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Rules and regulations

ATTENTION: On 5 March 2015 a change of the owner of the service took place. Therefore, the contents of the rules and regulations of the service have been changed regarding the name of the service owner, verification procedures and governing law (items 8 and 29).

Service, (hereinafter called the Service) is made available by BitMarket Limited, registered in conformance with the International Business Companies Act) of the Republic of Seychelles under number 161029 (hereinafter called the Owner). The document set out the general rules of use of the Service by third parties (hereinafter called the User).

  1. The Service provides services bringing together parties interested in buying and selling share units in decentralised cryptographic accounting systems (hereinafter called cryptocurrencies). 
  2. The services above enable the user to keep financial resources and cryptocurrency in the account and to place sell and buy orders for cryptocurrency at the rate quoted by the user and to place sell and buy orders at convergent rates.
  3. The user enters into a contract with the owner of the Service for providing the services in these Rules and Regulations at the moment of registering the account in the Service.
  4. The users enter into a mutual sell and buy contract at the moment of placing the order of sell/purchase by a user whose parameters match the order of sell/purchase placed previously by another user.
  5. The user may own only one account in the Service.
  6. The user of the Service is obliged to give correct and up-to-date personal data of the natural person responsible for the account. Any changes in the personal data must be immediately updated in the Service.
  7. The owner of the Service will be not held responsible or any electronic or paper mail undelivered to the user who has not updated the personal data.
  8. The owner of the Service has the right to verify personal data when the form of the deposit into the account requires such verification, or when the sum of the deposits exceeds 15000 euros per calendar year, or when suspicion arises that the data given by the user are false or that the user attempts to conceal his identity or violates the Rules and Regulations.
  9. The said identity verification may be done by sending scanned identity documents of the account owner or by other lawful procedures selected by the Service owner. Changes in identity verification procedures do not constitute the change of the Rules and Regulations of the service.
  10. The owner of the Service processes the personal data of the user: email address, given name and last name, address and IP logging addresses to ensure proper delivery of the services, abiding by the Rules and Regulations and conforming to the regulations against money laundering and financing terrorism. The data are protected and may be made available to third parties only in case of a valid order from institutions responsible for execution of the law.
  11. The owner of the Service enables the user to make deposits into and withdrawals from bank accounts in Poland, including deposits and withdrawals of cryptocurrencies.
  12. The owner of the Service has the right to establish procedures verifying the deposits and withdrawals in order to ensure that the personal data of a person commissioning the transaction correspond to the data provided by the account owner. The users shall be informed about any changes in the procedures via email. Changes in the procedures do not constitute the change of the Rules and Regulations of the Service.
  13. If the payments received do not conform to procedures, the owner of the Service has the right to refuse crediting of the account and/or return the transfer made.
  14. The owner of the Service has the right to restrict or block withdrawals from the user’s account if the user refuses to verify the account data on request by the Service owner.
  15. The owner of the Service will do the utmost to secure the funds and cryptocurrencies in the user’s account against loss or third party access.
  16. The Service owner is not responsible for the loss of funds or cryptocurrencies in case of factors beyond the control of the Service owner, particularly in the case of acts of God, equipment malfunction, and errors in the cryptocurrency system, negligence or actions of third party affecting the functioning of the Service.
  17. The user has the obligation to protect the password to the service account, email account and other means of communication via which he receives information about the Service. The Service owner will not be held responsible for the loss of funds or cryptocurrencies caused by the negligence of the user to protect data described in this section.
  18. The user must use the services in good faith. If errors in software are found, the user is obligated to immediately inform the Service owner about such errors and to refrain from using the error to the disadvantage of the Service owner or other users.
  19. The Service account must not be used for business purposes, in particular by providing the bank account number of the Service owner as the user’s own account.
  20. The Service owner charges fess for the use of the services in accordance with the pricelist. The users will be notified about changes in the pricelist  via email. Changes in the pricelist do not constitute the change of the Rules and Regulations of the Service.
  21. The owner of the Service will do the utmost to ensure uninterrupted functioning of the Service.
  22. The owner of the Service has the right to suspend the Service when a software update is necessary or in circumstances preventing proper functioning of the Service. The owner will do the utmost to ensure that the Service be suspended for the shortest time possible.
  23. The user will be obliged to repair any damage resulting from deliberate actions to the detriment of the Service or other users or violating the law. The Service owner shall not be held liable for such damage or obliged to cover the costs of such damages.
  24. All data gathered in the Service, the content, graphic design, logo, designations and trademark are the property of the Service owner and are protected by relevant legislation.
  25. The Service owner uses "cookies", files to identify the logged in user and to compile anonymous statistics on visits paid to the Service.
  26. The Service owner and the user have the right to terminate the provisions of the Rules and Regulations with the notice of 14 days. The termination by the user must be preceded by the verification of personal data provided by the user.
  27. The Service owner has the right to partially or completely block the account when the Rules and Regulations have been violated.
  28. Any changes in the Rules and Regulations must be re-accepted by the user. If the changes are not accepted, the Service owner has the right to cancel all orders placed by the user and to return the funds and cryptocurrencies deposited in the user’s account.
  29. The law applicable to the settlement of disputes arising out of use of the Service is the law of the Republic of Seychelles.


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