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Welcome to Bitso. You are about to have one of the best experiences, with you, we want to #makecryptouseful.
The following is an easy-to-read summary of our Terms of Service which is intended to provide an overview of the main terms applicable to your use of the Services and Applications. Although we hope this summary is useful, our lawyers ask us to remind You that you should read the complete version of the Terms of Service below since they are the binding agreement between You and Bitso.
✍🏼 Parties
Who are we?
Bitso International (“Bitso”) is a limited liability company incorporated and registered in Gibraltar, licensed by the Gibraltar Financial Services Commission (“GFSC”), with license number FSC1348B, as a distributed ledger technology provider.
📕 Definitions
Too many important terms, so we needed to define some of them. The Terms of Service govern the use of our Services and represent a binding legal agreement between You and Us. Capitalized terms shall have the meaning assigned to them in the Terms of Service.
🤳🏾 Services
To use the Services, You must register and create an Account through the Applications.
💸 Deposits, trades and withdrawals
What happens in general when you deposit or withdraw. By placing an Order through the Exchange, You agree that (i) once an Order is executed such Transaction is irreversible and may not be cancelled even if sent incorrectly or to the wrong address, (ii) the completion of Orders at a specified price or amount is not guaranteed, (iii) You are solely responsible for the Transactions and (iv) You have read and understand our Risk Disclosure.
You may fund or withdraw funds from Your Account in the Exchange in either the Fiat Currencies or Virtual Currencies available from time to time in the Platform through the applicable methods available in Your Account.
🤯Mispricing
In the event a Transaction is performed at an incorrect price due to an error on our end, Bitso may take measures to remedy and rectify such inaccuracies.
🧐Fees
We want You to have the best experience with Us and we want to offer You the best systems and technology. Fees are applied as set out in the Fees Page. For other Services Transaction Fees are displayed on the Applications prior to you placing an Order. By placing an Order, you agree to pay the Transaction Fee which will be directly deducted from Your Account and may change from time to time, in such event we will communicate this to You.
👍🏽 Representations and Warranties
It’s important for us that You understand the following so that you can have a wonderful journey with Bitso. You agree, represent and warrant that:
🤨 Don't be fooled!
Be alert for suspicious or fraudulent activities that might put Your data at risk. One of the most well-known scams is phishing. Phishing is when fraudsters try to mislead people by impersonating Your company in order to get Your data. Phishing scams are on the rise, and we therefore recommend that You keep an eye out for unusual activity or movement related to Your account. Remember that we will always communicate with You through our official communication. If You have any questions about unusual activities or communications sent to You on behalf of Bitso, please contact us before engaging in such activity.
😱 Suspension or termination
Please observe these Terms, we want to provide our Services to You. We reserve the right to suspend or terminate Your Account or the Services we provide without prior notice. If that is the case we will proceed in accordance with section 9 of the Terms.
👩🏻⚖ Indemnity and Liability
We expect that this does not happen, but if it does You agree to indemnify Us for actions arising out of Your incorrect use of the Services and Applications or breach of the terms.
To the fullest extent permitted by Applicable Law, in no circumstances shall (i) Bitso be liable for any direct, indirect, special, incidental or consequential loss of any kind and; (ii) the aggregate liability of Bitso exceed the total amount paid by You for the Service.
👀 Disclaimers
The Services and/or Applications are available on an “as is” and “as available” basis.
⚖Dispute Resolution
We expect that this does not happen, but if it does; You and Bitso will settle Disputes solely through binding individual arbitration, waving the right to any other trial either by jury or to participate in a class action.
🔑 Security
Security is very important for us, and the best way to protect Your Account is setting up Your 2FA, please do so. You are solely responsible for preserving the security of Your Account. Bitso will never ask You to disclose Your password.
🔓 Unclaimed Property and Account Holder Decease
Remember that good planning will help You in the future. In the event of death of the Account Holder, all Funds will be assigned to Your designated beneficiaries unless the applicable law prevents us to do so. If You have not appointed beneficiaries, we will follow the procedures defined by Applicable Law.
