Last Update: 28.02.2025
Version 1.0
VERSATA SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ (Versata SP. Z O.O), register number 001144389, registered address: Ul. Stefana Batorego 18 / 108, 02-591 Warsaw, Poland (hereinafter referred to as “Exchiq”, "we", or "us") operates the Platform (as defined below) and provides the Services (as defined below). These General Terms of Use (the "Terms") constitute a legally binding agreement between Exchiq and you (hereinafter referred to as "you" or the "User") governing your access to and use of the Platform and Services.
All additional terms, policies, and documents applicable to the Services, including but not limited to the Fee Schedules, Risk Disclosure Statement, Privacy Policy, and any specific Product Terms, are hereby incorporated into these Terms by reference.
You must read these Terms carefully. By accessing the Platform and/or using the Services, you acknowledge that you have read, understood, and irrevocably agreed to be bound by these Terms, as may be amended or supplemented by Exchiq from time to time at its sole discretion, without prior notice.
Trading Digital Assets (as defined below) involves significant risk and may not be suitable for all investors. The value of Digital Assets may fluctuate substantially on any given day and may be influenced by external factors such as financial or political events. The volatile and unpredictable nature of price movements may result in substantial losses, including the potential total loss of your investment within a short period. It is solely your responsibility to assess whether buying, selling, or holding Digital Assets aligns with your financial situation and risk tolerance.
Digital Asset activities in certain jurisdictions may be unregulated or subject to minimal regulatory oversight. Regulatory changes or enforcement actions by applicable authorities, whether or not related to Exchiq, may negatively impact the use, transfer, exchange, and valuation of Digital Assets. Furthermore, the legal status of Digital Assets varies across jurisdictions, and your domestic government may impose restrictions or prohibitions on trading Digital Assets.
You should carefully review our Risk Disclosure for further details regarding the risks associated with accessing the Platform and/or using the Services. However, it does not comprehensively cover all potential risks or how such risks may specifically apply to your circumstances. You must fully understand these risks before engaging with the Platform and/or Services.
Exchiq does not owe you any fiduciary duty or obligation in connection with any Transactions (as defined below) or activities conducted through the Services. We do not act as your broker, intermediary, agent, or advisor, nor do we provide financial, investment, or legal advice. Any communication or information provided by Exchiq should not be construed as investment or financial advice of any kind.
By using the Services, you expressly acknowledge that you do so at your own risk, based on your own independent assessment of their suitability, considering your specific investment objectives, financial condition, risk tolerance, investment experience, knowledge, and needs. You assume full responsibility for any loss or liability incurred. Exchiq does not make any recommendations regarding the purchase, sale, earning, or holding of any Digital Asset. You are strongly advised to conduct your own due diligence and seek independent financial, tax, or legal counsel before engaging in any Digital Asset transactions.
While Exchiq takes reasonable measures to ensure the accuracy of information provided on the Platform, we shall not be liable for any losses incurred by you in relation to the buying, selling, or holding of Digital Assets, including, but not limited to, any losses resulting directly or indirectly from your reliance on such information.
In these Terms, unless the context otherwise requires, the following words and expressions shall have the meanings respectively ascribed to them:
Before using the Services, you must register on the Platform. You are eligible to create an Account and use the Services only if you:
3.1. Are an individual, corporation, or other legal entity with full legal capacity and authority to access and use the Services, as well as to enter into and comply with your obligations under these Terms;
3.2. Are at least 18 years of age if you are an individual;
3.3. If acting as an employee or agent of a legal entity, have the proper authorization to enter into these Terms on its behalf and legally bind such entity;
3.4. Have not been previously suspended, banned, or otherwise restricted from using the Services;
3.5. Do not currently have an existing Account with Exchiq;
3.6. Are not accessing or attempting to access the Services from a jurisdiction where such Services are restricted, prohibited, or otherwise unlawful;
3.7. Are not prohibited, restricted, unauthorized, or otherwise ineligible to use the Services, in whole or in part, under these Terms or any applicable legal or regulatory requirements;
3.8. Are not classified as a Restricted Person.
4.1. Upon successful registration and opening of an Account with Exchiq, you may access and use the Services in accordance with these Terms and any applicable Product Terms governing specific Services. You acknowledge and agree that certain Services may be provided by Exchiq’s Affiliates.
4.2. The Platform offers the following Services (which may be updated or modified from time to time at Exchiq’s sole discretion):
(i) Access to disclosed information from digital asset projects, including real-time quotations and trading data;
(ii) Digital asset exchange services;
(iii) Customer support services;
(iv) Technical and management services to ensure the stable and secure operation of the Platform; and
(v) Any other services publicly announced by the Platform.
(i) For the avoidance of doubt, Exchiq does not conduct or provide any currency exchange services between Fiat Currencies.
(ii) Exchiq may offer fiat-related services, including but not limited to fiat-to-crypto and/or crypto-to-fiat transactions. These services may be accessible directly through the Platform or via redirection to a third-party website. However, all such services are provided and facilitated exclusively by independent third-party providers ("third party's").
(iii) If you choose to use services offered by third party's, you must agree to their respective terms, conditions, rules, and policies. Additionally, you may be required to provide certain information necessary to access these services. In this regard, all services will be governed solely by the terms and conditions of the respective third party's, and Exchiq assumes no responsibility or liability in connection with such services.
(iv) Exchiq may offer a Peer-to-Peer service, available at [URL] or any other URL designated by Exchiq from time to time, as well as through mobile applications or related services ("ExchiqP2P"). Prior to using this service, you are required to read, understand, and accept all terms and conditions set forth in specific Peer-to-Peer Product Terms ("P2P Terms"). By accessing or using Exchiq P2P, you agree to be bound by and comply with these P2P Terms. If you do not fully understand or accept these P2P Terms, you must refrain from using Exchiq P2P.
You must comply with our identity verification procedures before you are permitted to get access or use the Exchiq Services, whether independently or through a third-party service. This requires you to provide certain information about yourself and, where applicable, your permitted users. All information you provide must be complete, accurate, and truthful, and you must update it whenever changes occur.
