“Specified Disclaimer: Crypto products are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.”
In the event that applicable laws were to change (including by way of a judicial or executive order) and render dealing, trading, holding and/or storing Cryptos to be invalid or illegal in India, these Terms shall stand automatically terminated with effect from the date of such invalidity/illegality without further notice or recourse available to User. You represent and declare that you have full knowledge and disclosure of the current Government and regulatory status with respect to Cryptos in India and the risk involved in dealing with, or trading in, or storing the same. By accessing the Platform and/or the Services, You are deemed to have understood, agreed to and accepted the risks, losses, and costs with respect to the same including but not limited to total / complete loss / seizure of Your Cryptos accounted for in the Platform’s Crypto Custody Wallet and/or Your fiat balances.
Certain definitions: As used herein:
“LLP”, “CoinSwitch”, “CoinSwitch Pro”, “Ourselves”, “Us”, “Our” and “We” refers to to Bitcipher Labs LLP which expression shall include its successors and assigns.
“User”, “You” and “Your” refers to any person who uses the Platform or Services whose expression shall include successors, heirs, receivers, and permitted assigns.
“Party” refers to either You or Us and “Parties” refers to You and Us collectively, as the context may require.
“Cryptos” refers to a cryptographically secured digital representation of value or contractual rights that uses distributed ledger technology and can be transferred, stored or traded electronically using the Platform, including but not limited to Bitcoin and Ether.
“CoinSwitch” refers to the website and mobile application owned and operated by Bitcipher Labs LLP developed to provide CoinSwitch Services to its Users as described below;
“CoinSwitch Pro” refers to the website owned and operated by Bitcipher Labs LLP developed to provide Coinswitch Pro Services to its Users as described below.
1.1 The Platform is an online Crypto trading platform that currently provides following services to the Users:
1.1.1 online trading of Crypto on CoinSwitch platform by way of placing sale and/or purchase orders of Users on third party Crypto exchanges; and,
1.1.2 online storage of Crypto transacted by the Users through third party Crypto exchanges as provided above.
(collectively referred to as the “CoinSwitch Services“).
1.1.3 online trading of Crypto on CoinSwitch Pro platform by way of placing sale and/or purchase orders by Users on third party Crypto exchanges visible on CoinSwitch Pro; and
1.1.4 online storage of Crypto transacted by the Users through third party Crypto exchanges as provided above.
(collectively referred to as the “CoinSwitch Pro Services “).
1.2 For the avoidance of doubt:
The Platform provides access to its CoinSwitch Services/ CoinSwitch Pro Service (collectively referred to as “Services”) to the Users as under:
1.2.1 by aggregating the last traded price of Crypto on various third-party crypto exchanges and thereby, executing transactions for buying / selling Cryptos for and on the specific instructions (which are essentially electronic in nature) of its Users through such third-party Crypto exchanges. In other words, the Platform is an aggregator of various third-party Crypto exchanges and functions on the instructions (which are essentially electronic in nature) of its Users and may also provide Assured Quantity Service. The actual buy / sell of Cryptos is done on the platform of the third party Crypto exchange on specific instructions (which are essentially electronic in nature) from the User and the Platform executes the buy / sell orders instructions of its Users on such third party Crypto exchanges, and
1.2.2 by acting as a duly appointed payment collection agent, as provided under Our Trading Policy, of the Users for the limited purpose of facilitating payment for Cryptos transacted on third party Crypto exchanges and to hold Users’ Indian Rupees balance in User’s Platform Account in trust in furtherance thereof, and
1.2.3 by electronically storing and keeping in custody and in trust, the Cryptos purchased by the Users. Such storage / custody is currently provided through third party Crypto custody providers and/or third-party Crypto exchanges as referred above.
1.4 The Platform only acts as a service provider, information intermediary, facilitator of User transactions on third party Crypto exchanges, and a technology provider. In case of any technical or manual error including but not limited to downtime and /or unavailability of the Platform, the Platform will take reasonable steps of correction to restore the Platform. If such correction creates a liability on You or You suffer any losses or damages, You will be required to incur that liability, loss or damages. The Platform hereby disclaims liability for any such error or correction thereof, and no recourse may be had by User against the Platform for any such error or correction.
