Terms

TERMS AND CONDITIONS FOR USE OF BITSI SERVICES

PLEASE READ THESE TERMS TOGETHER WITH THE POLICIES (EACH AS DEFINED BELOW) CAREFULLY BEFORE USING BITSI SERVICES, SUCH AS THE BITSI ACCOUNT AND/OR ANY OTHER PART OF THE BITSI SERVICES (HEREINAFTER “SERVICES”).

THESE TERMS GOVERN YOUR APPLICATION FOR, HOLDING OF OR USE OF A BITSI ACCOUNT AND BITSI SERVICES.

BY YOUR REGISTRATION FOR A BITSI ACCOUNT, CONTINUED HOLDING OR USE OF A BITSI ACCOUNT OR USE OF OTHER BITSI SERVICES, YOU ACKNOWLEDGE THAT YOU HAVE FULLY UNDERSTOOD THESE TERMS IN THEIR ENTIRETY, AND YOU AGREE WITH AND ACCEPT THESE TERMS IN THEIR ENTIRETY AS A LEGALLY BINDING AGREEMENT BETWEEN YOU AND BITSI (AS DEFINED BELOW).

IF YOU DO NOT ACCEPT ANY PROVISION OF THESE TERMS (OR ANY PART THEREOF), PLEASE DO NOT REGISTER FOR THE BITSI ACCOUNT AND/OR ANY OTHER PART OF THE BITSI SERVICES.

IF YOU ARE UNDER 18 YEARS OF AGE, YOU WILL NOT BE ELIGIBLE TO APPLY OR REGISTER FOR THE BITSI ACCOUNT OR ANY OTHER PART OF THE BITSI SERVICES.

These Terms are an agreement between you and BITSI, where BITSI is represented by SoftonITG S.A., as defined below. Your funds are not stored with BITSI, and they will always be placed on a dedicated segregation account, as required by law, and would not be impacted in case of BITSI insolvency.

These Terms incorporate, and you hereby accept and agree with, the Privacy Policy, Important Information on Key Risks, Fees Schedules, other applicable policies, other terms and conditions as may be prescribed by BITSI, notices, procedures, specifications, FAQs, guides and guidelines that are provided or made available to you, appear on the BITSI Website or are referred to in these Terms and which BITSI may modify from time to time (collectively, the “Policies”).

IMPORTANT INFORMATION ON KEY RISKS

This section of these Terms highlights some of the risks associated with transactions in connection with virtual currencies, cryptographic tokens and/or other digital assets such as the Accepted Assets, payments services and other risks which BITSI would like you to consider before accepting these Terms and using any part of the BITSI Services. You are solely responsible for understanding and complying with any and all applicable laws, rules and regulations in connection with your acceptance of these Terms and your use of any part of the BITSI Services, including but not limited to those related to taxes or foreign currency transactions as well as reporting and disclosure obligations. To the best of the knowledge and belief of BITSI, all risk factors which are material to you in making an informed judgment to accept these Terms and use any part of the BITSI Services have been set out below. However, the list of risk factors set out below is only a non-exhaustive list for your consideration, and other risks, arising either now or in the future, could additionally be relevant and applicable to you in making an informed judgment to accept, or continue to accept, these Terms and/or use, or continue to use, the BITSI Services.

Risk of Funds Not Being Immediately Available

BITSI may close, suspend, or limit your access to any part of the BITSI Services (as defined below), and/or restrict your access to the Available Balance (as defined below) of your BITSI Account (as defined below) for so long as reasonably required to protect against the risk of liability if you violate, breach or fail to comply with any part of these Terms and the Policies (as defined below). For the avoidance of doubt, BITSI may also permanently close, suspend, or limit your access to the BITSI Services if you violate, breach or fail to comply with any part of these Terms or the Policies.

Please note that your BITSI Account has two (2) separate and distinct functionalities, which are the transactional functionality and the reserve functionality. Your ability to access the Available Balance for purposes of making a BITSI Transaction (each as defined below) using the Available Balance of your BITSI Account will depend upon whether the Available Balance (which is the subject of such transaction) is associated with the transactional functionality or the reserve functionality.

For the purposes of these Terms:

1. The element of your BITSI Account which constitutes the payments functionality is known as the (“transactional account”). Such an account is the operational part of your BITSI Account through which you have access to your Available Balance and which can be used for the execution of BITSI Transactions, for example, for the purpose of exchanging, Cashing in and Cashing out of cryptocurrencies.
2. The element of your BITSI Account which constitutes the reserve functionality is known as the “reserve“. Your access to the reserve is restricted and you have no ability to use the Balance held in the reserve or to execute BITSI Transactions using the Balance held in the reserve. Any Balance held in the reserve may be marked or categorized, for example, as “pending”, “under review”, “risk reserve” or other similar indications or categorizations. The temporary holding of your Balance in such reserve by BITSI is related to BITSI’s assessment and determination, at its sole and absolute discretion, of certain AML, CFT, fraud, financial and other regulatory risks.

Payment Execution Risks

Please note that following BITSI’s receipt of your payment instruction or instruction to proceed with a transaction in connection with the Accepted Assets, BITSI will process or execute such transaction (and where applicable, also credit the relevant payment service provider or partner) as quickly as the relevant payment schemes and financial networks allow (and such transaction may be completed by the next business day following the date of BITSI’s receipt of your payment instruction or instructions, if the transaction is made in EUROs; however, transactions in other currencies or assets may take longer time, depending on the cut-off limitations and execution times of the payments and processing partners involved).

Price Change Risk Associated with Using Virtual Currencies

Prices of virtual currencies, cryptographic tokens and/or other digital assets such as the Accepted Assets (as defined below) fluctuate day by day or even hour by hour. The value of your Available Balance could surge or drop suddenly. Please note that there is a possibility that the price of virtual currencies, cryptographic tokens and/or other digital assets such as the Accepted Assets could drop to zero. Prices of virtual currencies are prone to significant fluctuations, for example, due to announced proposed legislative acts, governmental restrictions, news related to cyber-crimes or other factors causing potentially excessive market enthusiasm or disproportionate loss in confidence. Prices of virtual currencies, cryptographic tokens and/or other digital assets such as the Accepted Assets can also be manipulated.

Liquidity Risk and the Nature of Virtual Currencies

Your BITSI Account and the Available Balance of your BITSI Account are not protected by the relevant deposit guarantee or investment indemnity schemes, either in Costa Rica or in the jurisdiction you are located in or are resident of.

Virtual currencies, cryptographic tokens and/or other digital assets such as the Accepted Assets are not legal tender and are not backed by any government. Unlike fiat currencies, which are regulated and backed by national governments and central banks, virtual currencies, cryptographic tokens and/or other digital assets such as the Accepted Assets are based only on technology and user consensus. In cases of massive manipulations or market panic, national governments will not take any corrective actions or measures to achieve stability, maintain liquidity or protect the value of virtual currencies, cryptographic tokens and/or other digital assets such as the Accepted Assets.

There is a possibility that executed orders with respect to certain transactions with virtual currencies, cryptographic tokens and/or other digital assets such as the Accepted Assets cannot be settled, may be difficult to settle, or can be completed only at significantly adverse prices depending on the market situation and/or market volume for certain virtual currencies, cryptographic tokens and/or other digital assets.

There is also no assurance that BITSI will continue to accept the Accepted Assets for purposes of use of the Available Balance to execute your transactions.

Blockchain Network Risk

Completion of certain transactions in connection with virtual currencies, cryptographic tokens and/or other digital assets such as the Accepted Assets on blockchains can be deferred for a certain period of time until an adequate number of confirmations has been received. Transactions with Accepted Assets will not be reflected in your account until the adequate number of confirmations has been received and confirmed by BITSI. There is a possibility that your BITSI Wallet Transactions (to the extent that they depend on the preceding blockchain-based transactions) may be declined or remain unconfirmed for a period of time. Transactions in connection with virtual currencies, cryptographic tokens and/or other digital assets such as the Accepted

Assets may be irreversible, and, accordingly, potential losses due to fraudulent or accidental transactions may not be recoverable. Some transactions in connection with virtual currencies, cryptographic tokens and/or other digital assets such as the Accepted Assets shall be deemed to be made when recorded on a public ledger, which is not necessarily the date or time when you or another party initiated the transaction.

Risk of Using External Wallet Services and Exchange Services

In the case where you use an external cryptocurrency wallet or a cryptocurrency wallet which is established or maintained with an Exchange (as defined below) or another service provider where you do not have secure possession of your private keys or credentials to access such cryptocurrency wallet, you may not be able to access your virtual currencies, cryptographic tokens and/or other digital assets including the Accepted Assets. BITSI is under no obligation, and may not be able, to assist you in such case.

