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<!DOCTYPE html>
<html lang="en">
<head>
<meta charset="utf-8">
<meta http-equiv="X-UA-Compatible" content="IE=edge">
<meta name="viewport" content="width=device-width, initial-scale=1">
<!-- The above 3 meta tags *must* come first in the head; any other head content must come *after* these tags -->
<title>Bitcoin Exchange | Ripple Exchange | Tron Exchange | Cryptocurrency Exchange - Bitfung.com</title>
<link rel="shortcut icon" href="assets/img/favicon.png">
<!-- Google fonts css -->
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<input type="text" class="form-control" placeholder="Search">
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<div class="header-content">
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<div class="col-sm-8 col-sm-offset-2">
<div class="haeder-text">
<h1>Terms and Conditions</h1>
<p>We request to member before opening account and starting business
with us please read carefully our “Terms of Agreement”.</p>
</div>
</div>
</div>
</div>
</div>
</div>
<!-- /.End of page header -->
<div class="pricing">
<div class="container">
<div class="row">
<div class="kyc-content">
<p>Consumer advisory – Bitfung payment service is regarded as a
stored value facility under Hong Kong law. Bitfung is the Holder
of the stored value facility, does not require the approval of
the Financial Authority of Hong Kong. Consumers (Users) are advised
to read these terms and conditions carefully.</p>
<p>This User Agreement ("User Agreement") is a contract between you and
Bitfung and applies to your use of the Bitfung payment service and
any related products and services available through Bitfung websites
(collectively the "Service"). If you do not agree to be bound by the
terms and conditions of this Agreement please do not use or access our
Service. </p>
<p>You must read, agree with, and accept all of the terms and conditions
contained in this Agreement and the Privacy Policy, which include those
terms and conditions expressly set out below and those incorporated by
reference, before you may become a member of Bitfung.</p>
<p>In this Agreement, "you" or "your" means any person or entity using the
Service ("Users"). Unless otherwise stated, " Bitfung ", "we" or "our"
will refer collectively to Bitfung and its subsidiaries.</p>
<p>We may amend this Agreement at any time by posting a revised version on
our website. The revised version will be effective at the time we post it.
In addition, if the revised version includes a substantial change, we will
provide you with 30 days’ prior notice by posting notice of the change.
After this 30 days’ notice, you will be considered as having expressly
consented to all amendments to this Agreement. </p>
<ol class="kyc-ol">
<li>The Legal Relationship between You and Bitfung</li>
<p>1.1 User Relationship</p>
<p>Bitfung acts as a facilitator to help customers accept payments and
to help customers make payments. Bitfung has independent
relationships with the sender and the receiver of payments.
We act based upon your direction and your requests to use our
Services that require us to perform tasks on your behalf. Bitfung
will at all times hold your funds separate from its corporate funds,
will not use your funds for its operating expenses or any other
corporate purposes, and will not voluntarily make funds available
to its creditors. You acknowledge that (a) Bitfung is not a bank
and the Service is a payment processing service rather than a
banking service, and (b) Bitfung is not acting as a trustee,
fiduciary or escrow with respect to your funds, but is acting
only as an agent and custodian. </p>
<p>By using Bitfung Services you further agree to the following
statements:</p>
<ol class="nested">
<li>represent that you are:</li>
<ul class="alphabetical-list">
<li>NOT an individual who is a resident of the United States of
America, its territories or possessions, any state of the United
States of America or the District of Columbia (the “USA”); </li>
<li>NOT a corporation, partnership or other legal entity formed under the laws of the USA;</li>
<li>NOT an agency, branch or office located in the USA of a
corporation, partnership or other legal entity that was
formed under laws other than those of the USA;</li>