1.6 Unless otherwise specified, all prices of Cryptos, content, logo, material, design, graphic symbols etc (“Materials”) on the Platform are the property of the Platform or its licensors / third parties and are protected by patents, copyright, trademark, and other applicable laws. You may view such Materials on any single computer or electronic device solely for Your own internal use, provided You keep intact all copyright and other proprietary notices. The trademarks, service marks, and logos of the Platform or its licensors / third parties and others used in this Platform (“Trademarks”) are the property of the Platform and their respective licensors / third parties. The software, text, images, graphics, data, prices, trades, charts, graphs, video, and audio used on this Platform belong to the Platform. 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, mobile application or networked computer environment for any other purpose or other commercial / non-commercial reasons is strictly prohibited, and any such unauthorized use may violate copyright, trademark, and other applicable laws and could result in criminal or civil legal actions and penalties.
2.1 Before You register on the Platform by creating an User’s account with the Platform (“User’s Platform Account”) or use the Platform or Services at any time and from time to time, You represent and warrant that you (a) are at least 18 years old and competent to form a binding contract in India, (b) are an individual with full legal capacity and authority to enter into these Terms, (c) have not previously been suspended or removed from using our Services and/or the Platform and /or any other products owned / operated by the Platform or any other Crypto platform, (d) are an Indian citizen, as contemplated under the Citizenship Act, 1955, (e) are a person resident in India, as contemplated under the Foreign Exchange Management Act, 1999, and (f) are physically situated in India at all times during which you use the Platform or Services (together, the “Eligibility Criteria”). If You do not meet the Eligibility Criteria, You shall not register on or use the Platform or Services.
2.2 In the event a User is not a natural person / human , resides or is during any period physically situated in any such jurisdiction outside of India, the User shall not register on and use the Platform and/or the Services during such periods.
2.3 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 a resident of Cuba, Iran, North Korea, Crimea, Sudan, Syria. In the event that are not permitted to trade on the Platform by applicable law, please discontinue the use of the Service or the Platform immediately.
2.4 If any breach of the foregoing clauses 2.1, 2.2, 2.3 or 2.4 is brought to the notice of the Platform, in addition to any rights and remedies that We have under these Terms or under any applicable laws, We may forthwith restrict / terminate Your access and use of the Platform / Service. The Parties agree that the Users shall be solely responsible for ensuring compliance with the above duty and responsibility and with the obligations to follow applicable laws.
2.5 You hereby acknowledge and agree that You currently do not have more than one User’s Platform Account, and shall only maintain one User’s Platform Account at all times.
2.6 In order to create a User’s Platform Account, the User will be required to provide certain data, information or details as may be required by the Platform (which may include your identity, address, financial information, Crypto wallet related information, financial position, or transactions), through the Platform or otherwise, from time to time which could be during the time of registration, post registration, or before, during or after you undertake any activity or transaction on the Platform. You represent and warrant that: (a) all required data, information or details you provide to the Platform is current, truthful, authentic, complete and accurate; and (b) you will keep the data, information and details current and maintain the accuracy of such information.
2.8 You are responsible for maintaining the confidentiality and security of Your User’s Platform Account, password, activities that occur in or through Your User’s Platform Account and for restricting access to Your computer or electronic device (including mobile device), as the case may be, and at all times, to prevent unauthorized access to / misuse of Your User’s Platform Account. You agree to accept responsibility for all activities that occur under Your User’s Platform Account or due to Your failure to protect the credentials / password or Your device. You should take all necessary steps to ensure that the password 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 is being, or is likely to be, used in an unauthorized manner. Without accepting any liability, We may at our sole discretion use reasonable endeavors to reset Your User’s Platform Account within a reasonable time.
