This User Agreement (hereinafter - "Agreement") is an electronic contract between the User and the "AlfaBit" service and contains the rules of work on the AlfaBit website at https://alfabit.org/ (alfabit.exchange) (hereinafter - "Site") and conditions of access to the services provided by the Site. The person - user of the Site ("User") is obliged to carefully read the described conditions and accept this Agreement before using the Site. If the User does not accept the Agreement and is not obliged to observe all conditions of the present Agreement, he/she should immediately stop using the Site.
The Administration reserves the right to update and change the Agreement at its sole discretion without notice to Users. New version of the Agreement comes into force immediately after its publication on the Site. User is obliged to independently monitor new versions of the Agreement. By continuing to use the Site after the changes take effect, User automatically accepts the new version of the Agreement. If the User does not agree with the terms of the new version of the Agreement, he/she should deactivate his/her account, if any, and not use the service.
1. Terms and Definitions
1.1. AlfaBit Service (hereinafter - “Service”) - OTC platform for searching counterparties and making over-the-counter transactions.
1.2. User - any person who is registered on the Platform and agrees to the terms and conditions of this Agreement - the User is at least 18 years old and the laws of their country of residence do not prohibit the use of this Service, and the User is not planning any illegal activities through the use of "AlfaBit" Service.
1.3. Title sign - a conventional unit of the payment system of electronic and other types of currencies, which corresponds to the calculations of electronic systems and denotes the volume of rights, corresponding to the agreement of different payment systems and its owner.
1.4. Payment system - online service that implements payment for goods and services by means of electronic money transfers.
1.5. Service provided - transactions for depositing and withdrawing electronic currencies as well as other services, the information about which can be found on the Service website.
1.6. Payment - funds transfer carried out with the help of a payment system.
1.7. OTC Platform - a trading platform for searching counterparties and making over-the-counter transactions.
1.8. Personal Data - information which identifies a person, such as name, address, e-mail address, bidding information and bank details. The term "Personal Data" does not include anonymous and/or aggregated data that does not allow to identify a specific User.
1.9. Agreement - this User Agreement and its integral parts, with all additions and/or amendments that may be made in the manner determined by their terms.
1.10. Website - a set of information, texts, graphic elements, design, images, photo and video materials and other results of intellectual activity, as well as a set of computer programs contained in an information system that makes such information available at https://alfabit.org/en, including any sub-domains, and if the domain or material of the Website should be changed for any reason, it includes the Website after any such changes.
1.11. Intellectual Property - all materials published on the Site and all Services provided by the Service are the property of the Service and are not subject to third-party use: publication, distribution, duplication.
1.12. Order - when a User's making an offer to buy or sell cryptocurrencies using services provided by the Service.
1.13. Electronic Document - information in electronic digital form.
1.14. Suspicious traffic - assets of the Users, which, when passing the AML check, showed a high risk assessment for their acceptance.
1.15. Verification Procedures (KYC) - Verification procedures as part of anti-money laundering standards - Know Your Customer (KYC) policy.
2. Introduction
2.1. This Agreement regulates the relations between the User and the Service in terms of the services provided by the Service to the User, and supersedes all prior agreements between the Service and the User on this subject.
3. Subject matter of the Agreement
3.1. The subject matter of this Agreement is the services provided by the Service, as described on the website.
3.2. The Service offers its services to all Users and does not check the User's eligibility for disposal of these funds and does not supervise the User's operations in any of the Payment systems.
Payment systems and/or financial institutions are solely responsible for the funds entrusted to them by the User. The Service cannot be a party to the agreement between the Payment system and/or financial institution and the User, and is not responsible in any way for improper or unauthorized use of the Payment system capabilities by the User, as well as for misuse of the Payment system functionality by the User. Mutual rights and obligations of the User and the Payment system and/or financial institution are regulated by respective agreements.
3.4. Any exchange transaction (Order) initiated by the User, as well as any other transaction offered to the User by the Service, cannot be cancelled by the User.
4. Rights and liabilities of the Parties
4.1. The Service reserves the right to suspend or cancel an operation if the authorized bodies have received information about the unauthorized possession of the User's funds and/or any other information that makes it impossible for the Service to render services to the User.
