The website and mobile app operated under the brand name – “CoinSwitch Kuber” (“Platform”) is owned and operated by Bitcipher Labs LLP, a limited liability partnership firm incorporated in India (“We”, “Us”, “Company” or “Our”, which expression shall mean and include its affiliates, successors and assigns).
THIS POLICY DESCRIBES OUR POLICIES AND PROCEDURES REGARDING THE MANNER IN WHICH YOU CAN USE YOUR CRYPTO CUSTODY WALLET, FIAT CURRENCY AND CRYPTO BEING BOUGHT AND SOLD BY YOU ON OUR PLATFORM .
IF YOU DO NOT AGREE WITH THIS POLICY, PLEASE DO NOT PROCEED FURTHER TO USE/ ACCESS THIS PLATFORM. ALSO, IN THE ABSENCE OF AN ACCEPTANCE OF THE POLICY BY YOU, WE WILL NOT BE ABLE TO PROVIDE THE SERVICES TO YOU.
1. User’s Crypto and Fiat Currency;
At the outset, for the purpose of buying or selling of Crypto, (a) You shall use only Indian Rupees to enter into such buy or sell trades where Cryptos are bought or sold with a fiat currency, and for such purpose You undertake to keep only that much Indian Rupees in Your Kuber Account which is required by You to execute immediate trades, and (b) provided this facility is provided by CoinSwitch, You shall keep (for the purpose of selling Cryptos on the Platform) and receive (as a result of purchase of Cryptos on the Platform) Cryptos (which You own and control in the territory of India) in the Crypto custody services provided by CoinSwitch either itself or through its technology partners / subcontractors. CoinSwitch may in its sole discretion permit or suspend or disable any inflow and/or outflow of Indian Rupees and/or Cryptos as part of its Services from Your CoinSwitch Crypto Custody Wallet and the verified account registered with CoinSwitch, subject to Your compliance with applicable law. At the time of updating of this Policy, CoinSwitch does not permit any wallet-to-wallet deposit or withdrawal of Crypots by its Users, and as and when CoinSwitch permits the same (including any conditions related to the same), CoinSwitch may notify the Users.
Terms of CoinSwitch Crypto Custody Wallet and in general the usage of Cryptos by User on the Platform:
Upon activation of Your Kuber Account and till such time your Kuber Account is active and valid, We will provide You with a facility to store Cryptos purchased by You on the Platform (“CoinSwitch Crypto Custody Wallet”). CoinSwitch either itself or through its technology partners / subcontractors may provide such a storage facility. The Cryptos stored in CoinSwitch Crypto Custody Wallet will be held in trust by Us as a custodian. The CoinSwitch Crypto Custody Wallet will enable you to buy or sell Crypto. We will provide you the details on Your Kuber Account of the Cryptos purchased or sold by You or standing in Your credit.
As to between CoinSwitch and the User, it is the User who is the possessor and owner of such User’s Crypto in the CoinSwitch Crypto Custody Wallet and title of the User’s Crypto shall be with the respective User. User is the sole person authorized to transfer the Crypto. All transactions of debit (selling Crypto) and credit (buying Crypto) are executed by You directly and the Platform merely enables the transaction with the help of technology and other value-added services (i.e. custodian service, CoinSwitch Crypto Custody Wallet service, Assured Quantity services, etc) for ease of transaction. It is clarified for abundant clarity that there is no transfer of title or possession that takes place between the User and the Platform / CoinSwitch. Any transfer is always between the User and the counter-party on the third-party Crypto exchange.
A User can purchase or sell Crypto in exchange of fiat currency i.e. INR (Indian Rupee) using the Platform. In the event of a purchase, Crypto is credited to the CoinSwitch Crypto Custody Wallet and accounted as credit in Your Kuber Account. In the event of a sale, Crypto is debited from the CoinSwitch Crypto Custody Wallet and accounted as debit in Your Kuber Account. You are not entitled to the payment of any interest or benefit on or that accrue to the Crypto held in the CoinSwitch Crypto Custody Wallet.
You agree that You shall not use the Crypto accounted for You in CoinSwitch Crypto Custody Wallet to buy/sell/transfer/trade any goods, services or products other than for availing Services through the Platform.
In the event the option is made available to You to transfer your Cryptos accounted for You in CoinSwitch Crypto Custody Wallet to any external Crypto Custody Wallet, You hereby agree that You shall not transfer/transmit the Crypto accounted for you from CoinSwitch Crypto Custody Wallet to any other Crypto wallet belonging to a person resident outside India. In the event the option is made available to You to receive Cryptos from any external Crypto wallet to the CoinSwitch Crypto Custody Wallet (and get accounted / credited in Your Kuber Account), You hereby agree that such Cryptos shall not be received from a person resident outside India.