<li>NOT a trust of which any trustee is described in (a), (b) or
(c) above; </li>
<li>NOT an agent or a fiduciary acting on behalf or for the benefit
of an individual or entity described in (a), (b), (c), (d)
above. </li>
</ul>
<li>Your decision to use Bitfung services was:</li>
<ul class="alphabetical-list">
<li>NOT based, at least in part, on information You received or
communications You exchanged while You, or the person providing
the information or with whom the communication was exchanged,
was within the USA; </li>
<li>NOT made inside the USA; and</li>
<li>NOT communicated to Bitfung from a source within the USA.</li>
</ul>
<p>You are not required to carry a balance in your Bitfung Account
in order to use the Service, except in certain circumstances where
Bitfung reasonably determines your account poses a risk. Bitfung
will pool your funds together with funds from other Users, and will
place those funds in accounts at one or more financial
institutions ("Pooled Accounts"). </p>
<p>You agree that you will not receive interest or other earnings on the
funds you may keep in your Bitfung.</p>
<p>By initiating and making payments through the Service or, where available,
adding funds to your balance, you authorize Bitfung to accept funds on
your behalf, and to send the funds to the recipient that you designate or
into Bitfung Exchange Account, subject to the terms and restrictions of
this Agreement. </p>
<p>When you initiate a payment, Bitfung will offset funds from the
Exchange Account for your benefit to the recipient. When you
make a payment, until that payment clears our risk checks and
is accepted by the recipient (which may occur instantly or take
a few days), you remain the owner of those funds and Bitfung holds
those funds for your benefit and on your behalf, but you will not be
able to withdraw those funds or send the funds to any other recipient
unless you cancel the initial transaction.</p>
<p>By receiving payments through the Service, you appoint Bitfung as your
agent to cause the funds to be deposited on your behalf in the
Exchange Accounts until you further instruct Bitfung with respect
to the transmission of your funds. Through the Bitfung Website,
you may provide instructions to withdraw the funds or send the funds
to a third party, in each case subject to the terms and restrictions
of this Agreement. </p>
</ol>
<p>1.2 Bitfung is only a Payment Service Provider</p>
<p>Bitfung acts as a payment service provider by creating, hosting,
maintaining and providing our Service to you via the Internet.
We do not have any control over, and are not responsible or
liable for, the products or services that are paid for with
our Service. We cannot ensure that a buyer or a seller you are
dealing with will actually complete the transaction. </p>
<p>1.3 Identity Authentication</p>
<p>We use many techniques to identify our users when they register
on our site. Verification of Users is only an indication of
increased likelihood that a User's identity is correct.
You authorize Bitfung, directly or through third parties,
to make any inquiries we consider necessary to validate your
identity and registration. This may include requiring you to
provide Bitfung with fax or scanned documentation such as a
government issued identification card, address verification
documentation, ordering a credit report and performing other
credit checks or verifying the information you provide against
third party databases. However, because user verification on the
Internet is difficult, Bitfung can not and does not guarantee
any user's identity.</p>
<p>1.4 License grant</p>
<p>If you, as a merchant, are using Bitfung software such as an API,
developer’s toolkit or other software application which may include
software provided by or integrated with software, systems, or
services of our service provides that you have downloaded to or
otherwise accessed through your computer, device, or other platform
then Bitfung and its licensors grant you a revocable, non-exclusive,
non-sublicensable, non-transferable, royalty-free, and limited license
to access and/or use Bitfung software in accordance with the
documentation, including all updates, upgrades, new versions and
replacement software, as described herein for your personal use only.