4.2. The Service may suspend, deny the refund or cancel the transaction if the User has violated the terms of this Agreement.
4.3. The Service reserves the right to cancel the operation in progress and return the title units deposited by the User without giving a reason.
4.4. The Service undertakes to take all possible and available steps to prevent the attempts of illicit trading, financial frauds and money laundering using the Service. These actions include: providing all possible assistance to law enforcement authorities in search and seizure of financial terrorists involved in illegal money laundering activities; providing information related to the Service to the competent authorities in accordance with the current legislation; improving the Service to prevent the direct or indirect use of the Service in activities contrary to the legislation aimed at combating illegal trade, financial fraud and smuggling of funds.
4.5. In case any suspicious traffic of the User is detected, the Service reserves the right to transfer all the information about the User's identity, exchange request and currency upon the request of the law enforcement authorities.
4.6. By registering at the Service as well as making an exchange without registration, the User confirms that they agree with these Rules and accept the terms of the Agreement, the User is 18 years old or older, the laws of their country of residence do not prohibit them from using the Service, and the User has no plans to do any illegal activities through the Service.
4.7 When registering on the website of the service, as well as making an exchange without registration, the User guarantees that he provides complete, truthful and up-to-date information about himself, that the use of the service is made only for personal purposes, which do not violate the laws of the country in which the User is located, and also undertakes to timely update the data to maintain their relevance.
4.8. The User guarantees the confidentiality of the registration data and access to their account, and assumes full responsibility for all activities under their account, including in the case of hacking or unauthorized access.
4.9. The User undertakes to promptly report any security breach of their account.
4.10. The Service has the right to block the User's account if it is suspected of being illegal, has been hacked, or is in breach of Service rules. The User's account is blocked without the right to restore it in case the User has created any obstacles for the Service's operation.
4.11. By accepting the terms of this Agreement, the User guarantees that he/she is a legal owner of the funds and/or cryptocurrency.
4.12. By accepting this Agreement, the User confirms that the User understands the principles of the Service and assumes full responsibility for all risks and losses related to the use of the Service.
4.13. The User gives their consent to the Service for the processing of the personal data provided during the registration on the Website, the verification procedure, as well as during the collection of any information about the Customer on the Website
4.14. Personal information includes:
Last Name, First Name, Middle Name;
Passport photo/scan;
Other identity documents; (individually in each case)
Video selfies with passport in hand;
Email address;
Cell phone number (where the client can be contacted);
Details of the wallets used; (individually in each case)
Card number and/or bank account number; (individually in each case)
4.15. Processing of personal data means recording, systematization, accumulation, storage, clarification (update, change), extraction, use, transfer (distribution, provision, access), including cross-border, depersonalization, blocking, deletion, destruction of personal data, not falling under special categories, for processing of which a written consent of the User is required.
4.16. The processing of personal data is made with the aim to fulfill the obligations under the Agreement, register the User at the Website, provide the User with technical support, make Requests, provide the Services, review appeals and claims, sending informational and other messages to the User's e-mail address.
4.17. Pursuant to 31 C.F.R. 1010.100(ff), a final rule of the Financial Crimes Enforcement Network (FinCEN) which obligates each foreign firm providing settlement services to appoint a service representative residing in the United States to act as an agent for the purposes of complying with BSA and its bylaws, AlfaBit does not provide electronic currency exchange services to US citizens and users residing in the US - http://www.fincen.gov/statutes_regs/guida.
4.18. Services provided by AlfaBit may be prohibited by law in some jurisdictions. By accepting the terms of use of AlfaBit services you confirm that you are not a resident of such a jurisdiction.
4.19. Service is entitled to perform AML and KYC checks for compliance with the "Fifth Anti-Money Laundering and Counter-Terrorist Financing (5AMLD) Directive". https://ec.europa.eu/info/business-economy-euro/banking-and-finance/financial-supervision-and-risk-management/anti-money-laundering-and-countering-financing-terrorism_en#international
4.19.1 If the AML check of cryptocurrency assets reveals a risk of more than 50%, funds will be blocked and user verification (KYC) will be requested according to clause 8.5 of this agreement.
