TERMS AND CONDITIONS FOR PROVIDING HI-VALUE EXCHANGE DEALS
The present document describes the conditions for the use of Bitnik’s service of exchanging higher amounts with the exchange contract (hereinafter: the Contract), their scope, mutual rights and obligations of the client and the company Infra-Investments d.o.o., Dunajska cesta 136, 1000 Ljubljana (hereinafter Bitnik) and all other business relationships, unless otherwise agreed in writing.
Read the Terms and Conditions for providing Hi-Value Exchange deals (hereinafter: Terms) thoroughly. With the use of the Bitnik’s Service, you expressly acknowledge that you understand and accept Terms.
If you do not agree with the Terms, do not use our services.
(1) By using our services, you simultaneously declare and guarantee that you are at least 18 years of age and that you are not a politically exposed person under provisions of Article 61 of the AML&FT Law (ZPPDFT-1 of 20.11.2016).
(2) The term “you /your/ client” is defined by the person, company or organization that uses our services as a customer, and the terms “Bitnik / we / ours” are defining the company Infra-Investments d.o.o., Dunajska cesta 136, 1000 Ljubljana.
1) When it comes to providing services, Bitnik takes care of the client’s interests in accordance with the Good Professional Practice. The customer fully and irrevocably carries out all the risks related to ownership of the cryptocurrencies.
(2) The client confirms to Bitnik that he is aware of that investments in cryptocurrencies are risky and that, because of the situation on the cryptocurrency markets, due to factors on the technology side of a cryptocurrencies, can be sold at lower price than it was paid for at the time of purchase.
(3) The customer is aware of that cryptocurrency-trades are subject to special exchange rules, which the customer is obliged to know before the contract is concluded.
(1) In the case of high-value contractual exchanges, Bitnik obtains the information needed to perform changes, the execution of contractual obligations, the keeping of prescribed records, and other data prescribed by the relevant applicable legislation.
(2) Insofar as a person representing a legal person, using the services of the Bitnik under these Terms, he declares and guarantees: (a) that a legal entity is established and operates in accordance with the law of the country in which it was established (b) is authorized by this legal entity (entered in the register) for the conclusion of legal transactions and representation.
(3) Pursuant to Article 61 of the Anti-Money Laundering and Terrorist Financing Act (ZPPDFT-1), the Bitnik specifically deals with politically exposed persons.
(4) Bitnik may refuse to conclude a contract or to provide individual services with cryptocurrencies, insofar as a customer refuses to provide the information referred to in paragraph (1) of this Article.
(5) Customer guarantees the accuracy, completeness and truthfulness of all data transmitted and the Bitnik is liable for damage caused by the transmission of inaccurate, incomplete or untrue or misleading information. The customer must notify Bitnik about any changes in its personal / business data that it has transmitted to the Bitnik and on the change of tax residence, in particular, but not only if the client becomes a tax resident of the United States of America, no later than 5 days after the resulting change.
When exchanging digital content, you also have to pay third party fees (eg the mining fee). Cost of mining is the cost of each transaction, more precisely the cost of computer procedures that process transfers, protects the network, and ensures the consensus and consistency of all participants in the system.
Bitnik does not charge for its services.
Documentation intended for the client
The guarantee system for the claims of the Bitnik customers
(1) The client’s cryptocurrencies and cash assets are NOT kept separate from Bitnik’s own cryptocurrencies and cash. In the event of Bitnik’s bankruptcy, the client receives a claim in the amount, as determined by the Law governing bankruptcy of the company. Customer receivables are not guaranteed.
(2) Customer’s holdings on the Bitnik’s account shall not be remunerated.
2.1. CONTRACTUAL EXCHANGE
For a deals exceeding the value of EUR 1,000.00 Bitnik Bitnik offers to the Client a conclusion of a currency exchange agreement. To start the relationship Bitnik must assess a client’s data and scope of the intended contractual relationship according to the AML law (ZPPDFT-1 of 20.11.2016). Bitnik and Customer may otherwise regulate the mutual rights and obligations set forth in these Terms, if and to the extent permitted by the regulations in force at the time. In the event of a mismatch between the Terms and the specific arrangements in the contract, the specific arrangements in the contract shall apply.
The client can conclude a contract at the Bitnik’s office and / or via e-mail.
The conditions for execution of the contract are fulfilled by the receipt of the client’s funds transfer to the Bitnik’s TRR account (in case of exchange of EUR for the cryptocurrency) or the transaction of cryptocurrency into Bitnik’s digital wallet has at least one confirmation (in the case of exchange of cryptocurrencies in EUR).