2.9 Any data, information, instructions or transactions initiated, originated, transmitted or published from Your User’s Platform Account shall deem to be duly undertaken or authorized by You, and We shall not be liable for acting on any such data / information / instruction / transaction / sale / purchase / other request on the Platform. Any records created and maintained by the Platform or its third parties of the communications, transactions, instructions or operations made or performed, processed or effected through or in relation to Your using of Services or Platform including from your User’s Platform Account or in relation to keeping, using or withdrawing any Indian Rupees and/or Crypto by You or any person purporting to be the You, acting on behalf or purportedly acting on Your behalf, with or without Your consent, shall be binding on You for all purposes whatsoever and shall be conclusive evidence of such communications, transactions, instructions or operations.
3.1 You agree to receive electronically all communications, agreements, documents, notices, and disclosures (collectively, “Communications”) that the Platform provides in connection with Your use of the Platform or Services. We may provide these Communications to You by posting them on the Platform, mobile app including in app notification or notification via Your mobile operating system or app store provider, emailing them to You at the email address you provide in Your User’s Platform Account, sending them through an instant messenger chat service, or through other forms of electronic communication such as SMS or text message to the mobile phone number that you provide in Your User’s Platform Account. Your mobile carrier’s standard mobile messaging and data rates will apply.
3.2 It is your responsibility to provide the Platform with accurate and complete contact information and to provide updates to your contact information as necessary. You understand and agree that if the Platform sends you an electronic Communication, but you do not receive it because (i) your contact information on file with Your User’s Platform Account is incorrect, blocked by your service provider, or out of date, (ii) the Communication was re-routed to your spam folder, or (iii) You are otherwise not able to receive or access the Communication, the Platform will be deemed to have provided the Communication to You and will be binding on You. If any email communication is returned as undeliverable, We retain the right to block your access to the Platform or to Your User’s Platform Account until you provide and confirm a new and valid email address and, if required, any additional checks or diligence by Us.
4.1 The Platform has zero tolerance towards use of its Services and Platform for any illegal purpose. Any such abuse or any suspicious or malicious activities by any User may result in forthwith restriction of access of the Platform, User’s Platform Account, Indian Rupees and Crypto balances reflected in User’s Platform Account, and reporting of such activities to concerned regulatory and statutory authorities as required.
4.2 In connection with your use of Services and/or Platform, You hereby agree that you will not:
4.2.2 intentionally try to defraud (or assist in the defrauding of) the Platform or any other User;
4.2.3 make any representations on behalf of the Platform;
4.2.4 provide false, inaccurate, or misleading information including any Know Your Customer (KYC) information or any other document or information as sought by the Platform;
4.2.5 trade on the Platform using funds associated with any bank account other than Your own which is associated with Your User’s Platform Account;
4.2.6 keep, store, use, withdraw or transaction with Cryptos or fiat currency that are obtained through, or otherwise use the Platform or Services for any illegal, unlawful or fraudulent activities including without limitation money laundering, gambling, child trafficking, child porn, drugs or narcotics, counterfieting, or terrorist financing;
4.2.7 trade taking advantage of any technical glitch, malfunction, failure, delay, default, or security breach;
4.2.8 take any action that interferes with, intercepts, or expropriates any system, data, or information;
4.2.9 partake in any transaction involving the proceeds of illegal activity;
4.2.10 attempt to gain unauthorized access to other user accounts, the Services, or any related networks or systems;
4.2.11 use the Services on behalf of any third party or otherwise act as an intermediary between the Platform and any third parties or acting for benefit of any third party;
4.2.12 use the Services/Platform for any benami transaction;
4.2.13 use the Services to engage in conduct that is detrimental to the Platform or to any other user or any other third party or the public at large;
4.2.14 collect any user information from other users, including, without limitation, email addresses;
4.2.15 participate in any unfair trade practice or market manipulation, including but not limited to all such acts like pump and dump schemes, trading on any inside or non-public information acquired through sources or acts not permitted by law, wash trading, trading for the purposes of market manipulation, spoofing or layering etc.
