Terms of use

Terms of use

Please read these Terms of Use and the Risk Disclosure Statement carefully. By clicking the “Start trading now” button or by accessing or using any service made available by us, you agree to be legally bound by these Terms of Use (including the Fee Structure and Risk Disclosure Statement), the Privacy Policy and all terms incorporated by reference in the foregoing.

Summary of Terms of Use

We, bitzinex (hereinafter referred to as “bitzinex”, “we” or “us”), summarize below our Terms of Use to give an overview of the key terms that apply to your use of our website and trading services. While we hope this summary section is helpful, you must read the complete Terms of Use below since they provide important information about our services, our respective legal rights and obligations, and the risks involved in trading in cryptographic tokens.

Our Services

Bitzinex provides you with a simple and convenient way to trade one type of Digital Token for another type of Digital Token. Bitzinex provides you with a platform that matches your orders with open orders from other users of our Services. Users are not able to predetermine a trade with a particular user or with a particular account. Additionally, an order may be partially filled or may be filled by multiple matching orders. As of today, bitzinex does not provide services for the trading of legal tender  (“Fiat Currency”) for Digital Tokens or vice versa. Bitzinex does not provide services for the trading of one type of Fiat Currency for another type of Fiat Currency.

Eligibility and Acceptable Use

You must meet certain eligibility criteria to use bitzinex's services. You must be at least 18 years of age and there are certain locations from which you may not be able to use some or all of bitzinex's services. Other eligibility criteria may also apply. Additionally, there are certain things you cannot do when using bitzinex's services, such as engage in market misconduct or illegal activities, lie, or do anything that would cause damage to our services or systems. Please see Section 12 below on “Acceptable Use” for more details.

Trading Risks

Engaging in trades in cryptographic tokens may be highly risky. Please do not use bitzinex's services for trading in Digital Tokens if you do not understand these risks.

Other Important Legal Terms

There are important legal terms provided below in the complete Terms of Use, including your indemnification responsibilities, our limitation of liability and warranty disclaimers, and your agreement to arbitrate disputes. Please take the time to read these terms carefully.

Complete Terms of Use

These Terms of Use and any terms expressly incorporated herein (“Terms”) apply to your use of the website operated and maintained by bitzinex (collectively, “bitzinex”, “we”, or “us”), and the trading services provided by bitzinex as described in these Terms (collectively, our “Services”).

1. Key Definitions

Capitalized terms not otherwise defined in these Terms will have the following meaning:

1.1.“External Account” means any Digital Token Account: (i) from which you may transfer Funds into your bitzinex Account, and (ii) to which you may transfer Funds from your bitzinex Account and which has been approved by bitzinex for the foregoing purposes.

1.2.“Funds” means Digital Tokens.

1.3.“Fiat Currency” means any national currency.

1.4.“bitzinex Account” means a user account accessible via the Services where Funds may be stored by bitzinex on behalf of a user.

1.6.“Digital Tokens” means Bitcoins, bitzinex Tokens, Ripples and other digital mediums of exchange that may be purchased, sold or traded via the Services.

1.7.“Digital Token Account” means any Digital Token address or account owned or operated by you that is maintained outside of the Services, and is not owned, controlled or operated by bitzinex.

2. Eligibility

2.1. Bitzinex may not make the Services available in all markets and jurisdictions, and may restrict or prohibit use of the Services from certain jurisdictions (“Restricted Locations”).

2.2. You further represent and warrant that you: (a) are at least 18 years old; (b) have not previously been suspended or removed from using our Services or other similar services provided by other parties; (c) have full power and authority to enter into these Terms and in doing so will not violate any other agreement to which you are a party; (d) using our platform in your own name and solely for your own benefit; (e) are not located in, under the jurisdiction of, or a national or resident of any Restricted Locations (as defined in Section 2.1 above); (f) will not use our Services if any applicable laws in your country prohibit you from doing so in accordance with these Terms; (g) are not a designated person under regulations issued pursuant to the lists of individuals or entities identified by the Security Council of the United Nations or the Committee as individuals or entities to whom or which apply the measures referred to in paragraph 8(d) of Resolution 1718 (2006)(including any such list as updated from time to time by the Security Council or the Committee, and made available on the Internet through the official United Nations website at http://www.un.org/) ; and (h) have read and understood these Terms and the Risk Disclosure Statement.