🧵 Miscellaneous
Things change in this evolving industry, we may amend or modify the Terms from time to time. Access to the Services may become partially or totally unavailable during periods of significant volatility or volume.
☎ Contact us
We want to hear You. You can contact us by live chat or by creating a support ticket at the help center or through any of our official social media accounts.
Thanks for reading, don’t forget that the complete version of the Terms of Service is the only binding agreement between You and Bitso.
Enjoy the ride with Bitso and lets #makecryptouseful
____________________________________________________________________________
PLEASE READ THESE TERMS OF SERVICE (INCLUDING ALL ANNEXES) OF THE BADGER TECHNOLOGY COMPANY LIMITED (“Bitso International”, “Badger” “we”, “our”, “us”) (“TERMS”) CAREFULLY. BY CLICKING TO ACCEPT, OR BY ACCESSING OR USING OUR SERVICES, YOU WILL BE DEEMED THAT YOU HAVE FULLY READ, UNDERSTAND AND ACCEPT ALL CONTENT WITHIN THESE TERMS AND REACHED AN AGREEMENT WITH BITSO INTERNATIONAL. YOU UNDERTAKE TO ACCEPT AND ABIDE BY THE TERMS AND SHALL NOT MAKE A PLEA OF ANY FORM FOR NOT READING THIS AGREEMENT.
These Terms apply to the use of the Services available on the domain of www.bitso.com which includes our web and mobile applications (jointly or severally) (“Applications”).
These Terms as well as any other policies published on the Applications are jointly the Agreement between you and Bitso International.
The Terms are set out below in the following order:
Parties to the Agreement
Definitions and Interpretation
Services
Deposits, Trades, Withdrawals, Transfers and Conversions
Misquotes / Mispricing
Abusive Trading Techniques
Supported Virtual Currencies
Provisional Balance Adjustment
Eligibility
Fees
Your Representations and Warranties
Suspension or Termination
Intellectual Property
Indemnity
Disclaimers
Limitation of Liability
Taxation
Dispute Resolution by Arbitration
Force Majeure
Financial or Legal Advice
External Links
Security
Unclaimed Property and Account Holder Decease
Miscellaneous
Contact Us
1. Parties to the Agreement
Bitso International is a company incorporated and registered in Gibraltar under the registration number 117775, having its registered address at Unit 3.5 Madison Building, Midtown, Gibraltar, GX11 1AA, Gibraltar.
Bitso International is authorised and regulated by the Gibraltar Financial Services Commission (“GFSC”), with registration number FSC1348B, under the Financial Services Act 2019, as a distributed ledger technology provider (“DLT Permission”).
References in these Terms to “Your”, “You” or “Yours” are to the user who accepts these Terms and agrees to create an account and use the Services as set out in and under these Terms. You and Bitso International shall together be referred to as the “Parties” and references to a “Party” shall be to the relevant one of them as the context requires.
2. Definitions and Interpretation
2.1. The following words and expressions used in these Terms shall have the following meanings, unless they are inconsistent with the context. Please note that further definitions can be found throughout these Terms:
"Account Holder" means a person or an entity that creates an account on the Exchange Platform, uses the Services, and agrees with these Terms and the Agreement.
"Account" means an account created by an Account Holder on the Exchange Platform in order to use the Services.
"Agreement" means these Terms together with the Privacy Policy and any other policies published on the Applications that may apply to You.
"Applicable Law" means Gibraltar law or regulation or any other laws, rules or regulations of other territories or jurisdictions (as the case may be) and as may be amended from time to time.
"Applications" has the meaning defined in the preamble of these Terms.
"Automated Conversion" means the automated internal Conversion performed by Bitso International to convert Fiat Currency into one or more Virtual Currency and/or vice-versa.
"Blockchain" means the public transaction ledger for a particular Virtual Currency available on the Exchange Platform.
"Buyer" means an Account Holder who places an Order to buy Virtual Currency through the Exchange Platform and enter into a Trade.