4.2.16 use the Services being provided by the Platform to violate public morale, any third party/ public interest or for any act being not permitted by the law of the land;
4.2.17 use multiple devices to access or log into Your User’s Platform Account at a given point of time, i.e. You shall not access Your User’s Platform Account through multiple devices simultaneously nor shall You ever use or try to gain access to any other third party User’s Platform Account not belonging to You;
4.2.18 duplicate, distribute, create derivative works of display or commercially exploit the Platform or any of its content, features or facilities, directly or indirectly, or the price of the Cryptos shown on the Platform without Our prior written permission nor would You have access to the Platform in source-code form;
4.2.19 without the prior written consent of the Platform, modify, replicate, duplicate, copy, download, store, further transmit, disseminate, transfer, disassemble, broadcast, publish, remove or alter any copyright statement or label, or license, sub-license, sell, mirror, design, rent, lease, private label, grant security interest in the properties or any part of the properties, or create their derivative works or otherwise take advantage of any part of the properties;
4.2.20 defame, harass, or violate the privacy or intellectual property rights of the Platform or any other user; or
4.2.21 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.
4.2.22 Host, display, upload, modify, publish, transmit, store, update or share any information that,— (i) belongs to another person and to which the user does not have any right; (ii) is defamatory, obscene, pornographic, paedophilic, invasive of another’s privacy, including bodily privacy, insulting or harassing on the basis of gender, libellous, racially or ethnically objectionable, relating or encouraging money laundering or gambling, or otherwise inconsistent with or contrary to the laws in force; (iii) is harmful to children; (iv) infringes any patent, trademark, copyright or other proprietary rights; (v) violates any law for the time being in force; (vi) deceives or misleads the addressee about the origin of the message or knowingly and intentionally communicates any information which is patently false or misleading in nature but may reasonably be perceived as a fact; (vii) impersonates another person; (viii) threatens the unity, integrity, defence, security or sovereignty of India, friendly relations with foreign States, or public order, or causes incitement to the commission of any cognisable offence or prevents investigation of any offence or is insulting other nation; (ix) contains software virus or any other computer code, file or program designed to interrupt, destroy or limit the functionality of any computer resource; (x) is patently false and untrue, and is written or published in any form, with the intent to mislead or harass a person, entity or agency for financial gain or to cause any injury to any person.
4.2.23 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 the Platform 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 The Platform reserves the right to investigate and/or take appropriate action against You in Our sole discretion if You engage in prohibited or illegal activities or violate any other provision of these Terms or otherwise create liability for Us or any other person or there is any reasonable suspicion or allegation or complaint from any legal / public / regulatory / statutory authority. Such action may include, in Our sole and absolute discretion, terminating Your User’s Platform Account, reporting you to law enforcement authorities without providing any notice to You about any such report and confiscating any balance remaining in Your User’s Platform Account which has been terminated.
4.4 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, the Platform shall have the right but not the obligation to verify such activity by sharing Your IP address, KYC details, and/or Your other information or details with the relevant authority, and if required, suspend the transactions or freeze your access.
5.1 Buying or selling on the Platform is subject to payment of a fee, actual exchange fee paid to third party Crypto exchanges as provided on the Platform from time to time on each transaction executed / facilitated through the Platform.
5.2 CoinSwitch shall also charge a separate service fee for providing the Assured Quantity service in case of instant orders as shall be disclosed in the Contract Note. The Platform reserves the right to provide discounts on its services from time to time at its own discretion.
5.3 Transfer of fiat currency through credit card, debit card, or net banking or other payment mode may be subject to a transaction fee. Transfers and withdrawals of Crypto or fiat currency may be subject to a transaction fee.
5.4 The Platform shall issue a Contract Note to the Users through the Platform for the trade undertaken on the instructions of the User. Contract Note refers to a comprehensive document issued by the Platform on completion of trade intimating the details of the transaction made on the instructions of the User which shall include but not be limited to (a) transaction details of the multiple inter related trades and transaction legs being executed through third party Crypto exchanges along with exchange code, if any; (b) total price of the transaction; and (c) transaction note cum tax invoice towards the service fees charged for executing the transaction and/or providing other services including Assured Quantity Service, if applicable.