4.19.2 If the AML check of cryptocurrency assets reveals a risk of more than 50% and the situation falls under clause 9.4.2 of this agreement, the assets may not be exchanged or returned.
5. Services of the Service
5.1. The User can order the Service's services and receive the information about the course of the transaction only through the contact with the Service's representative.
5.2. The Service offers its services according to the Service's internal working hours.
5.3. Questions and complaints about the exchange requests are accepted within 24 hours from the moment of processing. After 24 hours the exchange requests are considered as properly executed or not paid, depending on their status at the time of the expiration of this period.
5.4. In case of any suspicious actions on the part of the Customer, as well as in case of use of suspicious assets by the User, the Service may delay the payment and require additional verification of the User's identity and internal analysis of the funds used by the User.
5.5. The service reserves the right to refuse the exchange unilaterally.
5.6. The services provided by AlfaBit are prohibited for use by citizens of Russian Federation, United States of America, Ukraine, Cuba, Iran, North Korea and Syria.
6. Service fees
6.1. The fees are determined by the Service administration and are published on the Service website. The management of the Service has the right to change the tariffs without additional notice.
6.2. The Service is not responsible for the Customer's expectations about the changes in the tariff plans and the cost of services.
7. Warranties and responsibilities of the parties
7.1. The Service guarantees the fulfillment of their obligations to the User only within the amounts the User has entrusted to the Service for the transaction within the terms of the Service documentation.
7.2. The Service guarantees and ensures the confidentiality of the information about the User and their transactions. The Service may provide this information only upon request of the authorized state bodies, officials or representatives of Payment Systems if there is a legal reason for this.
7.3. The Service makes every effort to ensure uninterrupted functioning of the Service; however, it does not guarantee the absence of technical problems resulting in full or partial suspension of the Service. The Service is not responsible for any losses, lost profits or other User costs incurred as a result of the Service's inability to access the Site or its services.
7.4. The Service is not responsible for any damage caused to the User, even if the User was aware of the possibility of such damage in advance. The Service is not responsible for obtaining information about the User's activities by third parties in case of hacking and data acquisition by third parties.
7.5. The Service assumes no responsibility for any losses, lost profits or other User's expenses caused by their false expectations in respect of the fees, profitability of the transactions or other subjective factors.
7.6. The Service is not responsible for changes in the risk score (AML Risk Score) of client wallets after making exchanges.
7.7. By visiting the Service, using the Service and making exchanges, the User guarantees the reimbursement of losses and damages of the Service (the management company, managers and employees) in case of claims or complaints, directly or indirectly related to the use of the Service by the User.
7.8. The User accepts that the Service is not responsible in case of communication breakdown or Internet failure, or in case of force majeure.
7.9. The User guarantees that they own or have legal rights to dispose of funds used in their transactions, bank transfers, etc.
7.10. The User undertakes not to tamper with the communication threads related to the operation of the Service.
8. Force Majeure
8.1. The parties are released from the responsibility for complete or partial non-fulfillment of the obligations under this Agreement in case if the non-fulfillment of the obligations has been caused by force majeure, namely: fire, flood, earthquake, terrorist acts, change of government, civil strife, DDOS attacks on the Service, as well as the failure of the payment systems, power supply systems, communication networks and Internet providers.
8.2. In the event of an error in the payment of the exchange, the User will receive a notification of the status of the Order and/or to the specified email.
8.3. If the request is paid after the time allocated for payment of the request, the service reserves the right to return the payment for the request minus the network and service charges back to the User or recalculate at its discretion.
8.3.1 Service is not responsible for the assets sent by the user on the exchange "give" fiat, "receive" cryptocurrency after the time for payment of the application has expired.
8.4. If the rate of the Order deviated by more than 7% from the rate on the Binance or Garantex exchanges, including due to technical failure of the site, the exchange service has the right to recalculate the Order at the current rate on the site or issue a refund to User after deduction of costs of service and network charges.
8.5. If suspicious assets/means violating the AML Agreement of the Service and suspicious/fraudulent actions of the User are detected, the transaction is blocked by the Security Service for up to 180 days for further investigation.