2.3. Bitzinex maintains an anti-money laundering, countering the financing of terrorism and know your customer compliance policy (the “AML/CFT Policy”). Pursuant to such policy, bitzinex may, in its discretion, require identity verification and go through other screening procedures with respect to you or transactions associated with your bitzinex Account. You agree and undertake to provide bitzinex with any and all information and documents that bitzinex may from time to time request or require for the purposes of these Terms or in connection with your bitzinex Account (including, but not limited to, your name, address, telephone number, email address, date of birth, government-issued identification number, photograph of your government-issued identity card or document or other photographic proof of your identity, and information regarding your Digital Token Account). Bitzinex will have no liability or responsibility for any permanent or temporary inability to access or use any Services as a result of any identity verification or other screening procedures.

Further, pursuant to the AML/CFT Policy, bitzinex may, in its discretion, carry out continuous monitoring of all bitzinex Accounts. If any unusually large or unusual patterns of trades or any inexplicable or suspicious circumstances are observed, bitzinex may, in its discretion, place an administrative hold on or freeze your bitzinex Account. You agree that bitzinex will have no liability or responsibility for any permanent or temporary inability to access or use any Service caused by such action.

2.4. Additionally, by agreeing to these terms you certify that you pursue participation in blockchain-based networks as a part of your professional activity and are familiar with digital tokens or cryptographic tokens and trading in them and the risks attached to them and their trading, including but not limited to the risks highlighted in the Risk Disclosure Statement.

3. Bitzinex Account

3.1. Number of bitzinex Accounts. Bitzinex may, in its sole discretion, limit the number of bitzinex Accounts that you may hold, maintain or acquire.

3.2. Bitzinex Account information and security. In order to engage in any trades via the Services, you must create a bitzinex Account and provide any requested information. When you create a bitzinex Account, you agree to: (a) create a strong password that you do not use for any other website or online service; (b) provide accurate, complete and truthful information; (c) maintain and promptly update your bitzinex Account information; (d) maintain the security of your bitzinex Account by protecting your password and restricting access to your bitzinex Account; (e) promptly notify us if you discover or otherwise suspect any security breaches related to your bitzinex Account; and (f) take responsibility for all activities that occur under your bitzinex Account and accept all risks of any authorized or unauthorized access to your bitzinex Account, to the maximum extent permitted by law.

3.3. You are solely responsible for doing all things and taking all actions necessary to monitor and secure your bitzinex Account, and to enable or receive financial or other benefits made available to Digital Token holders.

3.4. You must not create security or any other collateral interest over the Funds in your bitzinex Account except with our prior written consent.


4. General Obligations

This Section 5 applies to: (i) all trades completed via the Services, and (ii) any transaction in which you transfer Funds into your bitzinex Account from your External Account or transfer Funds from your KuCoin Account into an External Account.

4.1. Conditions and Restrictions. We may, at any time and in our sole discretion, refuse any trade submitted via the Services, impose limits on the trade amount permitted via the Services or impose any other conditions or restrictions upon your use of the Services without prior notice. For example, we may limit the number of open orders that you may establish via the Services or we may restrict trades from certain locations.

4.2. Accuracy of Information. You must provide any information required when creating a bitzinex Account or when prompted by any screen displayed within the Services. You represent and warrant that any information you provide via the Services is accurate and complete.

4.3. Cancellations.

Cancellation of orders. You may only cancel an order initiated via the Services if such cancellation occurs before bitzinex executes the transaction. Once your order has been executed, you may not change, withdraw or cancel your authorization for bitzinex to complete such transaction. If an order has been partially filled, you may cancel the unfilled remainder. We may cancel your order in the following circumstances: (i) you have, in our view, engaged in market manipulation or abuse; (ii) your order under the circumstances involves an obvious error with respect to price, quantity or other parameters; (iii) your order would result in self-execution ;(iv) if required by any applicable law or regulation; and/or (v) if required for technical reasons, such as system maintenance and/or upgrade.
Cancellation of trades. Subject to Section 7.7 below, in contrast to exchange orders, all trades are irreversible once initiated. While we may, at our sole discretion, reverse a trade in the case of Manifest Error or if required by any applicable law or regulation or under certain extraordinary conditions, a customer does not have a right to a reversal of a trade.
5.4. Insufficient Funds. If you have an insufficient amount of Funds in your bitzinex Account to complete an order via the Services, we may cancel the entire order or may fulfill a partial order using the amount of Funds currently available in your bitzinex Account, less any fees owed to bitzinex in connection with our execution of the trade (as described in Section 9 below).

