As used herein, "Company", "CoinSwitch", "Ourselves", and “We” refers to the Platform and to its owners, operators, employees, directors, officers, agents, insurers, suppliers, and attorneys. "Client", "Customer", "User", "You" and "Your" refers to you, including any person or a business entity whether any individual, firm, corporation etc. "Party" refers to either You or Us and "Parties" refers to You and Us collectively. "Virtual Currency" or "VCs" refers to cryptocurrencies, i.e., digital money, which is issued and usually controlled by its developers, and used and accepted among the members of a specific virtual community, including but not limited to Bitcoins, NEO, Ether, Litecoin, Ripple, Dash, etc.
Terms of Service:
- CoinSwitch is neither the creator nor the administrator of any Virtual Currency. It merely acts as an aggregator and intermediary between the User and the various virtual currency exchanges across the globe through External Platforms and APIs.
- Eligibility: You represent and warrant that you (a) are at least 18 years old and competent to form a binding contract under applicable law, (b) are an individual, legal person or other organization with full legal capacity and authority to enter into these Terms, and (c) have not previously been suspended or removed from using our Services. If you are entering into these Terms on behalf of a legal entity of which you are an employee or agent, you represent and warrant that you have all necessary rights and authority to bind such legal entity.
- Fee: All kinds of fees are included in the quantities shown to You during the comparison of rates across the VC exchanges. All payments towards fee shall be made by way of VCs only.
- CoinSwitch has no control over the generation, distribution, retention or termination of VCs. CoinSwitch does not control the market volatility of VCs. It merely acts as an intermediary for the services offered, which are more fully set out hereinabove.
- CoinSwitch does not provide any warranty of any kind, either express or implied. Services and the Platform and any information or content contained therein is provided on an “as-is” and “as available” basis. User avails of the Services and / or dealing in VCs does so at their own risk and with full disclosure of possible wiping out of the entire holding or valuation, in the event of the occurrence of any of the risk factors including but not limited to changes in regulatory or legal position in India or restrictions that may be placed on CoinSwitch, it is hereby expressly declared that CoinSwitch offers no warranty of any kind regarding the Platform or the Services.
- Caution by RBI: Users are hereby also duly cautioned that presently in India, VCs including Bitcoins, as a medium for payment are not authorized by any central bank or monetary authority of India. The Reserve Bank of India ("RBI") has issued two circulars, in 2013 and again in 2017, 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.
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” or you are in Cuba, Iran, North Korea, Crimea, Sudan, Syria, Afghanistan, Pakistan and the United States of America (including all USA territories like Puerto Rico, American Samoa, Guam, Northern Mariana Island, and the US Virgin Islands St. Croix, St. John and St. Thomas). You are also 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.
- Compliance with Applicable Laws: CoinSwitch does not encourage the violation of any laws and cannot be held responsible for violation of such laws in any jurisdiction of the world. It is Your responsibility to follow the laws of Your country of residence and/or country from which You access this Platform or Services and shall indemnify CoinSwitch from any breach of this obligation by You.
- Know Your Customer Requirements: We are committed to protecting our Users from fraud, scam and other such financial crimes on the Platform. In order to prevent such activities, it is necessary to take measures to verify the identity of the customer and the authenticity of the transactions. You agree to share personal information including, but not limited to, your Name, Email Address, Contact Information, Telephone Number, Username, Government Issued ID, Date of Birth, Photographs, Source and Ownership of Funds and other information as per the specific requirements of CoinSwitch and as may be specified to you from time to time. The Know Your Customer (KYC) details may be requested by CoinSwitch independently as per its own discretion or upon receipt of a request from a VC exchange or any Law Enforcement Authority. The KYC information provided to us can also be shared with the relevant VC exchange and/or the Law Enforcement Authorities. The KYC information will be used, specifically for detection of money laundering, terrorist financing, fraud, and various other related financial crimes through the CoinSwitch Platform and/or Services. You also authorize us to make inquiries, either directly or through third parties, that are deemed necessary for this purpose. CoinSwitch may also use third-party services to collect User’s KYC information.