To start the procedure of unblocking, it is necessary to pass the facilitated user verification (KYC) according to clause 4.19 of this agreement.
It is necessary to send:
Photo or scan of passport or other identification documents (your choice);
A cell phone number where you can be contacted if necessary (optional);
A video selfie with an ID card;
Record a short video of good quality without interruptions, clearly stating the following information:
Full name, series and number of the identity document, holding it next to your face;
Name of our service and date of the video;
The number of the request and the date it was created;
Show the wallet/account/other where exactly the payment/transaction was made from, currency and amount. The site name and URL must be readable if the transfer was made from a mobile app;
Write in free form on a piece of paper a brief handwritten explanation that you have sent us from your wallet (address and hash of transaction), and that the owner of the assets is you and not a third party. Write the address where you are asking for the assets back;
Specify the address/account of the wallet where you should return the assets;
We expect from you the above data within 48 hours of receipt of this email.
In the absence of the requested data AlfaBit service can not start the procedure of unblocking your assets.
8.5.1 Upon expiration of the term of blocking (180 days), from the date of the identity verification (KYC), the user shall independently contact the customer support at the official email, within 30 days at the latest.
8.6. In case the User intentionally, unintentionally, as well as in case of technical failure (incl. on the side of AlfaBit Service), as a result of malefactors or other reasons, the exchange was made, which in turn caused losses to the AlfaBit Service, while the deviation from the market rate in the executed Order was more than 7% of the rate on Binance or Garantex (this rule applies to any side of the exchange), Orders made within the above terms are considered invalid. Service has the right to compensate incurred damages by withholding any future receipts from the User within the interaction with the Service.
8.7. The Magnetic Exchange assumes no financial responsibility to the User if the details of the payment have been specified incorrectly by the User while the Service has paid the User by sending the payment according to the details specified in the User's request.
8.8 In case of failure in the bank/third-party payment processor, payments may be delayed for up to 5 banking days, for reasons beyond the control of the service.
8.9. Deposit made outside of the application may not be credited or lost. Payment of funds sent to invalid requisites is carried out with a 5% fee.
8.10. The Service is not responsible if the User has specified bank details that differ from the bank specified in the exchange direction. Funds will be paid to invalid details with a 5% commission fee.
9.1. Exchange of Fiat
9.1.1. Exchanges for amounts up to or equal to 150$ are carried out without delay. If this is your first time using your account in a payment system to pay in our service and exchanging an amount of more than 150$, your application will be executed within 2 hours from the moment of payment.
9.1.2. Subsequent exchanges in the amount of more than 150$ with the same account number in the payment system and user account will be instantaneous, subject to registration before the first exchange.
9.1.3. If from the moment of the first exchange has not passed 24 hours, and the total sum of exchanges under requisites exceeds 500$, under the decision of security service can establish the additional check with delay to 48 hours.
9.1.4. Payment by bank cards is not accepted on the payment system and is strictly prohibited.
9.1.5. In case of any suspicious actions on the part of the client, the service reserves the right to request the account data, which will confirm that the account belongs to the client.
9.2. Exchange of Cryptocurrencies
9.2.1 Requests executed by the service in the automatic mode can be carried out up to 12 hours. Requests in the manual mode can be processed up to 36 hours.
9.2.2 Requests for sale of all cryptocurrencies listed on the service's website are submitted for processing at the moment when the transaction receives a set individual minimum confirmation (minimum is set by the AlfaBit service).
9.2.3 The Service has the right to recalculate your request in favorable for the exchange office (both at the current rate and at the rate that was at the time of order creation), if the transaction has not received the required number of network confirmations within the time allotted for the request.
9.2.4 Payment of BTC cryptocurrency exchange is made after the 3rd confirmation in the Bitcoin network. The rate in the request remains fixed if the payment was made by the User within the time allotted for payment of the request for this direction, and the transaction in the network appeared during this time, and the BTC cryptocurrency received 1 confirmation in the Bitcoin network within 20 min. If the 1st confirmation was received after 20 minutes, the request may be recalculated at the current rate.