Force Majeure

There is a risk that your BITSI Transactions may be affected by system failures resulting from adverse events, natural disasters and other emergencies, as well as unforeseen significant changes in the external environment. With regards to opportunity loss (e.g. loss of opportunity to place a transactional instruction, resulting in loss of profits which could have been obtained) due to occurrences such as emergency situations and Force Majeure events, BITSI is under no obligation to take any corrective action or measure.

Regulatory Uncertainty

The regulatory frameworks applicable to transactions in connection with virtual currencies, cryptographic tokens and/or other digital assets such as the Accepted Assets are still developing and evolving. It is possible that your BITSI Transactions are, or may be in the future, subject to various reporting, tax or other liabilities and obligations. Legislative and regulatory changes or actions at the country, regional (for example, in the EU or an EEA) or international level may materially and adversely affect the use, transfer, exchange, and value of virtual currencies, cryptographic tokens and/or other digital assets such as the Accepted Assets.

YOU AND BITSI HEREBY AGREE AS FOLLOWS:

DEFINITIONS AND INTERPRETATION

1. 1. In these Terms, the following words and expressions shall have the following meanings:
      1. “AML” means anti-money laundering.
      2. “Accepted Assets” means such virtual currencies, cryptographic tokens and/or other digital assets as may be compatible with and supported by the BITSI Account, with the list of such virtual currencies, cryptographic tokens and/or other digital assets being as set out in Annex 1 hereto and subject to change from time to time by BITSI at its sole and absolute discretion.
      3. “Applicable Exchange Rate” means such exchange rate representing the value (in the relevant fiat currency or in the relevant cryptocurrency units) of each unit of an Accepted Asset as may be determined by BITSI to be applicable for purposes of calculating the amount of the Available Balance of a BITSI Account, displaying for you the prices of the Accepted Assets, applicable fees or charges, and the values of a transaction directly preceding or dependent on the successful completion of the blockchain-based transactions. The exchange rates are displayed for you and accessible through the BITSI Account at the time when you initiate or consider initiating a transaction.
      4. “Available Balance”: means the value (displayed as units of the respective Accepted Assets and (where applicable) with a reference to the price of such asset in the respective fiat currency) of the Accepted Assets held by you through your BITSI Account based on the Applicable Exchange Rate.
      5. “CFT” means the countering of financing of terrorism.
      6. “Credentials”: In relation to your BITSI Account, means your log-in username, password, API keys, and any other access keys for accessing and/or transacting with your BITSI Account or the cryptocurrency wallet associated therewith; and
      7. “Customer Information” means all information which you provide to BITSI in connection with these Terms, including information which relates to a BITSI Transaction, information which identifies or which relates to you, whether true or not, and information collected, used and/or disclosed in accordance with these Terms.
      8. “Eligible Countries” means a country in which BITSI and/or our banking and processing partners can provide or are permitted to provide services to you.
      9. “Force Majeure Event” means any event or circumstance the occurrence and the effect of which BITSI is unable to prevent and avoid notwithstanding the exercise of reasonable foresight, diligence and care on the part of BITSI.
      10. “Indemnified Parties” means BITSI`, and our banking partners and each of their respective directors, officers, employees, suppliers, vendors, licensors, agents and representatives.
      11. “Privacy Policy” means the current version of the personal data protection and privacy policy of BITSI published and made available by BITSI to the public on the BITSI Website, which you must consent to separately from accepting these Terms in order to use BITSI services.
      12. “Policies” has the meaning ascribed thereto on Page 1.
      13. “BITSI” means, collectively:
          1. SoftonITG S.A., a company registered in Costa Rica, to BITSI Clients, as well as providing technical support and ancillary services to BITSI Clients, with respect to blockchain-based transactions and certain functionalities of the BITSI Account.
          2. Other companies within BITSI group, that may be indirectly providing services or support to the customers of BITSI.
      14. “BITSI Services” means, collectively, all products, services, content, features, technologies or functions offered by BITSI to its users. The following services are provided to you and the following activities described in these Terms are performed by BITSI:
          1. Buying, holding, selling or sending virtual currencies, including payments services, such as execution of virtual currencies transactions, and other services that are ancillary to the provision of the aforementioned services, for example, currency exchange, customer support, or complaints handling. This may also include execution of fiat-denominated side of transactions with cryptocurrencies or digital assets between you and other BITSI partners or accepting payments and executing transactions with cryptocurrencies and digital assets, as the case may be.
          2. Performing customer identification and verification, maintaining adequate compliance processes with respect to, for example, information security and risk management requirements that are applicable to regulated financial institutions.
          3. Execution of blockchain-based transactions.
          4. Maintaining and managing blockchain-based transactions and balances within your BITSI Account.
      15. “BITSI Account” means such account registered and maintained by you with BITSI, which may be used, inter alia, as follows:
          1. Effect, obtain and have access to BITSI Services in connection and in accordance with these Terms;
          2. Initiate transactions, make transfers, store and manage your balances with blockchain-based Accepted Assets in accordance with these Terms; and
          3. Receive other related services from BITSI, such as view your account history, find applicable exchange rates or other information about BITSI services, make changes to your account profile, and similar services.
      16. “BITSI Website ” means the Internet website of BITSI as accessible at https://www.bitsi.app/ or such other URL as may be designated by BITSI.
   2. The headings or titles to the Paragraphs in these Terms are to facilitate reference and shall not be referred to or relied upon in the construction of any provision of these Terms.
   3. Where the context so admits, the singular shall include the plural and words in the masculine gender shall include the feminine gender and neuter gender, and vice-versa.
   4. Any reference in these Terms to any Paragraph shall be construed as a reference to the paragraphs of these Terms unless otherwise expressly stated.
   5. The words “include” or “including” in these Terms shall be deemed to be followed by “without limitation” or “but not limited to” whether or not they are followed by such phrases or words of like import.
   6. Any reference in these Terms to any person shall be construed as a reference also to such person’s successors and assigns.

FEEDBACK AND DETERMINATIONS

1. 1. To contact BITSI in connection with any matter relating to your use of the BITSI Services, or to submit questions, comments, suggestions, ideas, original or creative materials or other information (collectively, the “Feedback”), you may write to BITSI in English in accordance with these Terms.
   2. Subject to the applicable laws, regulations, rules, directions, orders and requirements:

1. 1. 1. Any determination, decision or opinion that BITSI may make (whether in response to any Feedback or otherwise) under or as envisaged in any provision in these Terms may be made or held in the sole and absolute discretion of BITSI;
      2. BITSI shall not be required to provide any reason or explanation for any of its determinations, decisions and opinions (whether in response to any Feedback or otherwise); and
      3. In the event that BITSI chooses to provide any reason or explanation for any of its determinations, decisions or opinions (whether in response to any Feedback or otherwise), such reason or explanation shall not be binding on BITSI, and such reason or explanation does not constitute any representation, warranty or undertaking by BITSI (as to any future action or otherwise).

APPLICATION FOR BITSI SERVICES, REGISTRATION FOR BITSI ACCOUNT AND ELIGIBILITY

1. 1. In order to be eligible to apply for and use our Services, you and your business must be a resident in an Eligible Country. In order to be eligible to use our services, you must be at least eighteen (18) years of age, and have full power and capacity to accept these Terms.
   2. You and your business must represent and warrant to us in opening an account with us, that you are not acting on behalf of or for the benefit of anyone else.
   3. Specifically, you must be a resident in any of the following Locations: Andorra, Argentina, Australia, Austria, Belgium, Belize, Bolivia, Brazil, Canada, Chile, Colombia, Costa Rica, Denmark, Ecuador, El Salvador, Finland, France, Germany, Greece, Guatemala, Honduras, Irland, Isle of Men, Italy, Israel, Liechtenstein, Luxembourg, Mexico, Monaco, Netherlands, New Zealand, Norway, Panama, Paraguay, Peru, Portugal, San Marino, Spain, Sweden, Switzerland, United Kingdom, United States of America and Uruguay. You hereby represent and warrant that you are located in the territory or country which you asserted at the time of account registration and that you are not located in a Restricted Location. We may also restrict or prohibit use of all or a portion of our services from certain other countries, territories or jurisdictions, as may be required by law or our contractual obligations.
   4. You shall provide all such Customer Information as may be requested by BITSI and deemed by BITSI to be necessary for purposes of determining whether to approve of your account registration and determine the scope of the services you are eligible to receive from us. In particular, BITSI reserves the right to require you to provide such additional Customer Information as may be deemed by BITSI to be necessary for purposes of:
      1. Verifying your and your business identity and other Customer Information provided by you to BITSI;
      2. Verifying the justifications for the sources of funds or sources of wealth as a condition of providing the BITSI Services to you or before BITSI permits you to use or continue to use our services;
      3. Determining whether the risk-related reserves requirements or transactional that should be applicable to you; and
      4. Otherwise fulfilling our legal or contractual obligations as well as enforcing these Terms.
         BITSI may make, directly or indirectly, any inquiries which it considers necessary to validate Customer Information provided by you to BITSI, including without limitation checking commercial databases, population registers or credit reports, or using other sources and publicly available information.
   5. You hereby agree to:
      1. Provide accurate, current and complete Customer Information in relation to your and your business identity, location and other matters in connection with your registration for BITSI Services;
      2. Keep all Customer Information provided by you to BITSI updated at all times;
      3. Immediately notify BITSI if you and your business change your country of residency or domicile or beneficial owners or company control or if there are any other changes to any other Customer Information provided by you to BITSI;
      4. Not use a password for your BITSI Account that you have already used for an account maintained with any other website or any other service provider;
      5. Protect and maintain the security of your access to your BITSI Account and API Keys by undertaking all appropriate measures and performing all of your obligations as set out in Section 6 below.
      6. Immediately notify BITSI if you discover or otherwise suspect any inappropriate or unauthorized disclosure of and/or use of your BITSI Account.
   6. If you have successfully registered for a BITSI Account and thereafter register for a second (2nd) BITSI Account using a different email, but with the same personal information as previously provided by you in respect of your registration for your initial BITSI Account, BITSI reserves the right not to approve the registration of such second (2nd) BITSI Account, and you may be required to access and use only your previously approved BITSI Account. If your previous registration for a BITSI Account was rejected by BITSI, or BITSI had previously closed your Account, you may not be able to reapply for a new BITSI Account.