"Confirmation Protocol" means the conditions required for a transfer of a specific Virtual Currency in a specific blockchain or network to be deemed settled and completed. In some cases this confirmation protocol might mean that a transaction has been recorded in a block and a number of consecutive subsequent blocks referring back to such block have been added to the blockchain of such Virtual Currency in a way such that any reversal or attempt to reverse such blockchain recordation becomes economically impracticable.
"Exchange Platform" means the digital platform www.bitso.com, also available through the Applications, for buying, selling and storing Virtual Currency.
"Fees Page" means www.bitso.com/fees or if such page is no longer available any other similar or equivalent that Badger may from time to time publish for these purposes.
"Fiat Currency" means any national government issued currency that may be supported on the Exchange Platform from time to time.
"Personal Data" has the meaning defined in the Data Protection Act 2004 and the Gibraltar General Data Protection Regulation as may be amended from time to time.
"Prohibited Jurisdiction" means all jurisdictions set out in Schedule A.
"Transaction(s)" means (i) depositing funds into Your Account (a "Deposit"); (ii) the use of the Services and/or Applications for trading Virtual Currency, including but not limited to, buying and /or selling Virtual Currency (a "Trade"); (iii) withdrawing funds from Your Account (a "Withdrawal"), in connection with the DLT Permission; (iv) transfer among each Account Holder of Virtual Currencies (a "Transfer"); and (v) the conversion of Virtual Currency in Fiat Currency (and vice versa) in the Exchange Platform including, for the avoidance of doubt, Automated Conversions (a "Conversion").
“Transaction Fee” means the charge imposed by Bitso International for carrying out a Transaction.
"Seller" means an Account Holder who places an Order to sell Virtual Currency through the Exchange Platform.
“Services” means all products, services, features, functionalities, programs, and rewards made available by Bitso International through the Exchange Platform and/or Applications, including without limitation the facilitation of transactions between Account Holders for the purchase, sale, transfer, or storage of Virtual Currencies within their Virtual Currency Wallets, as well as any other current or future offerings described in these Terms or otherwise provided in connection with the DLT Permission.
"Virtual Currency" means any virtual currency or digital asset that may be supported on the Exchange Platform from time to time.
"Virtual Currency Wallet" means a software application or other mechanism for holding, storing and transferring Virtual Currency.
Wherever appropriate in these Terms, a singular term shall be construed to mean the plural where necessary, and a plural term the singular.
3. Services
In order to become an Account Holder and use the Services you must register and create an Account through any of the Applications.
3.1. You agree to provide accurate and complete information about Yourself during the registration process and You also agree not to impersonate another person or entity, and not to hide Your identity from Bitso International for any reason whatsoever. If You register as an entity, You declare that You have the required authority to bind that entity to this Agreement and that you are fully compliant with every legal provision applicable to the entity you represent. Bitso International is required by legislation to obtain, verify, and record identifying information of each person who opens an Account. Hence, when you decide to open an Account, we ask you to provide certain documents to identify Yourself and to verify the information you have submitted to us upon registration, such as a government issued identification card or passport, utility bill, bank statement or any document proving their identity issued by a governmental body. Bitso International reserves the right to reject a registration of a new Account, at our own discretion and/or based on regulatory restrictions imposed on us.
3.2. You are only allowed to register to become an Account Holder and/or use the Services if You are at least 18 years of age and eligible according to the laws of Your jurisdiction or under the laws of any other jurisdiction to which you may be subject to. Bitso International has no obligation or capability to, and therefore does not, verify whether You are eligible to use any of the Services and we shall not bear any responsibility for Your inappropriate or illegal use of the Services, the Applications and/or the Exchange Platform.
3.3. Residents and/or citizens of a Prohibited Jurisdiction are not eligible to become Account Holders. Additionally, at our discretion, we will restrict registration from countries we deem high risk or in which we are not allowed to accept registrations from.
3.4. We may directly or indirectly (through third parties), make any inquiries as we consider necessary to check the relevance and accuracy of the information provided by You.
