TERMS AND CONDITIONS

Welcome on bitmax.ch (the “Site”). These General Terms of Business (“GTB”) apply to user of the Site. You should read these Terms of Service carefully before entering into the Site and using any of the services, functions, or features offered on the Site.

APPLICABILITY

  1. The following GTB constitute the agreement (the “Agreement”) between BitIncubator & Venture SA (hereinafter “BIV”), a Swiss Company with registration number 170.487.694, and you (the “User”) with respect to the use of the services offered through the Site. By using our services, you are agreeing to be bound by the GTB in its newest version. You are aware that BitIncubator & Venture SA may change this GTB in any time. Any amended Terms will become effective 7 days after they are posted. By continuing use the Site you accept any new or modified terms.

Services

  1. BIV is offering to the User the use of the Site to buy and sell cryptocurrencies (the “Transaction”).
  2. Transactions are fully executed through funds deposited by the User minus the banking fees. If the expenses are not fully covered by the sender we will apply a flat fee of 20 CHF for every incoming transfer.  Withdrawal fees are 10 CHF for Switzerland and 20 CHF for international transfers. For example, if you deposit 100.00 CHF into your account on the Site without covering the expenses, you may then purchase 80.00 CHF worth of bitcoins. If you withdraw 1000 CHF you will receive 990 CHF if the money is transferred on a Swiss account or 980 CHF If abroad. Users are required to execute the Transaction within 60 days after the deposit of fiat money. After this period of time, BIV is allowed, at its own discretion, to refund the fiat deposits to the User’s banking account.
  3. Purchases and sales of bitcoins on the Site are settled by actual delivery of the full amount of the bitcoins or other digital tokens by the seller to the purchaser’s account against payment in full by the purchaser to the seller’s account.
  4. In the case given would be so consistent that to empty BIV’s order book and influence the price of the crypto currency, BIV may, at his sole discretion, suspend the Transactions on this digital token in order to prevent a distortion of the market price.
  5. In case of transactions done by institutional investors, BIV is offering over-the-counter (“OTC”) Transactions. In this case BIV may earn a profit in the form of a mark-up applied to the rates obtained from its market side counterparty. Such mark-ups are one-off and defined as a percentage of the notional amount of the OTC derivative transaction and may be applied in addition to all-in management fees.
  6. At this stage of its activity, BIV is not offering any deposit of cryptocurrencies. Any purchase of cryptocurrencies must be transferred to a wallet controlled by the User. This rule will change as soon as BIV will have the technical requirements to assure a secure deposit of cryptocurrencies.

Knowledge required

  1. The User should ensure that he/it understands and has significant experience of cryptocurrencies, blockchain systems and services, and that he/it fully understands the risks associated with the trading of digital token as well as the mechanism related to the use of cryptocurrencies (incl. storage).
  2. Subject to the exceptions contained in clause 25 and unless otherwise regulated in the GTB, BIV shall not be responsible for any loss of digital tokens, which may result of any actions or omissions of the User or any person undertaking to acquire digital token, as well as in case in of hack of the site .
  3. Trading markets are extremely volatile and shift quickly in terms of liquidity, market depth, and trading dynamics. There is no guarantee against losses on the Site. Do not enter into transactions or invest funds that are above your financial abilities. Also, certain financial products are not suitable for people without the relevant knowledge and/or experience. Users shall take the time to read the publication of the Swiss Bankers Association “Special Risks on Securities Trading” which can be downloaded from the Swiss Bankers Association web side, in order to better understand and managed risks related with trading activity. By opening an account with BIV you acknowledge that you are aware of these financial risks, for which the User is solely responsible and liable.

Restrictions

  1. Users are not allowed to use the Site if this is considered an illegal action (in Switzerland or the User’s residence State) or to use the Site in any malicious manner or in anyway which may constitute a contravention of the Swiss law or the User’s residence law.
  2. Users are not allowed to use the Site and purchase or selling cryptocurrency in order commit or complete an illegal action (e.g. selling bitcoins received as a ransom from an illegal activity).
  3. Users are not allowed to use the Site and purchase or selling cryptocurrency in order to avoid taxes.
  4. Users are not allowed to use the Site and purchase or selling cryptocurrency through practices that may be considered as a market abuse (front running, wash trades, etc.)