5.5 You shall inform Us in writing immediately but no later than within 15 days of the relevant transactions, if any irregularities or discrepancies exist in the transactions made by you on the Platform. If We do not receive any information to the contrary within 15 days, We shall assume that the transactions are correct. All records maintained by Us, in electronic or documentary form of the instructions of the User and such other details (including but not limited to payments made or received) such as any Contract Note issued pursuant to the Terms herein, shall as against the User, be deemed to be conclusive evidence of such instructions and such other details.
6.1 It is Your responsibility to determine, collect, report, and submit any/all taxes applicable to the payments and/or your Crypto you make or receive in connection with the use of the Platform and the Service to the appropriate tax authority in India or under any other applicable laws. The Platform is not responsible for determining whether taxes apply to your transaction or the Cryptos owned by You or accounted to You in the Platform’s Crypto Custody Wallet, or for collecting, reporting or remitting any taxes arising from any transaction undertaken via the Platform or Services.
6.2 The Platform has a right to deduct applicable taxes on the executed transaction as per the Income Tax Act 1961 or other Applicable taxes.
6.3 In addition to the fee/commission charged by the Platform on the trades executed on the Platform, Users shall be liable to pay the applicable indirect taxes on the transactions executed on the Platform. The total price communicated to the users on the Platform before confirming on the execution of a trade would be inclusive of the commission/fee charged by the Platform, network and third party fees, if any, and applicable taxes.
7.1 The use of the Platform and the Service may entail the following risks:
7.1.1 Crypto products are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The Reserve Bank of India (“RBI”) and the Government of India have issued multiple circulars and communications cautioning users regarding the risks involved with respect to Cryptos. Users in India shall therefore avail of the Services and access the Platform subject to the above cautions issued by the RBI and Government of India and solely at their own risk.
7.1.2 Crypto transactions are irreversible. Once a transaction is initiated by you, it can neither be canceled, modified nor reversed by Us upon Your request.
7.1.3 The values of Cryptos are highly volatile and tend to fluctuate, due to which there may be an increase or decrease in the value of the Crypto You receive or transfer after a transaction. Cryptos 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 Cryptos. It is also possible that the valuation and price of Crypto changes after the transaction has been initiated by You or during the transaction, and You are hereby advised/ cautioned of the same. Value of a Crypto is subject to market change, and subject to the Assured Quantity Service provisions wherein applicable, under no circumstance shall the Platform be liable for any such changes or fluctuations whether before, during or after the transaction.
7.1.4 Cryptos are as yet autonomous and not specifically regulated. It may neither be backed by a specific government including India nor it is a legal tender in India nor is it a specifically regulated investment / security / commodity / goods in India, and hence may be susceptible to risks not generally associated with other forms of investments / securities / commodities / goods. The law relating to Cryptos is ambiguous and in flux in India.
7.1.5 As Cryptos are reliant on decentralised and peer-to-peer networks, there is also the risk of loss of confidence in Crypto trading. The Cryptos do not guarantee any assured returns as the valuation of Cryptos is based on a supply and demand economy model, and is therefore, subject to constant changes.
7.1.7 You should carefully assess whether your financial situation and tolerance for risk is suitable for buying, selling, or trading Cryptos.
7.1.8 The Platform is not responsible for the outcome, whether positive or negative, of any action performed by any of its Users within or related to the Cryptos / Platform / Service.
7.1.9 It is reiterated that Users shall not buy, sell or trade in Cryptos under any assumption of high earnings or profits. You further understand that past performance of Crypto is not indicative of future prices / value.