3.5. Depending on the Account Holder’s place of residence, some or all of the Services may not be available.
3.6. You may register only one Account with us. If you open additional Accounts with us, we reserve the right to immediately terminate such additional Accounts in accordance with Clause 9.
3.7. We automatically generate a Blockchain new address for you after every transaction You make or when funds are moved between Your Virtual Currency Wallet and our storage system. This is done to protect Your privacy, so that a third-party cannot view all other transactions associated with Your account simply by using a Blockchain explorer.
3.8. By becoming an Account Holder, You agree to be bound by the Agreement which represents a binding legal contract between the Parties. You hereby agree to the electronic delivery of notices, policies and records of transactions initiated or completed by You through our Applications. Furthermore, You hereby waive any rights or requirements under any laws or regulations in any jurisdiction which require original (non-electronic) signature or delivery or retention of non-electronic records, to the extent permitted under applicable mandatory law.
3.9. Bitso International may, where applicable, make payments to third parties that help initiate, conclude or maintain a business relationship between Bitso International (or Bitso International ‘s affiliates and subsidiaries) and its clients. These payments may include rebates, commission, widened spreads, and profit sharing.
3.10 You hereby authorise Bitso International, its affiliates and subsidiaries, and our and their third-party service providers to, with or without prior notice to You and at our/their sole discretion, make all necessary inquiries and/or reports (including to governmental regulatory authorities, law enforcement authorities and other agencies around the world) that we, our affiliates and subsidiaries or our/their third-party service providers may deem necessary or advisable.
3.11 You hereby consent to us, our affiliates and subsidiaries, and our and their third-party service providers to, with or without prior notice to You and at our/their sole discretion, disclose any and all information provided by You as part of the customer due diligence process or at any time thereafter to any governmental, law enforcement, administrative, regulatory or tax authority around the world.
4. Deposits, Trades, Withdrawals, Transfers and Conversions
4.1. Transactions can be entered into by Account Holders by giving instructions through the Exchange Platform (“Order”).
4.2. By placing an Order, you agree that once an Order is executed such Transaction is irreversible and may not be cancelled.
4.3. Bitso International may set minimum and maximum prices and order sizes, and order amounts for Transactions which can be seen on the Exchange Platform when placing an Order. Orders for Transactions below or above the set minimum and maximums will not be accepted.
4.4. It may become necessary for Bitso International to round up or limit the number of decimals following the separator for Transactions. Where it is necessary to limit decimals, we will round the relevant value to the figure most beneficial to us.
4.5. By placing an Order, you agree that you are solely responsible for determining whether the relevant Transaction is appropriate for you based on Your personal goals, financial status and risk willingness and that you have read and understand our Risk Disclosure as set out in Annex A.
4.6. By using the Services, you agree and acknowledge that:
4.6.1. It may not be possible for Bitso International to cancel or modify an Order before it executes. Accordingly, any attempt to cancel or modify an Order will not be recognized by Bitso International, unless specifically approved by Bitso International. Bitso International shall not be liable for any loss You may sustain in the event of a non-cancellation of any Orders under any circumstances;
4.6.2. We will make our best efforts to execute Orders, but we do not guarantee the completion of such Orders and/or the completion of such Orders at a specified price or amount; and
4.6.3. without derogating from the generality of the foregoing, Bitso International further reserves the right not to execute Orders for a Trade in the following circumstances: (1) Your order violates the Agreement or laws, regulations or rules, or is intended to defraud or manipulate the market; (2) abnormal market conditions and/or a significant disruption in or premature close of trading; (3) force majeure, acts of God, war (declared or undeclared), terrorism, fire or action by an exchange, regulatory or governmental authority that disrupts trading in the relevant cryptocurrency; (4) abnormal status of the Exchange Platform due to security breaches.
Deposits
4.7. You may fund Your Account in the Exchange Platform in either Fiat Currency or Virtual Currency.
4.8. A Deposit made in a Fiat Currency must be made from a financial institution account registered in Your name or in the name of a person who is duly authorised by You to make a Deposit or institution duly authorized to receive deposits in Fiat Currency. You hereby authorise Bitso International to communicate with Your financial institution to provide or obtain any information required by Bitso International or Your bank in connection with the Services.