4.5. Taxes. It is your responsibility to determine what, if any, taxes apply to the trades you complete via the Services, and it is your responsibility to report and remit the correct tax to the appropriate tax authority. You agree that bitzinex is not responsible for determining whether taxes apply to your trades or for collecting, reporting, withholding or remitting any taxes arising from any trades.

4.6. Compliance with all applicable laws and regulations. You represent, warrant and undertake that you have and shall at all times comply with all applicable laws and regulations in all jurisdictions relevant to any Service provided or made available by us to you.

5. Bitzinex Account Funds

5.1. Transferring Funds to your bitzinex Account. In order to place or match an order or trade via the Services (as described in Section 7), you must first transfer Funds to your bitzinex Account using one of the approved External Accounts identified via the Services. You may be required to verify that you control the External Account that you use to load Funds to your bitzinex Account. You may be charged fees by the External Account you use to transfer Funds to your bitzinex Account. Bitzinex is not responsible for any External Account fees or for the management and security of any External Account. You are solely responsible for your use of any External Account, and you agree to comply with all terms and conditions applicable to any External Account. The timing associated with a transaction for the transfer of Funds to or from an External Account will depend in part upon the performance of third parties responsible for maintaining the applicable External Account, and bitzinex makes no guarantee regarding the amount of time it may take to transfer Funds into your bitzinex Account.

5.2. Transferring Funds to an External Account. Provided that the balance of Funds in your bitzinex Account is greater than any minimum balance requirements needed to satisfy all of your open orders and trades and any fees payable to bitzinex, and subject to your compliance with all identity verification and other screening procedures and your satisfaction of all requirements under bitzinex's AML/CFT Policy as provided in Section 2.3 above, bitzinex may (but is not obligated to) agree to your request to transfer any amount of Funds, up to the total amount of Funds in your bitzinex Account in excess of such minimum balance requirements, from your bitzinex Account to an External Account, less any fees charged by bitzinex for such transactions (as described in the Fee Structure at the time of your request to transfer Funds to an External Account).

5.3. Transfer Authorization. When you request that we transfer Funds into your bitzinex Account from your External Account or request that we transfer Funds to your External Account from your bitzinex Account, you authorize bitzinex to execute such transaction via the Services.

5.4. Rejected Transactions. In some cases, the External Account may reject your Funds or may otherwise be unavailable. You agree that you will not hold bitzinex liable for any loss resulting from such rejected transactions.

5.5. Ownership of Digital Tokens. You hereby represent and warrant that any Digital Tokens transferred to your bitzinex Account from an External Account or otherwise used by you in connection with the Services are owned by you legally and beneficially, and that all orders, trades and transactions initiated with your bitzinex Account are for your own account and not on behalf of any other person or entity.

6. Exchange Orders and Trades

This Section applies when you use the Services to trade one type of Digital Tokens for another type of Digital Tokens. A trade is a binding agreement between you and another user to exchange an agreed amount of one form of Digital Tokens, for an agreed amount of another form of Digital Tokens, which exchange is supported by the Services and which is in accordance with these Terms. Bitzinex does not purchase, sell, or exchange any Digital Tokens on its own behalf, does not provide services for the trading of Digital Tokens for Fiat Currency and vice versa, and does not provide services for the trading of one Fiat Currency for another Fiat Currency.

6.1. Order Placement, Authorization. An order is created when you enter an instruction to buy or sell a specified quantity of a type of Digital Token at a specified price. To place an order, you must have a sufficient amount of the relevant Funds in your bitzinex Account to cover the total value of the order plus any applicable fees (as described in Section 9 below).
You are not able to place an order which would result in self-execution, that is, where you would act as both the buyer and seller in respect of the same trade. If two orders of the same quantity would result in self-execution, both orders are cancelled. 
When you submit a new order via the Services, and it is matched with another order and it results in a trade under the Services, you will be deemed to have authorized bitzinex to execute and settle the trade in accordance with such order on a spot basis and charge you any applicable fees (as described