You authorize us to conduct inquiries, whether directly or through third parties? that we consider necessary to:
- verify your identity and that of any permitted users;
- protect you and/or us against fraud, money laundering, terrorist financing, or other financial crimes; and
- take any actions we deem necessary based on the results of such inquiries.
When conducting these inquiries, you acknowledge and agree that your personal data, as well as that of any permitted users, may be shared with identity verification, compliance data recordation, credit reference, fraud prevention, or financial crime agencies. These agencies may respond to our inquiries in full.
For more information on how we process your personal data, please review our Privacy Policy.
Failure to comply with our identity verification or enhanced due diligence procedures may result in restrictions on your Exchiq Account or the suspension of access to Exchiq Services.
6. FEES AND TAX
6.1. You agree to pay all applicable fees in connection with your use of the Services as set out in the Fee Schedule or otherwise communicated to you in any applicable Product Terms.
6.2. Any fee calculations made by Exchiq in connection with the Services shall be final and binding on you. Such calculations will be conducted in accordance with the stated methodology for the relevant Services, at our good faith discretion.
6.3. You authorize Exchiq to deduct all applicable fees, commissions, interest, charges, and other amounts you owe from your Account under these Terms or any applicable Product Terms, in accordance with the calculation method set out in the Fee Schedule. If you owe a payment in one Digital Asset and do not have sufficient balance in that Digital Asset, Exchiq may deduct the owed amount in another Digital Asset by converting your available Digital Assets at the prevailing exchange rate on the Platform or any other commercially reasonable rate determined by Exchiq. In the event of insufficient Digital Assets in your Account, you acknowledge that any outstanding amount is an immediately due and payable debt to Exchiq, which may be settled in any asset or form as reasonably determined by Exchiq.
6.4. Exchiq reserves the right to adjust its fees or the Fee Schedule at any time, including the introduction of new fees and/or charges. If you do not agree to such changes, you may close your Account. Your continued use of the Services following any fee adjustments shall constitute your acceptance of the updated fees.
6.5. You are solely responsible for determining, collecting, reporting, and remitting any applicable taxes related to your payments, transactions, or use of the Services to the relevant tax authorities. Exchiq assumes no responsibility for assessing whether taxes apply to your use of the Services, or for collecting, reporting, or remitting any taxes arising from your Transactions. You acknowledge that Exchiq may, at its sole discretion or as required by Applicable Law, report certain Transactions to tax authorities and provide you with documentation necessary for tax compliance. Additionally, Exchiq may withhold or deduct taxes at source as required under Applicable Law.
7.1 To access the Platform and use the Services, you must register for an Account. This may be either an Individual Account (for personal use) or a Corporate Account (for a corporation, entity, or other organization). All Accounts are provided at Exchiq’s sole and absolute discretion. Exchiq reserves the right to reject any Account application without providing a reason.
7.2 If you are an Individual User, you may use your Account solely for yourself and not on behalf of any third party. If you are a Corporate User, the Authorized Person(s) may use the Account exclusively for your benefit and not for any third party. You shall not grant direct market access to the Platform to any other party, including through a sub-account, unless such party has completed identity verification as deemed appropriate by Exchiq and has been separately onboarded onto the Platform. Any verified party shall be deemed an Authorized Person. You assume full responsibility for all activities conducted through your Account and bear all associated risks and potential losses.
7.3 Before opening an Account, you must comply with Exchiq’s identity verification procedures. You may be required to provide certain information about yourself and, where applicable, about your Authorized Person(s) to access and use the Services. For the avoidance of doubt, Individual Users are permitted to hold only one Account. You agree that:
(i) All information provided must be complete, accurate, and truthful. You are responsible for updating this information whenever changes occur.
(ii) You authorize Exchiq to conduct any necessary inquiries to verify your identity and/or the identity of your Authorized Person(s), to protect against fraud, money laundering, terrorist financing, or other financial crimes, and to take any actions deemed necessary based on the results of such inquiries.
(iii) You acknowledge that, in the course of such inquiries, your personal data and that of any Authorized Person(s) may be shared with agencies for identity verification, compliance record-keeping, credit reference checks, and fraud or financial crime prevention. These agencies may respond to Exchiq’s inquiries in full.
(iv) Exchiq may require you to undergo enhanced due diligence by providing additional information, submitting further documentation, or attending in-person verification meetings.
(v) Exchiq retains your personal data to enable your continued use of the Services, as long as necessary to fulfill the purposes outlined in the Privacy Policy, comply with applicable laws (including anti-money laundering regulations), or as otherwise communicated to you.
(vi) You can refer to our Privacy Policy for further details on how we process your personal data.
7.4 Exchiq may request information from you at any time to comply with Applicable Law, identity verification requirements, anti-money laundering and counter-terrorist financing regulations, fraud detection, or any other financial crime prevention measures. You agree to promptly provide any requested information and acknowledge that Exchiq may retain such information for the duration of your Account’s existence or for any period required under Applicable Law.
7.5 Your access to the Account and applicable Transaction limits may be adjusted based on the information collected about you. If Exchiq reasonably suspects that any information you have provided is incorrect, false, outdated, or incomplete, we may notify you and request corrections, removal of incorrect information, or take any necessary actions to ensure compliance with our verification standards.
7.6 You must comply with any information request we issue. If you fail to provide the requested information in a timely manner or refuse to comply, Exchiq reserves the right to suspend or terminate your access to your Account or any part of the Services immediately, without prior notice.
7.7 You must ensure that your Account is used exclusively by you. If you are a Corporate User, only the Authorized Person(s) may operate the Account on behalf of your organization. Unauthorized access or use by third parties is strictly prohibited.
7.8 You may terminate your Account at any time by following the account termination procedures prescribed by Exchiq from time to time. Before closing your Account, you must settle any outstanding amounts owed to Exchiq. By initiating account termination, you authorize Exchiq to cancel or suspend any pending transactions and deduct any outstanding amounts from your Account prior to closure.
7.9 You may not be able to close your Account under the following circumstances:
(i) you are attempting to evade an investigation by relevant authorities;
(ii) there is a pending Transaction or an unresolved claim associated with your Account;
(iii) your Account has outstanding financial obligations to Exchiq;
(iv) your Account is subject to a freeze, hold, limitation, or reserve;
(v) any other circumstances at Exchiq's sole discretion.
