and that works as an internet platform where users can buy, sell, and/or store certain Cryptocurrencies like bitcoin, ethereum, litecoin and others.

The collective name of CRYPTOLOGY can also refer to both the Platform and the Company, its related branches, companies and offices in other countries, and owners, directors and employees.

This User Agreement (the Agreement) constitutes an electronic agreement between you (the User) and your activities on the Platform. The Agreement must be carefully considered by the User before accessing the Platform, its functions and Services. Users are required to read the Agreement, understand them and agree to them before starting the use of the Services. In cases of doubt whether you understand this Agreement correctly please contact us. Should you disagree with this Agreement or any part of it, please refrain from using the Platform or any Services offered by CRYPTOLOGY.

By accessing the Platform and using the Services you agree to accept the Agreement. In case you do not agree to this Agreement, you must not use the Services.

1. Definitions

For ease of navigation and understanding of the Agreement, we made the following table that guides you through the terminology used in the Agreement. The following terms should be understood in accordance with the given definitions, and can be used in both singular and plural forms.

Platform an application that is distributed by the Company through AppStore or Google Play
CRYPTOLOGY collective name that can refer to both the Platform and the Company
Agreement Latest version of USER AGREEMENT accessible on the Platform
User An individual user from an age of 18+ or a legal entity that has read and agreed to the Agreement and uses the Services. May or may not hold an Account with the Company.
Account A profile registered by the User on the Platform
Account holder A User that has created an Account on the Platform
Wallet an application allowing the User to store Funds in Crypto and/or Fiat currency on the Platform
Service any services offered by CRYPTOLOGY through the Platform to Users
Buyer User who buys Cryptocurrency through the Platform
Commission a fee charged by or on behalf of any third party (e.g. bank, financial institution, payment service provider, etc.).
Cryptocurrency peer-to-peer digital representation of a value (e.g. bitcoin, ether, litecoin, etc.) and that is not considered to be a legal tender
Fiat currency a government-issued currency designated as a legal tender in its country of issuance through government decree, regulation, or law
Legal Tender is a medium of payment recognized by a legal system to be valid for meeting a financial obligation
Deposit transferring of Funds by the User to the Account
Order User’s instruction to buy or sell Cryptocurrency on the Platform
Seller the User who sells Cryptocurrencies on the Platform
Transaction process of exchanging, transferring, depositing, trading and/or withdrawing Crypto or Fiat currencies by the User to/from his/her Account
Transaction Fee A fee that is payable to CRYPTOLOGY by the User for each Transaction
Transaction Cost total cost paid by the Buyer respectively for each Transaction performed via the Platform
Withdrawal transferring Funds from the User’s Account to his/her bank account or designated cryptocurrency wallet
KYC or Due Diligence Documents that are requested by CRYPTOLOGY from the Users in order to identify the User and comply with applicable laws

2. General Terms

    1. User’s place of residence or his citizenship may impact the availability of certain Services that are provided by CRYPTOLOGY. It is the User’s sole responsibility to understand these rules and regulations, and how they can impact his/her use of the Platform, including but not limited to any taxation laws that may apply to Transactions executed by the User.
    2. CRYPTOLOGY can block access or restrict certain features of the Platform for the User in relation to User’s place of residence or citizenship, or due to lack of certain KYC documents.
    3. The User understands that CRYPTOLOGY is an intermediary between the Buyer and the Seller for the purposes of Transaction facilitation, and does not act as a Seller or a Buyer.

3. Responsibilities and Rights of the User

    1. The User is obliged to read the Agreement. If the User agrees to the Agreement, he may use the Services. In case if the User does not understand, has not read or does not agree to the Agreement, he must abstain from using the Services.

    2. The User agrees to comply with the terms set out in the Agreement. CRYPTOLOGY made the documents publicly available at all times on the Platform and at the moment of registering an Account. CRYPTOLOGY also made it available to review the Agreement from the Account of the User, to save the Agreement and to print it in a convenient form. In case if the User has any issues with the Agreement, he must contact CRYPTOLOGY without delay.

    3. The User is requested to provide CRYPTOLOGY with the due diligence documents that CRYPTOLOGY requires in order to identify the User. User agrees that CRYPTOLOGY may send requests to the User for additional due diligence documents even after the Account was created by the User. The User has to provide additional due diligence documents, or to verify the documents by using a reputable third party, such as a notary public, in cases when CRYPTOLOGY directly requests this from the User.

