As used herein:
"Company", "CoinSwitch", "Ourselves", and “We” refers to the owners, operators, employees,directors, officers, agents, insurers, suppliers, and attorneys of the Platform.
"Client", "Customer", "User", "You" and "Your" refers to you, including any person or a businessentity whether any individual, firm, corporation etc.
"Party" refers to either You or Us and "Parties" refers to You and Us collectively, as the context mayrequire.
"Virtual Currency" or "VCs" refers to cryptocurrencies, i.e., digital money, which is issued andusually controlled by its developers, and used and accepted among the members of a specific virtualcommunity, including but not limited to Bitcoins, NEO, Ether, Litecoin, Ripple, Dash, etc. The usageof terms “Virtual Currency” or “VC” herein shall include only those virtual currencies that theCompany in its sole discretion, decides to facilitate through the Platform.
You represent and warrant that you (a) are at least 18 years old and competent to form a bindingcontract under applicable law, (b) are an individual, legal person or other organization with full legalcapacity and authority to enter into these Terms, and (c) have not previously been suspended orremoved from using our Services and/or the Platform and /or any other platform owned / operated bythe Company. If you are entering into these Terms on behalf of a legal entity of which you are anemployee or agent, you represent and warrant that you have all necessary rights and authority to bindsuch legal entity.
1.1 CoinSwitch Kuber is an online digital cryptocurrency exchange aggregation platform for Virtual Currencies also known as VC, tokens, digital tokens or cryptographic currency. The Platform provides access to an online digital assets exchange that currently facilitates:
online trading of VCs including their sale and purchase (either using fiat currency or another form of VC);
transfer of funds from a User’s Kuber Wallet into its linked bank account and vice versa, and;
online storage of VC owned by the Users
(the " Services ").
1.2 CoinSwitch is neither the creator nor the administrator of any Virtual Currency. It merely acts as an aggregator and technology intermediary between the User and the various VC exchanges across the globe through external platforms and APIs.
2.2 The information we request may include certain personal information, including, but notlimited to:
Personal Information like your name, address, telephone number, e-mail address, date ofbirth;
Government authorised identification card like PAN card, passport etc., as may be requiredby the Company;
User’s bank account details, such as the name of the bank, the account type, accountnumber etc.
2.3 The Company may use your information to: a) provide Services; b) identify the User; c)process transactions; d) send periodic emails with updates, promotions, company news, andnotices regarding changes to policies; e) customize, measure, and improve CoinSwitch’sService and the content of the Platform; f) ensure compliance with applicable laws and preventpotentially prohibited or illegal activities etc.
2.4 Notwithstanding anything contained in these Terms, the Company shall be free to transfer/disclose any information shared by the User with the Company, to a third party for provisioningof Services or as may be required under applicable laws. You authorize us to make theinquiries, whether directly or through third parties, that we consider appropriate, in our solediscretion, to verify your identity or protect you and/or us against fraud or other financialcrimes, and to take action we reasonably deem necessary based on the results of such inquiries.
2.5 You hereby agree that You shall not use the Platform or our Service, in connection with anyactivity violating any law, statute, ordinance, or regulation of any jurisdiction. Further, Youshall not exchange VCs using the Platform that are obtained through illegal / unlawful activitiesand You will also not use the Service to perform any illegal activity of any sort, in anyjurisdiction, including but not limited to, money laundering, illegal gambling operations,terrorist financing, or malicious hacking.
2.6 Source of VCs exchanged by You is not known to CoinSwitch and You hereby agree to ensurethat it always comes from legitimate sources. You are required to notify CoinSwitchimmediately of any unauthorized use of the Platform or Service or Your Kuber Account thatYou may become aware of, by way of an email addressed to email@example.com. The Userwho violates these Terms will get notified to the concerned authorities or get restricted fromaccessing the Platform and/or any other platform / service provided by the Company, atCompany’s discretion. Further, such Users violating these Terms shall also be held liable andresponsible for losses incurred by Company or any User of the Platform.
2.7 CoinSwitch only acts as an information intermediary and a technology aggregator of variousVirtual Currency exchanges. In case of any technical or manual error including but not limitedto downtime and /or unavailability of on CoinSwitch Kuber, the Company will take reasonablesteps to restore the Platform. If such correction creates a liability on You, you will be requiredto incur that liability.
