TERMS & CONDITIONS

Last updated: 24/05/2024

 

DEFINITIONS

 

Company	Bilenex Sp. z.o.o., Reg. No. 001097067, Reg. address: ul. Aleja Stanów Zjednoczonych, nr 51, lok. 507A, miejsc. Warszawa, kod 04-028, poczta Warszawa, kraj Polska
AML/CFT	Anti-Money Laundering and Counter Terrorist Financing.
Bilenex	A collective term that can encompass both the Platform and the Company.
Business Day	Any calendar day except Saturday, Sunday, state holidays, or any other days when financial institutions are permitted to close in Poland.
Cryptocurrency	A cryptocurrency is a type of digital currency created and managed through advanced cryptographic techniques. It does not have the status of official money and functions independently of any centralised authority.
Customer (User)	A Customer (at least 18 years old) who has carefully read and agreed to Bilenex's Customer Agreement can access the Company's services through its Website Platform.
Customer Agreement	This Agreement.
Deposit	A transfer of funds made by the Customer (User) to Bilenex Sp. z.o.o. to execute an exchange order placed on the Platform.
Fee	A commission that is subtracted as a fee for the exchange services rendered from the total amount of money that Users have sent to Bilenex Sp. z.o.o.
FIAT currency	Currency that is backed by the government, issued there, and recognised by authorities outside. It also serves as legal tender in the nation where it is issued.
Funds	Can encompass both fiat currency and cryptocurrency.
KYC or Due Diligence	In order to confirm the Customer's identification and ensure compliance with all applicable legal requirements, Bilenex requires certain documents to be provided. These documents are essential for confirming the Customer's identity and ensuring adherence to applicable laws.
Login credentials	A combination of distinct identifiers, like a username and password, that allow the Customer to authenticate themselves before accessing an Account.
Services	Services provided by the Company via the Platform.
Website Platform	A website managed by the Company: https://bilenex.com.

 

1. INTRODUCTION

 

• By signing this document, the Company and its Customer enter into a binding legal Agreement.
• The Customer assures that has diligently reviewed and fully grasped all aspects of this Agreement. By proceeding to utilize the Services, the Customer affirms his/her consent and agreement to all clauses outlined herein.

 

2. SERVICES

 

• We offer the Customer an exchange service that allows to place Orders to purchase Virtual Assets in exchange for fiat money.
• Through this Platform, the Customer is entitled to access real-time quotes and transaction details for virtual asset products, submit instructions for virtual asset transactions, and complete virtual asset transactions.
• To access the Services, the Customer must first register and verify an Account, becoming a User. The Services are only accessible through an Account, and they are meant to be used exclusively by the User whose name was used to open the Account.

 

3. GENERAL CONDITIONS

 

• Only one Account may be opened by the Customer, subject to legality in his/her country of residence.
• Upon opening an Account, the Customer affirms to the Company that doing so complies with all applicable laws and regulations.
• It is the Customer's responsibility to ensure the accuracy and currency of information provided during registration. Any updates must be sent to the Company within two weeks. The Company, in line with its AML/CFT obligations, may ask the Сustomer to verify the accuracy of provided information or furnish supporting documents.
• Before authorizing any Services, the Company retains the right to carry out any necessary investigations into money laundering, terrorism financing, fraud, or other illegal activity. Additional verification documents may be requested from the Customer in accordance with the Company's policies.
• Cash transactions are not accepted by the Company. Each transaction between the Company and the Customer must be made by wire transfer, which enables the Company to, at its option, verify the identities of both parties.
• The Company does not process transactions from third parties for the Customer's benefit.
• The Customer is Accountable for all activities carried out through his/her Account. It is necessary to notify the Company right away of any unauthorised use or security breaches. Unauthorised Account use is not the responsibility of the Company, even if it may deploy monitoring techniques to identify fraudulent activity. By using personal password and Account information, the Customer undertakes to bear full responsibility for any unauthorised usage.
• Illegal uses of the Account, such as money laundering and fraud, are prohibited. Any suspicious activity will be immediately reported by the Company to the relevant authorities. It is strictly forbidden for the Customer to misuse his or her Account in order to get around any limitations set by the Company.
• In the event of Customer engagement in transactions violating the terms of this Agreement, the Company retains the right to carry out the following procedures:
• Reverse the exchange.
• Pause the Customer's Account or the transaction.
• Notify the relevant law enforcement body about the transaction.
• Ask the customer for damages.