- Prohibited Use: In addition to other prohibitions as set forth in the Terms, You are prohibited from using the Platform or Services: (a) for any unlawful purpose; (b) to solicit others to perform or participate in any unlawful acts; (c) to violate any international, federal, provincial or state regulations, rules, laws, or local ordinances; (d) to infringe upon or violate our intellectual property rights or the intellectual property rights of others; (e) to harass, abuse, insult, harm, defame, slander, disparage, intimidate, or discriminate based on gender, sexual orientation, religion, ethnicity, race, age, national origin, or disability; (f) to submit false or misleading information; (g) 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; (h) to collect or track the personal information of others.
It is Your responsibility to determine, collect, report, and submit any/all taxes applicable to the payments You make or receive in connection with the use of the Platform and the Service to the appropriate tax authority. CoinSwitch is not responsible for determining whether taxes apply to Your transaction, or for collecting, reporting or remitting any taxes arising from any transaction undertaken via the Platform or Services.
CoinSwitch collects information with respect to Your VC wallet addresses, Transactions, and Your IP address. CoinSwitch does not in any way obscure the information that it does request or obtain. Due to the inherent transparency of blockchains of VCs, transactions to and from the Platform and Services are public, and maybe disclosed by Us, to any third party, including but not limited to government regulators.
We may also place cookies on Your device while You access the Platform. Cookies collect User information including Platform usage, visits to the Platform and other User-generated information. Cookies allow Users to navigate from page to page without having to re-login each time, count visits, and see which areas and features of the Platform are popular.
Any sensitive information in these cookies are encoded so that only CoinSwitch can interpret the information stored on them. The cookies are placed for the following purposes:
- Recognize You as a CoinSwitch User,
- Collect information about Your computer to mitigate risk and help prevent fraud,
- Customize Your experience, content, and advertising, and
- Measure promotional effectiveness.
CoinSwitch may also use third-party analytical tools to collect data about the usage of the Platform or Services. The information collected identifies the types and timing of actions taken, including installation, registration, uploading, and certain types of navigation. All this information is used internally for the purpose of understanding how the Platform is being used and to improve the same.
You are advised to not utilizing CoinSwitch to obscure transactions or assets in any way. Law enforcement has full access to blockchain information with respect to VCs that go in or out of CoinSwitch’s system. You accept that CoinSwitch will comply with all legal requests for information and reserves the right to share the information shared by You in its sole discretion.
The use of the Platform and the Service may entail the following risks:
- Virtual Currency transactions are irreversible after they hit the network and once a transaction is initiated by You, it can neither be canceled, modified nor reversed by Us.
- The values of VCs are highly volatile and tends to fluctuate, due to which there may be an increase or decrease in the value of the VC You receive after conversion. VCs are subject to large swings in value and may even become worthless. There is always an inherent risk of losses associated with buying, selling or trading in VCs. It is also possible that the valuation and price of VC changes after the transaction has been initiated by You or while the transaction and You are hereby advised of the same. Under no circumstance shall CoinSwitch be liable for any such changes or fluctuations.
- VCs are an as-yet autonomous and the largely unregulated worldwide system of value transfer between private parties. It is not backed by any government or commodities and hence may be susceptible to risks not generally associated with other forms of legal tenders.
- As VC is digital cash managed by a peer-to-peer system of networks, there is also the risk of loss of confidence in VC trading. The valuation of VCs is based on a supply and demand economy model.
You should carefully assess whether Your financial situation and tolerance for risk is suitable for buying, selling or trading VCs.
Limited Right of Use:
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.
Each User shall ensure compliance with the following terms while availing or accessing the Platform or the Service:
- By accessing the Platform, You agree to provide Company with current, accurate, and complete information about Yourself, and to keep such information updated. You further agree that You will not use or trade in VCs using VCs than Your own, and obtained through legal channels and for legal purposes.