2.8 You hereby acknowledge and agree that you currently do not have more than one CoinSwitchKuber Account.
2.9 We have the right to disable your access to Your Kuber Account or any part of it, at any time, ifin our reasonable opinion you have failed to comply with any of the provisions of these Termsincluding without limitation applicable laws.
2.10 You are responsible for maintaining the confidentiality and security of Your Kuber Account,password, activities that occur in or through Your account and for restricting access to Yourcomputer or mobile, as the case may be, to prevent unauthorized access to Your Kuber Account.You agree to accept responsibility for all activities that occur under Your Kuber Account or dueto your failure to protect the password. You should take all necessary steps to ensure that thepassword is kept confidential and secure and should inform us immediately if You have any reason to believe that Your password has become known to anyone else, or if the password isbeing, or is likely to be, used in an unauthorized manner.
3.1 Upon activation of your Kuber Account, we will provide you with a wallet service (“Wallet”).The Wallet will enable you to buy or sell VC along with a separate Wallet for receiving orstoring the Virtual Currency. We reserve the right to refuse to execute any order and/ortransaction initiated by you, if they are in contravention to the ‘Anti Money Laundering Policy’or to comply with directions of appropriate enforcement authorities.
3.2 Terms of Wallet
A User can purchase VC either in exchange of another VC or in exchange of fiat currencyi.e. INR (Indian Rupee) using CoinSwitch’s partner exchanges through the Platform. Anydenominated sale proceeds will also be credited into this Wallet, less the applicable Fee, inINR. You are not entitled to any interest on the funds held in the Wallet.
In order to purchase Virtual Currency on the Platform, you will be required to transfer fiatcurrency from your linked bank account to your Wallet. Your Wallet will reflect fiatcurrency transferred to it within 7 (seven) working days of such transfer being initiated,subject to any delays in the relevant banking channels and/or other legal impediments.
You may withdraw the funds held in your Wallet, by making a formal request to transfersuch funds into the linked bank account, through the Platforms at any time (“WithdrawalRequest”). The Company will endeavour to settle each Withdrawal Request within 7(seven) working days of such request being made, subject to any delays in the relevantbanking channels and/or other legal impediments.
You are not permitted to transfer, store or receive any VC not supported by our Platforms.You acknowledge that the Company shall not be liable for any losses suffered by you inconnection with your attempt to transfer, store or receive digital assets in contravention ofthis Clause and /or the Terms.
CoinSwitch will process Wallet transactions according to your instructions. You accept andagree that we do not:
You are responsible for maintaining the confidentiality and security of Your Wallet and allactivities that occur in or through Your Wallet and for restricting access to Your computer ormobile, as the case may be, to prevent unauthorized access to Your Wallet. You agree toaccept responsibility for all activities that occur under Your Wallet whether initiated by you ornot. You should take all necessary steps to ensure that the password is kept confidential andsecure and should inform us immediately if You have any reason to believe that Yourpassword has become known to anyone else, or if the password is being, or is likely to be,used in an unauthorized manner.
The Company may suspend the account, trading service, Your Kuber Account, Your wallets,deposit, and withdrawals due to unforeseen situations, change of law, force majeure ormaintenance and you acknowledge that your access to the funds for the period of time may belimited or restricted and market conditions may differ on the completion of such events. Youaccordingly understand and acknowledge that the Company shall have no liabilities orobligations arising from such events beyond the control of the Company.
4.1 CoinSwitch has zero tolerance towards use of its Services for any illegal purpose. Any such abuse by any User shall result in forthwith restriction of access and reporting of such activities to concerned regulatory and statutory authorities. CoinSwitch shall report all suspicious activities to the concerned authorities to ensure initiation of investigation and prosecution against You, if required.