● depending on the type of transaction: exchange EUR in cryptocurrency or exchanging cryptocurrency in EUR.
● regarding price: on the market, limited. In a contract with a market order, the customer does not set limits on the exchange rate and the exchange can be executed on market terms at the time the order is placed on the market and the order can then be executed. With a limited order, the customer determines an acceptable exchange rate.
● according to quantity.
● depending on the time of execution: immediate or fixed-term contract. Immediate is the contract that Bitnik, in accordance with the fulfilment of the conditions set in Art. 20 of these Terms shall be executed within the shortest period of time, but not later than within 7 days. A fixed-term contract shall be valid from the moment of signature until and including a specified date, but not more than 15 days from the date of signature.
Validity of the contract
The exchange contract has a limited period of validity of 7 days. In the event that the exchange during this period has not been carried out, regardless of cause or fault, Bitnik shall repay to the Client its assets in full or reduced by the costs or any exchange differences, unless the Client and the Bitnik agree otherwise.
Making a change
(1) Bitnik may refuse the exchange transaction by contract in the following cases:
● in the event of a conflict of interest or, if, according to Bitnik’s judgment, such a transaction or its execution could be in conflict with the business policy of the Bitnik or with the relevant regulations,
● in other cases provided by law, regulations or Terms.
(2) Bitnik, after having verified the existence of reasons listed in the preceding paragraph, within a reasonable time and in a reliable manner, immediately informs the client via e-mail and indicates the reason for the refusal of the transaction in the notice.
(3) Notwithstanding paragraphs 1 and 2 of this Article, Bitnik may refuse to accept a transaction or reject an already confirmed transaction in the event that, in accordance with professional diligence, Bitnik decides that the withdrawal of such an order is in the interest of the party or Bitnik.
(4) In the event that Bitnik rejects the transaction, in case it has already received the funds, it shall be obliged to return the funds to client’s account specified in the Application for a business relationship.
(1) The duration of an individual exchange contract is limited to 7 days.
(2) The contract may be denounced by the client or Bitnik in writing without any explanation at any time within 7 days.
(3) After the settlement of the client’s obligations under the contract, in the manner and under the conditions determined by these Terms, Bitnik will send the cryptocurrencies that the client would have on the day of the cancellation of the contract to client’s digital wallet. If extradition of the cryptocurrencies is not possible for any reason, Bitnik is entitled to sell cryptocurrencies and transfer the redemption less any currency differences, transfer and payment costs to the client’s cash account specified in the Application for the business relationship, unless a different way of settling the obligations specified in the contract.
Change and cancellation of exchange
If a customer wants to change the price, quantity, special condition or any of the other elements of the transaction after signing the contract with a message to Bitnik, the e-mail address: email@example.com it is deemed to have cancelled the original contract and gave the conditions for a new exchange deal. Customer may modify or revoke the conditions in the contract only if the contract has not yet been executed and the execution can be prevented by reasonable measures. The contract is deemed to have been changed or cancelled when the change / cancellation is confirmed by the employee of Bitnik with an e-mail message. In the event of a cancellation of a change that has not yet been executed, Bitnik is obliged to return the funds to the customer. In a case of the cancelled contract Bitnik has the right to reimbursement of manipulative costs.
Confirmation of the contract
It is considered that the contract is valid and enforceable when Bitnik:
● received to his email address: firstname.lastname@example.org scan or photo of a signed copy of a contract or it was handed to an employee at the Bitnik office.
● received contractual funds (EUR or cryptocurrencies).
Conditions for exchanging EUR in cryptocurrencies
(1) When exchanging EUR in cryptocurrencies, in accordance with the Terms, EUR shall be credited to the Bitnik transaction account. The number of the Bitnik’s transaction account is stated in the contract.
(2) Bitnik shall perform the change in accordance with the time limit agreed with the client in the contract, but not later than in 7 working days. Bitnik is not responsible for the time lag of the performance of the exchange if it is due to a force majeure or a limited operation of the transfer of payments between banks.
(3) Upon the signing of the contract on the exchange of EUR in cryptocurrencies, the customer is obliged to communicate to Bitnik the number (address) of the digital wallet where he wishes to receive the cryptocurrencies in question via e-mail.
Conditions for exchanging cryptocurrencies in EUR
(1) When exchanging cryptocurrencies in EUR, the client shall ensure the transfer of its cryptocurrencies that are the subject of the contract into the Bitnik’s digital wallet. The transmission instructions are sent to the client in a special e-mail at the signing of the contract.