8.1 You may enter into Transactions directly with Exchiq or with other users, with or without facilitation by Exchiq. We do not guarantee that any Transaction will be completed successfully or within a specific timeframe.
8.2 You are responsible for the control and use of your Account. Any Instruction sent from your Account is deemed to be authorized by you or an Authorized Person. It is your responsibility to monitor your Account History and promptly notify us of any unauthorized or suspicious activity. Exchiq is not responsible for any claims or losses resulting from a Transaction executed due to an unauthorized Instruction, including those made by mistake, negligence, error, or fraud, unless it is proven that the unauthorized Instruction was solely due to a technical issue attributable to Exchiq.
8.3 To comply with data retention requirements, you acknowledge and agree that Exchiq may (but is not obligated to) retain records of all Transaction information for the lifetime of your Account, as long as necessary to fulfill their intended purposes or as required by Applicable Law. Please refer to our Privacy Policy to understand how we collect and use data related to your use of the Platform and Services.
8.4 If you execute any Transaction with Improper Intent or in the event of an error, Exchiq is authorized (without incurring any penalty or liability, and in compliance with Applicable Law) to:
(i) cancel or void such Transaction, treating it as if it was never executed; or
(ii) adjust the price(s) of such Transaction to reflect the prevailing market price(s) at the relevant time, as determined by Exchiq with reference to an available source for fair market pricing.
You acknowledge and agree that you are solely responsible for any third-party transactions entered into in reliance on a Transaction that may later be canceled or amended pursuant to our rights under this clause.
8.5 Your Account may be subject to limits on (i) the amount or volume of Transactions you may undertake; or (ii) the amount or value of Digital Assets you may transfer into or out of your Account.
8.6 Exchiq reserves the right to change any Transaction limits that apply to your Account at any time, at our sole and absolute discretion. You may also request a change in your limits. Any changes will be made at our sole discretion and will be subject to any further conditions that we deem necessary.
9.1 Exchiq may, at any time, modify, suspend, or discontinue any portion or feature of the Services without prior notice or any consent from you and without assigning any reason for that action.
In particular, Exchiq may:
(i) refuse to complete or block, cancel, or, where permitted by Applicable Law, reverse any Transaction you have authorized;
(ii) terminate, suspend, or restrict your access to any or all of the Services;
(iii) terminate, suspend, close, hold, or restrict your access to any or all of your Accounts;
(iv) refuse to transmit information or Instructions to third parties (including but not limited to third-party wallet operators); and/or
(v) take whatever action we consider necessary, in each case with immediate effect and for any reason, including, but not limited to where:
(i) you are not, or are no longer, eligible to use one or more Services;
(ii) we reasonably suspect that
(a) the person logged into your Account is not you, or that the Account has been or will be used for any illegal, fraudulent, or unauthorized purposes;
(b) the person logged into your Corporate Account is not an Authorized Person, or the Corporate Account has been or will be used for any illegal, fraudulent, or unauthorized purposes;
(c) more than one natural person has access to and/or transacts using the same Account, or that your Account has been or will be used for any illegal, fraudulent, or unauthorized purposes; or
(d) information provided by you is wrong, untruthful, outdated, or incomplete;
(iii) we have reasonable concerns in relation to your creditworthiness or financial status, including:
- where you are an individual, you become bankrupt, of unsound mind, commit an act of bankruptcy, or have action to place you in bankruptcy commenced against you;
- where you are acting on behalf of a partnership, any of the partners die or become bankrupt or of unsound mind, commit an act of bankruptcy, or have action to place any of the partners in bankruptcy commenced, or if action is commenced to dissolve and/or alter the partners or the constitutions of the partnership;
- where you are acting on behalf of a corporation, the corporation is unable to pay its debts as and when they are due, or action is commenced to place the corporation in insolvency, judicial management, receivership, administrative management, or any similar or analogous proceedings; or
- you convene a meeting of your creditors or propose or make any compromise or arrangement with or any assignment for the benefit of your creditors;
(iv) pending submission of such information and documents in accordance with this General Terms of Use;
(v) pending submission of enhanced due diligence in accordance with this General Terms of Use;
(vi) we reasonably consider that we are required to do so by Applicable Law, or any court or authority to which we are subject in any jurisdiction;
(vii) we have determined or suspect:
- you have breached these Terms or any Product Terms;
- you have breached any express or implied warranties in these Terms or any representations you have made;
- that any Transaction is unauthorized, erroneous, fraudulent, or unlawful or we have determined or suspect that your Account or the Services are being used in a fraudulent, unauthorized, or unlawful manner;
- there is any occurrence of money laundering, terrorist financing, fraud or any other crime in connection with your Account or your use of the Services;
(viii) the use of your Account is subject to any pending, ongoing or threatened litigation, investigation, or judicial, governmental or regulatory proceedings and/or we perceive a heightened risk of legal or regulatory non-compliance associated with your Account activity;
(ix) you owe amounts to Exchiq that are not satisfied, whether due to a chargeback or on any other basis;
(x) any communication to your email account is returned as undeliverable;
(xi) an issue has arisen with the verification of your identity;
(xii) you have taken any action that may circumvent our controls such as opening multiple Accounts without our written consent or abusing promotions that we may offer from time to time; or
(xiii) there is any other valid reason which means we need to do so.
In addition to any other rights under these Terms, Exchiq may suspend, terminate, and/or replace an Account at any time and without notice to you if we believe this is necessary or desirable to enable us to comply with Applicable Law.
9.2 You acknowledge and agree that:
(i) the examples set out in clause 8.1 above on when we might take action to terminate, suspend, close, or restrict your access to your Account and/or the Services is a non-exhaustive list; and
(ii) our decision to take certain actions, including without limitation, to terminate, suspend, close, or restrict your access to your Account and/or the Services, may be based on confidential criteria that are essential to our risk management and security protocols. We are not obliged to disclose details of our risk management and security protocols to you.