Intellectual Property Rights

  1. To the extent that copyright or other intellectual property rights exist in the Site such as software, knowhow, analysis or programs, those copyrights and other industrial rights belong to BIV.
  2. BIV grants to the User for an unlimited period of time nontransferable and non-exclusive rights to exploit the Services for its own use as determined by the provisions of these General Terms of Business.

Use of the Site and Services

  1. In order to use the Site and Services offered on the Site the User have to open an account and transfer deposit on it. Fund must be transferred from a Bank with jurisdiction in a country which applies the FATF Recommendations on Anti-Money Laundering and Counter-Terrorist Financing.
  2. Before opening an account the User have to provide true, current and complete information about yourself during the registration process. If the User is an authorized representative of a company, he declare that he has the authority to bind the company to this Agreement. BIV is required by law to obtain, verify, and record information identifying each person who opens an account. Hence, when the User open an account, BIV asks to the User to provide certain documentation to identify itself and to verify the information the User have submitted to BIV. Such documentation includes an identification card or a passport, a utility bill, a bank statement or any document proving your identity issued by a governmental body.
  3. Fund can only be withdrawn to the same account that they were sent from. BIV will not assist the User in transferring funds to another account the User may hold at another bank.

Anti Money Laundering and Counter Terrorist Financing

  1. BIV is member and supervised by a Self Regulatory Organization, which on its site is supervised by the Swiss Financial Market Supervisory Authority (FINMA). Hence, BIV is committed to apply the Swiss Anti Money Laundering Act providing you with safe, compliant, and reputable Services. This includes monitoring of and for suspicious transactions and mandatory reporting to international regulators. BIV needs to keep certain information and documentation on file pursuant to the Swiss law.
  2. BIV reserves the right to refuse registration to, or to bar transactions from or to, or terminate any relationship with, any customer for any reason (or for no reason) at any time.

Data protection

  1. The definitions in the current version of the Federal Act on Data Protection of June 1992 shall apply to this clause. Where necessary to deliver the Services in accordance with the Agreement, BIV can transfer data provided to them by the Client to third parties, even abroad.

FATCA and Automatic Exchange of Information

  1. By accepting deposit of the User in order to purchase and sell cryptocurrencies, BIV shall be considered as a Financial Institution according to the Swiss FATCA and Automatic Exchange of Information legislation. The financial assets, including assets in cryptocurrencies, held by the User will therefore be object of a reporting to the competent tax authorities. US Person shall therefore submit an authorization to transmit these data bevor using the Site or the Services.

Deposit guarantee

  1. BIV is not subject to the supervision of the Swiss Financial Markets Supervision Authority FINMA. BIV is anyhow allowed to accept deposits in fiat money up to a maximum of CHF 1 Mio. BIV may accept an overall amount higher than this amount if the User will execute the Transaction within 60 days. In both cases, BIV’s custodial activity is not object of the deposit protection guarantee accorded by the Swiss Banking Act.

Limitation of Liability

  1. Subject to the exceptions contained in clause 25 and unless otherwise regulated in the GTB, BIV, as well as its officers, directors, employees and suppliers, assumes no liability or responsibility for any loss arising out of or related to the Site, the Services, any inaccurate information on the Site, any technical, interruption or malfunction of the Site, any stolen, lost, or unauthorized use of the User’s account, any breach of security or data breach.
  2. The limitation of liability set out above shall not be applicable in the event that BIV or a BIV-employee has caused the damage by intentional misconduct or by gross negligence.

Severability

  1. If any of the provisions of these General Terms of Business or of the Agreement are deemed to be invalid, void or unenforceable, the remaining provisions shall continue in full force and effect.

Applicable Law and Jurisdiction

  1. These GTB are subject to and governed by Swiss law to the exclusion of Swiss International Private Law and any International Treaties. All disputes arising from or under these GTB shall be subject to the exclusive jurisdiction of the competent courts of Roveredo.