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Terms of use BANKEX Digital Deal

Updated: May 25, 2018

Common description

1. Acceptance of Terms

Under “The Terms”, any person who uses the Service will be deemed as a User and expressly and absolutely in agreement with the Terms of use «BANKEX Digital Deal».

Any User who starts to use the Service confirms by their actions that they have read and accepted all the Terms and is bound to comply with them. If the User has any doubts or disagreements then he has no right to start using the Service, including registration on the Website (if applicable), and creation of a personal account, among other actions

2. Definitions

“Service” – Service «BANKEX Digital Deal», which is provided to the Users in accordance with the Terms.

“Website” – a site or website is a central location of various web pages containing hyperlinks to each other and made available online by BKX company and can be accessed by visiting the Website using a browser.

“User” – a person who uses the Service under the Terms.

“Counterparty” – a person who is the other side in the User Agreement.

“Company” – BKX Vault Ltd., registered number: C 89098, registered address: Orange Point Building, Second Floor, Dun Karm Street, Birkirkara By-Pass, Birkirkara, BKR 9037, Malta.

How to use the Service

1. Service overview

BANKEX Digital Deal offers its Users the opportunity to complete deals with other Users, spelling out their own agreement terms in smart contracts, and reserving their crypto assets in a secure and reliable Escrow account for subsequent automated payment for products and services under such agreements entered into with the Counterparties.

The Service accepts for Digital Deal (Escrow) accounts only a strictly limited range of crypto currencies supported by the service functionality:

  • Ethereum (ETH);
  • BANKEX (BKX);
  • and others crypto currencies provided by service.

Fiat money shall be neither supported by the Service nor allowed into a Digital Deal (Escrow) account. Likewise, the purchase and sale of crypto assets shall be neither performed nor supported.

The holding of certain crypto currencies shall not imply the holding of all of its existing "fork" variations. Should a crypto currency undergo any exogenous "fork" variations, the service shall use its best efforts to carry out such change automatically for the crypto assets held by our service. However, due to the technical peculiarities of the blockchain system, the service gives no guarantees that such changes will be effectuated for all crypto assets.

Please note: Unless the crypto currency sent by the User to our service to a holding is supported by the service, the User may suffer a permanent loss of its funds transferred for holding. BANKEX assumes no liability for such acts of the User.

The Service shall impose no restrictions on the volumes of assets being transferred, but in certain cases there may be technical constraints related to very low volumes.

The fee shall be charged for the Service as specified in the "Pricing" section.

The Service may sometimes be unavailable due to force majeure. The Service shall not be held liable for any failure to perform its obligations beyond its reasonable control, including, but not limited to, earthquakes, fire, floods, embargo, disasters, sabotage, national emergencies, riots, civil disorders, wars, viruses, strikes and labor troubles. The time for performance of the obligations hereunder shall be extended for the duration of a delay caused by a force majeure event.

2. Registration

The User may register on “BANKEX Digital Deal” through our Website or mobile application. For this the User must complete the registration process on the Website, entering their e-mail and password.

3. Access to the service

The User shall be allowed guaranteed 24/7 service access through the Website and mobile applications.

The Service may suspend service access for any reasons related to necessary maintenance. Whenever such maintenance is scheduled, the User shall be given prior notice and informed of any such suspension. During such suspension, the service shall not accept any assets for holding, but still allow the submission of requests for a withdrawal of crypto assets by notifying customers that the processing of such requests may be delayed due to maintenance.

In case of emergency the service may limit service access as such emergencies occur. In this case "emergencies" primarily mean any and all circumstances which pose a threat to the integrity the Users' assets.

In restricting service access in case of emergency, the service shall suspend the acceptance of any requests from the Users (including placement and withdrawal requests), thus completely limiting service access for the Users.

The company shall be entitled to suspend the processing of any requests submitted by the User who breaches directions for use or commits any alleged fraudulent actions or other breaches of the relevant rules, laws or other applicable regulations. In this case, the User's requests shall be suspended until all necessary details are clarified.

4. Use of the service

4.1 Creation of the agreement

Once the sign-up process on the Website or in an application and the automatic authorization of the MetaMask browser extension are complete, the User may create a new agreement with the Counterparty; to do so, the User shall press the "Create Deal" button and then record all necessary terms of obligations and payments under such agreement.

4.2 Allocation of funds on Digital Deal (Escrow) accounts

Having recorded all necessary terms and conditions of the agreement, the User shall transfer funds to the customer Digital Deal (Escrow) account made available by the Service for subsequent payment for products and services under such agreement.