You may not rent, lease or otherwise transfer your rights in the
software to a third party. Any third party software application you
use on the Bitfung website is subject to the license you agreed to with
the third party that provides you with this software. You acknowledge
that Bitfung does not own, control nor have any responsibility or
liability for any third party software application you elect to use
on any of our websites, software, and/or in connection with the
Bitfung Services.</p>
<p>1.5 Third Party Permissions</p>
<p>If you grant express permission to a third party to take specific
actions on your behalf or access particular information about your
Account either through your use of the third party’s product or
service, or in the API Access, you acknowledge that Bitfung may
disclose the information about your Bitfung Account to this third
party that is specifically authorized by you. You also acknowledge
that granting permission to a third party to take specific actions
on your behalf does not relieve you of any of your responsibilities
under this Agreement. </p>
<p>1.6 Release </p>
<p>In the event that you have a dispute with one or more users, you
release Bitfung (and our officers, directors, agents, subsidiaries,
joint ventures and employees) from any and all claims, demands and
damages (actual and consequential) of every kind and nature arising
out of or in any way connected with such disputes.</p>
<p>1.7 No Warranty </p>
<p>WE, OUR PARENT, SUBSIDIARIES, EMPLOYEES AND OUR SUPPLIERS PROVIDE
OUR SERVICES "AS IS" AND WITHOUT ANY WARRANTY OR CONDITION, EXPRESS,
IMPLIED OR STATUTORY. WE, OUR PARENT, SUBSIDIARIES, EMPLOYEES AND
OUR SUPPLIERS SPECIFICALLY DISCLAIM ANY IMPLIED WARRANTIES OF TITLE,
MERCHANTABILITY, SATISFACTORY QUALITY, FITNESS FOR A PARTICULAR
PURPOSE AND NON-INFRINGEMENT.</p>
<p>1.8 Limitation of Liability</p>
<p>EXCEPT IN THE CASE OF DEATH OR PERSONAL INJURY RESULTING FROM NEGLIGENCE,
IN NO EVENT SHALL WE, OUR PARENT, SUBSIDIARIES, EMPLOYEES OR OUR SUPPLIERS
BE LIABLE FOR LOST PROFITS OR ANY SPECIAL, INCIDENTAL OR CONSEQUENTIAL
DAMAGES ARISING OUT OF OR IN CONNECTION WITH OUR WEBSITE, OUR SERVICE, OR
THIS AGREEMENT (HOWEVER ARISING, INCLUDING NEGLIGENCE). </p>
<p>1.9 Indemnification</p>
<p>You agree to indemnify and hold Bitfung, its parent, subsidiaries,
affiliates, officers, directors and employees harmless from any
claim or demand (including lawyers’ fees) made or incurred by
any third party due to or arising out of your breach of
this Agreement or the documents it incorporates by reference, or
your violation of any law or the rights of a third party relating
to your use of the Service.</p>
<p>1.10 Liability for Violations of the Acceptable Use Policy</p>
<p>If you engage in the following behavior, Bitfung may suspend or
restrict your access to the Services, hold your funds up to 180 days
and fine you, as explained below. Using the Service to receive
payments for any sexually oriented or obscene materials or services
in violation of the Acceptable Use Policy;</p>
<p>Using the Bitfung service to receive payments for any narcotics,
other controlled substances, steroids or prescription drugs in
violation of the Bitfung Acceptable Use Policy; </p>
<p>You and Bitfung agree that the damages that Bitfung will sustain
as a result of the behavior outlined above will be substantial,
including (without limitation) fines and other related expenses
from its payment processors and service providers, but may be
extremely difficult and impracticable to ascertain. In the event
that you engage in such activities, then Bitfung may fine you up
to USD 3,500.00 for each such violation and/or Bitfung may take
legal action against you to recover losses that are in excess
of the amount fined. You acknowledge and agree that a fine up to
USD 3,500.00 is presently a reasonable and genuine minimum estimate
of Bitfung damages, considering all currently existing circumstances. </p>
<p>If you use the Service in a manner that violates this Agreement,
the documents incorporated by reference into this Agreement or
the Bitfung Acceptable Use Policy, including but not limited to
the two categories described above, your account will be subject
to limitation or immediate termination.</p>
<p>You agree that, if either you or Bitfung commence litigation or
arbitration in connection with this paragraph, the prevailing
party is entitled to recover reasonable lawyers’ fees and any
other costs incurred in such proceeding in addition to any other
relief to which the prevailing party may be entitled. </p>
<p>1.11 Liability for reversals</p>
<p>Payments received in your Bitfung Account may be reversed
at a later time. This means that a payment may be reversed
from your Bitfung Account after you have provided the sender
the goods or services that were purchased. </p>
<ol class="nested">
<li>Bitfung will monitor any unusual or suspicious transactions or
activities. 2. In order to comply with the strict laws on money
laundering, we reserve the right to report suspicious transactions
to the relevant authorities. </li>
</ol>
<li>Sending and Receiving Payments</li>
<p>2.1 Sending Bitfung Payments</p>
<p>2.1.1 Sending Limits</p>
<p>We may, at our discretion, impose limits on the amount of payments
you can send through the Service. Once you reach your sending limit,
you will be required to verify your Bitfung Account before using
Bitfung to send any more payments.</p>
<p>"Verified Account" means an Account status that reflects that Bitfung
has verified that an Account holder has legal control of one or
more of his or her payment methods. A Verified Account status does
not constitute an endorsement of a User or a guarantee of a User's
business practices. </p>
<p>2.1.2 Refused and Refunded Payments</p>
<p>When you send a payment, the recipient is not required to accept it.