9.3 Where we terminate, suspend, hold or restrict your access to one or more Services:
(i) depending on the circumstances, if you have Instructions, trades, positions or Transactions that are open, they may be closed by you, or by us;
(ii) any chargeback resulting from the use of your Account or Services may result in an immediate suspension and/or restriction of your Account and Services;
(iii) to re-activate suspended and/or restricted Account or Services, you may be required to reimburse us for the full value of the chargeback, including any amounts that are owing to us such as any applicable fees; and
(iv) you are liable for any credited amounts in case of a chargeback, and you authorize and grant us the right to deduct costs and fees directly from any assets in your Account without notice.
9.4 Unlawful possession. If we are informed and reasonably believe that any Digital Assets held in your Account are stolen or otherwise are not lawfully possessed by you (whether by error or otherwise), we may, but have no obligation to, place a hold on the affected funds and your Account. Where we place a hold on some or all of any Digital Assets held in your Account, or on your entire Account, we may continue such hold until such time as evidence, acceptable to us, proves that you are entitled to possession of the Digital Assets held in your Account. We will not get involved in any dispute, or the resolution of the dispute, relating to any Digital Assets held in your Account.
9.5 Access in other jurisdictions. Residents of some countries may only be able to access some, but not all, Services. The Services that are available to you may change from time to time. If you travel to a Prohibited Country, the Services may not be available and your access to the Services may be blocked. You acknowledge that this may impact your ability to trade on the Platform and/or monitor any existing orders or open positions or otherwise use the Services. You must not attempt in any way to circumvent any such restriction, including by use of any virtual private network to modify your internet protocol address.
10.1 Exchiq will only provide the Services for the Available Digital Assets. We may remove or suspend one or more Available Digital Assets, and we will use reasonable commercial efforts to notify you in advance, meaning that you will no longer be able to access such Digital Assets as part of the Services and will only be permitted to withdraw such Digital Assets from your Account. If Digital Assets that are no longer Available Digital Assets remain in your Account beyond a specified period notified to you, Exchiq may, at its reasonable discretion, convert such Digital Assets into a different type of Digital Asset that is a stablecoin. Exchiq shall notify you in advance of any conversion, and you may withdraw such Digital Assets within the specified time prior to such conversion.
We assume no liability in connection with any attempt to use your Account for Digital Assets that we do not support nor for the conversion to a different type of Digital Asset, as described in this clause. If you send unsupported Digital Assets to an Account or Available Digital Assets to an incompatible Digital Asset wallet address, then you will lose those Digital Assets, and we assume no liability or obligation whatsoever. For some lost Digital Assets, Exchiq may, at its sole discretion, offer you the option to attempt a recovery. We may charge fees to process the recovery attempt on your behalf. We will calculate all fees at our discretion and notify you of the applicable fees at or before the time you authorize the recovery attempt. We do not guarantee in any way the amount of assets (if any) that may be recovered in a recovery attempt. The actual amount recovered may differ from the estimated recovery amount. We do not evaluate or provide any assurance as to the authenticity, safety, or security of unsupported Digital Assets. You acknowledge and agree that Exchiq is not liable for any loss incurred during the recovery attempt or subsequent use of the recovered Digital Asset.
10.2 Exchiq may temporarily suspend any Services in relation to a particular Digital Asset to determine whether or not to support a Fork. We are under no obligation to support a Fork of a Digital Asset that you hold in your Account, regardless of whether any resulting version of such Forked Digital Asset is a Dominant Digital Asset or not. If we elect to support a Fork of a Digital Asset, we will make a public announcement through our Website or by such other means as we may deem appropriate.
You acknowledge that we have no control over, nor do we have the ability to influence, the creation or implementation of a Fork. We can provide no assurances about the security, functionality, or supply of any Digital Asset, including both the new Dominant Digital Asset or other Digital Assets subject to the relevant Fork. You may not be able to trade the Forked Digital Assets on the Platform and you may lose any value associated with the relevant Digital Assets.
10.3 Exchiq makes no promises, guarantees, or warranties on the outcome of or support for potential or proposed Forks, Forked Digital Assets, or Airdrops. Exchiq may determine at its sole discretion whether to claim, list, or distribute any Airdrop, Forked Digital Asset, or any other Digital Asset, as well as the terms and conditions (including eligibility criteria) that will apply to any claim, listing, or distribution of any Airdrop or Forked Digital Asset. If you wish to participate in a Fork or Airdrop, please withdraw the affected Digital Asset to your own private wallet well ahead of the potential or proposed Fork or Airdrop.
10.4 We may, from time to time, support Digital Assets that purport to be backed by or otherwise tied or pegged in value to another asset, including without limitation, Digital Assets, or commodities such as silver or gold ("Backed Digital Assets"). You acknowledge and agree that (i) you have read, understood, and accepted all of the terms and conditions and risks associated with each particular Backed Digital Asset before entering into any Transaction relating to that Backed Digital Asset and (ii) Exchiq does not, and will not in any circumstances, have any obligation whatsoever to purchase, repurchase, or effect or facilitate the redemption of your Backed Digital Assets. We reserve the right to change, suspend, or discontinue any Services in relation to any Backed Digital Asset at any time at our sole and absolute discretion. We make no representation as to whether any particular Backed Digital Asset will hold its value as against any asset, nor as to the amount or quality of reserves or collateral held by each issuer or any third party in relation to any Backed Digital Asset.
11. INTELLECTUAL PROPERTY
11.1 Exchiq IP Rights. The Exchiq IP Rights shall remain vested in Exchiq. Exchiq hereby grants to you a non-exclusive license for the duration of these Terms, or until we suspend or terminate your access to the Services, whichever is sooner, to use the Exchiq IP Rights, excluding the Trade Marks, solely as necessary to allow you to receive the Services for non-commercial personal or internal business use, in accordance with these Terms.
11.2 User IP Rights. You hereby grant to us a perpetual, irrevocable, royalty-free, worldwide and non-exclusive license to use the User IP Rights to the extent it (i) forms part of, or is necessary for the use of, any User-created IP; and (ii) is necessary to allow us to provide you with the Services. The license granted by you under this clause includes our right to sub-license to a third party to the extent required to enable us and any of our Affiliates to provide you with the Services, or any part of them.
11.3 User-created IP Rights. The User-created IP Rights shall automatically vest in us on the date on which it is created. You hereby assign to us (and agree to procure that any agents, representatives or contractors assign), with full title guarantee, title to all present and future rights and interest in such User-created IP Rights. If requested to do so, you shall (and agree to procure that any agents, representatives or contractors shall), without charge to us, sign and/or execute all documents and do all such acts as we may require to perfect the assignments under this clause.
11.4 User Materials. You agree and acknowledge that: (i) we are not responsible for any User Materials (whether provided by you or by third parties) which may be made available on the Platform or the Website; and (ii) use of such User Materials is at your own risk and that we do not provide any warranties in relation to the same.
11.5 Our Rights on User Materials. We shall have the right at our sole and absolute discretion to remove, modify or reject any content that you submit to, post or display on the Platform or the Website (including any User Materials) for any reason. We reserve the right to take any actions as we deem appropriate at our sole discretion, including giving a written warning to you, removing any User Materials, recovering damages or other monetary compensation from you, suspending or terminating your Account (if any), or suspending your access to the Platform and/or the Website. We shall also have the right to restrict or ban you from any and all future use of Services.
12.1 By opening an Account or carrying out any Transaction, and without prejudice to any other restriction or limitation set out in these Terms, you agree that you and any Authorized Person will not:
(i) Breach these Terms or any agreement entered into pursuant to, or in connection with, these Terms, including, but not limited to, any Product Terms.
(ii) Use the Services for resale or commercial purposes, including transactions on behalf of other persons or entities, unless expressly agreed by us in writing.
(iii) Regardless of whether prohibited by Applicable Law, use the Services in a manner that, in our sole opinion, constitutes market manipulation, including, without limitation, pump and dump schemes, wash trading, self-trading, front running, quote stuffing, and spoofing or layering.
(iv) Engage in fraudulent activities, or we suspect that you or any Authorized User have engaged in fraudulent activities and/or Transactions.
(v) Use the Services to conduct or participate in lotteries, gambling activities, bidding fee auctions, sports forecasting or odds making, fantasy sports leagues with cash prizes, internet gaming, contests, sweepstakes, or games of chance.
(vi) (a) Receive, or attempt to receive, funds from both Exchiq and another user for the same Transaction during the course of a claim; (b) Conduct your business or use the Services in a manner that results in, or may result in, complaints, disputes, claims, reversals, chargebacks, fees, fines, penalties, or other liability to us, other users, third parties, or yourself; and (c) Allow your Account to have a negative value or quantity of Digital Assets.
(vii) Provide false, inaccurate or misleading information in connection with your use of the Services, in communications with us, or otherwise in connection with these Terms.
(viii) Buy or sell KYC (Know Your Customer) information in any form. Exchiq will not be liable for any losses or responsibilities caused by any disputes or issues in relation to the Account or asset ownership arising from any violation of this sub-clause. Any violation of this sub-clause shall entitle Exchiq to immediately suspend or terminate your Account.
(ix) (a) Use any deep linking, web crawlers, bots, spiders or other automatic devices, programs, scripts, algorithms or methods, or any similar or equivalent manual processes to access, obtain, copy or monitor any part of the Platform, or replicate or bypass the navigational structure or presentation of the Services in any way, in order to obtain or attempt to obtain any materials, documents or information in any manner not purposely provided through the Services; (b) Attempt to access any part or function of the Platform without authorization, or connect to Services or any of our servers or any other systems or networks of any Services provided through the Platform by hacking, password mining or any other unlawful or prohibited means; (c) Probe, scan or test the vulnerabilities of Services or any network connected to the Platform, or violate any security or authentication measures on the Services or any network connected to the Services; (d) Reverse look-up, track or seek to track any information of any other users or visitors of the Services; (e) Take any actions that impose an unreasonable or disproportionately large load on the system infrastructure or networks of Services or Exchiq, or the infrastructure of any systems or networks connected to the Services; (f) Use any devices, software or routine programs to interfere with the normal operation or any transaction of the Services, or any other person's use of Services; or (g) Forge headers, impersonate, or otherwise manipulate identification, to disguise your identity or the origin of any messages or transmissions you send to us.
(x) Modify or adapt the whole or any part of the Platform or combine or incorporate the Platform into another program or application.
(xi) Disassemble, decompile, reverse-engineer or otherwise attempt to derive the source code, object code underlying concepts, ideas and algorithms of the Platform or any components thereof.
(xii) Modify, replicate, duplicate, copy, download, store, further transmit, disseminate, transfer, disassemble, broadcast, publish, remove or alter any copyright statement or label, or license, sub-license, sell, mirror, design, rent, lease, private label, grant security interests in such Exchiq IP Rights or any part of the intellectual properties, or create derivative works or otherwise take advantage of any part of the Exchiq IP Rights.
(xiii) Facilitate any viruses, Trojan horses, worms or other computer programming routines that may damage, detrimentally interfere with, surreptitiously intercept, or expropriate any system, data or information in connection with the Services.
(xiv) (a) Use an anonymizing proxy; (b) Use any temporary, disposable, self-destructive, or similar email address when opening an Account and/or using the Services; (c) Use any device, software, or routine to bypass our robot exclusion headers, or interfere or attempt to interfere with our Website or the Services; and (d) Take any action that may cause us to lose any of the services from our internet service providers, or other suppliers.
(xv) Create, or purport to create, any security over your Digital Assets held in your Account without our prior written consent.
(xvi) Violate, or attempt to violate, (a) any Applicable Law; or (b) Exchiq's or any third party's copyright, patent, trademark, trade secret, or other intellectual property rights, or rights of publicity or privacy; and/or
(xvii) Access, use, or attempt to access or use, Services directly or indirectly with
(1) jurisdictions Exchiq has deemed high risk, including but not limited to, the Prohibited Countries or
(2) persons Exchiq has deemed high risk, including but not limited to, individuals or entities named as a restricted person or party on any list maintained by the United States, United Kingdom, European Union or United Nations, including the sanctions lists maintained by the US Office of Foreign Assets Control or the Denied Persons List or Entity List maintained by the US Department of Commerce. Any changes in your place of domicile or Applicable Law may result in you violating any legal or regulatory requirements of your applicable jurisdiction. It is your responsibility to ensure that any Transactions are, and remain lawful despite changes to Applicable Law, your residence and circumstances.
(i) All documents and information you provide to us are true, accurate, complete, and up-to-date in all respects, and may be relied upon by us in determining whether or not you are eligible to access the Platform or to use the Services.
(ii) All decisions made in connection with these Terms were solely and exclusively based on your own judgment and after your independent appraisal of your financial resources, ability and willingness to take relevant risks, and financial objectives.
(iii) You have full power, authority, and capacity to (a) access and use the Platform and/or the Services; and (b) enter into and deliver, and perform your obligations under these Terms and any agreement entered into pursuant to, or in connection with, these Terms, including, but not limited to, any Product Terms.
(iv) If you are a corporation, partnership, or trustee of a trust:
- The corporation, partnership, or trust has been and will be operated in a manner compliant with Applicable Law, and any partnership or trust deeds (or other similar documents);
- You will notify us immediately if there is any change, by way of resignation, removal, appointment, or death, of any of the directors, partners, trustees, settlor(s) or ultimate beneficial owners, or any person authorized to operate your Account; and
- You will inform us immediately if the corporation, partnership, or trust is dissolved, either voluntarily or involuntarily.
(v) All consents, permissions, authorizations, approvals, and agreements of third parties, as well as all authorizations, approvals, permissions, consents, registrations, declarations, filings with any regulatory authority, governmental department, commission, agency, or other organization having jurisdiction over you, which are necessary or desirable for you to (a) access and use the Platform and/or the Services, and (b) enter into, deliver, and perform the Transactions contemplated under these Terms and any agreement entered into pursuant to, or in connection with, these Terms, have been unconditionally obtained in writing, disclosed to us in writing, and have not been withdrawn or amended.
(vi) These Terms and any agreement entered into pursuant to, or in connection with, these Terms constitute valid and legally binding obligations, enforceable against you in accordance with their respective terms.
(vii) You are not a Restricted Person.
(viii) If you are a legal entity, you are duly incorporated, organized, and validly existing under the laws of your jurisdiction and have full power to conduct your business. If you are an individual, you are not less than 18 years old.
(ix) Your access and use of the Platform and/or the Services, your execution and delivery of, and the performance of your obligations under these Terms and any agreement entered into pursuant to, or in connection with, these Terms, will not:
- If you are a legal entity, partner in a partnership, or trustee of a trust, result in a breach of or conflict with any provision of your constitution, articles of association, partnership agreement, trust deed, or equivalent constitutive documents;
- Result in a breach of, or constitute a default under, any instrument, agreement, document, or undertaking to which you are a party or by which you or any of your property is bound or subject; and
- Result in you, or cause us or any third party to, breach any Applicable Law, decree or judgment of any court, or any award of any arbitrator or those of any governmental or regulatory authority in any jurisdiction.
14.1 No Representation or Warranty. The Services and information provided on the Website and the Platform are made available on an "as is" and "as available" basis, without any representation or warranty, whether express or implied, to the maximum extent permitted by Applicable Law. We disclaim any implied warranties of title, merchantability, fitness for a particular purpose, and/or non-infringement. We do not make any representations or warranties that access to the Website, the Platform, your Account, the Services, or any of the materials contained therein will be continuous, uninterrupted, timely, or error-free. This may result in the inability to trade on the Platform for a period of time and could cause delays.
14.2 Suspension of Access. Exchiq may, from time to time, suspend access to your Account and/or the Services for scheduled or emergency maintenance. We will make reasonable efforts to ensure that Transactions on the Platform are processed in a timely manner, but we make no representations or warranties regarding the processing time, which depends on factors outside of our control.
14.3 Content. Although we make reasonable efforts to update the information on the Website and the Platform, we make no representations, warranties, or guarantees, whether express or implied, that the content on the Website and the Platform, including information related to the Services, is accurate, complete, or up to date.
14.4 Third-party Websites. Links to third-party websites (including but not limited to content, materials, and/or information in the third-party websites) may be provided on the Website and/or the Platform for convenience. You acknowledge and agree that we are not responsible for any aspect of such content, materials, information, or services contained therein.
14.5 Network Access and Hardware. You are responsible for obtaining the necessary data network access to use the Services. You should acquire and update the compatible hardware or devices required for using the Services. You acknowledge that we make no guarantee that the Services, or any portion thereof, will function on any specific hardware or devices. While we will make reasonable efforts to provide the Services, you acknowledge that the Services may be subject to malfunctions and delays inherent in the use of the internet and electronic communications, which are outside our reasonable control.
15.1 Third-party Claims
You agree to fully indemnify and hold us harmless, upon demand, from and against any and all claims, suits, actions, demands, disputes, allegations, or investigations brought by any third party, governmental authority, or industry body, along with all claims, liabilities, damages (actual and consequential), losses (including direct, indirect, or consequential losses, loss of profit, loss of reputation), costs, and expenses, including, but not limited to, all interest, penalties, legal fees, and other reasonable attorneys' fees and professional costs and expenses ("Losses"), arising out of or in connection with:
(i) your access to or use of your Account and/or the Services;
(ii) your breach or alleged breach of these Terms, including any applicable Product Terms or any other terms and conditions incorporated by reference;
(iii) your contravention of any Applicable Law; and
(iv) your violation of the rights of any third party.
15.2 Release
You irrevocably and unconditionally release us from any and all claims and demands, and waive any rights you may have against us now or in the future in relation to any Losses you may suffer or incur, arising directly or indirectly out of or in connection with any dispute you have with any other user or third party regarding the Services or the subject matter of these Terms.
16.1 Our Liability. Exchiq shall not be liable for any loss suffered by you or any third party, except where such loss arises solely and directly from Exchiq’s gross negligence, willful misconduct, actual fraud, or material and continuing breach of obligation under these Terms. Notwithstanding any other provision in these Terms, Exchiq and its Affiliates’ total liability to you shall not exceed the aggregate amount of fees paid by you to Exchiq in the three (3) months immediately preceding the event giving rise to the loss. This amount will be paid to you as a full and final settlement of all claims. You acknowledge and agree that damages are an adequate remedy, and you will not be entitled to any other claims or remedies, whether in law or equity, including claims in rem, injunctions, or specific performance.