9.2.5 The rate of exchange for the directions "give" Fiat and "receive" cryptocurrency is fixed within the time allocated for payment. Recalculation of the Order for these directions is made at the current rate, if the client was not able to complete the transfer of funds to the wallet/card issued in his request within the allocated time limit.
9.2.6 If the User buys any cryptocurrency listed at the service's website, it may take from 5 min to 12 hours for the service to send the cryptocurrency. The speed of confirmation of the transaction on the network does not depend on the service.
9.2.6.1 In case of high load or technical problems in the cryptocurrency network specified at the Service's website for reasons beyond the control of the Service, the time of funds delivery to the recipient's account can reach 240 hours.
9.2.7 Requests for sale of the cryptocurrencies listed at the Service's website, which are paid less than the minimum exchange amount set by the Service, are performed at the exchange rate set at the discretion of the Service; the refund for such requests is possible if the Service withholds a commission equal to 10% of the amount received and minus the network commission.
9.2.8 Recalculation of the amount of claim is carried out by the Service within the terms of this Agreement in the automatic mode, of which the Service shall notify the Customer by e-mail.
9.2.9 The Service is not responsible for the funds transferred to the Customer's blocked card or if the Customer's card was blocked after the Service transferred funds to it according to the request.
9.2.10. The exchange of the coins which need MEMO or TAG when sent to Service’s wallet must have these values MEMO or TAG. Funds sent without use of MEMO or TAG, to the receipt and return are not subject to refund.
9.2.11. The coins sent from the Smart Contract are processed in a manual mode, the processing time is 2 hours. After sending of coins you will need to inform the operator in the online chat about the number of your request and HASH transaction.
9.3. Refunds
9.3.1 Refunds are available exclusively at the discretion of the Service.
9.3.2 To request a refund, the User must send an email to the Service at: support_exchange@alfabit.org. The letter must be sent from the mail specified in the order, which the User wishes to receive a refund. The letter shall specify the order number and details for refunds and the reason for order.
9.3.3 Refunds are issued minus the commission of the payment system for the transfer and minus the costs of the exchange service in the amount of 5% of the exchange amount. The cases described in paragraph 4.19 of this Agreement are an exception.
9.3.4 Refund requests shall be processed by the Service within 48 hours.
9.3.5 Refunds are provided within 48 hours (exceptions of the clause 4.19).
9.3.6 Requests for exchange ("Returns") paid for the amount less than the minimum amount set by the Service may be refunded to the customer or exchanged, minus 10% of the amount paid and the commission fee.
9.3.7 When exchanging the assets specified in paragraph 4.19 of this Agreement, after going through AML and KYC procedures, the Service reserves the right not to provide the User with the exchange service and return the funds, observing all the procedures of internal regulations of refunds.
9.4. Return of assets not passed AML verification.
9.4.1 Return of blocked assets that did not pass the AML verification is possible only after passing the verification of identity Section 8.5 of this Agreement and complying with Section 8.5.1.
9.4.2 Return of assets is not possible, if on these assets a request was received from competent authorities and other agencies, including from any jurisdiction, in this case, the blocked asset can pass as physical evidence in the case.
9.4.3 If clauses 8.5 and 8.5.1 are fulfilled, the return to the Client will be made with the deduction of 5% commission.
9.4.4 Cryptocurrency assets will not be returned or exchanged if AML verification by AlfaBit AML reveals a connection to criminal wallets belonging to the following categories:
DARK MARKET
DARK SERVICE
SCAM
STOLEN
MIXING(MIXER)
SEXTORTION
RANSOMWARE
HACK
PHISHING
TERRORISM FINANCING
FRAUD
BLACKLIST
STILL UNDER INVESTIGATION
CYBERCRIME ORGANIZATION
NARCOTICS
CHILD ABUSE
HUMAN TRAFFICKING
9.5. Changing the recipient's details
9.5.1 To change the details of the recipient, the User submits an application to change the details in an email sent to support_exchange@alfabit.org. The letter shall be sent from the mail indicated in the order for which the User wishes to change the details. The letter must specify the order number, the old requisites from the order and the new requisites to receive funds.
10. Acceptance of service conditions
10.1 Acceptance of "User Agreement" when creating an Order is automatically considered by the service as an agreement with all documentation that regulates the operation of the service.