    4. The User will hold CRYPTOLOGY harmless in such a case, when use of the Services by the User breaches any laws or regulations due to residency or citizenship of the User. It is the Users sole responsibility to understand what laws, including taxation laws apply to him before he starts using the Services.

    5. The User is required to contact CRYPTOLOGY immediately should there be any unusual or suspicious changes in his/her Account, or if the User suspects that a third party may have obtained access to User’s account. Should the User fail to inform CRYPTOLOGY of this in a timely manner, the Company has the right to take any steps in order to investigate this case, including but not limited to reporting to the relevant legal authorities. User will be solely liable for any harm done to him in case if he fails to inform CRYPTOLOGY according to this provision.

    6. The User confirms that any Orders or Transactions made under his Account are expressions of his will and results of his actions. User has a responsibility to ensure the security of the Account and of immediate notification of CRYPTOLOGY in case if the User suspects that there are actions performed under his Account that he has not authorized himself.

    7. Any payment information entered into the User’s Account, such as bank account, debit/credit card information and similar must be in line with the due diligence information provided by the Account Holder. Should there be any contradictions or should CRYPTOLOGY suspect that the Account holder has entered invalid or false information, the Account holder will be obliged to provide any additional information requested by CRYPTOLOGY from him.

    8. The User is responsible for maintaining the confidentiality of the personal information that he holds on the Account, including but not limited to password, email, Wallet address, balance, etc. In case if CRYPTOLOGY suspects any malicious activity executed from the User’s Account, the User may be required to provide the additional due diligence information.

    9. The User is obliged to accept suspension or termination of his Account or to comply with the additional due diligence requests given by CRYPTOLOGY.

    10. Breach of any of the provisions above may result in suspension of the Account until further clarification and notification of appropriate government authorities.

    11. The User has a right for appeal in case if he suspects that actions of CRYPTOLOGY are not in accordance with the Agreement.

    12. Should the User contact CRYPTOLOGY for any rightful reason related to his use of the Services, understanding of the Agreement, or any other that may arise from the User’s use of Services or the Platform, he should expect a timely response and /or support from CRYPTOLOGY.

4. Warranties of the User

    1. By using the Services the User warrants that he has read, understood and accepted the Agreement.

    2. The User before using the Services has checked, confirmed and understood what laws and regulation apply to him in relation to his residency and citizenship and due to his user of the Services. The User also warrants that he is solely responsible for understanding what taxes apply should the User use the Services, and comply with the taxation requirements.

    3. The User warrants that he will not use the Services for any illegal purposes, including but not limited to money laundering, terrorist financing, proliferation of weapons of mass destruction, human trafficking, promotion and/or marketing any illegal goods or services including, but not limited to violent, obscene, erotic or pornographic content; marketing and/or promoting services violating copyrights, property and/or rights of any person, entity or organisation; drugs, narcotics, or hallucinogens; weapons; explosive materials; illegal gambling services; Ponzi, pyramid or any other Multi-level marketing schemes; harmful media; body parts, organs or human remains; protected animals or protected plants or any other.

    4. The User warrants that that he has turned 18 years old and has the legal right to accept the Agreement and to enter into Transactions carried out on the Platform.

    5. The User warrants that any documents submitted as part of due diligence procedure are true documents that belong to the User.

    6. The User (Account Holder) warrants that any Funds deposited to the Account are owned by the User and are derived from legal sources.

    7. The User warrants that he will withdraw the Funds to his controlled accounts, in other case CRYPTOLOGY is not liable for the consequences of such Withdrawals.

    8. The User warrants that he will not violate any laws, regulations and third-party rights by carrying out Transactions on the Platform.

    9. The User warrants that he has followed the hyperlinks indicated in this Agreement and has read and understood the documents contained therein.

5. Responsibilities and Rights of CRYPTOLOGY

    1. CRYPTOLOGY will do its utmost to provide Services efficiently, accurately and in compliance with the terms of the Agreement.