Any unclaimed, refunded or denied payment will be returned to your
balance or to your original Payment Method. We will return any
unclaimed payment to you within 30 days of the date you initiated
the payment. </p>
<p>2.1.3 Multiple Currencies</p>
<p>Bitfung Multiple Currencies feature allows users to send payments
in various currencies. Restrictions may apply regarding which
currencies can be sent or received. When you are sending money to
a merchant who has requested a currency that is different than your
primary currency, you will need to specify whether you want to pay
the merchant in the merchant’s requested currency, or in your primary
currency. Some merchants may not offer this option. </p>
<p>If you send a payment in a currency that is not your primary currency,
we follow these practices: </p>
<p>If you have a Balance in the requested currency, we will fund your
transaction from your Balance; </p>
<p>If you have a Balance in a different currency, we will perform a
currency conversion and use it to fund your transaction;</p>
<p>2.2 Receiving Bitfung Payments</p>
<p>2.2.1 Liability for Invalidated Payments</p>
<p>When you receive a payment, you are liable to Bitfung for the full
amount of the payment sent to you plus any Fees if the payment is
later invalidated for any reason. This means that, in addition to
any other liability, you will be responsible for the amount of
the payment sent by the sender, plus the applicable Fees listed
in the Fees Policy.</p>
<li>Balances and Withdrawing Money</li>
<p>3.1 Balances </p>
<p>If you hold a balance, Bitfung will hold your funds in Exchange
Accounts separate from its corporate funds, and it will not use
your funds for its operating expenses or for any other corporate
purposes. Bitfung will not voluntarily make your funds available
to its creditors in the event of bankruptcy. You will not receive
interest or other earnings on the amounts in your balance.
Bitfung may receive interest on amounts that Bitfung holds on
your behalf.</p>
<p>3.2 Negative Balances and Multiple Currencies</p>
<p>If your Bitfung Account has a negative balance, Bitfung may set-off
the negative balance with any funds that you subsequently add or
receive into your Bitfung Account or deduct the amount from a
withdrawal you may have requested. If you have multiple currency
balances in your Account and one of the currency balances becomes
negative for any reason, Bitfung may set-off the negative balance
by using funds you maintain in a different currency balance. </p>
<p>3.3 Risks of Maintaining Balances in Multiple Currencies</p>
<p>You are responsible for all risks associated with maintaining
balances in multiple currencies. This may include fluctuating
exchange rates. You agree that you will not attempt to use multiple
currencies for speculative trading. </p>
<p>3.4 Reserves</p>
<p>If Bitfung places a reserve on funds in your Bitfung Account, the
funds will be shown as “pending” in your Bitfung Account. </p>
<p>3.5 Withdrawal Limits </p>
<p>For regulatory and fraud prevention purposes, Bitfung generally
reserves the right to review any withdrawals and may request
additional identity information or other verification information
or transaction information before releasing the funds. Failure to
provide the necessary information when requested may delay your
ability to withdraw funds and may under locals laws be deemed
suspicious activity.</p>
<li>Fees and Currency Conversion </li>
<p>4.1 Fees</p>
<p>Fees for Users are specified in the Fees Policy. The Fees Policy
constitutes an integral part of this Agreement. </p>
<p>4.2 Currency Conversion</p>
<p>If your transaction involves a currency conversion by Bitfung,
it will be completed at a foreign exchange rate determined by a
financial institution, which is adjusted regularly based on
market conditions. The exchange rate is adjusted regularly
and may be applied immediately and without notice to you.
