TERMS AND CONDITIONS

Welcome on Bitmax. These General Terms of Business (“GTB”) apply to clients of Bitmax. You should read these Terms of Service carefully before using any of the services, functions, or features offered by Bitmax.

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 “Client”) with respect to the use of the services offered by Bitmax. 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 on bitmax.ch. By continuing use Bitmax you accept any new or modified terms.

Services

  1. BIV is offering to the Client services as crypto exchanger in order to buy and sell cryptocurrencies (the “Transaction”) through its exchange named Bitmax.
  2. BIV is not maintaining any order book but is executing the order through its network of crypto
    plattforms, miners, crypto funds, whales and other actors of the crypto market.
  3. In case of transactions done by institutional investors or private investors willing to trade large amounts, 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.
  4. Transactions are fully executed through funds deposited by the Client minus the banking fees. Clients are required to execute the Transaction right after the deposit of fiat money. If the Transaction is not executed within 48 hours, BIV is allowed, at its own discretion, to refund the fiat deposits to the Client’s banking account.
  5. Purchases and sales of digital tokens are settled by actual delivery of the full amount of the digital tokens by the seller to the purchaser’s account against payment in full by the purchaser to the seller’s account.
  6. In the case given would be so consistent that and the Transaction would 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.
  7. 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 Client. This rule will change as soon as BIV will have the technical requirements to assure a secure deposit of cryptocurrencies.

Knowledge required

  1. The Client 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 28and 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 Client or any person undertaking to acquire digital token, as well as in case in of hack of Bitmax.

  3. Trading markets are extremely volatile and shift quickly in terms of liquidity, market depth, and trading dynamics. There is no guarantee against losses. 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. Clients 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 Client is solely responsible and liable.

Restrictions

  1. Clients are not allowed to use Bitmax if this is considered an illegal action (in Switzerland or the Client’s residence State) or to use of Bitmax in any malicious manner or in anyway which may constitute a contravention of the Swiss law or the Client’s residence law.

  2. Clients are not allowed to use Bitmax and purchase or selling cryptocurrency in order to commit or complete an illegal action (e.g. selling bitcoins received as a ransom from an illegal activity).

  3. Clients are not allowed to use Bitmax and purchase or selling cryptocurrency in order to avoid taxes.

  4. Clients are not allowed to use Bitmax and purchase or selling cryptocurrency through practices that may modify in a synthetic way the price of the traded cryptocurrency.

Intellectual Property Rights

  1. To the extent that copyright or other intellectual property rights exist in Bitmax such as software, knowhow, analysis or programs, those copyrights and other industrial rights belong to BIV.

  2. BIV grants to the Client 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 Bitmax and Services

  1. In order to use Bitmax and Services offered by Bitmax the Client must transfer deposit required for the Transaction on BIV account. 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 executing a Transaction the Client must execute a KYC/AML procedure providing true, current and complete information about yourself during the registration process. The verification process can either take place directly through BIV or indirectly through the Eidoo ID verification with the Eidoo (www.eidoo.io/eidooid) . If the Client is an authorized representative of a company, he declares 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 Client open an account, BIV asks to the Client to provide certain documentation to identify itself and to verify the information the Client 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 Client in transferring funds to another account the Client 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 exchange Bitmax 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.

  2. BIV will not use your data for reasons different than the Services required or required by law.

FATCA and Automatic Exchange of Information

  1. By accepting deposit of the Client 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 Client will therefore be object of a reporting to the competent tax authorities. US Person shall therefore submit an authorization to transmit these data before using Bitmax.

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 Client will execute the Transaction right after the deposit. 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 2 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 Bitmax, the Services, any inaccurate information, any technical, interruption or malfunctio, any stolen, lost, or unauthorized use of the Client’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 BIVemployee 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 Lugano.