After being directly transferred by the User, crypto assets shall be displayed in the Service in the relevant status.

4.3 Confirmation of deal with counterparty

Once the agreement is created and funds are transferred to its customer account with BANKEX Digital Deal, the User shall send a link to such agreement to its Counterparty. Once the automatic authorization of the MetaMask browser extension is complete, the Counterparty may confirm both the transaction and the agreement by pressing the relevant "CONFIRM" button. As soon as the Counterparty confirms a transaction, payment shall be automatically reserved and frozen in a Digital Deal (Escrow) account; any subsequent withdrawal of funds shall be performed strictly in compliance with the "Withdrawal of Funds from the Digital Deal (Escrow) Account" section of the Terms of Service.

4.4 Withdrawal of funds from the Digital Deal (Escrow) account

1. If after full discharge of their respective obligations under the agreement neither the User nor the Counterparty has any mutual claims, then both parties to the agreement may finalize the transaction by pressing the relevant button. Payment under such agreement entered into by and between the parties shall be automatically effectuated in accordance with the terms and conditions set forth in the agreement.

2. If the User still has any claims concerning the performance of obligations under the agreement by the Counterparty and the Counterparty fully agrees with such claims, then both parties may finalize the transaction with partial or zero payment by pressing the relevant button. Partial payment under such agreement entered into by and between the parties shall be automatically redirected to the Counterparty's crypto wallet. The full amount under the agreement in the event of partial payment (the outstanding payment) shall be automatically returned from an Escrow account to the User's crypto wallet.

3. If the User has any claims against the Counterparty after the performance of obligations under the agreement and the Counterparty disagrees with such claims, in whole or in part, and a dispute arises between the parties under the agreement, then the User and the Counterparty may submit such dispute to the integrated judicial service known as "BANKEX Smart Justice". To do so, both parties shall press the relevant button in respect of such transaction, which shall automatically open a dispute to be resolved under and as provided for in the rules of the BANKEX Smart Justice Service.

Please note: The BANKEX Smart Justice Service is a stand-alone, PAID and independent service designated for the online resolution of disputes under smart contracts or other agreements entered into by and between the parties. A description, price and other Terms of Use of “BANKEX Smart Justice” shall be available from sj.bankex.com.

When opening a new agreement through BANKEX Digital Deal, the User confirms that the User has read, understood, and agrees to all Terms of Use of BANKEX Smart Justice, and more specifically with the section.

4. The period of time for withdrawal of funds from the account may take up to 2 business days. The Service may set different time limits for asset withdrawals depending on the value of assets being withdrawn for each particular currency.

The User and the Counterparty shall, alone, check the correctness of addresses of their crypto wallets for the transaction and funds withdrawal. Should the addresses of crypto wallets be selected incorrectly, we assume no liability for such acts of the Users the Counterparties in funds withdrawal.

After a withdrawal request is accepted, the funds being withdrawn shall no longer be displayed in the relevant currency balance and an entry about the transaction being performed shall be displayed in the transaction history (showing the relevant statuses). No transaction and/or funds shall be displayed in the payee's account until the request processing is complete.

Transaction and holding fees may be charged in funds withdrawal (for details, see the "Pricing" clause).

4.5 Transaction history

The entire history of crypto assets transfers and withdrawal transactions shall be available to the User and the Counterparty for viewing.

Transaction history is accessible here: https://scan.bankex.com

4.6 Checking transaction status

While performing the agreement, the User may view all current statuses of all of its transactions.

4.7 Digital Deal account management

While assets are being held in an Escrow account with our Service, the User shall not be allowed to access the account management option. Funds may only be withdrawn in compliance with Section 4 of these Terms.

5. Prices and pricing

5.1 General pricing rules

The Service shall be fee-based for all Users.

The service price shall include the following fees:

  • the fee for holding funds in an Escrow account,
  • the service fee charged by “BANKEX Smart Justice” (if used).

The fee for holding funds in a Digital Deal (Escrow) account shall be calculated as a 2 % of the total amount of assets being held. The fee shall be paid in the same currency as the funds held in an Escrow account.

The holding fee shall be removed automatically from the funds held in the relevant account. The holding fee shall be debited at the instant the funds are withdrawn and shall be withheld from the amount being withdrawn.

If the holding fee is equal to the Escrow account balance, then funds shall be debited automatically.

5.2 Fee amount (prices)

  • the fee for holding funds in an Escrow account: 2 % in the account currency
  • money transfer fee: not applicable
  • additional service fees: not applicable

5.3 Procedure for informing users of price changes

The Company shall inform the Users of any and all price changes by making the new version of these Terms available from the Service Website and the mobile application. Information about price changes may also be available in the form of information contained on the Website or in the mobile application.