Source of Cryptos exchanged / credited / debited by You on the Platform is not known to CoinSwitch and You hereby agree to ensure that it always comes from legitimate sources within India. You are required to notify CoinSwitch immediately of any unauthorized or illegal use of Your Kuber Account.
In the event that any Cryptos are erroneously credited in the Kuber Account of the User or, if and when permitted, in the CoinSwitch Crypto Custody Wallet, the User is bound to report the same and to arrange to refund or transfer it. The failure to do so would amount to a material breach and entitle CoinSwitch to additional rights and remedies under applicable laws.
Terms of Fiat Currency Use
In order to purchase Crypto on the Platform, You will be required to keep fiat currency in Indian Rupees in Your Kuber Account by transferring it from Your own bank account. The Platform will reflect fiat currency transferred from Your own bank account in your Kuber Account, subject to any delays in the relevant banking channels, payment gateways and/or other legal impediments. You may withdraw the fiat currency funds reflecting under your tradable balance on your Kuber Account on the Platform, by making a formal request to transfer such funds into your own bank account, through the Platform at any time (“Withdrawal Request”). CoinSwitch will endeavor to process each Withdrawal Request, subject to any delays in the relevant banking channels, payment gateways, and/or other legal impediments.
For the aforesaid limited purpose, You hereby appoint CoinSwitch as your duly authorized payment collection agent to whom the payment is due, and You agree and understand that CoinSwitch does not operate a payment system.
When You make a fiat currency top-up or transfer the fiat currency from Your banking account to Your Kuber User Account and if the top-up / transfer is later invalidated for any reason, CoinSwitch is not liable to you to any extent and you have no recourse against CoinSwitch. This means that, in addition to any other liability, You will be responsible for the amount of the top-up, plus applicable fees if You lose a claim or a chargeback, or if there is a reversal of the top-up. If You or the owner of the funding source of a top-up later disputes the top-up or files a claim for a chargeback, the debit or credit card issuer or the originating bank, or CoinSwitch, will determine whether the dispute is valid and to whom payment is due. You agree to allow CoinSwitch to recover any amounts due to Us by debiting your fiat currency balance. If there are insufficient funds in your account to cover your liability, you agree to reimburse CoinSwitch through other means. If CoinSwitch is unable to recover the funds from your primary funding source, We may attempt to contact you and/or recover the funds from your alternate funding sources, or may take other legal actions to collect the amount due, to the extent allowed by applicable law. In addition, We may suspend or terminate your access to the Platform and/or Services. Any fiat currency funds paid by you on the Platform are an advance for services and must be utilized within 360 days, failing which the funds will be returned to Your original banking source. In case we are unable to return the funds with reasonable efforts, we have no option but to forfeit the amount with intimation to you.
Transfers or withdrawals of fiat currency or Cryptos (to the extent permitted on the Platform from time to time) may be subject to such restrictions and limits as may be notified on the Platform from time to time.
We reserve the right to block any person from making bank transfers if there are reasonable grounds to believe that the same is not in accordance with applicable law and/or it is suspicious that the User is misusing or fraudulently transacting. We may report such suspicious activities to the concerned statutory/law enforcement agencies.
Any fiat currency withdrawal found to be suspicious will be held back and reversed. The fiat currency facility will also be suspended for operations and no transactions will be possible pending an investigation. A notification might be given to you if you are the subject of an investigation. If you are able to provide a justification for the withdrawal to the satisfaction of CoinSwitch, Your account may be removed from suspension and you would be free to transact. In the case of no information being provided by you for a suspended Kuber Account – the account will continue to be suspended till its validity.
2. Terms for buying or selling of Cryptos:
Instant Orders and Limit Orders:
You have the option to place buy / sell orders using either limit orders or instant orders. In a limit order, you specify the exact price at which the order is to get executed (whether or not that is the market price at the time you place the order), whereas in an instant order, you choose to immediately buy or sell based on the price displayed on the Platform at the time you place the order.
Assured Quantity Services for Instant orders:
CoinSwitch is providing the User with the value added service of Assured Quantity Service. Under this service, CoinSwitch assures You of the quantity and price provided on the Platform for Instant Orders irrespective of the market deviation, in exchange for a service fee.
Parties specifically agree that CoinsSwitch is not a representative agent of the User but rather executes specific Crypto transactions on the instructions of the User for the price confirmed by the User.
CoinSwitch aggregates and provides the last traded price of Crypto on various third-party Crypto exchanges and thereby, enables buying / selling of Cryptos for and on the specific instructions of its Users. The User is provided with the estimation of Cryptos to be bought/sold in exchange for their Indian Rupee (INR) balance.