 

4. REGISTRATION PROCESS

 

• To create an Account on the Platform, the Customer completes the registration process.
• Only individuals who are at least 18 years old can open an Account. Whenever necessary or advised by pertinent governmental, regulatory, or law enforcement authorities, or based on our own risk assessments, we reserve the right, at our sole discretion, to refuse the opening of an Account and to temporarily or permanently suspend access to any Account (or any part or specific functionality of it).
• During the Account registration process, the Customer needs to choose a username and password, and potentially set up a multi-factor authentication system (collectively referred to as "Login Credentials"). For security reasons, we may occasionally require the Customer to update his/her Login Credentials. The Customer may only access the Account using Login Credentials unless we authorize otherwise.

 

5. VERIFICATION PROCESS

 

• As part of the Verification Process, the Customer will need to provide the Platform with the necessary documentation and information to verify his/her identity and ensure compliance with AML (Anti-Money Laundering) Requirements. The Customer must therefore provide accurate information as requested, which may include:
• Personal information (name, date of birth, address).
• Contact information (email address, phone number and any other contact details).
• Copies of identification documents (passport/ID card and any other documents we deem necessary to verify the identity and residence).
• Documents and information to verify the source of funds and/or wealth, including information about deposits of fiat money from Accounts the Customer maintains with other service providers and, in cases of enhanced due diligence, data of other electronic wallets the Customer holds with Third Party service providers.
• The Platform has the right to conduct any inquiries we consider necessary, directly or indirectly to confirm the veracity and applicability of the data the Customer submits during the verification process.
• We will notify the Customer via the email address he/she provided whether he/she has met the AML Requirements and is eligible to open an Account and become a User.

 

6. ACCOUNT MANAGEMENT AND SECURITY

 

It is the Customer's duty to maintain secure access to the Account, and he/she should take the following actions:

• Select a password that is distinct from anything else, update it frequently, and maintain the privacy and separation of Login Credentials from other types of authentication.
• Maintain the complete confidentiality of login credentials.
• When not in use, log out of the Account.
• Notify us in writing if there is cause to believe that there has been unauthorised activity on the Account. Subject to our judgement, the right to request an investigation and correction of the issue may be forfeited if unauthorised access is not reported as soon as it is discovered.

 

7. ORDER PLACEMENT

• Using the User's Account, orders pertaining to Exchange Services are placed on the Platform.
• The Customer agrees that we carry out every Order based on the Customer's representation that he/she plan to swap virtual assets for any other financial instruments.
• The Customer will be required to give us the information below when placing an order so that we can process it on his/her behalf:
• The exact volume of virtual asset or fiat that the Customer wants to exchange ("Consideration").
• The amount of Consideration.
• The exact volume of virtual asset or fiat money which the Customer desires to obtain in exchange for the Consideration; and
• Any additional data that we might need to complete the Order.

 

8. CONFIDENTIALITY

• Privacy and data protection are governed by the Company's Privacy Policy, which is accessible on the Platform.

 

9. RESTRICTED JURISDICTIONS

• The Company does not provide its Services to individuals from high-risk or non-cooperative jurisdictions.
• The Company's Anti-Money Laundering policy contains the full list of restricted countries.
• The Company does not allow transfers to or from an Account held at a payment institution or bank that is incorporated in the USA, its territories or possessions, or in countries identified as high-risk or non-cooperative jurisdictions.