(2) Bitnik shall perform the exchange in accordance with the time limit agreed with the client in the contract, but not later than in 7 working days. Bitnik is not responsible for the time lag of the performance of the exchange if the delay occurs due to force majeure or restricted operation of the transmission network.
Extradition of cryptocurrencies to the client
(1) In accordance with these Terms, Bitnik shall ensure that within a time limit fixed by the client in the contract, the cryptocurrencies are sent to a digital wallet, which is in accordance with Article 16 designated in client’s message, but not later than within 7 days.
(2) For transactions with cryptocurrencies, Bitnik provides settlement in accordance with network capabilities.
(1) Bitnik fulfils his monetary obligations to the client from the exchange contract of exchanging cryptocurrencies in EUR by transfer to a client’s cash (EUR) account opened with a bank or other credit institution within a time limit fixed by the client in the contract, but not later than within 7 days.
(2) Before transferring funds to a client’s account, Bitnik accounts for any outstanding due by way of a correspondingly reduce amount of transferred cash.
Bill of exchange
(1) No later than on the third working day after the fulfilment of the obligations arising from the contract, Bitnik shall send the Bill of exchange to the client.
(2) If the client does not object in writing, no later than by 16.00 hours on a day following the receipt of the Bill of exchange, the client shall be deemed the Bill of exchange to be accurate. A client is deemed to have received a Certificate of Currency Exchange sent by e-mail when the certificate was sent by Bitnik to the Customer’s e-mail address, unless the Client proves otherwise, the Client being obliged by the Bitnik to inform about any changes and any special features of the e-mail address.
Refunds and Taxes
We do not accept or offer reimbursement. All purchases and sales of cryptocurrencies through the use of our services are final. We do not accept or offer any refunds for your purchase or sale, except as or if this is explicitly provided for under these Terms.
Taxes. In accordance with point (d) of Article 44 of the Value Added Tax Act (ZDDV-1), our services are exempted from paying value added tax. As a user, however, you are obliged to pay all taxes related to the transaction and, if necessary, report the transactions in question to the competent institutions.
3. GUARANTEES and LIMITATION OF LIABILITY
Compliance with regulations
Bitnik undertakes to comply with these Terms and contracts in the provision of services related to cryptocurrencies in accordance with applicable laws and regulations, in particular with regulations governing cryptocurrencies business operations, protection of personal data, prevention of money laundering and financing of terrorism and other relevant regulations, these Terms, the concluded contracts with the client and in accordance with the client’s requirements and instructions, unless otherwise provided by the law or the aforementioned acts.
OUR SERVICES ARE AVAILABLE “AS IS” AND “AS AVAILABLE” WITHOUT WARRANTY OF ANY KIND. NOR BITNIK, NOR ITS SUPPLIERS, OR CONTRIBUTORS DO NOT PROVIDE SPECIAL WARRANTIES FOR OWN SERVICES OF ANY KIND, EXCEPT AS EXPRESSLY DETERMINED IN THESE TERMS OR CONTRACTS. BITNIK DOES NOT EXPLAIN ANY EXPRESS OR IMPLICABLE REMEDIES IN RESPECT OF THEIR SERVICES AND THE CONTINUOUS OPERATION OF ITS SERVICES, IN RESPECT OF THE INDIVIDUAL FUNCTIONS AVAILABLE IN SERVICES, AND THEIR RELIABILITY, AVAILABILITY OR SUITABILITY. BITNIK DOES NOT GUARANTEE THAT THE SERVICES WILL PERFORMANCE WITHOUT ERRORS, OR THAT THE ERRORS MUST BE REMOVED IN REASONABLE TIME. BITNIK IS NOT GUARANTEED ON THE ABSENCE OF THE INFRINGEMENT OF THE RIGHTS OF THIRD PARTIES AND THE CONDITIONS FOR A PARTICULAR PURPOSE. YOU GUARANTEE THAT YOUR ACTIVITIES RELATED TO THE USE OF BITNIK’S SERVICES ARE LAWFUL IN THE JURISDICTION WHERE YOU USE THE SERVICES.