16.2 Limitations on Liability. Notwithstanding any other provision in these Terms, you acknowledge and agree that in no event shall Exchiq’s or any of its Affiliates be liable for:
(i) Direct or Indirect Losses:
Including but not limited to loss of profits, business, or opportunities, damages, or costs arising from:
- Any risks identified in the Risk Disclosure (as updated).
- The operation or functionality of protocols underlying any Digital Asset.
- Backed Digital Assets’ value or issuer reserves.
- Inaccurate Digital Asset price data, errors, delays, or data interruptions.
- Scheduled or unscheduled maintenance, service interruptions, or malfunctions.
- Theft or damage to a device used to access the Services.
- Malfunctions caused by malware, phishing, spoofing, or hardware failure.
- Any interruptions or technical problems with internet connection or security breaches.
- Rejection of Account applications, suspension, or restrictions on access to Accounts or Services.
- Any breaches of security of email accounts or loss due to third-party fraud or scams.
- Losses associated with new Digital Asset offerings or decisions to list/not list assets.
- Network Events, Forks, or Airdrops.
- Market volatility, cancellation/amendment of Transactions, or manifest errors.
(ii) Special or Consequential Losses:
Including but not limited to any business losses, profits, anticipated savings, or opportunities, as well as special, punitive, aggravated, incidental, or indirect damages, whether arising out of or in connection with the Website, the Platform, your Account, the Services, these Terms, the Product Terms, or any agreement entered into pursuant to or in connection with these Terms.
(iii) Market Volatility and Errors:
Losses arising from extreme market volatility, manifest errors, or the cancellation or amendment of Transactions, including direct, indirect, special, or consequential losses, such as loss of profit or opportunity, even if Exchiq was aware of the possibility of such loss or damage.
(iv) Limitation of Time to Claim:
Any losses forming part of a claim not commenced by formal legal action within one (1) calendar year from the event causing the claim. This clause alters any statutory limitation period, and if prohibited by Applicable Law, it will be read as the minimum enforceable period.
16.3 Damage or Interruption
Exchiq is not liable for damages or interruptions caused by malware, phishing, spoofing, or any computer viruses or attacks. You are responsible for securing all Account Credentials and should take precautions against SMS and email vulnerabilities, which may be susceptible to spoofing and phishing attacks.
17. Governing Law and Dispute Resolution
17.1 Governing Law. These Terms shall be governed by, and construed in accordance with, the laws of Poland, without regard to any choice or conflict of laws rules.
17.2 Claim Notice. To the extent permitted by law, you agree to waive your rights to any jury trial for any dispute arising out of or related to these Terms resolved in court. For any dispute or claim you have againstExchiq or relating in any way to these Terms, you agree to first contact Exchiq and attempt to resolve the claim informally by sending a written notice of your claim ("Notice") to us by email at legal@Exchiq.com.
The Notice must:
(i) Include your name, residence address, email address, and telephone number;
(ii) Describe the nature and basis of the claim; and
(iii) State the specific relief sought.
If you and Exchiq cannot reach an agreement to resolve the claim within 30 days after the Notice is received, then either party may submit the dispute to binding arbitration as prescribed below.
17.3 Dispute Resolution. Any dispute, controversy, difference, or claim between you and Exchiq (and/or any of its Affiliates) arising out of, in connection with, or relating in any way to: (a) these Terms or any Product Terms, including the existence, validity, subject matter, interpretation, performance, breach, negotiation, termination, enforceability, or the consequences of their nullity thereof; (b) your relationship with Exchiq (and/or any of its Affiliates) as a user (whether based in contract, tort, statute, fraud, misrepresentation, or any other legal theory, and whether the claims arise during or after the termination of these Terms); and (c) any dispute regarding non-contractual obligations arising out of or relating to these Terms, or any Product Terms, or your relationship with Exchiq (and/or any of its Affiliates), shall be finally decided by an arbitral tribunal in accordance with the arbitration rules of the Court of Arbitration at the Polish Chamber of Commerce in Warsaw in force on the date of commencement of the proceedings.
You and Exchiq agree that:
(i) The law of this clause is Polish law;
(ii) The seat of arbitration will be Poland;
(iii) The arbitration proceedings will be conducted in English;
(iv) Unless you and Exchiq agree otherwise, the number of arbitrators will be 1 and that arbitrator must have relevant legal and technological expertise;
You agree that any dispute arising out of or related to these Terms of Use:
(i) Is personal to you and Exchiq; and
(ii) Will be resolved solely through individual action, and will not be brought as a class arbitration, class action, or any other type of representative proceeding.
If any portion of this clause is found to be unenforceable or unlawful for any reason:
(i) Only the unenforceable or unlawful provision shall be severed/deleted;
(ii) Severance of the unenforceable or unlawful provision should have no impact whatsoever on the remainder of this clause or the parties' ability to compel arbitration of any remaining claims on an individual basis pursuant to this clause; and
(iii) To the extent that any claims must therefore proceed on a class, collective, consolidated, or representative basis, such claims must be litigated in a civil court of competent jurisdiction and not in arbitration, and the parties agree that litigation of those claims should be stayed pending the outcome of any individual claims in arbitration.
17.4 Confidentiality. The parties agree that the arbitration shall be kept confidential. The existence of the arbitration, the existence or content of a claim, all documents and information provided or exchanged in connection with the arbitration, and any submissions, orders or awards made in the arbitration shall be kept confidential.
Notwithstanding the foregoing, a party may disclose such confidential information in the event that:
(i) The written consent of the other party is obtained;
(ii) To the extent required by Applicable Law or by the regulations of any regulatory or supervisory authority of competent jurisdiction to which the party is or may become subject or pursuant to any order of a court or other competent authority or tribunal of competent jurisdiction;
(iii) In connection with the commencement, pursuit, or defense by a party of any bona fide legal proceedings to enforce or challenge any award rendered in the arbitration; and
(iv) To the extent that the relevant confidential information is in the public domain other than as a result of a breach of these Terms.
The confidentiality obligation in this clause shall survive termination of these Terms and conclusion or stay of any arbitration brought pursuant to these Terms.
18. General
18.1 Applicable Law. By using the Services, your Account, and the Platform, you and any Authorized User must comply with all Applicable Law, including any relevant licensing requirements and third-party rights (such as data privacy laws, and anti-money laundering and countering the financing of terrorism laws).
