Dear User, please read the following terms & conditions carefully. Accepting this agreement is mandatory for using SynchroBit services.
Term of Use Agreement between SynchroBit and User
Latest Review: 20 Jan, 2019
Article 1) Agreement Parties
SynchroBit is a centralized P2P cryptocurrency and digital assets trading platform, developed, owned, maintained, operated, and managed by SYNCHRONIUM LLC. For more information about the company, its activities, and license, you may visit www.synhchronium.io.
Article 2) Agreement Conditions
Article 3) Eligibility
By registering to use a SynchroBit Account, you have affirmed that you are at least 18 years old and are an individual, legal person or other organization with full legal capacity to enter into this User Agreement between you and SynchroBit. If you are not, you and your guardian shall undertake all consequences resulting from your actions and SynchroBit shall have the right to cancel or freeze your account in addition to filing claims against you and your guardian for compensation.
Article 3) Prohibition of use
By accessing and using SynchroBit and any of its services, you acknowledge and declare that you (as a person, company, and or a legal entity) are not on any trade or economic sanctions lists, such as the UN Security Council Sanctions list, European Union Sanctions lists, and or OFAC (Office of Foreign Assets Control of the U.S. Treasury Department). SynchroBit maintains the right to select its markets and jurisdictions to operate and may restrict or deny its services to certain countries. The content of this Agreement shall not be excluded from the laws of the country under which the user belongs. SynchroBit maintains its stance that prohibited users are not to use or access SynchroBit and any of its services. The residences and citizens of following countries are strongly prohibited from using SynchroBit services and platform:
- North Korea (DPRK)
Article 3) Description of services
SynchroBit provides an online digital asset trading platform (crypto to crypto, and fiat to crypto) for products commonly known as cryptographic tokens, digital tokens or cryptographic currency. SynchroBit functions as a trading platform provider and is not a buyer or seller in trades made between traders. SynchroBit is also not a market maker. Traders must register and open an account with SynchroBit and deposit digital assets or fiat prior to commencement of trading. Traders may request the withdrawal of their digital assets, subject to the limitations as stated in the Terms and Conditions.
SynchroBit strives to maintain the accuracy of information posted on its website however it cannot guarantee the accuracy, suitability, reliability, completeness, performance or fitness for purpose of the content through the website, and will not accept liability for any loss or damage that may arise directly or indirectly from the content. Information on SynchroBit website can be subjected to change without notice and is provided for the primary purpose of facilitating users to arrive at independent decisions.
SynchroBit does not provide investment or advisory advice and will have no liability for the use or interpretation of information as stated in its website or other communication mediums. All users of SynchroBit must understand that there are risks involved in trading. SynchroBit encourages all users to exercise prudence and trade responsibly within their own means.
While SynchroBit emphasizes on platform security to ensure the continuity and security of its services (announcements will be made in event of downtime/maintenance), it will be non-accountable to Act of God, malicious targeted hacking, terrorist attacks and other unforeseen circumstances. SynchroBit reserves the right to cancel, rollback or block transactions of all type on its platform in event of abnormal transactions.
SynchroBit will not ask for any password from its users nor ask users to transfer funds that are not listed on its trading platform. Users are encouraged to exercise prudence in dealing with discounts or promotions that could lead to them getting scammed. While the list is non-exhaustive, you agree that SynchroBit will not be held responsible for any losses arising from the situations stated above.
By using SynchroBit and any of its services, you declare that all information to SynchroBit in connection with these Terms are true, accurate and complete.
User Registration & Verification Requirements
Article 4) Requirements
Article 5) Types of User Registration
Registered users are categorized at SynchroBit as following:
- Unverified User Account (UUA): you have the right to test and make sure of the quality of the services on SynchroBit prior to verification of your account with your legal documents. Therefore, for testing SynchroBit’s services and platform, SynchroBit allows user to create an account by completing the basic registration process. Since the account is unverified, there are some restrictions on this type of account. This type of account cannot use fiat wallets, deposit or withdraw with fiat currencies, and its 24 hours’ limit for withdrawals by cryptocurrencies is limited to 5 BTC (and equal amount to other listed cryptocurrencies). Users from prohibited countries and territories are denied for registration as an Unverified User as well and SynchroBit keeps the sole right of freezing and closing their accounts without any notice.