- If there is any suspicious activity related to the transaction undertaken by You via the Platform or Services, We may, but are not obligated, to request additional information from You, including authenticating documents and to freeze any transactions pending.
- You hereby agree that You shall not use the Platform or our Service, in connection with any activity violating any law, statute, ordinance, or regulation of any jurisdiction. Further, You shall not exchange VCs via using the Platform that is obtained through illegal activities and You will also not use the Service to perform any illegal activity of any sort, in any jurisdiction, including but not limited to, money laundering, illegal gambling operations, terrorist financing, or malicious hacking. Source of VCs exchanged by You is not known to CoinSwitch and You hereby agree to ensure that it always comes from legitimate sources.
- CoinSwitch only acts as an information intermediary and an aggregator of various virtual currency exchanges. In case of any technical or manual error that happens by CoinSwitch, the Company will, on a best-effort basis, take the steps to undertake the requisite corrections including the involved transactions and/or records and will intimate You about the correction in a timely manner. If such correction creates a liability on You, you will be required to incur that liability.
- In case, where a known and verified API client's user fund is flagged by CoinSwitch's internal system (not by the partner exchange) and the user refuses to perform the KYC verification, CoinSwitch will refund the funds within 72 hours of the user's response. CoinSwitch will refund the funds to the same address from which it was received. However, if a user requests to refund the funds to another address, then he/she will have to provide their KYC details. Additionally, if the funds are stopped with known reasons, then it won't be refunded directly to the user. In the case of a partner exchange stopping a user’s funds then the partner exchange will have the final say on the refund.
- You hereby acknowledge and agree that you currently do not have more than one CoinSwitch account.
Prohibition on Money Laundering / Illegal Activities:
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.
- Users shall not use circumvention or obfuscating technologies to mask their IP addresses or to hide transaction details.
- Users shall not 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.
- Users shall not misrepresent, misinform or misguide CoinSwitch in any manner. Users are hereby duly informed that We shall share all details with regulatory or legal authorities and the User shall be solely responsible for the correctness of the contents provided or for legal action for false or incorrect information furnished.
- Users are cautioned against undertaking any suspicious activity on or through the Platform or Services. 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 IP address and other KYC details with the relevant authority, and if required, suspend the transactions or freeze Your access.
- Notwithstanding the foregoing, if in CoinSwitch’s sole discretion, the source of any VC is illegal or suspicious, CoinSwitch reserves the right to retain and confiscate all VCs related to such illegal or suspicious activity.
Limitation of Liability:
- Users of this Platform are responsible for their actions in connection with the use of the Platform and Service.
- 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.
- 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.
- In the event that a User resides in any such jurisdiction where transactions in VCs is prohibited, Users shall not use the Platform or the Services to conduct any transaction in VCs. In the event that such transgression is brought to the notice of CoinSwitch, the Company shall forthwith restrict Your access to the Platform. Users are therefore duly warned against availing Platform and Services, where there is a specific ban against the transactions envisaged and offered by CoinSwitch. The Parties agree that the Users shall be solely responsible for ensuring compliance with the above duty and responsibility to follow the laws of the country of residence.
- This Agreement is subject to confirmation by the Government of India, of the legality of dealing in VCs and in the event that the Government of India were to hold such dealing to be invalid or illegal in India, this agreement shall stand automatically terminated without further notice to User. CoinSwitch has given full disclosure of the current Government and regulatory status with respect to VCs in India and the risk involved in dealing with or investing in the same. By accessing the Platform, You are deemed to have understood, agreed to and accepted the risk and costs of such investment.
Financial Regulation and Advice:
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.
You may terminate this agreement with Us, at any time, following the settlement of any pending transactions.
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.
Consequences of Termination:
Upon termination of this Agreement or earlier determination, the rendering of the Services shall stand immediately terminated by the Company and the User shall not be entitled to access or avail the Platform.
Modification of Terms: