Acceptance of Terms
- “Service” – Service «BANKEX CUSTODY», which is provided to the Users in accordance with the Terms.
- “Website” – https://custody.bankex.com/
- “User” – a person who uses the Service under the Terms.
- “Company” – BKX VAULT LTD
1. COMMON DESCRIPTION OF THE SERVICE
- «BANKEX CUSTODY» allows to its Users to store its cryptocurrency assets in a safe and secure place. The Service receives only cryptocurrency assets for storage. Fiat currency is not maintaining by the Service and cannot be received for the storage. Purchase and sale of cryptocurrency assets is also not maintaining by the Service.
- BANKEX provides to its Users the storage only of the certain list of maintaining cryptocurrency assets. The storage of the maintaining cryptocurrency does not imply storage of all its existing “fork” variations. In case, if any cryptocurrency is a subject for any “fork” changes outside the Service, the Service would try to make that changes automatically for the cryptocurrency that is stored at the Service. Anyway, because of technical features of the blockchain systems, the Service does not give any guarantees that such changes will be executed for all the cryptocurrencies that is stored at the Service.
- ATTENTION! If User transfers to the Service the cryptocurrency assets that are not maintaining by the Service for the storage, then it might become a reason of loss of all these transferred cryptocurrency assets by that User. BANKEX is not responsible for such actions of the User.
- Users by the depositing of their cryptocurrency assets at the Service, thereby transfer their cryptocurrency assets for the storage, at the same time they can check their asset balance, add the new cryptocurrency assets, withdrawal their assets, but cannot manage their wallets.
- The Service is mainly oriented to the storage of the assets and is not suit for high volume of transactions and for big turnover of assets. For all type of transactions, regardless of volume and time of order, the average time-frame for the execution of transaction is approximately 2 working days.
- The Service does not set any limits for the volume of the transferred assets but in some cases the technical limits may occur in relation to the very small size of the assets.
- The Service is a paid service, the costs are specified in Section “Tariffs and tariffication”.
- The Service may be unavailable for Users in connection with force major events. The Service is not responsible for failure to fulfill obligations hereunder of such failure is due to causes beyond control, including, without limitation, acts of God, earthquake, fire, flood, embargo, catastrophe, sabotage, national emergencies, insurrection, riots or wars or viruses, strikes, work stoppages. The time for any performance required hereunder will be extended by the delay incurred as a result of such Force Majeure Event.
- Users risks that could be minimized by the Service:
- careless actions that may disclose wallet details and passwords to the other persons;
- losses of the private keys or wallet details;
- physical damage or loss of the device, which is contain wallet or private keys;
- cyber-attacks on the wallets.
- Users risks that could not be guarded by the Service:
- robbery, extortion, kidnapping of User to seize his crypto assets.
- actions of government bodies or law enforcement agencies in order to the reclamation of crypto assets;
- death of the owner and not getting access to crypto assets by the inheritors;
- financial losses in the result of cost changes of the cryptocurrency assets.
- User can register on our Service via the Website or mobile application. For the registration User shall specify his е-mail or mobile telephone number, and then password. The Service confirms the registration by e-mail or SMS. Fact of registration does not provide to User a full and unlimited access to all functions of the Service.
- After registration the Service offers to User to pass KYC procedure. If User refuse to pass KYC procedure, then the Service would be available to the User in a view mode only, and the User could not execute any deposit or withdrawal transactions with his cryptocurrency assets.
- If KYC procedure is successfully passed by User, then the Service offers to the User to customize a confirmation for his transactions with 2FA. Usage of 2FA by User is a mandatory condition of the Service. Without 2FA User could not execute any deposit or withdrawal transactions with his cryptocurrency assets.
- If KYC procedure is successfully passed and 2FA is customized, then the User would have a full and unlimited access to all functions of the Service.
3. ACCESS TO THE SERVICE
- The Service provides to User a guaranteed access to the Service and mobile application in 24/7 mode.
- The Service may suspend access to the Service in relation with necessary technical works. User will be forewarned and notified about future technical works. During such suspension User the Service does not execute any deposit transactions but may receive orders for withdrawal of the assets, and in this case the Service notifies User that such withdrawal orders may be processed with some delay by reason of the technical works.
- In case of force majeure, the Service may stop access to the Service for its Users. Force majeure is mainly the circumstances that make the deposited assets unsecured.
- During such restriction of access to the Service in connection with the force majeure, the Service does not receive any orders from its Users, including deposit or withdrawal orders, and the Service may be fully not available.
4. USAGE OF THE SERVICE
4.1. DEPOSITING OF ASSETS FOR STORAGE
- User transfers his cryptocurrency assets for the storage at the custody Service «BANKEX CUSTODY» by way of transaction of his assets to the provided by the Service client’s account. The client’s address may be differing for each further replenishment of assets.
- The cryptocurrency assets are reflected at the Service under the relevant status after its depositing by the User.
4.2. WITHDRAWAL OF ASSETS
- User shall make an order for the withdrawal of his assets. User specifies in the order a quantity of the assets and address for the withdrawal transaction.
- The received by the Service withdrawal order from User is verified by special controlling employees and Company systems, after that the order shall be confirmed by the participants of the process, and then the order goes to the pending list of transactions.
- The time-frame for the execution of the withdrawal transaction can take up to 2 working days. Depending on the volume of the withdrawal assets the Service may set the other time-frame for each cryptocurrency asset.
- Users shall check the correctness of the specified address for the withdrawal transaction. In case, if the specified address for the withdrawal transaction is not corrected, then the User might irretrievably lose all the withdrawal assets. BANKEX is not responsible for such actions of the User.
- Upon receipt of the withdrawal order by the Service, the withdrawal assets are not reflected on the balance of the relevant currency, and a record of the transaction with the relevant status appears in the history of operations. Transactions and/or assets are not reflected on account of recipient before the full completion of the order procession.
- The Service may deduct the transaction and storage commission during withdrawal transaction (more details in Section “Tariffs and tariffication”).
4.3. HISTORY OF OPERATIONS
- User has an access to the history of his asset replenishment and withdrawal operations, including transaction time, transaction amount, transaction and storage commission data.
- The history of operations is available on the Website and on the mobile application.
4.4 ORDER VERIFICATION STATUS
- During the order verification User may check the current status of its execution. User may also check all the previous statuses of the order in the history of operations.
4.5. WALLET MANAGEMENT
- User does not have an access to wallet management for the period of storing of the assets at the Service.
- Company does not transfer the private keys for its Users. Thus, the Company minimize the risks, specified in Section “Common description of the Service”.
5. TARIFFS AND TARIFFICATION
5.1. COMMON RULES OF TARIFFICATION
The Service is a paid service for the Users. The Service cost includes the following commissions:
- Storage commission
- Any additional commission that is specified in this Section.
5.2. STORAGE COMMISSION
- There is Basic storage commission and Individual storage commission. These commissions can be applied for to selected Users accounts or all Users accounts opened with the Service. The Users can change basic to individual commission tariffs an unlimited number of times.
- The Basic storage commission is applicable for all new Users of the Service. The amount of current Basic storage commission is specified in https://custody.bankex.com/price.htm. There is no storage commission for depositing of BKX tokens.
- Individual storage commission – is the Basic storage commission with discount providing by the Company which will be applied for the Users who will execute all conditions stated below. The discount can be applied to selected Users accounts or all Users accounts opened with the Service.
- Actual Individual storage commission, provided to the User, is available for viewing at the personal account in the section “Pricing”.
- The amount of discount is determined by the amount of BKX tokens deposited in a separate account with Service.
- There is a following special offer for free storage of the currency at the Service:
- For free storage of 1 BTC you need 5,000 BKX;
- For free storage of 1 ETH you need 150 BKX;
- For free storage of 1 BCH you need 500 BKX;
- For free storage of 1 LTC you need 50 BKX.
- The factual discount is calculated in proportion to the amount of the deposited cryptocurrency (for example, if User stores 10 BTC with a BKX account balance of 40,000 BKX, the storage discount will be 80%, the final rate will be 0.04% per month).
- At the time of calculation of the commission, the User must confirm the calculation parameters. In this case, BKX tokens, which are the subject of a discount calculation, will be deposited to provide a discount on the storage of cryptocurrency on a particular account.
- The User can determine the amount of BKX to provide a separate discount for each account in the cryptocurrency.
- The User can store BKX without using them for a calculation of a discount mentioned above.
- The User can withdraw or replenish BKX, which are subject to receipt of the discounts for storage of a particular cryptocurrency and the discount amount is automatically recalculated (up or down, respectively).
- Individual storage commission including discount for the previous month is charged on the first day of each subsequent month or at the time of withdrawal of funds from the account.
- At the moment of change by the User of one commission tariff to another, the commission for the previous tariff for the current period can be charged by the Company.
- There is no any other commission for using of the Service.
5.3. GENERAL RULES OF THE CALCULATION OF THE STORAGE COMISSION
- The Storage commission is calculated as % (per cent) from all the deposited assets of the User. The Storage commission is deducted in the same currency as the asset currency.
- The Storage commission calculation performs automatically on a daily basis (from the highest amount of the deposited assets on that day). The Company provides the User with a service bill on a monthly basis (with the total sum of all daily commissions per month).
- The Storage commission is automatically deducted from the deposited assets on a monthly basis in the same currency as the asset currency. The Storage commission is deducted on the same day when the service bill is issued.
- In case, if the Storage commission is equal or become higher than balance of deposited assets, then the Company provides the User with the service bill and the Storage commission would be automatically deducted from the balance.
- In case of change of tariffs or tariff rules, the Company would inform User no later than 30 days prior to the entry into force of the changes.
5.4. TARIFFS CHANGING PROCEDURE
6. CLOSING OF ACCOUNT
User may close his account upon request to the support service.
If User opens an account again, then User shall pass KYC procedure.
The withdrawal of all assets from the account is not a reason for the automatic closing of the account by the Service.
Terminations and Suspension
The Company has the right to terminate the Service in part or in full at any time for all or any Users, if it is deemed necessary in accordance with the requirements of the Law of any jurisdiction, or in accordance with any rules or regulation guidance, or the economic interests of the Company.
Changes of Terms
- The Service is regularly changed and improved due to the needs of Users and the Community and external circumstances, such as the requirements under the Law of any applicable jurisdictions, rules and regulations.
- Therefore, the Company has the right to amend the Terms. The amendments are made by way of publishing the amended Terms on the website. The new Terms come into effect at the moment of its publication (unless otherwise stated in the new version of the Terms). The new Terms apply to all Users, including those who have previously used the Service. The continued use of the Service by the User means that the User automatically agrees with and accepts the new Terms. The partial acceptance of the Terms by the User is not valid, and if the User does not agree with any part of the Terms, then he shall stop using the Service.
Any User who starts to use the Service confirms that:
- the User, when using the Service as an individual, has reached the appropriate age and has full and unlimited rights to use the Service; to conclude any agreements with legal obligations, including the possibility of making payments (if applicable); and the User does not violate by his actions any previous obligations; or
- the User, if he uses the Service as a representative on behalf of a company, confirms that the company is a duly registered company without any limitations on its rights by laws of jurisdiction of the Company; the User does not violate by his actions any previous obligations; and the User has full legal capacity to act on behalf of the company, to conclude any agreements with legal obligations, including the possibility of making payments (if applicable);
- the User confirms that there is no legal requirements or restrictions by Law of the country of his residence, which may restrict access to the Service; ownership of assets; restrict management or any deals with the assets.
Assumption of Risk
Any User who starts to use the Service assumes the risks related to the use of the Internet, including risks of unauthorized access to the User’s software and information, and risks to the User’s hardware and equipment. All the above-mentioned risks are out of the Company’s control and out of the range of the Service, but may relate to the content that the User has received access to through the Service. The Company has no ability to control these risks, and does not bear any responsibility, including financial responsibility, for the consequences of the realization of these risks.
The Company is not responsible for any loss of Users’ or third party’s, including information in the Content of the Service about the Users and third parties, or any loss of profit, that may arise as a result of any events that are not under the control of the Company, including, but not limited to the results of natural or man-made events (earthquakes, fires, floods, hurricanes, other emergencies, wars and conflicts, blockades, sanctions, political and economic restrictions, strikes, changes in legislation, man-made disasters), or the result of actions of third parties, including changes to service providers, software and equipment.
Limitation of Liability
Users and any third parties are forewarned and acknowledge that the Service and the Company are not independent, and whose actions have aims to receive and use any information through the Service for it’s own benefit. The Company is not responsible for any possible violations of rights of Users or any third parties, including the information in the Content of the Service about Users and third parties, their rights on information (limited use or non-distribution of the information); violation of their copyrights; and violation of any restrictions that are related to the content of such information.