    2. CRYPTOLOGY aims to provide support and timely responses to any queries the User may have.

    3. CRYPTOLOGY has limited responsibility in relation to process of transfer of Funds in or out of the Account/Wallet due to presence of intermediaries in the transfer process (e.g. banks, payment institutions, etc.).

    4. In no event shall CRYPTOLOGY be liable for any special, indirect or consequential damages, or any other damages of any kind, including but not limited to loss of use, loss of profits or loss of data, whether in an action in contract, tort (including but not limited to negligence) or otherwise, arising out of or in any way connected with the use of or inability to use Services, including without limitation any damages caused by or resulting from reliance by the User on any information obtained from CRYPTOLOGY, or that result from mistakes, omissions, interruptions, deletion of files or email, errors, defects, viruses, delays in operation or transmission or any failure of performance, whether or not resulting from a force majeure event, communications failure, theft, destruction or unauthorized access to CRYPTOLOGY's records, programs or services, except as otherwise required by the applicable law or unless it is a result of the breach of the Agreement by CRYPTOLOGY.

    5. CRYPTOLOGY is not responsible for any technical and/or network malfunction, breakdown, delay or interruption of Services resulting in User not having full or limited access to the Services.

    6. CRYPTOLOGY can suspend User’s Account and cancel any Order or Transaction request, if the User does not observe or violate the terms under this Agreement.

    7. In case of suspicion of fraud or any activities that may violate this Agreement, CRYPTOLOGY reserves the right to report all the necessary information to the relevant authorities.

    8. CRYPTOLOGY may suspend an Account of the User at any time upon request of any competent authority undertaking the investigation of a fraud or an illegal activity or to provide User’s private confidential information to the investigating authority. These actions shall not be classified as breach of confidentiality.

    9. CRYPTOLOGY reserves the right at its own discretion and without liability, with or without prior notice and at any time, modify or discontinue, temporarily or permanently, any portion of the Services.

6. Warranties of CRYPTOLOGY

    1. CRYPTOLOGY warrants that it will provide the Services in accordance with the Agreement.

    2. CRYPTOLOGY warrants that it will not disclose the identity of Users to third parties, unless it is a legal requirement.

    3. CRYPTOLOGY adheres to legal requirements set in the jurisdiction of the Company and complies with the Anti-Money Laundering policies and guidelines issued by the relative authorities.

    4. CRYPTOLOGY makes no warranties as to the value, the use and the legality of the offered on the Platform Cryptocurrencies.

7. Privacy Policy and Personal Information

    1. CRYPTOLOGY has developed a Privacy Policy that governs the use and protection of User’s private information according to the applicable laws and good practices. The full text of the Privacy Policy is made available on the Platform and can be accessed by following this link.

    2. Despite all of the security measures implemented by CRYPTOLOGY, the User acknowledges that there are certain risks of the Company being attacked by electronic means in order to obtain the private information and that the Company cannot guarantee full protection.

8. Copyrights and other Intellectual Property Rights

    1. Unless otherwise indicated, all copyright and other intellectual property rights in all content and other materials contained on our website or provided in connection with the Services are the proprietary property of CRYPTOLOGY.

    2. CRYPTOLOGY grants the User a limited, nonexclusive and non-sublicensable permission to access and use the data made available by CRYPTOLOGY for personal or internal business use of the User. Such permission does not permit any unauthorized distribution or use, modification, public display or any of data made available by CRYPTOLOGY. The permission granted under this provision will be automatically terminated if CRYPTOLOGY suspends or terminates User’s access to the Services.

9. Accounts

    1. Registering an Account on the Platform automatically implies that the User has agreed to the Agreement.

    2. The Account is used to store Funds deposited by Users.

    3. For CRYPTOLOGY to grant access to the Account or create such an account for the User, the User should provide proper due diligence documents according to the applicable laws and AML policy of the Company.

      9.3.1. The User agrees to maintain proper personal information and documents, and update it within reasonable time (within five working days unless there is any objective cause for the prolongation of such term) should there be any changes to initial due diligence documents (e.g. change of name, issuance of new passport, change of place of residence, etc)., informing the Company in a written form or via email of any changes to are related to the identity of the User or his submitted due diligence documents.