ACCOUNT INFORMATION AND USER CONTENT

1. 1. You can review the Customer Information provided by you to BITSI and make any desired changes to certain Customer Information, or to the settings for your BITSI Account, at any time by logging into your BITSI Account through your mobile app, accessing your profile therein and changing your preferences therein.
   2. Unless your access to your BITSI Account is restricted (for example, due to any suspicions of inappropriate or unauthorized disclosure of and/or suspicious account behavior, or a very prolonged period of inactivity), you may access details of your account history, your Customer Information and details of your Available Balance by logging into your BITSI Account. Selected information relating to your transactions will also be provided to you via email. You will also be able to access a downloadable report via your BITSI Account, including all fees payable by and charged to you in the relevant period. BITSI reserves the right to charge a fee for providing you with any additional information or for providing the transaction history and other information (other than via downloadable standard reports). The way in which BITSI provides such information will allow you to store and reproduce the information unchanged, for example by printing a copy.
      BITSI will ensure that the details of each transaction will be made available for you to view online for at least thirteen (13) months from the execution date.
      
   3. The BITSI Services may include parts thereof which allow you to create, post, upload, share or store content, including, but not limited to, photos, videos, sound, text, graphics, code, items or other information and materials (collectively, your “User Content”). You are solely responsible for any of the User Content created, posted, uploaded, shared or stored by you and for your use of any interactive features of the BITSI Services. You will not create, post, share or store any User Content that:
      1. Is unlawful, libelous, defamatory, obscene, pornographic, sexually suggestive, harassing, threatening, invasive of privacy or publicity rights, abusive, inflammatory, fraudulent or otherwise objectionable;
      2. Would constitute, encourage or provide instructions for a criminal offense, violate or infringe the rights of any party (including intellectual property rights or rights of publicity or privacy), otherwise create liability or violate any local, state, national or international law;
      3. Contains or depicts any statements, remarks or claims that do not reflect your honest views and experiences;
      4. Contains personally identifiable information about any person without that person’s consent;
      5. Impersonates, or misrepresents your affiliation with, any person or entity (including BITSI);
      6. Refers to or depicts BITSI or the BITSI Services but fails to disclose any material connection to BITSI or the BITSI Services which may exist;
      7. Contains any unsolicited promotions, political campaigning, advertising or solicitations;
      8. Contains any viruses, corrupted data or other harmful, disruptive or destructive files or content; or
      9. In BITSI sole judgment, is objectionable or that restricts or inhibits any other person from accessing and using the BITSI Services, or that may expose BITSI or any other person to any harm or liability of any type.
   4. BITSI does not endorse any User Content that is created, posted, uploaded, shared or stored by you in or through any part of the BITSI Services. BITSI shall not be responsible or liable for any User Content. Although BITSI is under no obligation to screen, edit or monitor User Content, BITSI reserves the right, and has absolute discretion, to remove, screen or edit User Content posted or stored on the Services at any time and for any reason. You are solely responsible for creating backup copies of and replacing any User Content you create, post, upload, share or store in or through any part of the BITSI Services at your sole cost and expense.

RIGHTS TO FEEDBACK AND USER CONTENT

1. 1. To the maximum extent permitted by the applicable laws, regulations, rules, directions, orders and requirements, BITSI shall be entitled to retrieve and collect, and you hereby affirmatively agree, consent to and authorize the collection, use and disclosure by and on behalf of BITSI, any Feedback provided by you to BITSI or User Content created, posted, uploaded, shared or stored by you in connection with any part of the BITSI Services. BITSI shall be entitled to collect, use or disclose any Feedback provided by you to BITSI and any User Content created, posted, uploaded, shared or stored by you in connection with any part of the BITSI Services for any purpose, commercial or otherwise, without acknowledgment or compensation to you.
   2. You agree that, to the maximum extent permitted by the applicable laws, regulations, rules, directions, orders and requirements, BITSI shall be entitled to retain all Feedback and User Content it receives for any purpose which it deems fit.
   3. You agree to grant BITSI a non-exclusive, royalty-free, worldwide, perpetual, irrevocable, transferable and fully sub-licensable right to use, reproduce, create derivative works of, distribute, publicly perform and publicly display all Feedback and User Content for any purpose which BITSI deems fit (including the copying, transaction, distribution and publication thereof). You represent and warrant that you own all intellectual property rights (or have obtained all necessary rights) to provide your Feedback or create, post, upload, share or store User Content in connection with any part of the BITSI Services and to grant BITSI the foregoing license(s).

YOUR ACCOUNT SECURITY AND RESPONSIBILITY FOR UNAUTHORISED TRANSACTIONS

1. 1. BITSI is committed to handling all Customer Information provided by you to BITSI with high standards of information security.
   2. Your email address, your Credentials, other Customer Information which you provide to BITSI and certain additional authentication methods will be used to access the BITSI Services (including your BITSI Account) and to initiate communications with BITSI (this can also be done via our partnering financial institution where you have an account). You may also be prompted to answer several security questions.
   3. You shall have the sole responsibility to maintain the secrecy and secure possession of all of your Credentials. You should not disclose your Credentials to any person other than representatives of BITSI. While representatives of BITSI may request for information or documents for purposes of verifying your identity and address, they will never request for your password and any other access keys for accessing your BITSI Account or the cryptocurrency wallet associated therewith. Accordingly, any email, telephone call or other communication requesting for your password and any other access keys for accessing your BITSI rAccount or the cryptocurrency wallet associated therewith, should be treated as unauthorized and suspicious, and notified to BITSI.
   4. If you do share your Credentials with a third party for any reason, including for the reason that the third party has promised to provide you with additional services such as account aggregation or information services, such third party will have access to and use your BITSI Account, the Customer Information provided by you to BITSI. You may also be responsible for any other actions taken by such third party using your Credentials. Granting permission to any third party in any way does not relieve you of any of your responsibilities, obligations and liabilities under these Terms.
   5. Any claim with respect to lost or compromised credentials to your BITSI Account, an unauthorized or defective execution of a payments or virtual currency transaction included into your transaction history or other reports or the non-execution of a payments or virtual currency transaction or blockchain transactions must be submitted by you to the BITSI support team immediately by writing to support@bitsi.app to ensure that BITSI is able to take appropriate actions, reset your credentials and protect your account and the integrity of our services, and in any case within 30 days of the incident, unauthorized execution or non-execution of a transaction, as the case may be.
   6. In case a claim is lodged by you within the time specified in the previous paragraph, BITSI will conduct an investigation, and if the fact of a payment or virtual currency transaction not being authorized is confirmed, BITSI shall refund you with the amount of the relevant transaction no later than a week after noting or being notified of the transaction and, where applicable, restore the debited account to the state in which it would have been, had the unauthorized transaction not occurred. However, this obligation shall not apply where BITSI has reasonable grounds for suspecting fraud. Where required, you shall promptly take such steps as may be prescribed by BITSI in relation to lost or compromised credentials or unauthorized transactions, including making of a police report accompanied by written confirmation or other actions or submissions that BITSI may require.
   7. You shall, however, remain liable for any loss resulting from an unauthorized payment or virtual currency transaction under the following circumstances and subject to the following conditions:

1. 1. • Until notification to BITSI pursuant to the rules on notification of an incident, of the loss or theft, or misuse of the Credentials which was made possible because you were unable to preserve the security of your Credentials:

1. 1. • • You remain liable up to an amount of EUR 2500, unless the loss, theft or misappropriation was not detectable to you prior to a transaction, except you have acted fraudulently;
        • The loss was caused by acts or lack of action of an employee, agent or branch of BITSI or of an entity to which its activities were outsourced.