- Verified User Account (VUA): you can always upgrade your account from Unverified User to Verified User Account by passing the process of Know Your Customer (KYC) and accepting Anti-Money Laundry (AML) and Counter Terrorist Financing (CTF) terms and agreements. As a Verified User Account, you can use fiat wallets, deposit and withdraw (in case of fiat deposit and withdrawals banking charges may apply based on the fiat currency, country, amount, and priority). Verified User Account 24 hours’ withdrawal limit by cryptocurrency is up to 500 BTC (and equal amount to other listed cryptocurrencies).
- Corporate User Account (CUA); you, as a legal entity (e.g., company, enterprise, bank, institution) that is officially registered and activated in authorized countries, can upgrade your account to Corporate User Account (CUA). For this, SynchroBit legal department needs to review your official information, licenses, other required documents. SynchroBit holds the sole right to reject the CUA requests due to its policies and the regulations of European Union and Office of Foreign Assets Control of the U.S. Treasury Department (OFAC).
Article 6) User Identity Verification
With registration of an account on SynchroBit, you agree to share personal information requested for the purposes of identity verification. This information is used specifically for the detection of money laundering, terrorist financing, fraud and other financial crimes on the SynchroBit platform.
In addition to providing this information, to facilitate compliance with global industry standards for data retention, you agree to permit us to keep a record of such information for the lifetime of your account plus 5 years beyond account closing. You also authorize us to make inquiries, either directly or through third parties, that are deemed necessary to verify your identity or to protect you and/or us against financial crimes such as fraud.
Article 7) User Identity Verification
The Identity Verification information we request may include, but is not limited to, your: Name, Email Address, Contact Information, Telephone Number, Username, Government Issued ID. For Corporate User Account, we may also ask you to provide such information for all board members of your company, in addition to other required information that our legal team will ask from you. In providing this required information, you confirm that it is accurate and authentic.
Post-registration, you must guarantee that the information is truthful, complete and updated in a timely manner with any changes. If there is any reasonable doubt that any information provided by you is wrong, untruthful, outdated or incomplete, SynchroBit shall have the right to send you a notice to demand corrections, remove relevant information directly and, as the case may be, terminate all or part of SynchroBit Service to you. You shall be solely and fully responsible for any loss or expenses incurred during the use of SynchroBit Service if you cannot be reached through the contact information provided. You hereby acknowledge and agree that you have the obligation to keep all information provided up to date if there are any changes.
Article 8) Account Usage Requirements
SynchroBit accounts can only be used by the person whose name they are registered under. SynchroBit reserves the right to suspend, freeze or cancel accounts that are used by persons other than the persons whose names they are registered under. Accordingly, SynchroBit will not take legal responsibility for these accounts.
By this agreement, you are committed to and declare that your SynchroBit account will not be used for any illegal activity. At any case, if your account being used in any form of illegal activity, SynchroBit will freeze your account, and will report all of its activities to the international and domestic legal bodies & authorities responsible for such an issue.
Article 9) Account Security
SynchroBit prioritizes maintaining the safety of those user funds entrusted to us and has implemented industry standard protections for our platform. With that said, there are account-level risks that are created by individual user actions. We request that you understand the need to independently take safety precautions to protect your own account and personal information.
You shall be solely responsible for the safekeeping of your SynchroBit account and password on your own, and you shall be responsible for all activities under your log-in email, SynchroBit account and password (including but not limited to information disclosure, information posting, consent to or submission of various rules and agreements by clicking on the website, online renewal of agreement, etc.).