      9.3.2. User agrees to provide accurate, correct, true and legitimate due diligence documents to CRYPTOLOGY.

    4. The User agrees that he will not log-in or try to log-in to any Account that does not belong to the User. This rule also applies to any third parties that the User may assist or advise or assist in breaching this provision.

    5. An Account can be suspended in case of fraud allegations, in order to verify certain information provided by the User or should there be a legitimate request to do so from the government authorities.

    6. An account that has not been used for more than 12 months will be qualified as abandoned.
      9.6.1. Abandoned Accounts with no Funds on their balances will be deactivated. User will receive an automated email two weeks prior to account deactivation to the email address the Account Holder has specified in his profile.
      9.6.2. Abandoned Accounts with Funds will be deactivated. User will receive an automated email two weeks prior to account deactivation to the email address the Account Holder has specified in his profile. If there are no further actions from the side of the Account Holder for the next two months after the deactivation, the Account Holder will lose his access to the Funds on the Account.

    7. One User is not allowed to create more than one Account on the Platform unless he has contacted CRYPTOLOGY and CRYPTOLOGY has granted permission to the User for creation of multiple Accounts.

      9.7.1. Should the User violate the provision indicated in Art 9.7 CRYPTOLOGY retains the right to suspend the Accounts for further investigation.

10. Identity Verification

    1. For the User to use certain Services of the Platform, including opening of an Account, making Transactions or others, the User may and will be required to provide CRYPTOLOGY certain personal information (due diligence documents). In submitting due diligence documents the User verifies that the information and documents are accurate and authentic. User agrees to inform CRYPTOLOGY and update submitted documents in User’s profile, if any information has changed from the moment of submission of such documents.

    2. User authorizes CRYPTOLOGY to directly or through third parties make any inquiries that CRYPTOLOGY considers to be necessary in order to verify the identity of the User and to protect the User and/or CRYPOTLOGY against fraud. The User further authorizes any and all third parties to whom CRYPTOLOGY submits any inquiry, documents, or information in relation to validation of User’s submitted due diligence documents or information to receive and process such information.

    3. Full description of the implemented KYC checks and levels is available by following this link.

    4. All KYC requirements of CRYPTOLOGY are in accordance with relevant laws of Singapore.

11. Anti-Money Laundering Policy

    1. CRYPTOLOGY is committed to providing its Users with safe and compliant Services. For this purpose, CRYPTOLOGY will be monitoring transactions for any suspicious activities, and will be reporting to government authorities as required by law.

    2. CRYPTOLOGY needs to keep certain information and documentation on file pursuant to applicable law and its contractual relationships, and CRYPTOLOGY hereby expressly reserves the right to keep such information and documentation for at least five years or more if required. This requirement will stay in force even if the User terminates his Account and will stop using the Services. This will be also true if the User has initiated, but not completed his application to have an Account with CRYPTOLOGY.

    3. For enhanced security, CRYPTOLOGY will be contracting third parties that provide certain information validation and Anti-Money Laundering services.

    4. Full AML Policy of the company is available by following this link.

12. Orders and Transactions

    1. The User hereby confirms his understanding that the nature of the Services and any Transactions involving Cryptocurrencies may be risky due to their high volatility and other market related risks. User understands and accepts the risks related to the submission of the Order and of him performing any Transactions. Full Risk acknowledgement and disclosure statement can be found here link.

    2. The User agrees that his Orders and Transactions are irreversible and cannot be cancelled once the Order or a Transaction is done by the User.

    3. The User understands and accepts that any transactions with Currencies are subject to delays that may be caused by intermediaries, such as but not limited to banks or other payment institutions, and may take from several hours to several days.

    4. Users that have not completed the due diligence process will not be allowed to execute Withdrawal of Fiat currency.

    5. If User has a suspicion that there was or is any activity on his Account that he did not perform himself, the User must immediately notify CRYPTOLOGY of this.

      12.5.1. CRYPTOLOGY reserves the right to freeze an Account that is suspected of being hijacked by third party for any period of time required to perform required actions, such as validation of the Account, contacting the User for confirmation, etc.

    6. All Transactions on the Platform are subject to Transaction Fees charged by CRYPTOLOGY for the facilitation of Orders and Transactions, and for provision of Services to the User.

    7. CRYPTOLOGY reserves the right to change Transaction Fees at any time. Any change of Transaction Fees will have an immediate effect.