• • • You will bear all of the losses relating to any unauthorized payment or virtual currency transactions if they were incurred by you acting fraudulently or failing to fulfill one or more of the obligations relating to these Terms with intent or gross negligence. In that case, the maximum amount referred to above will not apply.
    • Where BITSI did not require strong Client authentication for payments or virtual currency transactions, you will not bear any financial losses unless you acted fraudulently.
    • You shall not bear any financial consequences resulting from fraudulent or unauthorized use of the lost, stolen or misappropriated Credentials after you have duly notified BITSI, except where you have acted fraudulently.
    • In any case, you shall bear the entirety of the losses resulting from an unauthorized transaction in the event that you have acted fraudulently, irrespective of the notification of an incident sent to us.

No Returns or Refunds for Blockchain-Based Transactions

All blockchain-based transactions are final and non-reversible. We do not accept any returns or provide refunds in connection with any such transactions. While a blockchain-based transaction is pending confirmation by the applicable network, the virtual currency, cryptographic token, or digital asset subject to such confirmation will be unavailable for use in connection with any other transaction you initiate with BITSI services.

1. 1. 1. Transactions Mistakenly Sent to Testnet Networks

In the event you mistakenly execute a transaction to a BITSI SANDBOX platform address, depositing assets from a blockchain mainnet network address to a testnet network address of the same blockchain, the following terms will apply

• • 1. • Forfeiture of Assets: If the value of the mistakenly deposited assets is less than the equivalent of $500 USD worth, BITSI reserves the right to consider those assets forfeited by the client. No recovery attempts will be made for such transactions, and the assets will not be retrievable.
       • Recovery of Assets: If the value of the mistakenly deposited assets is greater than $500 USD worth, BITSI may, at its discretion and within its own timeline, attempt to recover the assets and return them to a mainnet blockchain network under the client’s control. BITSI will charge a recovery fee, which will be no less than 15% of the recovered funds. This fee will cover the time and resources allocated to the recovery process.
    2. Transactions Sent to Incompatible Blockchain Networks

In the event that the client sends a transaction to an incompatible blockchain network—whether it be a testnet or mainnet—BITSI will not be able to retrieve those assets. Such assets will be considered permanently lost and out of reach.

1. 1. As required by applicable regulations, BITSI will notify you in the event of suspected or actual fraud or security threats via your registered e-mail, phone number or mobile app notification.

6A. MONEY PAID INTO YOUR ACCOUNT BY ACCIDENT

1. 1. 6A.1. Subject to the applicable laws, regulations, rules, directions, orders and requirements and the Policies (including the Privacy Policy), BITSI can already return money paid to your payment instrument by mistake.
   2. 6A.1. However, if you don’t think a payment made to you from a payment service provider in the EEA was a mistake, BITSI may also be allowed to share your personal information with the paying payment service provider so that you can be contacted directly. This is because BITSI is required to cooperate with other payment service providers and share all relevant information in order to assist with tracing money which is sent to the wrong person.

6B. THIRD-PARTY PROVIDERS

1. 1. 6B.1. You can choose to allow a Third Party Provider (TPP) to access information on your account, to combine and display information about your account with information from accounts you have with other payment service providers, and, if applicable to your payment instrument, to make payments for you from your account, provided the TPP is authorized by the FMA in Costa Rica and you have given your explicit consent.
   2. 6B.2. If you do, you must keep us informed of any incorrect or unauthorised transactions that happen so BITSI can take steps to stop further misuse of your payment instrument and arrange any refund you’ve been entitled to.
   3. 6B.3. If you are thinking of using a TPP, it is important you check with the regulator whether it is authorized before you use it.
   4. 6B.4. BITSI can refuse or stop access to a TPP if BITSI is concerned it isn’t authorized or if BITSI believes it’s fraudulent or acting fraudulently. If that happens, BITSI will contact you to explain why unless BITSI believes that would compromise our security or it would be unlawful.
   5. 6B.5. This provision will not affect any customers who do not use TPPs.

USE BY BITSI OF CUSTOMER INFORMATION

Subject to the applicable laws, regulations, rules, directions, orders and requirements and the Policies (including the Privacy Policy), BITSI shall be entitled to request, retrieve and collect, and you hereby affirmatively agree, consent to and authorize the collection, retrieval, use and disclosure by and on behalf of BITSI of any and all Customer Information, in the manner and for the purposes set out in the Policies and the following purposes:

1. 1. 1. Carrying out identification checks, due diligence and other checks, screenings and verifications (including for purposes of completing any anti-fraud, know-your-client, know-your-transaction, CFT and AML procedures implemented by BITSI);
      2. Dealing in any matters relating to your BITSI Account (including the mailing of correspondence, statements, invoices, reports or notices to you, which could involve disclosure of your Customer Information to the extent necessary to bring about delivery of the same as well as on the external cover of envelopes/mail packages);
      3. Investigating fraud, misconduct, any unlawful action or omission, whether relating to your claims or any other matter relating to your BITSI Account and/or your relationship with BITSI, and whether or not there is any suspicious of the aforementioned;
      4. For meeting legal, regulatory and other compliance requirements (including disclosure to all government agencies and authorities, regulators, exchanges, clearing houses, markets or depositories); and
      5. Providing you with information about your transactions, updating you about our services, for example, scheduled maintenance times or security alerts, maintaining safety and security of our services, and other purposes as set out in these Terms and our Policies.

USE OF BITSI SERVICES AND TRANSACTION EXECUTION

1. 1. 1. When you instruct BITSI to process and complete a transaction, you agree and accept that you authorize BITSI to execute such transaction immediately (unless otherwise stated) in accordance with your instructions and charge you any applicable fees associated therewith. You represent and warrant that any Customer Information you provide to BITSI in connection with each transaction, is accurate and complete.
      2. You further agree and accept that any duly authorized instruction by you to BITSI to process and complete a transaction cannot be reversed, changed, withdrawn or canceled, unless such reversal, change, withdrawal or cancellation is practicable and specifically permitted by the applicable laws, regulations, rules, directions, orders and requirements.
      3. You may issue a payment or transactional instruction to us by connecting to our Services and making appropriate selections and entering relevant transactional details as well as validating your transaction through your preferred method of strong authentication, where applicable. The sole transmission to BITSI of a payment instruction in the above described manner shall constitute an authorization of such payment instruction. The validation of a payment or transactional instruction through the use of the Services shall have the same value as your original signature and shall have the same value in evidence as an original written document.
      4. If the strong authentication confirmation has been successfully completed (for cases where it is required), the burden of proof that an executed transaction has not been authorized by you or that a transaction has not been correctly executed normally lies with you.
      5. A payment instruction shall be deemed to have been received by BITSI at the time of actual validation by you of the payment instruction, it being understood that, depending on the payment instrument used, certain payment instructions or validation thereof received by BITSI after the cut-off times imposed by our banking or payment partners, or at any time during a non-Business Day, will be deemed to have been received on the next Business Day.
      6. When payment transactions (including also transactions with virtual currency balances) are made in euros from an Available Balance denominated in euros, we will ensure that the amount of the transaction is credited to the account of the payment service provider of the payee by no later than the end of the following Business Day following the moment of receipt of the payment instruction in accordance with these Terms. For all other payment transactions effected within the EEA other than the payment transaction described in the preceding paragraph, BITSI will ensure that the amount of the payment transaction is credited to the account of the payment service provider of the payee by no later than the fourth Business Day following the moment of receipt of the Payment instruction. For all other payment transactions not covered in the preceding paragraphs, you acknowledge that the execution time for the payment transaction will be subject to the operating rules of international payment systems and that in this case, we will not be bound by the deadlines set out above.
      7. In the event that we do not detect a fraudulent use or misuse of your Credentials and execute a payment transaction initiated through such Credentials, including successful application of the strong authentication requirements, as the case may be, we shall, except in the case of gross negligence or willful misconduct, be deemed to have validly executed the payment transaction, as if the payment transaction had been initiated by you. We will thus be released from our obligation to refund you the funds on the BITSI Account which have been used in order to execute such payment instruction.
      8. We may, at any time, reject a payment instruction submitted to us via the Services, or impose any other conditions or restrictions upon your use of the Services. The reasons for the refusal and the procedure for correcting any factual mistakes that led to the refusal will be notified to you at the latest by the end of the Business Day following the refusal. BITSI will be deemed to have satisfied this obligation if it has sent the notification of refusal within the period of execution time regardless of the date of actual receipt by you of such notification.

Any notification by BITSI of a justified refusal of a payment instruction may result in you being charged a fee.