This exchange rate includes a processing fee expressed as a
certain percentage above the wholesale exchange rate at which
Bitfung obtains foreign currency, and the processing fee is retained
by Bitfung.</p>
<p>The Currency Conversion Fees that are applicable whenever Bitfung
performs a currency conversion are set out in the Fees Policy.</p>
<li>Your Information</li>
<p>Definition </p>
<p>"Your Information" is defined as any information you provide to us
or other users in the registration, payment process, stores or other
features of our Service. You alone are responsible for Your
Information, as we act as a passive conduit for your online
distribution and publication of Your Information. </p>
<p>5.2 Inaccurate Information</p>
<p>Failure to provide true and accurate identification information is
prohibited. Bitfung will restrict your Bitfung Account and limit
your access to funds should you fail to provide true and accurate
information at registration.</p>
<p>5.3 License</p>
<p>Solely to enable Bitfung to use the information you supply us with,
so that we are not violating any rights you might have in that
information, you agree to grant us a non-exclusive, worldwide,
royalty-free, perpetual, irrevocable, sublicensible (through
multiple tiers) right to exercise the copyright, publicity, and
database rights (but no other rights) you have in Your Information,
in any media now known or not currently known, with respect to Your
Information. Bitfung will use and protect Your Information in
accordance with our Privacy Policy.</p>
<p>5.4 Trademarks</p>
<p>Bitfung and all related logos, products and services described on the
Bitfung Websites are either trademarks or registered trademarks of
Bitfung or its licensors, and (aside from the circumstances described
below) may not be copied, imitated or used, in whole or in part,
without the prior written permission of Bitfung.</p>
<li>Term and Closing Your Bitfung Account</li>
<p>Your Agreement with us starts when you successfully register for a
Bitfung Account and ends when your Bitfung Account is closed for
whatever reason, except that this User Agreement survives termination
to the extent and for so long as we require to deal with the closure
of your Bitfung Account and to comply with applicable laws and
regulations. You can close your Bitfung Account at any time by
logging in to your Bitfung Account and then following the
instructions. We may close your Bitfung Account at our convenience
by providing you with 2 months prior notice. </p>
<p>We may also close your Bitfung Account at any time where:
You are in breach of the terms of this User Agreement;
You do
not access your Bitfung Account for 3 years; or
We suspect that
your Bitfung Account has been accessed without your authorization.
Where we decide to close your Bitfung Account we will provide you
with notice of Bitfung Account closure, and where practicable,
the reasons for closing your Bitfung Account, together with the
ability to withdraw any undisputed funds that we are holding.
When
your Bitfung Account is closed:
We may cancel any pending transactions;
We may suspend, limit or terminate your access to or use of the
Bitfung Services, websites, software, systems (including any networks
and servers used to provide any of the Bitfung Services) operated by
us or on our behalf or some or all of the Bitfung Services;
You will
remain liable for all outstanding obligations under this User
Agreement related to your Bitfung Account prior to closure;
We may
keep your Bitfung Account information in our database for the purpose
of fulfilling our legal obligations; and
We may retain your Balance
after closure to the extent and for the time we reasonably require to
protect Bitfung and/or any third party against the risk of Reversals,
Chargebacks, Claims, fees, fines, penalties and other liabilities of
whatever nature. </p>
<li>Your Liability, Remedies and Bitfung Right to Collect from You</li>
<p>7.1. You are responsible for
Reversals,
Fees, fines, and penalties</p>
<p>Any other liability incurred by Bitfung, a User, or a third party
caused by your use of our
Service and/or arising from your breach
of this Agreement.</p>
<p>You agree to reimburse Bitfung, a User, or a third party for any and
all such liability.