BETA VERSION, RESEARCH & DEVELOPMENT
DISCLAIMER OF WARRANTIES
- The Company notifies all Users and Stakeholders that the Service is on a stage of Beta version in purpose of research and development and is provided to you with the only aim to launch an experimental content; to see how it works; how to make our Service better and comfortable for Users; to receive a feedback from you and other users regarding the website and Service.
- In connection with the above-mentioned information, the Service may have a number of functional limitations, and significant changes may be made for the Service operations. By starting of use of the Service, User expressly agrees to use it on an "AS IS" and "as available" basis, without warranties of any kind, either express or implied, including, without limitation, implied warranties of merchantability, fitness for a particular purpose or non-infringement. You acknowledge that we have no control over, and no duty to take any action regarding: which users gain access to or use the Service; what effects the Content may have on you; how you may interpret or use the Content; or what actions you may take as a result of having been exposed to the Content.
- You release us from all liability for you having acquired or not acquired Content through the Service. We make no representations concerning any Content contained in or accessed through the Service, and we will not be responsible or liable for the accuracy, copyright compliance, legality or decency of material contained in or accessed through the Service.
- By utilizing the Service or interacting with the Content or platform in any way, you represent that you understand the inherent risks associated with cryptographic systems; and warrant that you have an understanding of the usage and intricacies of public/private key cryptography, native cryptographic tokens, like Ether (ETH), smart contract-based tokens such as those that follow the Ethereum Token Standard, and blockchain-based software systems.
- You acknowledge that information you store or transfer through our services may become irretrievably lost or corrupted or temporarily unavailable due to a variety of causes, including software failures, protocol changes by third party providers, internet outages, force majeure event or other disasters, scheduled or unscheduled maintenance, or other causes either within or outside our control. You are solely responsible for backing up and maintaining duplicate copies of any information you store or transfer through our Services.
- After the start of using of the Service you can send a feedback to the Company regarding the Service work, or feedback and suggestions to the Service development, or any analytical information. At the same time, the Company notifies all Users and Stakeholders that such information as well as User’s feedbacks are voluntarily and without any payment from the Company.
- Your participation, via providing feedback or information, does not mean that the Company is entered into testing, employment, or any other type of reimbursable agreement with you, and it does not mean that it would have any consequences.
- Users and Stakeholders shall take into account that the provided feedbacks and information are accessible to employees and partners of the Company, and may become available to other Users and Stakeholders, or may be published by the Company, or may be otherwise disclosed. In connection with the above-mentioned we recommend you follow the ethical principles of communication, as well as requirements to the content of public or non-public messages. Users and Stakeholders are solely control the provided by them personal data, confidential information, or information that is not subject to disclosure. Users are solely responsible for content of their feedbacks, or possible disclosure of feedbacks, or suggestions to the development of the Service or analytical information.
TRADEMARKS AND OTHER INTELLECTUAL PROPERTY RIGHTS
All Trademarks, Software and other copyrights provided on the website are the property of the Company and protected by trademark and copyright laws of different jurisdictions, and by international laws. Nothing in the Terms or other documents gives anyone more rights than provided in the Terms, including the right to copy and distribute the provisions of the Terms. While using the Service, Users are provided with a simple non-exclusive license that allows them to use the software of the Service with the express purpose stipulated in the Terms.
THIRD PARTY SERVICES AND CONTENT
The company warns Users and Stakeholders that the Company may require registration on the website, or in the Services of the Company or third parties, or may require acquisition of software for the Company or services of third parties, but this does not mean that the Company forced Users to use the services of any third party. If it is technically possible and if it is not affected by the functions of the Service, the Company may provide the Service for Users without such registration or acquisition. The Company does not limit the list of the services of the third-party providers, software or other services. Only the technological parameters of the Service and mutual software with third parties may be held under limitation.
All relations between Parties are governed by the law of the country of the Company’s registration. All disputes shall be solved in form of claim and answer to the claim. In cases where it is not possible to solve a dispute in that form, the dispute shall be referred to the court of the country of the Company’s registration.
QUESTIONS AND COMMENTS
You may send any questions and comments to the following contact details of the BKX VAULT LTD: Orange Point Building, Second Floor, Dun Karm Street, Birkirkara By-Pass, Birkirkara, BKR 9037, Malta
Email address: [email protected]