6. Deactivating the service

The Service may be deactivated by the User by submitting a request to the help desk.

In order to repeat access to the service, the User must go through the entire process of registration again.

The withdrawal of all funds of the User shall not cause the service to be automatically deactivated.

Terminations and suspension

1. Terminations and Suspension

The Company has the right to terminate the Service in part or in full at any time for all or any Users, if it is deemed necessary in accordance with the requirements of the Law of any jurisdiction, or in accordance with any rules or regulation guidance, or in the economic interests of the Company.

2. Changes of Terms

The Service is regularly changed and improved due to the needs of the Users and Community and external circumstances, such as the requirements under the Law of any applicable jurisdictions, rules and regulations. Therefore, the Company has the right to amend the Terms. The amendments are made by way of publishing the amended Terms on the Website. The new Terms come into effect at the moment of its publication (unless otherwise stated in the new version of the Terms). The new Terms apply to all Users, including those who have previously used the Service. The continued use of the Service by the User means that the User automatically agrees with and accepts the new Terms. The partial acceptance of the Terms by the User is not valid, and if the User does not agree with any part of the Terms, then he shall stop using the Service.

3. Eligibility

Any User who starts to use the Service confirms that:

(a) the User, when using the Service as an individual, has reached the appropriate age and has full and unlimited rights to use the Service; to conclude any agreements with legal obligations, including the possibility of making payments (if applicable); and the User does not violate by his actions any previous obligations; or

(b) the User, if he uses the Service as a representative on behalf of a company, confirms that the company is a duly registered company without any limitations on its rights by laws of jurisdiction of the Company; the User does not violate by his actions any previous obligations; and the User has full legal capacity to act on behalf of the company, to conclude any agreements with legal obligations, including the possibility of making payments (if applicable);

(c) the User confirms that there are no legal requirements or restrictions by Law of the country of his residence, which may restrict access to the Service; ownership of assets; restrict management or any deals with the assets.

4. Assumption of Risk

Any User who starts to use the Service assumes the risks related to the use of the Internet, including risks of unauthorized access to the User’s software and information, and risks to the User’s hardware and equipment. All the above-mentioned risks are out of the Company’s control and out of the range of the Service, but may relate to the content that the User has received access to through the Service. The Company has no ability to control these risks, and does not bear any responsibility, including financial responsibility, for the consequences of the realization of these risks.

5. Indemnity

The Company is not responsible for any loss of Users’ or third-party’s, including information in the Content of the Service about the Users and third-parties, or any loss of profit, that may arise as a result of any events that are not under the control of the Company, including, but not limited to the results of natural or man-made events (earthquakes, fires, floods, hurricanes, other emergencies, wars and conflicts, blockades, sanctions, political and economic restrictions, strikes, changes in legislation, man-made disasters), or the result of actions of third-parties, including changes to service providers, software and equipment.

6. Limitation of Liability

Users and any third-parties are forewarned and acknowledge that the Service and the Company are not independent, and whose actions aim to receive and use any information through the Service for its own benefit. The Company is not responsible for any possible violations of rights of Users or any third-parties, including the information in the Content of the Service about Users and third-parties, their rights on information (limited use or non-distribution of the information); violation of their copyrights; and violation of any restrictions that are related to the content of such information.

Beta version, research & development

1. Disclaimer of warranties

The Company notifies all Users and Stakeholders that the Service is in Beta stage for the purpose of research and development and is only provided to you with the aim of launching experimental content; to gauge how it works; find out how to make our Service better and more comfortable for Users; and to receive feedback from users regarding the Website and Service.

In connection with the above-mentioned information, the Service may have a number of functional limitations, and significant changes may be made to the Service operations. When beginning to use the Service, the User expressly agrees to an "AS IS" and "as available" basis, without warranties of any kind, either express or implied, including, but not limited to, implied warranties of merchantability, fitness for a particular purpose or non-infringement. You acknowledge that we have no control over, and no duty to take any action regarding: which users gain access to or use the Service; what effects the Content may have on you; how you may interpret or use the Content; or what actions you may take as a result of having been exposed to the Content.

You release us from all liability for you are acquiring or not acquiring Content through the Service. We make no representations concerning any Content contained in or accessed through the Service, and we will not be responsible or liable for the accuracy, copyright compliance, legality or decency of material contained in or accessed through the Service.