4.2 In connection with your use of Services and/or Platform, You hereby agree that you will not:
violate (or assist any other party in violating) any applicable law, statute, ordinance, or regulation;
intentionally try to defraud (or assist in the defrauding of) the Company or any other User;
provide false, inaccurate, or misleading information;
trade taking advantage of any technical glitch, malfunction, failure, delay, default, or security breach;
take any action that interferes with, intercepts, or expropriates any system, data, or information;
partake in any transaction involving the proceeds of illegal activity;
attempt to gain unauthorized access to other user accounts, the Services, or any related networks or systems;
use the Services on behalf of any third party or otherwise act as an intermediary between CoinSwitch and any third parties;
use the Services to engage in conduct that is detrimental to Company or to any other user or any other third party;
collect any user information from other users, including, without limitation, email addresses;
defame, harass, or violate the privacy or intellectual property rights of the Company or any other user; or
upload, display or transmit any messages, photos, videos or other media that contain illegal goods, pornographic, violent, obscene or copyrighted images or materials for use as an avatar, in connection with a payment or payment request, or otherwise.
In addition, you agree not to: a) use circumvention or obfuscating technologies to mask their IP addresses or to hide transaction details; b) create or circulate any technologies which violate, or which would facilitate other users to violate the terms hereof including for masking IP addresses or to obfuscate transaction details; c) misrepresent, misinform or misguide CoinSwitch in any manner; d) to upload or transmit viruses or any other type of malicious code that will or may be used in any way that will affect the functionality or operation of the Service or of any related website, other websites, or the internet.
4.3 CoinSwitch reserve the right to investigate and/or take appropriate action against you in oursole discretion if you engage in prohibited activities or violate any other provision of theseTerms or otherwise create liability for us or any other person. Such action may include, in oursole and absolute discretion, terminating your Kuber Account, reporting you to lawenforcement authorities without providing any notice to you about any such report andconfiscating any balance remaining in the Kuber Account which has been terminated.
4.4 Users are cautioned against undertaking any suspicious activity on or through the Platform orServices. In the event of any suspicious or large transactions being undertaken by you,CoinSwitch shall have the right but not the obligation to verify such activity by sharing Your IPaddress and other KYC details with the relevant authority, and if required, suspend thetransactions or freeze your access.
5.1 Trading on the Platform is subject to payment of a fee on each transaction executed / facilitatedthrough the Platform.
5.2 The deposit of digital assets in the CoinSwitch Kuber wallet is free of charge. Deposit of fiatcurrency through credit card, debit card, or net banking will be subject to a transaction fee. Youmay be charged a fee on the withdrawal of the digital asset from Your Wallet. Deposits andwithdrawals of digital assets or fiat currency will be subject to such limit as may be notified onthe Platform from time to time.
It is Your responsibility to determine, collect, report, and submit any/all taxes applicable to thepayments and/or your digital assets you make or receive in connection with the use of the Platform and the Service to the appropriate tax authority. CoinSwitch is not responsible fordetermining whether taxes apply to your transaction, or for collecting, reporting or remittingany taxes arising from any transaction undertaken via the Platform or Services.
7.1 You understand that CoinSwitch collects information with respect toyour VC wallet addresses,Transactions and your IP address. CoinSwitch does not in any way obscure the information thatit does request or obtain. Due to the inherent transparency of blockchains of VCs, transactionsto and from the Platform and Services are public, and may be disclosed by Us, to any thirdparty, including but not limited to government regulators.
7.2 Know Your Customer Requirements: We are committed to protecting our Users from fraud,scam and other such financial crimes. In order to prevent such activities, it is necessary to takemeasures to verify the identity of the customer and authenticity of the transactions. You agree toshare personal information including, but not limited to, your name, e-mail address, contactinformation, Government issued ID etc as may be requested from time to time. The Know YourCustomer (KYC) details may be requested by CoinSwitch independently as per its owndiscretion or upon receipt of a request from a VC exchange or any law enforcement authority orunder any law. The KYC information will be used, specifically for detection of moneylaundering, terrorist financing, fraud and various other related financial crimes through theCoinSwitch Kuber Platform and / or Services. You also authorise us to make inquiries, eitherdirectly or through third parties, that are deemed necessary for this purpose. CoinSwitch mayalso use third party services to collect User’s KYC information.
7.3 We may also place cookies on Your device while You access the Platform and/or the Services.Cookies collect User information including Platform usage, visits to the Platform and otherUser generated information. Cookies allow Users to navigate from page to page without havingto re-login each time, count visits, and see which areas and features of the Platform are popular.