"Reversal" means Bitfung reverses a payment you
received because (i) it is invalidated by the sender's bank, (ii)
it was sent to you in error by Bitfung, its parent, subsidiaries,
affiliates, or any direct or indirect Bitfung subsidiary, (iii) the
sender of the payment did not have authorization to send the payment
(for example: the sender used a stolen credit card or Bitfung account
takeover), (iv) you received the payment for activities that violated
this Agreement, the Bitfung Acceptable Use Policy, or any other
Policy. </p>
<p>7.2. Restricted Activities</p>
<p>In connection with your use of our website, your Account, the Bitfung
Services, or in the course of your interactions with Bitfung, other
Bitfung users, or third parties, you will not:
Breach this Agreement,
Acceptable Use Policy or any other document incorporated herein, or
other Policy that you have agreed to with Bitfung;
Violate any law,
statute, ordinance, or regulation;
Infringe Bitfung or any third party's
copyright, patent, trademark, trade secret or other intellectual
property rights, or rights of publicity or privacy;
Sell counterfeit
goods; </p>
<p>Act in a manner that is defamatory, trade libelous, threatening or
harassing;
Provide false, inaccurate or misleading Information;
Engage in potentially fraudulent or suspicious activity and/or
transactions;
Refuse to cooperate in an investigation or provide
confirmation of your identity or any Information you provide to us;
Control a Bitfung Account that is linked to another Bitfung Account
that has engaged in any of these Restricted Activities where Bitfung
has reason to believe that both Bitfung Accounts are controlled by
the same legal personality or group of legal personalities (including,
without limitation, individuals), which is more likely when both
Bitfung Accounts share certain attributes, including, without
limitation, the same recorded user name, email address, funding
source; </p>
<p>Facilitate any viruses, Trojan horses, malware, worms or other computer
programming routines that attempt to or may damage, disrupt, corrupt,
misuse, detrimentally interfere with, surreptitiously intercept or
expropriate or gain unauthorized access to any system, data or
Information or the Service; </p>
<p>Integrate the Service as payment method in a way which makes it
impossible for a customer to identify whether he or she is on the
Bitfung Website(s) (Example: iFraming, the URL is not visible for
the customer);</p>
<p>Use an anonymizing proxy; use any robot, spider, other automatic
device, or manual process to monitor or copy our website without
our prior written permission;
Take any action that may cause us to
lose any of the services from our Internet service providers,
payment processors, or other suppliers; </p>
<p>Allow your use of the Service to present to Bitfung a risk of non-compliance
with Bitfung anti-money laundering, counter terrorist financing and
similar regulatory obligations (including, without limitation,
where we cannot verify your identity or you fail to complete the
steps to lift your sending, receiving or withdrawal limit in accordance
with this agreement); </p>
<p>7.3 Reimbursement for Your Liability</p>
<p>In the event you are liable for any amounts owed to Bitfung, Bitfung
may immediately remove such amounts from your Bitfung balance
(if available). If there are insufficient funds in your balance
to cover your liability, your remaining balance will be removed,
your Bitfung Account will have negative balance up to the amount
of your liability, and Bitfung reserves the right to collect your
debt to Bitfung by using any payments received in your Bitfung Account
and otherwise you agree to reimburse Bitfung through other means.
Bitfung may also recover amounts you owe us through legal means,
including, without limitation, through the use of a debt collection
agency. </p>
<p>Additionally, to secure your performance of this Agreement, you grant to
Bitfung a lien on and security interest in your account. </p>
<p>7.4 Remedies of Bitfung – Restricted Activities</p>
<p>In addition to any other rights under this Agreement, if Bitfung,
in its sole discretion, believes that you may have engaged in any
Restricted Activities as specified above, we may, at any time take
various actions to protect Bitfung, its parent, subsidiaries and
affiliates, other third parties or you from Reversals, credit card
chargebacks, fees, fines, penalties and any other liability. The
actions we may take include but are not limited to the following: </p>
<p>We may close, suspend, or limit your access to your Bitfung Account or
the Service; </p>
<p>We may refuse to provide the Bitfung Services to you now and in the future;
and </p>
<p>We may hold your funds for a period of time reasonably needed to protect
against the risk of liability to Bitfung or a third party, or if we
believe that you may be engaging in potentially fraudulent or
suspicious activity and/or transactions. </p>
<p>7.5 Temporary Holds </p>
<p>Risk-Based Holds</p>
<p>Bitfung, in its sole discretion, may place a hold on any or all of
the payments you receive when Bitfung believes there may be a high
level of risk associated with you, your Bitfung Account, or any or
all of your transactions. Bitfung determination may be based on
different factors and Bitfung may rely on information it receives
from third parties. If Bitfung places a hold on a payment, the
funds will appear in your “pending balance” and the payment status
will indicate the hold. If Bitfung places a hold on any or all of
the payments you receive, WEX will provide you with notice of our
actions. Bitfung will release the hold on any payment after 30 Days
from the date the payment was received into your Account unless Bitfung
has a reason to continue to hold the payment such as (i) the receipt of
a dispute, claim, credit card chargeback, or Reversal, (ii) Bitfung
believes that you have violated the terms of this Agreement or any
other Policy and that such a violation results in the need to continue
holding the funds, or (iii) Bitfung believes that you may be engaging
in potentially fraudulent or suspicious activity and/or transactions.