The User gives specific instructions to CoinSwitch for the quantity of Cryptos to be bought / sold through the platform. CoinSwitch undertakes trades on the third party Crypto exchange on the instructions of the User to close trades of a specific quantity of Crypto. The CoinSwitch algorithm provides the price for a specific quantity of Crypto based on various factors like high volatile nature and fluctuations in the Crypto market, exchange fees etc. The User is aware that the specific price shown on the CoinSwitch platform is based on algorithms which may change on the execution of trade on third-party Crypto-exchanges. The details of the actual execution of the transaction will be provided in the Contract Note issued by CoinSwitch to the User.
The User hereby authorizes CoinSwitch to execute multiple inter related trades and transaction legs on third party Crypto exchanges to achieve the assured quantity. The User further authorizes CoinSwitch to provide the assured quantity and retain any excess quantity of Crypto or INR as service fee for the Assured Quantity Service. Conversely, CoinSwitch shall be liable to make good to the User any shortfall quantity of Crypto or INR on account of any market deviation.
You understand that CoinSwitch Kuber uses an algorithm to determine the price of Crypto and provides Assured Quantity Service. You consent to Coinswitch Kuber absorbing any negative deviation and retaining any positive deviation of price variation under this Assured Quantity Service. The Contract Note issued by CoinSwitch to You will provide the details of the transactions executed under Your instruction. You understand that the Contract Note, Your Indian Rupees and Crypto balances in Your Kuber Account provides details of the account or record and ledger available with CoinSwitch regarding the transaction history and express authorization for the Assured Quantity Services and retention of excess quantity as service fees.
You must ensure the availability of sufficient balance of Cryptos in the credit in Your Kuber Account before executing any transaction from the CoinSwitch Crypto Custody Wallet.
In case of any dispute relating to the time of reporting and/ or transaction/s made on the CoinSwitch Crypto Custody Wallet or any other matter in relation to the said CoinSwitch Crypto Custody Wallet, We reserve the right to ascertain the time and/ or the authenticity of the disputed transaction.
In seeking to fulfill the completion of a single trade by a User (i.e. a buy or a sell order), at times CoinSwitch may have to execute multiple inter related trades (either ‘fiat currency to Crypto’ or ‘Crypto to Crypto’) on different third party Crypto exchanges. The User further authorizes CoinSwitch to purchase and convert one Crypto into another Crypto on third party Crypto exchanges to execute a transaction placed by the User on the Platform. All purchases of Crypto used for exchange/conversion for purchase of determined quantity Crypto as instructed by the User shall be deemed to be carried out by Coinswitch on behalf of the User.
Sale and/ or purchase transactions initiated by You on the Platform are final, irreversible, non-refundable and non-cancellable. Once a sale/ purchase and/ or any other transaction, act or omission is initiated by You on the Platform, the said transaction, act or omission is absolute and unconditional. You cannot seek or claim or demand refund or reversal for any reason whatsoever nor can it be canceled, modified or reversed by Us/ anyone else upon Your/ third-party request.
For the sake of abundant clarity, it is reiterated that CoinSwitch undertakes buying and selling of Cryptos on third party Crypto exchanges on the instructions of Users only. No User trades are fulfilled from the CoinSwitch’s existing inventory of Cryptos.
It is reiterated for abundant clarity that Coinswitch cannot transfer or undertake any transaction for the User without express authorization by the User.
In case of transactions suspected to be of fraudulent nature or upon receipt of any complaints from concerned banks / payment gateways / regulatory authorities, We may block the User’s Kuber Account and the CoinSwitch Crypto Custody Wallet / fiat currency balances to the account of such User and any amounts contained therein till such time as the enquiry is completed and take appropriate steps thereafter.
You authorize CoinSwitch to hold Crypto in CoinSwitch Crypto Custody Wallet on behalf of You in order to undertake transactions quickly and seamlessly. You shall have the authority to instruct CoinSwitch for undertaking transactions with the Crypto held in CoinSwitch Crypto Custody Wallet.
CoinSwitch is acting on the specific instructions of the User by executing for specific Crypto transactions for the price specified by the User and is not a general or representative agent of the User. Coinswitch Platform facilitates the transaction with the support of technology and value added services. No transfer of title is occasioned by Coinswitch. Thus, it shall not be liable for the acts of the User under any laws including the tax laws such as GST laws and Income Tax law. No express or implied agency is created between the parties except to receive the payment of users and to hold in trust.
3. Severability and Exclusion
We have taken every effort to ensure that this Policy adheres with the applicable laws. The invalidity or unenforceability of any part of this Policy shall not prejudice or affect the validity or enforceability of the remainder of this Policy.