    8. For the most recent description of Transaction Fees, please follow this link. User confirms that there may be a discrepancy between the Transaction Fees indicated under the link above, and actual Transaction Fees charged by CRYPTOLOGY for the Services. This may be caused by various reasons.

    9. The User by placing an order or executing any Transaction agrees that CRYPTOLOGY will charge him appropriate Transaction Fees.

    10. The User should understand what Transaction fees apply to his use of the Services before executing them.

    11. The Transaction Fee is charged automatically, and may be different depending on the type of Cryptocurrency and Fiat currency.

13. Order Execution

    1. The Orders that are placed by Account Holders on the Platform will be executed at the best possible market price available at the time of the Order placement.

    2. Any software is vulnerable to bugs at any moment in time. With this, the User holds CRYPTOLOGY harmless of any delays in execution of the Order, or a Transaction.

    3. Due to high volatility of Cryptocurrencies, prices displayed on the Platform may vary from the actual prices on the moment of Order/Transaction placement.

    4. CRYPTOLOGY is not responsible for any losses of data, or funds, caused by the software malfunctions that CRYPTOLOGY could not reasonably foresee and/or fix in time.

    5. CRYPTOLOGY reserves the right to perform a rollback of any Transactions if they have occurred as a result of either an intentional or unintentional malfunctioning of the system, that may or may not result in losses to CRYPTOLOGY or Users if the malfunction had an impact on Transaction Fee, Order placement, Transaction execution or similar.

    6. CRYPTOLOGY is not liable for any loss or damage to the Users if it was a result of incorrect use of the Platform, and/or resulting from the failure of the User to understand Services.

14. Account Termination

    1. The User can decide to terminate his Account at any time by contacting CRYPTOLOGY. Information of the User, his performed transactions and identity of the User will remain stored with CRYPTOLOGY for such time that is required by the applicable laws and internal policies of CRYPTOLOGY.
    2. Account Holder accepts and agrees that CRYPTOLOGY can suspend or terminate his Account, and deny his access to the Services at its own discretion without notifying the User of such termination.
    3. CRYPTOLOGY reserves the right to restrict or limit the User's access to the Platform and the Services without providing any explanations.
    4. The User will hold CRYPTOLOGY harmless due to Account termination, or limitation of the Services that are offered to the User.
    5. CRYPTOLOGY shall terminate an Account if there are reasonable grounds for suspecting that activities performed on the Account violate applicable laws, this Agreement and infringes the intellectual property rights of CRYPTOLOGY or any third parties.
      14.5.1. Termination or limitation of Services offered to the User may happen but are not limited to the following reasons:

      • If any party attempts to gain access to the Services while not being authorized to do so or in contradiction with the Agreement;
      • For breach of any provisions of this Agreement;
      • In case if the User has provided CRYPTOLOGY with fake due diligence documents;
      • If there are suspicions that Users are using the Services for any illegal activities as described in this Agreement or if CRYPTOLOGY suspects that Funds used by the User have illegal origin;
      • Breaking the security features of the software and/or taking advantage of such breaches;
      • Attempt to avoid Transaction Fees charged by CRYPTOLOGY;
      • In cases of abuse or threats to other Users and/or CRYPTOLOGY;
      • If users attempt to manipulate the market (e.g. raise the trading volume artificially) by using the Services;
      • In case if the Account holder has abandoned his Account and did not take steps to communicate with Cryptology according to the provisions of this Agreement;
      • If such request was done by a government agency.
    6. The User accepts and confirms that in cases described in Art. 9.6. of this Agreement, if there are any Funds on the abandoned Account and the User has not complied with requirements of the abovementioned provisions, CRYPTOLOGY is held harmless for any loss of such Funds.

15. Taxes

    1. The User is obliged to understand whether any taxation laws apply to his usage of the Services. It is the sole responsibility of the User to properly declare and pay the appropriate taxes.

    2. CRYPTOLOGY retains the right to disclose information of the identity of the User, or of his Transactions to the appropriate Tax Authorities if such a request is received by CRYPTOLOGY.

16. Notifications

    1. CRYPTOLOGY reserves the right to notify the Users by any means of communication, available to CRYPTOLOGY. User will hold CRYPTOLOGY harmless if CRYPTOLOGY has sent or tried to contact the User using the details provided by the User and if these details are incorrect or outdated.