In such an event, Bitfung may continue holding the payment in your
Account until the matter is resolved pursuant to this Agreement.
Bitfung, in its sole discretion, may release the hold earlier under
certain circumstances, for example when you upload tracking information
of the item you shipped. </p>
<p>2. Disputed Transactions Holds</p>
<p>If a buyer files a Claim, Chargeback or Reversal on a payment you
received, Bitfung will place a temporary hold on the funds in your
Bitfung account to cover the full amount in dispute. A hold placed
under this provision will not restrict your use of the Account with
regard to funds other than those disputed or at risk under the Claim,
Chargeback or Reversal.</p>
<p>7.6 Reserves </p>
<p>Bitfung, in its sole discretion, may place a reserve on funds held
in your Account when Bitfung believes there may be an increased level
or risk associated with your account. If Bitfung places a reserve
on funds in your Bitfung Account, the funds will be shown as “pending”
in your Bitfung Account. If your Bitfung Account is subject to a
Reserve, Bitfung will provide you with notice specifying the terms
of the reserve. The terms may require that a certain percentage of
the amounts received in your Bitfung Account are held for a certain
period of time, or that a certain amount or percentage is held in
reserve. Bitfung may change the terms of the reserve by providing you
with notice of the new terms. In the event you do not agree to the
terms of the reserve, you may terminate your account with
Bitfung.</p>
<p>7.7 Remedies of Bitfung Account Closure, Termination of Service,
Limited Account Access; Confidential Criteria</p>
<p>Bitfung, in its sole discretion, reserves the right to terminate
this Agreement and/or access to the Service for any reason and at
any time upon notice and payment to you of any unrestricted funds
held in your balance. If we limit access to your Bitfung Account,
including through a Reserve or hold, we will provide you with
notice of our actions, and the opportunity to request restoration of
access if, in our sole discretion, we deem it appropriate. Further,
you acknowledge that Bitfung decision to take certain actions,
including limiting access to your Bitfung Account, placing holds or
imposing Reserves, may be based on confidential criteria that is
essential to our management of risk, the security of Users’ Bitfung
Accounts and the Bitfung system. You agree that Bitfung is under no
obligation to disclose the details of its risk management or its
security procedures to you. However, Bitfung undertakes best efforts
to investigate the accounts that have been limited, in order to
proceed the respective matter as soon as possible. </p>
<li>Assignability</li>
<p>You may not transfer any rights or obligations you may have under
this Agreement without the prior written consent of Bitfung.