 

10. SERVICE FEES

• After completing the registration process and having client’s identity verified for clients Account, client is given access to the Platform. From there, client can use a variety of services, such as services for exchanging crypto currency for fiat and vice versa, in compliance with the Terms of Service. Additionally, customer agrees to pay us any fees that may be associated with utilizing these services.
• The cost that Bilenex Sp. z.o.o. charge for depositing of FIAT currencies is defined by “Spread” and fixed fee of 50 EUR (fifty EUR) per transaction that is listed on the platform.  
• The cost that Bilenex Sp. z.o.o. charge for depositing of CRYPTO currencies is defined by “Spread” only.
• The spread will be determined at the moment of the transaction given the market conditions.
• Bilenex Sp. z.o.o.  reserve the right to include service cost in exchange rate that is offered to the customer.
• Without giving prior notice, the Company retains the right to modify its costs, rates, expenses, and fees. 
• If the client's order is for less than EUR 50 (fifty), there will be no service provided, and there will be no opportunity for a refund.
• Before placing a buy or sell order, the client has a possibility to become familiar with the commission rates for the desired service before using the company's services. Additionally, the client has the option to decline the service if the fee is too high/low in his/her estimation.

      11. HANDLING OF FIAT TRANSFERS THROUGH VIBANS

A Virtual IBAN (vIBAN) is a unique identifier technically structured in the format of an International Bank Account Number (IBAN), which is assigned to individual clients or specific transactions for the purpose of enabling accurate tracking and reconciliation. Unlike standard IBANs, a vIBAN does not represent an independent or standalone bank account.At Bilenex Sp. z.o.o., the use of vIBANs serves as a technical routing mechanism established through our banking partner, solely for the facilitation of fiat currency transfers linked to virtual asset purchase requests submitted by clients.The vIBAN:

• Does not provide access to conventional banking features, such as maintaining fiat account balances, initiating outbound bank transfers, or receiving funds from third parties.
• Is not a deposit facility, and cannot be used for storing fiat money or performing unrelated financial operations.
• Automatically redirects any incoming fiat funds directly to Bilenex Sp. z o.o., where the amount is immediately applied toward executing the client’s specific order to purchase virtual assets.

It is important to note that Bilenex Sp. z.o.o. is not a licensed bank or payment institution and does not provide any services that fall under the scope of regulated financial or payment activities. The vIBAN is exclusively used as an operational instrument to support the conversion of fiat currency into virtual assets in accordance with client instructions.
      

12. THE COMPANY'S RIGHTS AND RESPONSIBILITIES

• The Customer understands that the following rights are held by the Company.:
• The right to refuse, revoke, remove, or alter any exchange or transaction that the Customer has started.
• The right to put the Customer's Account on temporary hold.
• The right to modify any Customer transactions in order to guarantee that the Services are provided in accordance with this Agreement.
• The right to revoke access, set restrictions, suspend, end, or cancel the Platform's use, either generally or in relation to particular money, transactions, or Customers.
• The right, at its sole discretion, to refuse or terminate any transaction and to deny access to the Platform, based on factors like:
• A violation of the Platform's security protocols.
• A total or partial Platform failure that renders using it impracticable, including technological or communication system malfunctions.
• During an internal investigation, the Company may temporarily suspend a Customer's Account and restrict certain actions, including withdrawals, in order to help efforts to prevent money laundering and counter-terrorism financing (AML/CTF), without affecting its rights. If the Company has a reasonable suspicion that the Customer's behaviour involve Is fraudulent.
• Breaks the law, this Agreement, or the Company's AML and Counter-Terrorism Policies.
• Does not comply with the terms of this Agreement and the Services offered by the Company.
• The Platform's content, configurations, and functionality are all subject to complete control and modification by the Company at any time.
• The Company retains the right to determine whether its Platform is accessible for a given financial instrument or transaction at a given time or place.
• At its sole and absolute discretion, the Company retains the right to offer the Platform and handle exchange transactions.
• The Company retains the right to consult outside counsel, experts, investigations, or analyses in the event of a disagreement.
• The Customer understands that although the Company will make every effort to carry out his/her transactions and exchange orders, the Company cannot ensure that his/her requests will be carried out. The Customer consents to release the Company from liability for any errors that arise during the execution process.