    2. The User agrees to receive notifications from CRYPTOLOGY in an electronic form.

17. Dispute Resolution

    1. This Agreement is governed by the laws of Singapore.

    2. All disputes related to the use of the Platform and the Services are governed by the Agreement and are under the jurisdiction of general courts of Singapore.

18. Severability

    1. In case any part of this Agreement is deemed invalid or void, it will not affect the validity and enforceability of the remaining parts of the Agreement.

19. Disclaimer

    1. CRYPTOLOGY does not provide Users with any financial, investment or legal advice by providing its Services. Any information available on the Platform or distributed by CRYPTOLOGY is to be received as-is, and will not be deemed as a professional advice or call to action.

    2. CRYPTOLOGY is not liable for any risks, losses or damages occurred due to User’s use of the Services.

    3. CRYPTOLOGY itself does not exchange, buy or sell any Cryptocurrencies from or to the Users.

    4. Unless otherwise stated elsewhere CRYPTOLOGY does not guarantee the accuracy, completeness, or usefulness of any information provided on the Platform.

    5. CRYPTOLOGY is not accountable for the accuracy or reliability of any advice, statement or opinion made on the Platform by CRYPTOLOGY or other Users.

    6. CRYPTOLOGY reserves the right to monitor any hate/malicious messaging or other illegal activity including posting any information in the public access areas of the Platform. CRYPTOLOGY at its own discretion shall remove any such information irrespective whether it directly breaches this Agreement or not, if CRYPTOLOGY.

    7. CRYPTOLOGY cannot warrant that the use of the Services will be secure, seamless, free of errors, and will meet the requirements of the User.

    8. CRYPTOLOGY disclaims all and any liability, regardless of the form of action, for the actions or inactions of other Users, including unauthorized users, of the Platform and the Services.

20. Liability Limitations

    1. CRYPTOLOGY will not be liable to Users or any other persons or entities for any direct, indirect, incidental, special, punitive, or consequential damages whatsoever, including any that may result from:

      • The accuracy and completeness of the information on the Platform;
      • The accuracy and completeness of the information on the sites linked to the Platform or marketed on the Platform by CRYPTOLOGY or other Users;
      • The Services available on the Platform or offered by CRYPTOLOGY in any other way to the greatest extent permitted by applicable laws;
      • Third-party conduct of any nature whatsoever, including that of other Users or unauthorized Users;
      • Any unauthorized access to the Platform or data stored by CRYPTOLOGY;
      • Any interruption of Services on the Platform;
      • Any malicious software that may be distributed from the Platform by Users or in cases of breach of security measures of CRYPTOLOGY;
      • Any stolen, lost, or unauthorized use of User’s Account information and any breach of security or data related to User’s Account information, or any criminal or other third party act affecting CRYPTOLOGY;
      • Any losses or damages resulted from the use of the Services based on warranty, contract, tort, or any other legal or equitable theory, regardless of whether CRYPTOLOGY is informed about the probability of such damages. The said limitation of liability applies to the fullest extent permitted by the law, and will survive any termination or expiration of this Agreement;
      • In cases of Force Majeure;
      • In cases of violation of the Agreement by the User.

21. Amendments

  1. CRYPTOLOGY can modify or amend any part of the Agreement at any time.
    21.1.1. The revised version of the Agreement will be published on this page and will become effective from the moment of publication.
    21.1.2. It is the User's sole responsibility to stay updated with the amendments, to accept them and to agree to them.
    21.1.3. If the User does not agree with any amendments or changes to the previous version of the Agreement, he should stop using of the Services, Withdraw any funds belonging to him and request CRYPTOLOGY to terminate his Account.

22. Force Majeure

    1. CRYPTOLOGY is not responsible for any damages caused by delay or failure to perform its obligations under the Agreement in case if the said delay or failure is due to fires; strikes; floods; power outages or failures; acts of God or the state’s enemies; lawful acts of public authorities; any and all acts that are regarded as Force Majeure in legal practice.

23. Support

    1. The User in case of having any questions or concerns related to the Agreement, his rights and/or obligations can contact CRYPTOLOGY at: support@cryptology.com