You hereby agree that:
(1) you will notify SynchroBit immediately if you are aware of any unauthorized use of your SynchroBit account and password by any person or any other violations to the security rules;
(2) you will strictly observe the security, authentication, dealing, charging, withdrawal mechanism or procedures of the website/service; and
(3) you will log out from the website by taking proper steps at the end of every visit.
SynchroBit will not be responsible for any loss or consequences caused by your failure to comply with the above Account Security provision.
Article 9) Dispute Resolution
SynchroBit reserves the right to resolve issues and disputes at its sole discretion. Some issues include infringement of others’ rights, violation of laws and regulations, abnormal trades and others not explicitly mentioned in the Terms. Users agree to bear the costs arising from the process of dispute resolution.
Article 10) Guidelines for usage of services on SynchroBit
You hereby agree to observe the following covenants during your use of services on SynchroBit:
- All the activities that you carry out during the use of SynchroBit Service will be in compliance with the requirements of applicable laws, regulations, as well as the various guidelines of SynchroBit,
- All the activities that you carry out during the use of SynchroBit Service will not be in violation of public interests, public ethics or other’s legitimate interests,
- All the activities that you carry out during the use of SynchroBit Service will not constitute evasion of payable taxes or fees and will not violate this agreement or relevant rules.
- using a device, software or subroutine to interfere with the site
- overloading network equipment with unreasonable data loading requests
- executing malicious sales or purchases on the market
By accessing the SynchroBit Service, you agree that SynchroBit shall have the right to unilaterally determine whether you have violated any of the above covenants and take actions to apply relevant rules without receiving your consent or giving prior notice to you. Examples of such actions include, but are not limited to:
- block and close order requests
- freezing your account
- reporting the incident to authorities
- publishing the alleged violations and actions that have been taken
- deleting any information you published that is in violation
If your alleged violation causes any losses to a third party, you shall solely undertake all the legal liabilities in your own name and hold SynchroBit harmless from any loss, fine or extra expenses. If, due to any alleged violation SynchroBit incurs any losses, is claimed by any third party for compensation or suffers any punishment imposed by any administrative authorities, you shall indemnify SynchroBit against any losses and expense caused thereby, including reasonable attorney’s fee.
Article 11) Service fees
SynchroBit reserves the rights to levy service fees on users who use its services. It is in the discretion of SynchroBit to adjust the service fees charged to users using its services.
Article 12) Provision of Service
SynchroBit will provide SynchroBit Service at an “as is” and “commercially available” condition, and does not offer any form of warranty with regards to the Service’s reliability, stability, accuracy and completeness of the technology involved. SynchroBit serves merely as a venue of transactions where coin-related information can be acquired and coin-related transactions can be conducted. SynchroBit cannot control the quality, security or legality of the coin involved in any transaction, truthfulness of the transaction information, or capacity of the parties to any transaction to perform their obligations under the rules. You must carefully consider the associated investment risks, legal status and validity of the transaction information and investment decisions prior to your use of the SynchroBit Services provided.
Article 13) Limitation of Liability
You acknowledge and agree, SynchroBit shall not be liable for any of your losses caused by any of the following events, including but not limited to:
- Losses of profits, goodwill, usage or data or any other intangible losses
- Use or failure to use SynchroBit Service
- Unauthorized use of your account or unauthorized alteration of your data by third parties
- Your misunderstanding of SynchroBit Service
- Any other losses related to SynchroBit Service which are not directly attributable to SynchroBit
In no event shall SynchroBit and SYNCHRONIOUM LLC be liable for any failure or delay of service resulting from regular network maintenance or external factors such as power failure, natural disaster, service provider-side problems or governmental acts.
Article 14) Indemnification
You agree to indemnify and hold harmless SYNCHRONIUM LLC, SynchroBit, its affiliates, contractors, licensors, and their respective directors, officers, employees and agents from and against any claims and damages (including attorneys’ fees, fines or penalties imposed by any regulatory authority) arising out of your breach or our enforcement of this Agreement. This shall also apply to your violation of any applicable law, regulation, or rights of any third party during your use of the SynchroBit Service.