 

13. CUSTOMER'S GUARANTEES, PERMISSIONS AND REPRESENTATIONS

 

• The following guarantees, permissions and representations are asserted by the Customer:
• The Customer is psychologically sound and of legal age.
• The Customer is the only person with access to the account.
• The Customer is considered fit to enter into this Agreement, regardless of any future finding to the contrary.
• As of the current date, all information submitted throughout the Account opening procedure is true, accurate, and comprehensive. The Customer promises that they he/she will notify the Company right away if any of this information changes.
• The Customer agrees to give up all rights to secrecy with respect to any correspondence about disagreements, court cases, or public remarks made by the parties, including any results, rulings from courts or other dispute resolution bodies. Furthermore, the Customer consents to the Company's disclosure of the contents of such communications in accordance with the General Data Protection Regulation (EU) 2016/679 (GDPR), in the Company's sole discretion.
• The Customer certifies and undertakes to tell the Company right away of any inaccuracies found on the Platform, Account, or Services that may harm the Customer's interests. The Customer agrees that he/she will not take advantage of any system flaws for their own gain.
• The Customer has one day to alert the Company of any unauthorised or wrongly executed transactions that resulted from an error on their part. In the following scenarios, the Customer shall be solely liable for any losses resulting from the indicated transaction:
• If the Customer's failure to safeguard the Account Credentials led to the unauthorised transaction.
• If, within one day of the transaction date, the Customer does not dispute and inform the Company of the unauthorised or improperly completed transaction.
• The Customer guarantees that the financial data he/she provided to the Company when opening an account appropriately reflects their current financial status.
• The Customer acknowledges that they do not have any separate agreement with any Company employee or agent regarding the Services in their Account, including any agreement to guarantee profits or limit losses. The Customer understands that they must promptly inform the Company's Compliance Officer in writing if any such agreement exists. Additionally, the Customer must report any representations made by others about their Account that contradict the statements received from the Company to the Compliance Officer immediately in writing. The Customer must authorize each transaction before it is executed unless they have signed the Company's Limited Transaction/Exchange Authorization delegating discretion to another party. Any disputed transactions must be reported to the Compliance Officer as per the notification requirements outlined in this Agreement. The Customer agrees to indemnify and hold the Company harmless from any damages or liability resulting from their failure to promptly notify the Compliance Officer of the mentioned occurrences.
• The Customer agrees to promptly reimburse the Company for all damages, costs, and expenses, including legal fees, incurred by the Company in enforcing any provisions of this Agreement or any other agreements between the Company and the Customer. To the extent permitted by law, the Company reserves the right to offset any damages or amounts owed by the Customer to the Company for breaching this Agreement or any other obligations under this Agreement against funds in the Customer's Account held by the Company.
• The Customer acknowledges their responsibility to stay informed about regulatory changes in their country of residence and to understand the applicable rules governing their use of the Platform.
• The Customer is solely responsible for calculating and reporting their activities to the relevant tax authorities, if required.

14.ACCOUNT SUSPENSION AND TERMINATION

• The Customer may terminate their Account at any time by providing prior written notice and resolving any pending activity on the Account, including closing all open positions. This notice should be sent via email and must clearly indicate the Customer's intention to terminate the Account.
• We reserve the right to immediately suspend access to the Platform, stop providing Services to the Customer, and/or terminate the Account if the Customer refuses or fails to complete a Verification Process, fails to provide required information in violation of the Terms, or engages in any illegal or fraudulent activity. This includes submitting forged documents and/or false personal information. In such cases, we may suspend Services or terminate the Account immediately and take further action against the Customer.
   

15. LIMITATION OF LIABILITY AND INDEMNIFICATION

• Under no circumstances will the Company (including its licensors, agents, suppliers, resellers, service providers, or any other affiliates) be liable to the Customer or any third party for any direct, special, indirect, incidental, consequential, exemplary, or punitive damages. These damages may include, but are not limited to, loss of profits, business opportunities, reputation, information, revenue, or goodwill. Such damages may result from the Customer's use of the Company's Services and Platform, from any materials available on the Platform, or from the Customer's misunderstanding of cryptocurrencies, their derivatives, or the market for such currencies and derivatives.
• The Company will not be responsible for any disruption or impairment of the Platform or Services, or of intermediary services relied upon by the Company to fulfill its obligations, if such disruption or impairment is caused by abnormal or unforeseeable circumstances beyond the Company's reasonable control or the control of the intermediary involved.
• The Company will not be liable to the Customer for any claims, losses, damages, costs, or expenses, including attorneys' fees, arising directly or indirectly from events, actions, or omissions such as civil unrest, war, insurrection, government actions, natural disasters, market conditions, communication failures, or computer system malfunctions.
• The Company will not be responsible for any taxes, duties, or charges arising from transactions between the Customer and another Customer of the Company.
• The Customer agrees to indemnify and protect the Company to the fullest extent permitted by applicable laws if any third party suffers harm due to the Customer's unlawful actions, or if the Company must defend against any claims, including criminal actions.
• If any regulatory body determines that any part of this section of the Agreement cannot be enforced, liability will be limited to the maximum extent permitted by applicable law.