18.2 Notices. By using the Services, we may provide you with any notice or communication related to your use of the Services by email via the email account associated with your Account. It is your responsibility to ensure that you have provided an accurate and up-to-date email account. Notices are deemed to be received if sent to your email account, whether or not a notice of delivery failure is received.
Any notices, consent, or other communication given under these Terms must be in writing, in English, and signed or otherwise authorized by the party giving it.
18.3 Announcements. All official announcements, news, and promotions will be published on the Website and/or the Platform. These announcements are important and may relate to issues that could impact the value of your Digital Assets or their security. You should check the Website regularly to read and consider these announcements.
18..4 Entire Agreement. The Terms, together with any applicable Product Terms, constitute the entire agreement between you and Exchiq with respect to the Services. Each party acknowledges that it has not relied on, and shall have no right or remedy in respect of, any statement, representation, assurance, or warranty (whether made negligently or innocently) other than as expressly set out in these Terms or any Product Terms.
18.5 Assignment. You may not assign or transfer any of your rights or delegate any of your obligations under these Terms, in whole or in part, without our prior written consent. However, we may assign or transfer any of our rights or obligations under these Terms at any time to anyone else, including, without limitation, in connection with any merger, acquisition, or other corporate reorganization involving Exchiq.
18.6 Severance. If, at any time, any clause of these Terms is or becomes illegal, invalid, or unenforceable, the legality, validity, or enforceability of the remaining clauses will not be affected or impaired in any way.
18.7 Recordings. Subject to Applicable Law, you agree that Exchiq may, without further disclosure or consent from you, record any communication that we have with you in relation to these Terms, including communication used to give Instructions or effect Transactions. Any recordings we keep will constitute evidence of the communications between you and us. You agree that we may use the recorded conversations, transcripts, messages, or other records of communication to ensure compliance with Applicable Law, provide customer support, deal with any dispute in connection with these Terms, and in any other manner not prohibited by Applicable Law. These recordings will be the sole property of Exchiq.
Exchiq may also disclose such conversations, transcripts, messages, or other records of communication to any applicable regulatory authority, enforcement body or agency, including tax authorities, or as otherwise required by Applicable Law.
18.8 Language. These Terms may be translated into a language other than English. Any such translation is provided solely for your convenience. In the event of inconsistency or ambiguity, the English version of the Terms shall prevail.
18.9 Third-party Rights. Other than in relation to the Affiliates, nothing expressed or referred to in these Terms will be construed to give any person other than the parties to these Terms any legal or equitable right, remedy, or claim under or with respect to these Terms or any clause of these Terms. These Terms are for the sole and exclusive benefit of the parties to these Terms and their successors and permitted assigns.
18.10 Survival. All clauses of these Terms, which by their nature extend beyond the expiration or termination of these Terms, will continue to be binding after such termination or expiration.
18.11 Relationship of the Parties. Exchiq is not an agent of you in the performance of these Terms. These Terms shall not be interpreted as evidence of an association, joint venture, partnership, or franchise between the parties.
18.12 Digital Assets. We record in your Account the quantity and type of Digital Assets that are held to your credit. Such Digital Assets will not be segregated on-chain in different wallets from Digital Assets held to the credit of other users or Digital Assets maintained by Exchiq for business purposes. An internal ledger is used to record the quantity and type of Digital Assets a customer is entitled to. Each user will have a ledger-based off-chain account or sub-account with a unique identifier (UID) and associated login credentials, against which the relevant user credit balances are recorded. Exchiq is not a trustee of, and does not owe any trustee duties in relation to, any Digital Assets held to your credit. When you instruct us to transfer or otherwise deal with Digital Assets, we will not use any specifically identifiable Digital Assets to act on such Instructions. Subject to these Terms, Exchiq will use Digital Assets in the same quantity and of the same type as those credited to your Account when acting on your Instructions. You will have the right to receive the same quantity and same type of Digital Assets as those credited to your Account.
18.13 Force Majeure. We will not be liable for any failure or delay in performance as required by these Terms due to causes beyond our reasonable control, including, but not limited to, labor disputes, strikes, lockouts, shortages of or inability to obtain energy, raw materials, or supplies, war, terrorism, riot, or pandemics.
18.14 Waiver. No delay or omission by Exchiq in exercising any right or remedy under these Terms shall be construed as a waiver of that right or remedy or of any other rights or remedies thereafter to enforce such rights or remedies. The rights and remedies set out in these Terms are cumulative and not exclusive of any rights or remedies provided by Applicable Law.
18.15 Amount Set-off. In addition to any other right or remedy available under these Terms or by law, we may set off any amounts you owe to us under these Terms or otherwise. Save as may be required by Applicable Law, you must pay all sums that you owe to us free and clear without any set-off, counterclaim, deduction, or withholding of any kind.
18.16 Privacy. If you receive information about another user through the Platform or from using the Services, you must keep the information confidential and only use it in connection with the Services and in accordance with Applicable Law. You must not disclose or distribute any user information to a third party or use the information in any manner except as reasonably necessary to effect a Transaction.
18.17 Death of Account Holder. In the event of your death or incapacity, we may suspend your Account if we have reason to believe that you have deceased. Your Account will be suspended until: (i) a representative or beneficiary of your estate completes a successful inheritance application to receive the assets in your Account in accordance with Exchiq's requirements (which may be updated from time to time without notice); or (ii) you provide satisfactory proof that you are not deceased.
The transfer of the assets in your Account under this clause is subject to the restrictions imposed by Applicable Law and these Terms. We make no commitment to any particular timeline for the transfer of assets held to the credit of your Account.
18.18 Tax. It is your responsibility to determine what, if any, taxes apply to the payments you make or receive, and to collect, report, and remit the correct tax to the appropriate tax authority. Exchiq is not responsible for determining whether any tax is applicable to the use of the Services, or for collecting, reporting, or remitting any tax arising from any Transaction or use of the Services.
You acknowledge that we may make certain reports to the relevant tax authorities regarding Transactions made on the Platform. Exchiq may, in its sole discretion or as required by Applicable Law, provide you with additional documentation for the calculation of any tax obligations. We may also withhold and deduct any tax at source due under Applicable Law at our sole discretion.