By utilizing the Service or interacting with the Content or platform in any way, you represent that you understand the inherent risks associated with cryptographic systems; and warrant that you have an understanding of the usage and intricacies of public/private key cryptography, native cryptographic tokens, like Ether (ETH), smart contract-based tokens such as those that follow the Ethereum Token Standard, and blockchain-based software systems.

You acknowledge that information you store or transfer through our services may become irretrievably lost or corrupted or temporarily unavailable due to a variety of causes, including software failures, protocol changes by third-party providers, internet outages, force majeure event or other disasters, scheduled or unscheduled maintenance, or other causes either within or outside our control. You are solely responsible for backing up and maintaining duplicate copies of any information you store or transfer through our Services.

After you begin using the Service you can send feedback to the Company regarding how the Service works, or feedback, suggestions of Service development, or any analytical information. At the same time, the Company notifies all Users and Stakeholders that such information as well as User’s feedbacks are voluntarily and without any payment from the Company.

Your participation, via providing feedback or information, does not mean that the Company is entered into testing, employment, or any other type of reimbursable agreement with you, and it does not mean that it would have any consequences.

Users and Stakeholders shall take into account that the provided feedbacks and information are accessible to employees and partners of the Company, and may become available to other Users and Stakeholders, or may be published by the Company, or may be otherwise be disclosed. In connection with the above-mentioned we recommend you follow the ethical principles of communication, as well as requirements to the content of public or non-public messages. Users and Stakeholders solely control their personal data, confidential information, or information that is not subject to disclosure. Users are solely responsible for content of their feedbacks, or possible disclosure of feedbacks, or suggestions to the development of the Service or analytical information.

2. Trademarks and other intellectual property rights

All Trademarks, Software and other copyrights provided on the Website are the property of the Company and protected by trademark and copyright laws of different jurisdictions, and by international laws. Nothing in the Terms or other documents gives anyone more rights than provided in the Terms, including the right to copy and distribute the provisions of the Terms.

While using the Service, Users are provided with a simple non-exclusive license that allows them to use the software of the Service with the express purpose stipulated in the Terms.

3. Third-Party Services and Content

The company warns Users and Stakeholders that the Company may require registration on the Website, or in the Services of the Company or third-parties, or may require acquisition of software for the Company or services of third-parties, but this does not mean that the Company forced Users to use the services of any third-party. If it is technically possible and if it is not affected by the functions of the Service, the Company may provide the Service for Users without such registration or acquisition. The Company does not limit the list of the services of the third-party providers, software or other services. Only the technological parameters of the Service and mutual software with third-parties may be held under limitation.

4. Viruses, Hacking and other offences

You must not misuse our Site by knowingly introducing viruses, trojans, worms, logic bombs or other material which is malicious, technologically harmful or designed to disrupt the current operation of our Site. You must not attempt to gain unauthorized access to our Site, the server on which our Site is stored or any server, computer or database connected to our Website. You must not attack our Site via a denial-of-service attack or a distributed denial-of service attack.

We may report any breach under these Terms of Use to the relevant law enforcement authorities and we will co-operate with those authorities by disclosing your identity to them. In the event of such a breach, your right to use our Site will cease immediately.

We will not be liable for any loss or damage caused by a distributed denial-of-service attack, viruses or other technologically harmful material that may infect your computer equipment, computer programs, data or other proprietary material due to your use of our Site or to your downloading of any material posted on it, or on any website linked to it.

5. Linking and Framing

You may link to our home page, provided you do so in a way that is fair and legal and does not damage our reputation or take advantage of it, but you must not establish a link in such a way as to suggest any form of association, approval or endorsement on our part where none exists. If you wish to make any use of material on our Site other than that set out above, please address your request to contact information.

Where our Site contains links to other websites and resources provided by third-parties, these links are provided for your information only. If you use these links, you will leave our Site. We have not reviewed these third-party websites and we have no control over the contents of those websites or resources, and accept no responsibility for them or for any loss or damage that may arise from your use of them. We do not endorse or make any warranties or representations about the other websites, or any information, software or other products or materials found there, or any results that may be obtained from using them. If you decide to access any of the third-party websites linked to our Site, you do this entirely at your own risk.

6. Governing Law

All relations between Parties are governed by the law of the country of the Company’s registration. All disputes shall be solved in form of claim and claim response. In cases where it is not possible to solve a dispute in that form, the dispute shall be referred to the court of the country of the Company’s registration.

7. Questions and Comments

You may send any questions and comments to the following contact details of the Company:

e-mail address: [email protected]

Still have any questions?