7.2 The Platform expressly disclaims as under:
7.2.1 NOTWITHSTANDING ANY OTHER PROVISION, PLATFORM, SERVICES AND MATERIALS OR ANY OTHER INFORMATION OR SERVICE BY THE PLATFORM IS PROVIDED ON “AS IS”, “AS-AVAILABLE” BASES, AND WITHOUT WARRANTY, REPRESENTATION OR INDEMNITY OF ANY KIND, EXPRESS, IMPLIED, ORAL, WRITTEN, STATUTORY, OR OTHERWISE, INCLUDING WARRANTY OF MERCHANTABILITY, FITNESS FOR ANY PURPOSE, OR NON- INFRINGEMENT; OR FOR THE USE, SUFFICIENCY, RELIABILITY, TIMELINESS, QUALITY, SECURITY, SAFETY, SUITABILITY, AVAILABILITY, COMPLETENESS OR ACCURACY OF PLATFORM, SERVICES, MATERIALS OR ANY OTHER INFORMATION. THE PLATFORM, ITS AFFILIATES AND THEIR RESPECTIVE DIRECTORS, PARTNERS, OFFICERS, EMPLOYEES, AGENTS AND THIRD PARTIES IS / ARE NOT LIABLE FOR ANY LOSS OF CRYPTOS, REVENUE, PROFITS, FUNDS, FIAT CURRENCY BALANCES, ASSETS, DATA OR FOR ANY DAMAGES, DIRECT OR INDIRECT, RESULTING FROM USE OR ATTEMPTED USE OF PLATFORM, SERVICES, MATERIALS OR ANY INFORMATION. THE PLATFORM DISCLAIMS LIABILITY FOR ANY PARTY’S ACT OR OMISSION IN USE OF OR RELIANCE UPON PLATFORM, SERVICES, MATERIALS OR ANY OTHER INFORMATION INCLUDING WITHOUT LIMITATION INACCURACY IN OR THE OMISSION OR INTERRUPTION OF THE PRICE DATA OR AN ERROR OR DELAY IN THE TRANSMISSION OF PRICE DATA. PLATFORM, SERVICES, MATERIALS OR ANY OTHER INFORMATION MAY BE SUBJECT TO RESTRICTIONS, LIMITATIONS, DELAYS, AND OTHER PROBLEMS INHERENT IN THE USE OF THE INTERNET AND ELECTRONIC COMMUNICATIONS OR A BUSINESS WHERE THERE ARE REGULATORY UNCERTAINTIES. WE DO NOT GUARANTEE THAT YOUR USE OF THE PLATFORM OR SERVICES OR ANY PART THEREOF WILL ALWAYS BE AVAILABLE, UNINTERRUPTED OR ERROR-FREE.
7.2.2 CRYPTOS MAY BE TARGETED BY HACKERS OR MALICIOUS GROUPS OR ORGANIZATIONS WHO MAY ATTEMPT TO INTERFERE WITH THE CRYPTOS AND/OR THE SALE/PURCHASE OF THE CRYPTOS OR STEAL THE CRYPTOS IN VARIOUS WAYS, INCLUDING MALWARE ATTACKS, DISTRIBUTED DENIAL OF SERVICE, CONSENSUS-BASED ATTACKS, SYBIL ATTACKS, PHISHING, SMURFING AND HACKING. PLATFORM, SERVICES, MATERIALS AND/OR COINSWTICH’S THIRD PARTY SERVICE PROVIDERS, THIRD PARTY EXCHANGES MAY BE SUBJECT TO SUCH TARGETS, ATTACKS ETC. AND NOTWITHSTANDING ANY OTHER PROVISION, THE PLATFORM, ITS AFFILIATES AND THEIR RESPECTIVE DIRECTORS, PARTNERS, OFFICERS, EMPLOYEES, AGENTS AND THIRD PARTIES SHALL NOT BE LIABLE TO THE USER OR ANY THIRD PARTY FOR THE SAME.
7.2.3 USER AGREES THAT IT IS POSSIBLE THAT NEW REGULATIONS ADDRESSING BLOCKCHAIN TECHNOLOGY, CRYPTOS, CRYPTO EXCHANGES, CRYPTO EXCHANGE AGGREGATORS (LIKE THE PLATFORM) AND THE PLATFORM, SERVICES, MATERIALS OR ANY INFORMATION PROVIDED BY THE PLATFORM UNDER THESE TERMS, MAY BE INTRODUCED OR EXISTING REGULATIONS MAY BE MODIFIED, WHICH MAY PROHIBIT, PREVENT, RESTRICT, OR OTHERWISE MAY HAVE A NEGATIVE EFFECT ON THE PLATFORM, SERVICES, MATERIALS OR ANY INFORMATION PROVIDED BY COINSWITCH AND/OR THE USAGE OF PLATFORM, SERVICES, MATERIAL OR ANY INFORMATION BY THE USER, WHICH MAY INCLUDE A TOTAL LOSS OF INDIAN RUPEES AND/OR CRYPTOS OF USER WITH THE PLATFORM (INCLUDING STORED BY THE PLATFORM WITH THIRD PARTIES) AND NOTWITHSTANDING ANY OTHER PROVISION THE PLATFORM, ITS AFFILIATES AND THEIR RESPECTIVE DIRECTORS, PARTNERS, OFFICERS, EMPLOYEES, AGENTS AND THIRD PARTIES SHALL NOT BE LIABLE OR RESPONSIBLE FOR THE SAME.