IN NO EVENT BITNIK (INCLUDING BITNIK’S DIRECTORS, EMPLOYEES, SUPPLIERS AND CONTRACTORS) SHALL NOT BE LIABLE FOR ANY DAMAGES WHATSOEVER (INCLUDING FOR BUT NOT LIMITED TO DIRECT DAMAGES, INDIRECT DAMAGES, LOSS OF PROFITS, REVENUE OR DATA), DIRECTLY OR INDIRECTLY RELATED TO: (A) USE OR INVALIDITY OF USE OF SERVICES (B) NON-AUTHORIZED ACCESS TO YOUR ACCOUNT (C) ERRORS IN THE EXECUTION OF SERVICES (D) ERRORS, INTERRUPTION, DELETION OF ELECTRONIC MESSAGES, VIRUSES, DELAY IN THE SERVICE EXECUTION (E) ERROR OR LOSS IN THE PROCEDURE OF SERVICES (H) ANY DAMAGE ARISING FROM TECHNOLOGY, INCLUDING, AND NOT LIMITED TO, DAMAGES FOR SAFETY INTRUSIONS, VIRUSES, ERRORS, FRAUDS, NETWORK INTERRUPTIONS, DELAYS IN SERVICES, ELECTRONIC LINKS AND ANY OTHER TECHNICAL ERRORS.
IN NO EVENT SHALL ALL BITNIK’S RESPONSIBILITY FOR LOSS, DAMAGE AND OTHER CONSEQUENCES (LIABLE FOR CONSEQUENTIAL DAMAGES, TAXATION CLAIM (INCLUDING, BUT NOT LIMITED TO, NEGLIGENCE) OR ANY OTHER REQUIREMENTS) UNDER THE CONDITIONS OF THESE TERMS, EXCEED ONEHUNDRED (100,00) EUROS.
Conflicts of interest
Bitnik offers and ensures the exchange of EUR into several different cryptocurrencies to a number of different customers, so there may be a conflict of interest between the Bitnik customers themselves. Bitnik has set up and implements appropriate measures for identifying and preventing conflicts of interest whose occurrence could harm the interests of the clients.
The protection of personal and confidential information is defined in the Personal Data Protection Policy.
4. FINAL PROVISIONS
Delay and outstanding customer obligations
In the event of a delay in payment of any outstanding and unsettled obligation under these or in connection with these Terms and the contracts, the Client is obliged to pay Bitnik a legally deferred interest. With regard to the payment and the calculation of default interest, the client irrevocably permits Bitnik to execute in his account up to the amount of outstanding liabilities together with the manipulative costs incurred.
Consent of the client
(1) By signing the Application for the establishment of a business relationship Client expressly agrees with these Terms. If the client has provided the address of his e-mail to Bitnik and conclude an Exchange contract, then client consequently agrees to follow Bitnik’s webpage in regard of possible changes and updates of Bitnik’s documents and procedures.
(1) In the event that Bitnik, by modifying or supplementing these Terms and Contracts, does not significantly interfere with the rights and obligations of the Client from the contractual relations according to these or in connection with these Terms, Bitnik shall have the right to unilaterally amend or supplement these Terms.
(2) In the event that the Bitnik changes the name of the website specified in these Terms, this shall not be considered as a change in Terms. In this case, Bitnik will ensure the appropriate link to the new website.
(3) Informing the client about changes in the Terms via the Bitnik’s web site is possible if the following conditions are met:
● the client has access to the Internet, which is proven by providing Bitnik with the appropriate e-mail address to which it will receive Bitnik’s notifications;
● Bitnik informs the client via email about the address of the website and the site where this information is accessible;
● information published on the Bitnik’s website is up-to-date and accurate;
● information published on the Bitnik’s website is available to clients continuously.
Complaint proceedings and judicial settlement of disputes
Any disagreement, dispute or claim from relations between the Bitnik and the client arising from the provision of services referred to in Article 1 of these Terms and from contracts that Bitnik and the Client will not resolve by agreement or by negotiation shall be resolved at the District court in Ljubljana.
Communication with clients
Bitnik communicates with clients in the Slovene language. In case of communication with the rest of the world, the English language is used. The modes of communication used between the Bitnik and the client are: personally in the branch office, in writing by e-mail, orally by telephone and through the media for informing the public (alias, Bitnik’s website and daily newspapers that are published in the territory of the Republic of Slovenia). Bitnik sends the reports, accounts and contracts to the customer by e-mail.
Right and validity
(1) These Terms and contractual relations and relations to them shall be judged according to Slovenian law.
(2) These Terms shall enter into force on 3.1.2018. On that date, the Terms from June 16, 2017 will expire. Changes of the Terms are accepted by the Director of Infra-Investments d.o.o..
Ljubljana, February 2020
Infra-Investments d.o.o., Dunajska cesta 136, 1000 Ljubljana