BITSI may, without being obliged to do so, refuse to execute a payment or transactional instruction:

• • • • If the payment instruction contains any factual error, in particular, incomplete or imprecise transactional details;
      • If you have breached any of your obligations towards BITSI under these Terms or any other agreement entered into between you and BITSI;
      • If the payment instruction does not meet the agreed form as set out in these Terms;
      • If your Available Balance is insufficient to execute an instruction in full;
      • If the spending limits as may have been agreed upon between you and BITSI have been reached;
      • If the transaction cannot be executed in full;
      • If the instruction has been made by a person who has no power to operate the Account;
      • If BITSI is legally or contractually obliged to freeze your Account or block transactions;
      • If BITSI suspects that the security of Service is compromised, e.g. because of a problem or technical failure or because of hacking attacks;
      • If BITSI suspects fraud (for example where it has identified suspicious transaction(s)) or has received a notification that an incident has occurred);
      • If BITSI believes that the execution of the payment transaction would be contrary to any national or foreign laws, regulations or decisions of authorities or would expose BITSI to liability risks.

Should you elect to proceed with a subsequent execution of a payment instruction notwithstanding refusal thereof by BITSI, you shall provide BITSI with a new payment instruction containing all the required elements. It will not be possible to correct the initial payment instruction.

In the event of a payment instruction which is beyond your Account’s permissible use or applicable limits, BITSI may request additional identifying information from you and must receive such information before processing the payment instruction. If you fail to provide this additional required information or documentation, the attempted transaction may be refused or suspended by BITSI, without being obliged to do so.

1. 1. 9. BITSI may, at any time and to the maximum permitted by the applicable laws, regulations, rules, directions, orders and requirements, pause, refuse to process or complete any BITSI transaction initiated by you, impose limits on the value or type of such transaction or impose any other conditions or restrictions on your access to and use of the BITSI Services.
      10. It shall be your sole responsibility to keep track of and monitor your activity for BITSI Transactions. In particular, it shall be your sole responsibility to ensure that your Available Balance is sufficient to cover the full amount required for a proposed transaction and all fees associated therewith which shall be payable by and charged to you upon initiation of a transaction.
      11. If you attempt to initiate, or if BITSI is instructed by you to process or complete, a transaction at a time when your Available Balance is insufficient to cover the full amount required for such transaction and all fees associated therewith which shall be payable by you, such transaction in most instances will be declined. However, in the event that due to a system malfunction or any other reason, such transaction is successful or completed (or partially successful or completed) notwithstanding that your Available Balance is insufficient and your Available Balance becomes negative as a result of such successful or complete transaction, you agree to reimburse BITSI, upon request, for the amount of the transaction in excess of your Available Balance in such fiat currency, Accepted Asset or any other form as may be requested by BITSI.
      12. In the event of any airdrop, fork, hack, mining attack (including but not limited to double-spend attacks, majority mining power attacks and “selfish-mining” attacks), cyber-attack, distributed denials of service, error, vulnerability, defect, flaw in programming or source code or any other occurrence resulting in a change in the structure or source code of any blockchain, any determination of whether or not to take any corrective action or measure and the type of corrective action or measure shall be made at the sole and absolute discretion of the BITSI. BITSI does not bear any liability in the event that you or a third party incurs any losses as a result of any airdrop, fork, hack, mining attack (including but not limited to double-spend attacks, majority mining power attacks and “selfish-mining” attacks), cyber-attack, distributed denials of service, error, vulnerability, defect, flaw in programming or source code or any other occurrence resulting in a change in the structure or source code of any blockchain, or lack of corrective actions or measures taken by BITSI or if BITSI decides to cease its support of Accepted Assets within the BITSI Services.
      13. To the maximum extent permitted by all applicable laws, regulations, rules, directions, orders and requirements, BITSI shall be entitled, at any time in its sole and absolute discretion, to determine and vary the types of transactions that may be carried out with your BITSI Account, the types of services offered to you, the payment methods supported in the program administered by BITSI.

8A. STATEMENTS

Information about your payment instruments used and transactional history will be made available to you after each transaction.

PROLONGED INACTIVITY

In the event of very prolonged period of inactivity in respect of your BITSI Account and where the Available Balance of your BITSI Account is positive, BITSI shall attempt to contact you with such contact details based on the Customer Information provided by you to BITSI. However, if BITSI is unable to contact you, the applicable laws, rules, regulations, directions, orders or requirements may require BITSI to report such Available Balance as unclaimed property to the applicable regulatory authority or law enforcement body and deliver the Accepted Assets comprising such Available Balance to the applicable jurisdiction as unclaimed property. To the maximum extent permitted by all applicable laws, regulations, rules, directions, orders and requirements, BITSI reserves the right to deduct administrative fees from such Available Balance in connection with such prolonged period of inactivity, such attempt to contact you and/or such report.

RESPONSIBILITY FOR USE OF EXTERNAL WALLETS AND EXTERNAL ACCOUNTS

1. 1. You shall be solely responsible for your use of any External Wallet, protocol or External Account and your compliance with any and all terms and conditions which are prescribed by the provider of the services of such External Wallet, protocol or Account as being applicable to your use of such services. BITSI shall not be responsible for any access to or use of any External Wallet or Account. You agree and accept that in the event that the security of your External Wallet or External Account is compromised in any manner, you shall not be entitled to receive any compensation from BITSI, and BITSI shall not be obliged to provide, any refunds in respect of any loss, theft, or inappropriate or unauthorized disclosure of and/or use of such External Wallet or Account or their respective credentials.
   2. The amount of time required to process and complete a transaction involving an address of an External Wallet or payments processing times with respect to External Wallets will depend in part upon the performance of third parties (including the provider of the services of such External Wallet or Account), and BITSI does not provide any kind of assurance of the amount of time required to process and complete such transactions.
   3. In some cases, the provider of the services of such External Wallet and/or Account may reject your transaction for a number of reasons. BITSI shall not be responsible for such rejections or any losses in connection therewith.

PROHIBITED USES OF BITSI SERVICES

1. 1. You hereby agree that you shall not use any part of the BITSI Services to conduct, pay for or facilitate activities that:
      1. Violate any applicable law, regulation, rule, direction, order or requirement;
      2. Relate to transactions involving:
         1. Narcotics, steroids, certain controlled substances or other products that present a risk to human safety;
         2. Drug paraphernalia;
         3. Items that encourage, promote, facilitate or instruct others to engage in illegal activity;
         4. Stolen or pirated goods including digital and virtual goods or items that infringe or violate any copyright, trademark, right of publicity or privacy or any other proprietary right under the laws of any jurisdiction;
         5. The promotion of hate, violence, racial intolerance, or the financial exploitation of a crime;
         6. Items that are considered obscene;
         7. Certain sexually oriented materials or services; or
         8. Ammunition, firearms, or certain firearm parts or accessories, or certain weapons or knives regulated under applicable law; or
      3. Relate to transactions that:
         1. Show the personal information of third parties in violation of any applicable law, regulation, rule, direction, order or requirement;
         2. Support pyramid or Ponzi schemes, matrix programs, other “get rich quick” schemes or certain multi-level marketing programs;
         3. Involve offering or receiving payments for the purpose of bribery or corruption.
   2. Further, you agree that you shall not:

1. 1. 1. Use any part of the BITSI Services or allow a third party to use any part of the BITSI Services to commit fraud or otherwise violate the law;
      2. Engage in conduct that is harassing, threatening, intimidating, or stalking, or that BITSI otherwise deems objectionable;
      3. Engage in conduct or an act of fraud, extortion or blackmail, that seeks to disseminate falsehoods about the BITSI or otherwise harm the BITSI’s reputation and credibility using deception;
      4. Use any part of the BITSI Services in any manner that could interfere with, disrupt, negatively affect or inhibit other users from fully enjoying the BITSI Services or that could damage, disable, overburden or impair the functioning of any part of the BITSI Services in any manner;
      5. Use any part of the BITSI Services to deliberately steal the assets of another user, BITSI, or affiliated companies, through replay attacks, etc.
      6. Reverse engineer any aspect of any part of the BITSI Services or apply any other process or procedure to derive the source code of any software included in any part of the BITSI Services (unless otherwise permitted by any applicable law, regulation, rule, direction, order or requirement);
      7. Violate, infringe or misappropriate any intellectual property right, of other third parties, or commit a tort;
      8. Reproduce (other than standard website page caching), create derivative works of, publicly perform, publicly display, distribute, sell, rent, lease, timeshare or otherwise commercially exploit any part of the BITSI Services;
      9. Attempt to bypass or circumvent measures employed to prevent or limit access to any content, area or functionality of any part of the BITSI Services;
      10. Develop any third-party applications that interact with Services without our prior written consent, except as allowed through the use of the Application Programming Interface (API) of the BITSI Account;
      11. Use any robot, spider, crawler, scraper, script, browser extension, offline reader or other automated means or interface not authorized by BITSI to access any part of the BITSI Services, extract data or otherwise interfere with or modify the rendering of pages or functionality of any part of the BITSI Services;
      12. Bypass or ignore instructions contained in our robots.txt file that controls automated access to any part of the BITSI Services;
      13. Use any part of the BITSI Services other than for its intended purposes; or
      14. Use any part of the BITSI Services to engage in or promote any activity that violates these Terms.