4.9. Deposits may only be made in the Fiat Currencies or Virtual Currencies available on the Exchange Platform by following the relevant steps for each payment method listed therein. An Order for a Deposit may be credited to Your Account as set out in the Fees Page.Minimum deposit amounts as specified on the Applications may apply and please note that Deposits made below this minimum will not be credited to your Account and may be lost.
4.10 Bitso International may, at its sole discretion, with or without notice to You, carry out Automated Conversions as we deem convenient from time to time. Performing Automated Conversions might be needed, without limitation:
(i) when providing certain Services or operating with certain Virtual or Fiat Currencies that require us to convert them into Virtual Currencies; and/or
(ii) if Bitso International identifies or suspects any form of abusive trading techniques being performed in accordance with Clause 6.
4.11 Automated Conversions will be carried out internally or through Orders.
4.12 As long as an Automated Conversion is not related to an auto sell instruction given by the Account Holder, You will be able to Trade or Convert into Virtual Currencies subject to Automated Conversions as may be generically denominated. By accepting these Terms, You authorize Bitso International to carry out Automated Conversions and deduct any applicable Transaction Fees and accept that after the execution of an Automated Conversion, You may receive certain specific Virtual Currency and/or Fiat Currency as determined by Bitso International net of any applicable Transaction Fees.
4.13. Bitso International does not guarantee the ability and availability to complete a Deposit in a given time frame, acknowledges and agrees that Deposit in Fiat Currencies may be delayed due to some bank verifications and checks. Similarly, and due to the inherent nature of the cryptocurrency networks, You acknowledge and agree that depositing and withdrawing Virtual Currencies into/from Your Account may take some time.
4.14. Except if otherwise expressly mentioned by Bitso International, Deposits made under these Terms are to be made in full without set-off, counterclaim or deduction.
Trades
4.15. All Trades, including Automated Conversions, involving conversions between Virtual Currencies to/from Fiat Currencies are carried out in accordance with the DLT Permission. In addition all Conversions of Virtual Currency to Fiat Currency, or vice versa, may be created, executed, performed and completed with the usage of any kind and/or type of Virtual Currency.
4.16. Orders for Trades can be made through the Exchange Platform by following the relevant steps. The Exchange Platform supports two distinct types of Orders for Trade; a “Limit Order” and a “Market Order” which shall include “stop loss” and “stop limit”.
4.17. A Stop-Loss Order can help You limit Your losses. If the market price reaches or goes below a certain price (the “Stop Price”), Your Order will be executed as a Market Order (as detailed below). Stop-Limit Orders combine a Stop-Loss Order with a Limit Order (as detailed below). To place a Stop-Limit Order, You enter two prices; a Stop price and a Limit Price. If the market reaches or goes through the Stop Price, Your Order will be executed as a Limit Order.
4.18. When placing a Limit Order, the Exchange Platform will indicate the lowest price for which a Virtual Currency can be bought and the highest price for which a Virtual Currency can be sold at that moment in accordance with the market. Account Holders may also elect to enter an alternative price at which they wish to buy or sell Virtual Currency through the Exchange Platform. However, Your Limit Order may not be executed in part, or at all, if the Exchange Platform is unable to match Orders at the buy/sell values indicated in Your Limit Order.
4.19. When placing a Market Order, the Exchange Platform will not indicate a price for which Virtual Currency can be either bought or sold. Instead, Account Holders will be required to enter the amount of the selected Virtual Currency or Fiat Currency they wish to acquire or sell, and the Order will be executed at such prices in part or in full as may be available.
4.20. By placing an Order for a Trade, You agree that once an Order is executed through the Exchange Platform such Transaction is irreversible and may not be cancelled.
4.21. Orders for Trades are executed immediately upon the automatic matching by the Exchange Platform of a Buyer’s and Seller’s Orders without prior notice to the Buyer and/or Seller.