Article 15) Announcements
Please be aware that all official announcements, news, promotions, competitions and airdrops will be listed on SynchroBit official website (www.synchrobit.io). Announcements where we urge all users to refer to regularly. SynchroBit will not be held liable or responsible in any manner of compensation should users incur personal losses arising from ignorance or negligence of the announcements.
Article 16) Termination of Agreement
- The account is subject to a governmental proceeding, criminal investigation or other pending litigation
- We detect unusual activity in the account
- We detect unauthorized access to the account
- We are required to do so by a court order or command by a regulatory/government authority
In case of any of the following events, SynchroBit shall have the right to directly terminate this agreement by cancelling your account, and shall have the right to permanently freeze (cancel) the authorizations of your account on SynchroBit and withdraw the corresponding SynchroBit account thereof:
- after SynchroBit terminates services to you,
- you allegedly register or register in any other person’s name as SynchroBit user again, directly or indirectly;
- the main content of user’s information that you have provided is untruthful, inaccurate, outdated or incomplete;
- when this agreement (including the rules) is amended, you expressly state and notify SynchroBit of your unwillingness to accept the amended service agreement;
- any other circumstances where SynchroBit deems it should terminate the services.
Should the account be terminated, the account & transactional information required for meeting data retention standards will be securely stored for five years. In addition, if a transaction is unfinished during the account termination process, SynchroBit shall have the right to notify your counterparty of the situation at that time.
Article 17) Remaining funds after account termination (normal)
Once the account is closed/withdrawn, all remaining balance (which includes charges and liabilities owed to SynchroBit) on the account will be payable at once to SynchroBit. Upon payment of all outstanding charges to SynchroBit (if any), the user will have 5 working days to withdraw all funds from the account.
Article 18) Remaining funds after account termination (fraud/AML/violation of terms)
SynchroBit maintains full custody of the funds and user data/information which may be turned over to the authorities in event of account suspension/closure arising from fraud investigations, AML investigations or violation of SynchroBit Terms (e.g. trading on SynchroBit from a sanctioned country).
Article 19) Compliance with local laws
It is the responsibility of the user to abide by local laws in relation to the legal usage of SynchroBit in their local jurisdiction. Users must also factor, to the extent of their local law all aspects of taxation, the withholding, collection, reporting and remittance to their appropriate tax authorities. All users of SynchroBit and any of its services acknowledge and declare that the source of their funds come from a legitimate manner and are not derived from illegal activities. SynchroBit maintains a stance of cooperation with law enforcement authorities globally and will not hesitate to seize, freeze, terminate the account and funds of users which are flagged out or investigated by legal mandate.
Article 20) Using Fiat Currencies
For any deposit or withdrawals of fiat currency on SynchroBit, user MUST use verified banking account(s). User can verify such banking account(s) after KYC process. Such banking account(s) must be hold by the user as the legal owner. User can also use our partner services, Crypto Capita (www.cryptocapital.co) services based on the KYC/AML terms and conditions of Crypto Capital for deposit and withdrawals of fiat currencies on SynchroBit.
User takes the sole responsibility of any deposit or withdrawals by fiat currencies, including the accuracy of the amount, banking fees, lead-time, bank’s terms and conditions, source of funds, any tax or VAT included.
Note: user bank should not be in the sanction lists of European Union, United Nations, and OFAC.
Article 21) Indemnity and disclaimer
You agree to indemnify SYNCHRONIUM LLC, SynchroBit, and its entirety of affiliates and hold them harmless from and against all third-party claims except from SynchroBit breach of these Terms. As mentioned in description of services, SynchroBit strives its best to maintain the data integrity on its site but does not guarantee the information and services provided in its platform. SynchroBit will not be liable for errors arising from the use of its services.
Article 22) Complaints
If you have any complaints, feedback or questions, kindly contact us via firstname.lastname@example.org