PAYABLE FEES

1. 1. BITSI shall be authorized to deduct the amount(s) of all transactions and any fees as notified by BITSI to you in advance (in writing, by displaying in the BITSI Account or any other form or manner) as being payable by and chargeable to you under these Terms from the Available Balance of your BITSI Account.
   2. You shall be solely responsible for the payment of all fees associated with any transaction.

ACCOUNT CLOSURE BY BITSI

1. 1. If BITSI determines that you are incurring an excessive number of chargebacks, disputes, complaints or other irregularities, BITSI may establish controls or conditions governing your use of your BITSI Account, including without limitation, by:
      1. Establishing new processing fees payable by and chargeable to you;
      2. Creating a reserve of an amount reasonably determined by BITSI `to cover anticipated reversals, losses and related fees;
      3. Lowering the limits applicable to your BITSI Account Transactions; or
      4. Terminating, restricting or suspending your access to and use of the BITSI Services, closing your BITSI Account.
   2. BITSI shall be further entitled to close your BITSI Account for any reason at any time in the event that:
      1. You have violated, breached or failed to comply with any part of these Terms or the Policies;
      2. BITSI determines that you pose an unacceptable credit or fraud risk to us;
      3. You provide or have provided false, incomplete, inaccurate, or misleading Customer Information (including without limitation any information in relation to your registration for a BITSI Account) or otherwise engage in fraudulent or illegal conduct;
      4. BITSI has security concerns regarding your BITSI Wallet Account or your Credentials; or
      5. BITSI suspects or has reason to believe that there has been loss, theft, or inappropriate or unauthorized disclosure of and/or use of your BITSI Account and/or your Credentials. 

         In the case where BITSI determines that it will close your BITSI Wallet Account in any of the above events, BITSI shall provide you with a notice of such closure or termination in accordance with these Terms, and where practicable, the reasons for closing your BITSI Account, and allow you to withdraw any remaining Available Balance from your BITSI Account.
         In the case where you wish to request for reactivation of your BITSI Account or Credentials, or replace it/them, you shall notify BITSI in accordance with these Terms. BITSI may, at its sole and absolute discretion, take such action to reactivate your BITSI Account or Credentials.

   3. To the maximum extent permitted by all applicable laws, regulations, rules, directions, orders and requirements, BITSI shall be entitled, or remain entitled, in connection with any closure of your BITSI Wallet by BITSI, to:
      1. Deduct your Available Balance for any amount and charges incurred in or related to BITSI Wallet Transactions that are carried out before such closure of your BITSI Wallet Account, and you shall remain liable to BITSI for such amounts and charges until such amounts and charges are deducted or otherwise paid to BITSI in full;
      2. Cancel any pending BITSI Wallet Transactions,
      3. Suspend, limit or terminate your access to the BITSI Website, software, systems (including any networks and servers used to provide any of the BITSI Services) operated by BITSI or any third party for or on its behalf;
      4. Retain your Available Balance after such closure of your BITSI Wallet Account to such extent and for such period of time as may be reasonably required to protect BITSI and/or any third party against the risk of reversals, chargebacks, claims, fees, charges, fines, penalties and other liabilities of whatever nature, after which you shall be entitled to withdraw any undisputed Available Balance which BITSI holds.
   4. Subject to the applicable laws, regulations, rules, directions, orders and requirements, you shall not be entitled to any payment, compensation or damages from BITSI in relation to any closure of your BITSI Account by BITSI pursuant to the foregoing of this Paragraph for any reason.
   5. Subject to the applicable laws, regulations, rules, directions, orders and requirements, any closure of your BITSI Account for any reason shall not release you from any liability or responsibility on your part, which at the time of such suspension or termination, has already accrued.
   6. In the event of a closure of your BITSI Account by BITSI, BITSI will mark your BITSI Account in its database as “Closed”, but will maintain a record of the Customer Information provided by you to BITSI in BITSI ‘s database for BITSI‘s compliance with applicable laws, rules, regulations, directions, orders and requirements. Such maintenance of a record by BITSI of the Customer Information provided by you to BITSI is, for instance, necessary in order to deter against fraud, by ensuring that persons who try to commit fraud will not be able to avoid detection simply by closing their initial BITSI Accounts and opening new BITSI Accounts. However, the Customer Information provided by you to BITSI will not be used by BITSI for any further purposes, nor sold or shared with third parties, except to the extent necessary to prevent fraud and assist law enforcement authorities, or as required by law.
   7. The rights of suspension, restriction, closure and termination of BITSI under these Terms shall be without prejudice to any other rights or remedies which BITSI may have (whether under these Terms, at law, in equity or otherwise).

ACCOUNT CLOSURE BY YOU

1. 1. You shall be entitled to close your BITSI Account at any time by notifying BITSI of your intention of such closure or termination.
   2. In the event of closure by you of your BITSI Account, BITSI will mark your BITSI Account in its database as “Closed”, but will maintain a record of the Customer Information provided by you to BITSI in BITSI’s database for BITSI’s compliance with applicable laws, rules, regulations, directions, orders and requirements. Such maintenance of a record by BITSI of the Customer Information provided by you to BITSI is, for instance, necessary in order to deter against fraud, by ensuring that persons who try to commit fraud will not be able to avoid detection simply by closing their initial BITSI Accounts and opening new BITSI Accounts. However, the Customer Information provided by you to BITSI will not be used by BITSI for any further purposes, nor sold or shared with third parties, except to the extent necessary to prevent fraud and assist law enforcement authorities, or as required by law.

SURVIVING TERMS FOR ACCOUNT CLOSURE AND COMPLIANCE

These Terms shall survive termination to the extent necessary for the closure of your BITSI Account by you or BITSI, and for compliance by BITSI with applicable laws, rules, regulations, directions, orders and requirements. If you would like to make a complaint, or contact us for any other reason connected to these terms and conditions please write to the BITSI Customer Support team via https://www.bitsi.app Support section.

BITSI will send an acknowledgment letter or email or text to inform you upon receipt of your complaint within 2 business days.

BITSI will try to resolve any complaints you have about your payment instrument or the service BITSI provides to you within 15 business days of receiving your complaint and in exceptional circumstances, within 35 business days (and BITSI will let you know if this is the case).

BITSI have procedures in place to make sure that BITSI handles your complaint fairly and quickly. However, if you are not satisfied with the outcome of your complaint, you can write to the FMA Liechtenstein (Landstrasse 109 Postfach 279, 9490 Vaduz, Liechtenstein), which is the regulatory authority responsible for supervising BITSI regulatory activities in the EEA.

BITSI may need to contact you urgently if BITSI suspects or finds fraudulent activity has occurred on your account (provided BITSI is not prohibited from doing so by law) or if BITSI suffers a security threat. To do so, BITSI may (for example) send you a text message instead of calling or emailing you, if BITSI thinks this is the quickest way to contact you. When BITSI contacts you, BITSI will also give you information on how you can minimise any risk to your payment instrument depending on the nature of the security threat. Well use the same contact details which you have already provided us with when contacting you. You must inform us immediately if your personal details or contact information change.

GENERAL RIGHTS OF BITSI

1. 1. You hereby agree and accept that BITSI’s records of all transactions, Customer Information and any other matter in relation to these Terms or your use of BITSI Services (including any communications transmitted electronically or telecommunications between BITSI and you) are final and conclusive and binding for all purposes, in the absence of manifest error.
   2. Without prejudice to any of BITSI’s other rights and remedies (whether under these Terms, at law, in equity or otherwise), BITSI is required to act in accordance with any and all applicable laws, regulations and rules and directions, orders and of any applicable regulatory authority and/or law enforcement body relating to anti-fraud, anti-terrorism, CFT, AML and the provision of financial and other services to any persons or entities requirements, and may be subject to sanctions in relation thereto. BITSI shall be entitled to take any action which may be required by any applicable regulatory authority and/or law enforcement body or which it, in its sole and absolute discretion, considers appropriate to take in order to comply with such laws, directions, orders and requirements.
   3. Without prejudice and in addition to any right of set-off to which BITSI is otherwise entitled and to the maximum extent permitted by all applicable laws, regulations, rules, directions, orders and requirements, BITSI may, at any time, upon written notice to you, set-off any amounts owing by you to BITSI for any breach by you of these Terms against any amounts which BITSI owes to you.