7.2.4 THE PLATFORM ACTS AS THE DULY APPOINTED AGENT OF THE USER TO WHOM THE PAYMENT IS DUE AND DOES NOT OPERATE A PAYMENT SYSTEM. USER ALSO HEREBY DULY APPOINTS THE PLATFORM AS ITS AGENT FOR THIS PURPOSE.
8.3 The Platform shall not be liable, and the User shall assume any and all risks and liability, in connection with any force majeure event, including acts of God, labor disputes or other industrial disturbances, electrical, telecommunications, hardware, software or other utility failures, software or smart contract system bugs or weaknesses, earthquakes, storms or other nature-related events, blockages, embargoes, riots, acts or orders of government, actions of the government, change of laws, introduction of new law, acts of terrorism or war, epidemic, pandemic, technological change, changes to any blockchain-related protocol, any actions or inactions of third parties and/or events experienced by third parties, e.g., bankruptcy of service providers, information security attacks on service providers, and fraud conducted by third parties, and such other similar events which are beyond reasonable control of the Platform. The User acknowledges that the Platform may engage the services of third party service providers in connection with the operation of the Platform or provision of Services, and agrees that the Platform shall not be liable to the User for any suspension, halt or interruption of the Platform, Service and/or the failure to execute any transaction on the Platform where such circumstances arise or result from any interruptions, errors, default or otherwise by any third party service providers of its services in connection with the operation of the Platform or provision of Services.
9.1 We do not provide any investment advice or financial advice in connection with the Services or Platform. While We may provide information on the value, range, volatility of Cryptos, and events that may affect/have affected the value of Cryptos directly on the Platform or through other social media channels, this is not investment advice or financial advice and should not be construed or relied on as such. The Platform will not be liable for any loss suffered by You in connection with any transaction involving the Platform / the Service or the Platform.
9.2 You are solely responsible for any and all buy, sell or trading orders placed through Your User’s Platform Account, and all such orders entered by You are unsolicited and based on Your own research and decisions. You understand and acknowledge that You have not received and do not expect to receive any investment advice from Us or from any of our affiliates connection with Your buy, sell or trading orders. You further understand and acknowledge that under no circumstances will your use of the Platform or Services be deemed to create a relationship that includes the provision or tendering of investment advice.
9.3 The Platform and Service we provide is currently unlicensed within India as, to the best of our information and belief, no such regulatory license is applicable to the Platform and Service.
10.3 These Terms contain the entire understanding of the parties in respect of their subject matter and supersede all prior agreements, representations, warranties, covenants and understandings (oral or written) between or among the parties with respect to such subject matter. These Terms are not intended to confer upon any person, other than the parties hereto, any rights or remedies hereunder. No waiver hereunder can be granted, except as explicitly agreed in writing by the parties. No failure to exercise and no delay in exercising, any right, power or privilege under these Terms shall operate as a waiver, nor shall any single or partial exercise of any right, power or privilege hereunder preclude the exercise of any other right, power or privilege.
11.1 You may terminate this agreement with Us, at any time, following: (a) settlement of any pending transactions/ instructions, (b) your withdrawal of any INR balance maintained with the Platform, and (c) your sale of any Crypto maintained on the the Platform’s Crypto Custody Wallet. The Platform shall not be liable for any loss incurred to you in case you fail to complete these actions prior to terminating your User’s Platform Account.
11.2 You can choose to close down Your User’s Platform Account by choosing the relevant option on the Platform or by writing to email@example.com.