7.4 Any sensitive information in these cookies are encoded so that only CoinSwitch can interpretthe information stored on them. The cookies are placed for the following purposes:
Recognize You as a CoinSwitch Kuber User,
Collect information about Your computer / mobile device to mitigate risk and help prevent fraud,
Customize Your experience, content, and advertising, and
Measure promotional effectiveness.
7.5 CoinSwitch may also uses third party analytical tools to collect data about the usage of thePlatform or Services. The information collected identifies the types and timing of actions taken,including installation, registration, uploading, and certain types of navigation. All thisinformation is used internally for the purpose of understanding how the Platform is being usedand to improve the same.
7.6 You hereby agree and provide your consent to receive all communications at the telephone number and e-mail address provided, even if this telephone number is registered under DND/NCPR list under TRAI regulations. And for that purpose, you further authorize Company to share/disclose the information to any third party service provider or any affiliates, group companies, their authorised agents or third-party service providers.
The use of the Platform and the Service may entail the following risks:
8.1 Virtual Currency transactions are irreversible after they hit the network and once a transactionis initiated by you, it can neither be cancelled, modified nor reversed by Us.
8.2 The values of VCs are highly volatile and tends to fluctuate, due to which there may be anincrease or decrease in the value of the VC You receive after conversion. VCs are subject tolarge swings in value and may even become worthless. There is always an inherent risk oflosses associated with buying, selling, or trading in VCs. It is also possible that the valuationand price of VC changes after the transaction has been initiated by You or while the transaction,and You are hereby advised of the same. Value of a VC is subject to market change, under nocircumstance shall CoinSwitch be liable for any such changes or fluctuations whether before,during or after the transaction.
8.3 VCs are as yet autonomous and largely unregulated worldwide system of value transferbetween private parties. It is not backed by any government or commodities and hence may besusceptible to risks not generally associated with other forms of legal tenders.
8.4 As VC is digital asset managed by a peer-to-peer system of networks, there is also the risk ofloss of confidence in VC trading. The valuation of VCs is based on a supply and demandeconomy model.
8.6 You should carefully assess whether your financial situation and tolerance for risk is suitablefor buying, selling, or trading VCs.
Unless otherwise specified, all content, design, graphic symbols etc (“Materials”) on this Platform are the property of the Company and are protected by copyright, trademark, and other applicable laws. You may view, print, and/or download a copy of such Materials on any single computer solely for Your use, provided You keep intact all copyright and other proprietary notices. The trademarks, service marks, and logos of CoinSwitch and others used in this Platform (" Trademarks ") are the property of the Company and their respective owners. The software, text, images, graphics, data, prices, trades, charts, graphs, video, and audio used on this Platform belong to Company. The Trademarks and Materials should not be copied, reproduced, modified, republished, uploaded, posted, transmitted, scraped, collected or distributed in any form or by any means, whether manual or automated. The use of any such Materials on any other website or networked computer environment for any other purpose is strictly prohibited; any such unauthorized use may violate copyright, trademark, and other applicable laws and could result in criminal or civil legal actions and penalties.
10.1 Users of this Platform are responsible for their actions in connection with the use of thePlatform and/or Service.
10.2 CoinSwitch is not responsible for the outcome, whether positive or negative, of any action performed by any of its Users within or related to the Platform / Service.
10.4 User shall not invest in VCs under any assumption of high earnings or profits. VCs being digital assets issued by private entrepreneurs are subject to market risks and volatile pricing, which may even render them worthless. Users are therefore cautioned of the inherent risks involved in procuring VCs.
10.6 In the event a User resides in any such jurisdiction where transactions in VCs is prohibited,Users shall not use the Platform and/or the Services to conduct any transaction in VCs. If suchtransgression is brought to the notice of CoinSwitch, the Company shall forthwith restrict youraccess and use of the Platform / Service. Users are therefore duly warned against availingPlatform and / or Services, where there is a specific ban against the transactions envisaged andoffered by CoinSwitch. The Parties agree that the Users shall be solely responsible for ensuringcompliance with the above duty and responsibility to follow the laws of the country of residence and India.