 

16. INTELLECTUAL PROPERTY

• Unless stated otherwise, all copyrights and other intellectual property rights related to the content and materials on the Company's Website or provided with the Services are owned exclusively by the Company. The Company grants the Customer a limited, non-exclusive, and non-transferable license to access and use the data provided by the Company for personal or internal business purposes. However, this license does not permit unauthorized distribution, use, modification, or public display of any data provided by the Company.
• If the Company suspends or terminates the Customer's access to the Services, the license granted under this provision will automatically terminate.

 

17. DISPUTE RESOLUTION

• If the Customer believes that the Company has violated any part of this Agreement through its actions or inactions, leading to a conflict, the Customer has the right to file a complaint with the Company within one day of the incident. Complaints should be sent via email to: [email protected].

 

18. GOVERNING LAW AND JURISDICTION

• This Agreement, along with the rights and obligations of the parties, shall be governed and enforced according to the laws of the Company's jurisdiction, which is Poland.
• The Customer agrees that any civil action, arbitration, or legal proceeding arising from this Agreement or related to the Customer's Account, involving the Company, its employees, or agents, shall be exclusively initiated, heard, and resolved in a court located within the Company's jurisdiction. The Customer also waives the right to a jury trial in any such action or proceeding and agrees not to transfer the proceeding to any other location. The Customer acknowledges that no action, regardless of its form, arising from this Agreement or the transactions conducted under it, may be initiated by the Customer more than one year after the cause of action arose.
• The Company may suggest resolving any claim through an independent third-party organization, such as an arbitration court within the Company's jurisdiction. The Customer has the option to accept or decline this method of resolution.

19. AMENDMENTS

• The Customer acknowledges and agrees that the Company holds the right to alter or amend this Agreement at its discretion. Any modifications or updated versions of the Agreement will be made available on the Platform, along with the date of the most recent update.
• The Customer agrees to comply with the terms of any amendment or change within one (1) business day after the Company has posted it on the Platform, or upon conducting any transaction on the Platform, whichever comes first.

 

20. FORCE MAJEURE

• The Company will not be held responsible for any damages due to delays or failures in fulfilling its obligations under the Agreement when such delays or failures are caused by circumstances beyond its control. Such circumstances include, but are not limited to, fires, strikes, floods, power outages or failures, acts of enemies of the state, lawful acts of public authorities, or any other events typically recognized as force majeure.

 

21. SUPPORT

• If the Customer has any questions or concerns regarding the Agreement, his/her rights, or obligations, it is possible to reach out to the Company using the following contact details: Bilenex Sp. z.o.o., Reg. No. 001097067, Office address: HOŻA 86, Warsaw, 00-682, Poland, e-mail: [email protected].
   

22. GEOBLOCKER POLICY

• At Bilenex Sp. z.o.o., we prioritize the security and compliance of our crypto exchange platform. To support these principles, we have implemented a Geoblocker Policy designed to enhance the protection of our systems and services.The Bilenex Sp. z.o.o. Geoblocker Policy specifies the countries and territories from which access to our platform is restricted. This deliberate approach is a proactive step towards safeguarding our operations, maintaining the integrity of our services, and complying with global regulatory standards.This policy serves as a comprehensive guide to the geographical restrictions we have put in place, providing transparency regarding the regions with limited access. Regularly reviewed and updated by our dedicated IT department, the Geoblocker Policy reflects our commitment to staying current with global developments and adjusting our security measures accordingly.Please see the full Geoblocker Policy and list of prohibited IP jurisdictions.