Bitfung reserves the right to transfer this Agreement or any
right or obligation under this Agreement without your consent.</p>
<li>Legal Compliance</li>
<p>You shall comply with all applicable Hong Kong and international laws,
statutes, ordinances, regulations, contracts and applicable licenses
regarding your use of our Service.</p>
<li>Release of Bitfung</li>
<p>If you have a dispute with one or more Users, you release Bitfung
(and our officers, directors, agents, joint ventures, and employees)
from any and all claims, demands, and damages (actual and
consequential) of every kind and nature arising out of any or in any
way connected with such disputes.</p>
<li>Notices</li>
<p>11.1 Electronic Communications</p>
<p>You agree that this Agreement constitutes "a writing signed by You"
under any applicable law or regulation. To the fullest extent
permitted by applicable law, this Agreement and any other agreements,
notices or other communications regarding your account and/or your
use of the Service ("Communications"), may be provided to you
electronically and you agree to receive all Communications from
Bitfung in electronic form. Electronic Communications may be posted
on the pages within the Bitfung website and/or delivered to your
e-mail address. You may print a copy of any Communications and retain
it for your records. All Communications in either electronic or paper
format will be considered to be in "writing," and to have been received
no later than 5 business days after posting or dissemination, whether
or not you have received or retrieved the Communication. Bitfung
reserves the right but assumes no obligation to provide Communications
in paper format. </p>
<p>11.2 Electronic Evidence</p>
<p>You agree that in the event of a dispute between You and Bitfung or
You and another User, that Bitfung electronic records of your
transactions, the Bitfung User Agreement, the Bitfung Privacy Policy,
any identity verification information provided in a paper format
and subsequently scanned or otherwise converted into an electronic
format, and any other information stored or created electronically
shall be admissible in a court of law or in relation to a law
enforcement or regulatory investigation or prosecution. </p>
<p>11.3 Procedure</p>
<p>Except as explicitly stated otherwise, any notices shall be given
by our online message center or the email address you provide to
Bitfung during the registration process (in your case). Notice
shall be deemed given 24 hours after email is sent, unless the
sending party is aware that the electronic communication was not
received. </p>
<li>Legal Disputes </li>
<p>In the event a dispute arises between you and Bitfung, our goal is
to provide you with a neutral and cost effective means of resolving
the dispute quickly. Accordingly, you and Bitfung agree that any
controversy or claim at law or equity that arises out of this
Agreement or Bitfung services ("Claims") shall be resolved in
accordance with one of the subsections below, or as otherwise
mutually agreed upon in writing by the parties. Before resorting to
these alternatives, Bitfung strongly encourages users first to contact
Bitfung directly to seek a resolution. Bitfung will consider reasonable
requests to resolve the dispute through alternative dispute resolution
procedures, such as mediation, as an alternative to litigation.</p>
<p>12.1 Arbitration</p>
<p>For any Claim (excluding Claims for injunctive or other equitable relief)
where the total amount of the award sought is less than USD 10,000.00,
you or Bitfung may elect to resolve the dispute through binding
arbitration conducted by telephone, on-line, and/or based solely
upon written submissions where no in-person appearance is required.
In such cases, the arbitration shall be administered by the Hong Kong
International Arbitration Centre, or any other established ADR provider
mutually agreed upon by the parties. Any judgment on the award rendered
by the arbitrator may be entered in any court having jurisdiction
thereof. </p>
<p>12.2 Court</p>
<p>Alternatively, any Claim may be adjudicated by a court of competent
jurisdiction located in Hong Kong or where the defendant is located
(in Bitfung case, Singapore, and in your case, your home address or
principal place of business). You and Bitfung agree to submit to
the personal jurisdiction of the courts located in Singapore.</p>
<p>12.3 Violations of Section 12 </p>
<p>All Claims (excluding requests for injunctive or equitable relief)
between the parties must be resolved using the dispute resolution
mechanism that is selected in accordance with this Section by the
party first to assert a Claim, either through a court filing or
commencement of arbitration. Should either party file an action
contrary to this Section 12, the other party may recover lawyers’
fees and costs up to USD 1,000.00, provided that the party seeking the
award has notified the other party in writing of the improperly filed
Claim, and the other party has failed to withdraw the Claim. </p>
<li>General</li>
<p>This Agreement is governed by and interpreted under the laws of Hong
Kong as such laws are applied to agreements entered into and to be
performed entirely within Hong Kong. We do not guarantee continuous,
uninterrupted or secure access to our service, and operation of our
site may be interfered with by numerous factors outside of our control.
If any provision of this Agreement is held to be invalid or unenforceable,
such provision shall be struck and the remaining provisions shall be enforced.
You agree that this Agreement and all incorporated agreements may be
automatically assigned by Bitfung, in our sole discretion, to a third party
in the event of a merger or acquisition. Headings are for reference purposes
only and in no way define, limit, construe or describe the scope or extent of
such section. Our failure to act with respect to a breach by you or others does
not waive our right to act with respect to subsequent or similar breaches.
This Agreement and the documents it incorporates set forth the entire
understanding between us with respect to the subject matter hereof.
Sections (4) Fees, (1.6) Release, (1.8) Limitation of Liability shall
survive any termination or expiration of this Agreement.</p>
</ol>
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