11.4 We may, in appropriate circumstances and at our sole discretion, initiate the above actions for any reason, including without limitation, and in addition to the reasons as mentioned elsewhere in the Terms:
11.4.1 Attempts to gain unauthorized access to the Platform or providing assistance to others’ attempting to do so;
11.4.2 Usage of the Service to perform illegal activities such as money laundering, illegal gambling operations, financing terrorism, or other criminal activities;
11.4.4 Failure to pay or fraudulent payment for transactions;
11.4.5 Unexpected operational difficulties; or
11.4.6 Upon the request of law enforcement or other government agencies.
11.5 The Platform may terminate Your User’s Platform Account or Your Platform’s Crypto Custody Wallet or suspend your access to the Services / Platform or any part thereof at any time and with immediate effect for any reason or no reason, in our sole discretion.
11.6 If you have a balance remaining in Your User’s Platform Account / the Platform’s Crypto Custody Wallet which has been suspended, we may freeze such balance for so long as the User’s Platform Account / Service is suspended. If the User’s Platform Account is terminated due to fraud, violation of law, or violation of this Agreement or other reasonable cause as determined by the Platform, we may, in our discretion, confiscate or freeze the balance remaining in Your User’s Platform Account / the Platform’s Crypto Custody Wallet and/or deliver it to any applicable government, law enforcement, or other authorities where circumstances warrant.
11.7 We may suspend, withdraw, discontinue or change all or any part of Service including Your User’s Platform Account and/or the Platform’s Crypto Custody Wallet, without notice. the Platform will not be liable to you including without limitation for any losses due to the unavailability of any Service / Platform or any part thereof at any time or for any period.
11.8 We have the right to disable your access to Your User’s Platform Account or any part of it or suspend provisioning of the Services or the Platform or any part thereof, at any time, if in our reasonable opinion you have failed to comply with any of the provisions of these Terms or applicable laws.
11.9 The Platform may suspend the trading service, Your User’s Platform Account, or any other service extended by it due to unforeseen situations, change of law, force majeure, maintenance or any other reason as it deems fit in its sole discretion and You acknowledge that Your access to the funds/ Crypto/ Your User’s Platform Account/ the Platform’s Crypto Custody Wallet/ Services in case of such an instance may be limited or restricted or suspended, partially or fully. You accordingly understand and acknowledge that the Platform shall have no liabilities or obligations arising from such events.
11.10 The Platform shall, upon verification, block/suspend/close your access to the the Platform’s Crypto Custody Wallet or any aspect of the Platform and/or terminate all facilities in relation thereto following the receipt of any information showing Your illegal, misleading, fraudulent, or suspicious activity or any activity by You which breaches these Terms, and We shall not be liable for any inconvenience, damages or losses caused to the User in this regard.
11.11 We may also restrict, terminate or suspend the use of the Platform’s Crypto Custody Wallet or fiat currency facility at any time without prior notice if We reasonably believe it is necessary for business or security reasons, or if required by applicable law.
Name: Ramakrishna Murthy
Law enforcement, statutory or regulatory agencies / authorities should contact our Nodal Officer:
The User shall execute and deliver such additional instruments and other documents and shall take such further actions as may be necessary or appropriate to effectuate, carry out and comply with all of the terms of these Terms and applicable law.
If any word, phrase, sentence, clause or provision of these Terms as applied to a party or to any circumstance is adjudged by a court to be invalid or unenforceable, the same will in no way affect any other circumstance or the validity or enforceability of any other word, phrase, sentence, clause or provision of these Terms. If any provision of these Terms , or any part thereof, is held to be unenforceable because of the duration of such provision or the area covered thereby, the parties agree that the court making such determination shall have the power to reduce the duration and/or area of such provision, and/or to delete specific words or phrases, and in its reduced form, such provision shall then be enforceable and shall be enforced.
The rights and remedies of the Platform provided by these Terms are cumulative and the use of any one right or remedy shall not preclude or waive its right to use any or all other remedies. Said rights and remedies are given in addition to any other rights the Platform may have under applicable law.