DISCLAIMERS, INDEMNITY AND LIABILITY

1. 1. Subject to the applicable laws, regulations, rules, directions, orders and requirements and the Policies, BITSI shall not in any event be liable in any way to you or any person for any loss, liability, damages or expense, howsoever arising from or in connection with:
      1. Your use of the BITSI Services and/or of the BITSI Account, or any transaction initiated or received by you using our services;
      2. Any loss, theft, or inappropriate or unauthorized disclosure of and/or use of the private keys to the virtual currency wallet associated with your BITSI Account;
      3. Any transfer of any Unsupported Assets by any person to an address associated with a BITSI Account;
      4. Any malfunction, defect or error in any terminal used to process any card or of other machines or systems of authorization whether belonging to or operated by BITSI or other persons or the inability of any terminal, machine or system to accurately, properly or promptly transmit, process or store any data;
      5. Any failure, malfunction or breakdown of, or disruption to, the operation of the BITSI Services or your BITSI Account, the relevant blockchain(s), blockchain-based software system(s) or any source code(s) with which the Accepted Asset(s) are associated or any part of the BITSI or your BITSI Account relies on, due to occurrences of forks, hacks, mining attacks (including but not limited to double-spend attacks, majority mining power attacks and “selfish-mining” attacks), cyber-attacks, distributed denials of service, errors, vulnerabilities, defects, flaws in programming or source code or otherwise, regardless of when such failure, malfunction, breakdown, or disruption occurs;
      6. Any delay or inability on BITSI’s part to perform any of its obligations under these Terms because of any electronic, mechanical system, data processing or telecommunication defect or failure, act of God, terrorism, civil disturbance or any event outside of BITSI’s reasonable control or the reasonable control of any of BITSI’s servants, agents or contractors;
      7. Any access to or use of any External Wallet or External Account by any person;
      8. Any breach of any obligation of confidentiality by any third party provider of any service or facility associated with any BITSI Account, and you acknowledge and understand that use of the same involves the transmission of your personal data and transaction details through third parties which BITSI may be unable to control, and BITSI is not responsible or liable to you for their performance or the non-performance of their obligations to you;
      9. Any loss, theft, or inappropriate or unauthorised disclosure of and/or use of your BITSI Account and/or your Credentials;
      10. Any injury to your credit, character and reputation in relation to your use of the BITSI Services or a BITSI Account;
      11. Any delay in the release of any amount of your Available Balance which is put on hold for any reason;
      12. Your failure, in any manner, to follow the instructions delivered to you together for your usage of the BITSI Services or the BITSI Account; and
      13. Any circumstance for any matters relating to or in connection with any dispute, refund request or chargeback request in relation to your use of the BITSI Services and/or the BITSI Account, and you hereby waive claim you may now or in the future have against BITSI for the same. You shall fully and effectively indemnify, defend and hold harmless the Indemnified Parties from and against, any and all losses arising directly or indirectly from or in connection with any or all of the foregoing matters.
   2. BITSI makes no warranty or representation as to the quality, value, merchantability or fitness for purpose of the any virtual currencies, goods and/or services purchased via the BITSI Account and assumes no liability or responsibility for the acts or omissions of Merchants or virtual currency buyers or sellers. Any dispute about the value, condition or performance of any of such virtual currencies/goods/services is to be resolved directly with the relevant Merchants.
   3. To the maximum extent permitted by all applicable laws, regulations, rules, directions, orders and requirements, you shall indemnify and keep the Indemnified Parties fully indemnified against all losses (including legal costs on an indemnity basis) incurred, suffered or sustained by the Indemnified Parties, directly or indirectly, by reason of or in connection with these Terms, including but not limited to:
      1. Any use of the BITSI Account whether or not authorization has been sought and/or given;
      2. Breach of any provision of these Terms on your part;
      3. The enforcement or protection of the Indemnified Parties’ rights and remedies against you under these Terms, or in obtaining or seeking to obtain payment of all or any part of the monies hereby agreed to be paid by you;
      4. Insufficiency of your Available Balance to meet any request for payment for any transaction or settlement of any other liability under these Terms; and
      5. Applicable laws, regulations, rules, directions, orders and requirements which may have an effect on your Available Balance and/or these Terms.
   4. This Paragraph shall survive any expiry, termination or other cessation of your relationship with BITSI.

FORCE MAJEURE

BITSI shall not be liable to you or be deemed to be in breach of any provision of these Terms by reason of any delay in performing, or any failure to perform, any of its obligations if the delay or failure was due to any Force Majeure Event.

AMENDMENT, MODIFICATION OR VARIATION OF TERMS

1. 1. BITSI shall have the right in its sole and absolute discretion to amend, modify or vary these Terms (and such part of the Policies to the extent that it is entitled to make such amendments, modification or variation) from time to time on the BITSI Website, through your BITSI Account, or in any other form or manner deemed appropriate by BITSI. Users are encouraged to review this page periodically for any changes. Continued use of the Platform after any changes to the Privacy Policy constitutes acceptance of the updated terms.
   2. In the event that you do not accept a Change as set out in a notice given by BITSI, you shall forthwith close your BITSI Account by notifying BITSI of such closure and/or termination in accordance with Paragraph 15 above prior to the proposed date of entry into force of the amended, modified or varied Terms. Subject further to Paragraph 15 above, you shall nevertheless remain liable to BITSI after your closure and/or termination for any liabilities or charges which you may have incurred and are responsible for prior to your closure and/or termination.
   3. Where you continue to hold or use your BITSI Account after the proposed date of entry into force of the Changes to these Terms, you shall be deemed to have agreed with and accepted such Changes to these Terms.

INCONSISTENCY WITH ANY APPLICABLE LAW, REGULATIONS OR RULES

In the event that any provision in these Terms results in any direct or indirect non-compliance by BITSI with any provision in any applicable law, regulation, rule, direction, order and requirement in any jurisdiction, you acknowledge and agree that:

1. 1. 1. Such provision in these Terms shall be null and void to the extent of such non-compliance by BITSI; and
      2. BITSI shall be entitled to take such action as may be required for compliance by BITSI, or omit to take such action as may result in continued or future non-compliance by BITSI, with such provision in the applicable law, regulation, rule, direction, order or requirement.

NO WAIVER

No failure to exercise or enforce, and no delay on the part of BITSI in exercising or enforcing its rights under these Terms shall operate as a waiver thereof nor shall such failure or delay in any way prejudice or affect the rights of BITSI at any time.

CONFIDENTIALITY

You agree that BITSI shall not be under any obligation of confidentiality to you regarding any such information or material provided by you using the BITSI Services, unless agreed otherwise in a separate direct contract between you and BITSI and, or otherwise required under applicable law.

ASSIGNMENT

1. 1. The BITSI Account is non-transferable and all rights, interests and obligations under these Terms shall be non-assignable upon establishment of the BITSI Account without the prior written consent of BITSI. The BITSI Account shall be used only by you and no other person, for BITSI Transactions strictly.
   2. To the maximum extent permitted by all applicable laws, regulations, rules, directions, orders and requirements, BITSI may assign and transfer any or all of its rights, interests and obligations under these Terms to any person. Any such assignment or transfer shall take effect upon fulfilling notification requirements, as stipulated in Paragraph 19 of these Terms. In the event that BITSI assigns and transfers all its rights, interests and obligations under these Terms:

1. 1. 1. All references to BITSI in these Terms shall upon and after any such assignment and transfer be construed as a reference to the assignee and transferee of BITSI; and
      2. Such assignee and transferee shall be entitled to enforce all rights and perform all obligations of BITSI and to be paid all sums due from you under these Terms as at the date of such assignment and transfer thereafter.

NOTICES AND CORRESPONDENCE

1. 1. All notices and communications by BITSI to you shall be in writing, in the English language, unless specifically allowed by BITSI otherwise. You agree that BITSI may provide notice or other information to you by posting it on the BITSI Website or through your BITSI (including the posting of information which is only accessible by you by logging into your BITSI Account), emailing it to the email address provided by you as Customer Information in connection with your BITSI Account, mailing it to the registered address provided by you as Customer Information in connection with your BITSI Account, calling you by telephone, or sending you an text message. You must have internet access and an email account to receive communications and information relating to the BITSI Services. With the exception of amendments to these Terms, such notice shall be considered to be received by you within twenty-four (24) hours of the time it is posted on the BITSI Website or through your BITSI API via the BITSI Account or emailed to you. If a notice is sent by mail, such notice shall be deemed to have been received by you three (3) working days after it is posted. You may request a copy of any legally required disclosures (including these Terms) from BITSI. BITSI will provide this to you in a form which allows you to store and reproduce the information in these Terms (for example, by email) and you may terminate your consent to receive required disclosures through electronic communications by contacting BITSI at support@bitsi.app BITSI may charge you a fee to provide such legally required disclosures. BITSI reserves the right to close, restrict, suspend or terminate your access to the BITSI Wallet Account, if you withdraw your consent to receive electronic communications from BITSI.
   2. All notices and requests from you to BITSI shall be in writing in the English language and no other language and sent via email to support@bitsi.app unless otherwise specified by BITSI to you. BITSI shall be entitled to regard as ineffective and invalid any notice or request by you the receipt of which has not been confirmed by BITSI to you.