10.7 These Terms are subject to confirmation by the Government of India, of the legality of dealingin VCs and in the event that the Government of India were to hold such dealing to be invalid orillegal in India, this agreement shall stand automatically terminated without further notice toUser. CoinSwitch has given full disclosure of the current Government and regulatory statuswith respect to VCs in India and the risk involved in dealing with or investing in the same. Byaccessing the Platform and/or the Services, You are deemed to have understood, agreed to andaccepted the risk and costs with respect to the same including but not limited to loss / seizure ofYour Wallet and/or VCs.
11.2 Our business model, and our Service, consists of facilitating the buying and selling of VCs in an unregulated yet responsible, international open payment system. The Service we provide is currently unregulated within India.
13.2 CoinSwitch has no control over the generation, distribution, retention, or termination of VCs. CoinSwitch does not control market volatility of VCs. It merely acts as a technology intermediary for the services offered, which are more fully set out herein above.
13.3 CoinSwitch does not provide any warranty of any kind, either express or implied. Services andthe Platform and any information or content contained therein is provided on an “as-is” and “asavailable” basis. User avails of the Services and / or dealing in VCs does so at their own riskand with full disclosure of possible wiping out of the entire holding or valuation, in the event ofthe occurrence of any of the risk factors including but not limited to changes in regulatory orlegal position in India or restrictions that may be placed on CoinSwitch, it is hereby expresslydeclared that CoinSwitch offers no warranty of any kind regarding the Platform or the Servicesor Your Kuber Account or Wallet.
13.4 Caution by RBI : The Reserve Bank of India (" RBI ") has issued multiple circulars cautioning users regarding the risks involved with respect to VCs. Users in India shall therefore avail of the Services and access the Platform subject to the above caution issued by the RBI and solely at their own risk.
13.5 Sanctions: By accessing and using the Services and / or the Platform and / or any part thereof, you represent and warrant that you are not on any trade or economic sanctions lists, such as the UN Security Council Sanctions list, designated as a “Specially Designated National” by OFAC (Office of Foreign Assets Control of the U.S. Treasury Department) or placed on the U.S. Commerce Department’s “Denied Persons List” , Cuba, Iran, North Korea, Crimea, Sudan, Syria. You are required to ensure that your jurisdiction permits lawful trading in VCs. In the event that it doesn’t, please discontinue the use of the Service or the Platform immediately.
13.6 Compliance with Applicable Laws: CoinSwitch does not encourage the violation of any lawsand cannot be held responsible for violation of such laws in any jurisdiction of the world. It isyour responsibility to follow the laws of your country of residence and/or country from whichyou access this Platform or Services and shall indemnify CoinSwitch from any breach of thisobligation by you.
13.7 You acknowledge and agree that CoinSwitch will have no obligation to provide you with any support or maintenance in connection with the Services.
13.8 You acknowledge that all the intellectual property rights, including copyrights, patents,trademarks, and trade secrets, in the Services and its content are owned by CoinSwitch or itssuppliers. Neither these Terms(nor your access to the Services) transfer to you or any thirdparty any rights, title or interest in or to such intellectual property rights, except for the limitedaccess rights expressly set forth in the Terms. CoinSwitch and its suppliers reserve all rights not granted in these Terms. There are no implied licenses granted herein whatsoever..
14.1 You may terminate this agreement with Us, at any time, following settlement of any pending transactions.
14.3 We may, in appropriate circumstances and at our sole discretion, initiate the above actions for any reason, including without limitation:
Attempts to gain unauthorized access to the Platform or providing assistance to others’ attempting to do so;
Usage of the Service to perform illegal activities such as money laundering, illegal gambling operations, financing terrorism, or other criminal activities;
Failure to pay or fraudulent payment for transactions;
Unexpected operational difficulties; or
Upon the request of law enforcement or other government agencies.
To the full extent permitted by applicable law, you hereby indemnify and hold-harmlessCoinSwitch, and its affiliates, officers, directors, agents, employees, and suppliers against anyLosses, action, liability, cost, claim, loss, damage, proceeding or expense suffered or incurredfrom your use of the Platform and/or Service and/or from your violation of these Terms.
CoinSwitch reserves the right to change, add or remove or modify the Platform, the Service, theTerms, or any content therein, at any time, with or without notice, in its sole discretion.