INTELLECTUAL PROPERTY RIGHTS

1. 1. These Terms shall not entitle you to any intellectual property rights, including the rights in relation to the use, for any purpose, of any information, image, user interface, logos, trademarks, trade names, Internet domain names or copyright in connection with any part of these Terms, the Policies, the BITSI Website.
   2. BITSI observes a policy of limiting access to the BITSI Services for users who infringe the intellectual property rights of others. If you believe that anything associated with the BITSI Services infringe any copyright that you own or control, you may notify BITSI in accordance with Paragraph 24 above.
   3. The Application Programming Interface (API) of the BITSI Account is the copyrighted technology of BITSI and may not be copied, imitated or used, in whole or in part, outside of the BITSI Account intended use. BITSI retains all its rights related to its databases, websites, graphics, software, applications, programs, code, etc, including chat text, the content of BITSI’s emails, and data such as transaction prices developed or provided by BITSI or its affiliates which can be acquired by various external APIs. BITSI may demand any third parties stop using BITSI’s API for any purposes not authorised by BITSI.
   4. The BITSI logo, any other BITSI service names, logos or slogans that may appear on the Services, and the look and feel of any part of the BITSI Services, the BITSI Account and the BITSI Website, including all page headers, custom graphics, button icons and scripts, are trademarks, service marks or trade dress of BITSI and its suppliers and its licensors, and may not be copied, imitated or used, in whole or in part, without its or the applicable trademark holder’s prior written consent thereto. You may not use any metatags or other “hidden text” utilising any name, trademark or product or service name of BITSI without BITSI’s prior written consent thereto. Further, you may not use, frame or utilise framing techniques to enclose any BITSI trademark, logo or other proprietary information, including the images found on any part of the content of any text or the layout or design of any page, or form contained on a page, on any part of the BITSI Services, the BITSI Account, and the BITSI Website without BITSI’s prior written consent thereto.

You shall not, and may not attempt to, directly or indirectly:

1. 1. 1. Transfer, sublicense, loan, sell, assign, lease, rent, act as a service bureau, distribute or grant rights to any part of the BITSI Services, the BITSI Account, or the BITSI Website to any person or entity;
      2. Modify, alter, tamper with, repair, or otherwise create derivative works of any software included in any part of the BITSI Services, the BITSI Account, or the BITSI Website;
      3. Reverse engineer, disassemble, or decompile any part of the BITSI Services, the BITSI API, the BITSI Account or the BITSI Website or apply any other process or procedure to derive the source code of any software included in any part of the BITSI Services, the BITSI Account or the BITSI Website.

 You shall not issue any press release or make any public statement related to any part of the BITSI Services, the BITSI Account or the BITSI Website, or except as expressly provided in these Terms, use the name, trademarks or logo of BITSI or any of its affiliates in any form or manner (including in promotional material) without BITSI’s prior written consent thereto, or misrepresent BITSI or any of its affiliates.

BITSI may display third-party content, advertisements, links, promotions, logos and other materials on or through any part of the BITSI Services, the BITSI Account or the BITSI Website (collectively, “Third-Party Content”). BITSI does not control, endorse, sponsor or adopt any Third-Party Content or any third parties referenced on the Services, and BITSI makes no representations or warranties of any kind regarding such Third-Party Content, including, without limitation, regarding its accuracy or completeness. Your interactions with Third-Party Content, and any third party that provides Third-Party Content, are solely between you and such third parties, and BITSI is not responsible or liable in any manner for such interactions or Third-Party Content. When you leave the BITSI Account or the BITSI Website and enter a third-party application or website, these Terms and the Policies will no longer be applicable.

SEVERABILITY

1. 1. If any of these Terms is rendered void, illegal or unenforceable by any legislation to which it is subject, it shall be rendered void, illegal or unenforceable to that extent and no further and, for the avoidance of doubt, the rest of these Terms shall continue to be valid and in full force and effect.
   2. The illegality, invalidity or unenforceability of any provision of these Terms under the law of any jurisdiction shall not affect its legality, validity or enforceability under the law of any other jurisdiction nor the legality, validity or enforceability of any other provision.

APPLICABLE LAW AND JURISDICTION

These Terms shall be subject to and construed in accordance with the laws of Costa Rica and you hereby submit to the non-exclusive jurisdiction of the courts of Costa Rica.

ANNEX 1

As a general rule, BITSI will not charge you any fees in addition to the quote or price you have to confirm. In all cases of transacting with us and before you confirm your transaction with BITSI, you will have a full visibility of any and all fees, exchange rates and any other fees charged by BITSI.

Whenever you initiate a blockchain transaction, depending on the blockchain, you may be requested to pay miners fees or gas fees or similar fees, related to the blockchain transactions. These fees are not charged by BITSI, but rather assessed and charged directly on the blockchain and must be made visible to you and confirmed by you when you confirm your blockchain transaction.

Please also note that in certain cases your financial service provider, card issuer or other parties involved into the process of offering you payments or money transfer services, may charge you additional fees or commissions, and BITSI cannot be aware or responsible for fees and commissions charged by these third parties.

ANNEX 2

By using the Platform and its services, including but not limited to transactions related to cash-in and cash-out, the Client acknowledges and agrees to adhere to the Terms and Conditions, Privacy Policies, and any applicable legal and regulatory requirements of third-party service providers. This includes, but is not limited to, banking institutions, payment service providers, blockchain-based financial services, and any other entities facilitating or involved in such transactions. These third-party services may be accessed through the Platform’s APIs, integration services, or other related solutions provided by BITSI.

2. Acceptance of Third-Party Terms

As part of executing transactions through the Platform, the Client acknowledges and agrees to the Terms and Conditions, and Privacy Policies of all relevant third-party providers with whom the Client interacts, including but not limited to https://bridge.xyz/legal, https://bitso.com/terms, and https://stripe.com/legal/payment-terms. This includes any other providers that may be added or used through BITSI’s platform in the future, whether or not explicitly mentioned here. The Client is responsible for reviewing, understanding, and complying with the legal obligations set forth by these third parties before proceeding with transactions.

3. Third-Party Providers’ Compliance

In accordance with international Know Your Customer (KYC) and Know Your Business (KYB) regulations, the Client will be required to complete the relevant KYC/KYB processes with each third-party provider before initiating any transactions. This may include providing identification, verification, and other necessary information to meet regulatory compliance standards.

The Client’s continued use of the Platform for cash-in and cash-out transactions constitutes an ongoing acceptance of these processes and of any future amendments made by third-party providers to their Terms and Conditions and Privacy Policies.

4. Transactions Scope

The Platform facilitates the movement of funds to and from various financial institutions globally. Such transactions, whether initiated via BITSI’s APIs, the Client’s bank account, or other service integrations, may involve multiple third-party service providers. The Platform does not assume responsibility for the specific Terms of Service or Privacy Policies of these third-party providers but requires the Client to agree to their terms before any financial transactions are processed.

5. Disclaimers and Limitations

While the Platform facilitates interactions between the Client and various third-party providers, it does not control or influence the operations of these third-party entities. The Platform is not liable for any delays, errors, or issues arising from the Client’s engagement with these third-party services.

6. Amendments to Third-Party Terms

The Terms and Conditions and Privacy Policies of third-party providers may be updated or modified by those providers at any time without prior notice to the Client. The Client is responsible for staying informed about the current version of the Terms and Conditions and Privacy Policies of any third-party provider used in relation to their transactions on the Platform.

7. Additional Providers

In addition to the third-party providers mentioned in this annex, the Client may engage with additional financial service providers through the Platform, depending on the regions, banking partners, or services involved in the cash-in/cash-out processes. The Client agrees to the Terms and Conditions of these additional providers upon utilizing their services via the Platform.

8. KYC/KYB Compliance for Additional Providers

Whenever the Client uses the services of a third-party provider added to BITSI’s ecosystem, they must undergo the necessary KYC/KYB verification processes with that provider. Failure to complete the verification or providing false or inaccurate information may result in a suspension or termination of services related to cash-in/cash-out transactions

9. Termination and Withdrawal of Consent

The Client may withdraw their consent to the third-party Terms and Conditions at any time by ceasing to use the services provided by the relevant third party. However, doing so may limit or prevent the use of the Platform’s services in relation to cash-in/cash-out transactions. Termination or withdrawal of consent may also lead to the cancellation of ongoing transactions and any related financial operations facilitated by the Platform.