4.22. Bitso International does not guarantee Your ability to complete an Order for a Trade, as may be delayed or unavailable as a result of (i) lack of liquidity of such Virtual Currency, (ii) Virtual Currency network issues, (iii) system downtime, or (iv) as Bitso International may determine in its sole discretion.
4.23. If we discover an error on our own that results in You receiving less than the amount of funds to which You are entitled, we will rectify it by crediting Your Account for the difference. If we discover an error on our own that results in you receiving more than the amount of funds to which You are entitled, we will rectify it by debiting from Your Account the difference. In the event that there is an insufficient balance in Your Account we will temporarily suspend some functions, until Your Account is debt free.
4.24. When an Order for Trade has been completed, the relevant Fiat Currency and/or Virtual Currency shall be debited from the Buyer’s Account and credited to the Seller’s Account and vice versa. Likewise, for the provision of certain Services and when disclosed as such by Bitso International, certain Virtual Currencies might be linked to a certain Fiat Currency, as solely determined by Bitso International from time to time, therefore, for the provision of certain Services, some Fiat Currencies might be Converted from time to time into Virtual Currencies, with the same or similar characteristics; such conversions, as long as performed internally by Bitso International, will not bear any cost for You. By accepting these Terms, You authorize and agree to such Conversions by Bitso International. Since Bitso International is in charge of operating such conversions, You will not run the risk of the underlying Virtual Currencies that comprise the balance shown to You. These conditions and their benefits are not applicable to all trading pairs and are only applicable when disclosed by Bitso International.
Withdrawals
4.25. A Withdrawal may be made in either Fiat Currency or Virtual Currency through the Applications by following the relevant steps and in connection with the DLT Permission. Withdrawals may only be made in the Fiat Currencies or Virtual Currencies available in Your Account and through the withdrawal methods listed therein, provided however that some Fiat Currency Withdrawals may be subject to Automated Conversions before they are completed. By accepting these Terms, You authorize Bitso International to carry out Automated Conversions for withdrawal operations and accept that after the execution of an Automated Conversion and Withdrawal, You will receive the corresponding amount of the selected Fiat Currency or Virtual Currency as applicable.
4.26. A Withdrawal made in Fiat Currency may only be made to a financial institution, including but not limited to banks, in an account registered in the Account Holder’s name or in connection with the DLT Permission.
4.27. A Withdrawal made in Virtual Currency shall be made to the Virtual Currency Wallet specified in the withdrawal Order. Some Virtual Currency Wallets require additional information in order to process the transaction, this should be provided in the withdrawal Order when applicable.
4.28. You are solely responsible for ensuring the accuracy of the information included in Your Withdrawal, such as Your account number, bank routing number, wallet address, destination tag and any other confidential or non-confidential information requested by us, depending on the Withdrawal requested by you. Bitso International cannot revoke or cancel any Withdrawal once they have been initiated.
4.29. Bitso International does not guarantee Your ability to complete Withdrawals, and Withdrawals may be delayed or unavailable as a result of bank issues, Bitso International downtime or as Bitso International may determine in its sole discretion if necessary, to investigate fraud or any other illegal activity.
4.30. Orders for Deposits or Withdrawals may be delayed and may not be reflected on Your Account or on a Virtual Currency Wallet until such time as the relevant Confirmation Protocol has been carried out.
4.31. When you make a Deposit or Withdrawal in Virtual Currency You agree that You are aware of the risk of transmitting/sending Virtual Currency to the wrong Virtual Currency Wallet which may lead to the irretrievable loss of Your Virtual Currency.
4.32. When holding U.S. Dollar or its virtual representation, You will be able to purchase Virtual Currency or to Withdraw to Your bank account, if Your jurisdiction and/or our bank partner’s permit.
Transfers
4.33 According to these Terms, Account Holders can only Transfer among each other Virtual Currencies, being restricted to transfer Fiat Currency or make any other Transaction not set forth herein, unless the applicable laws and DLT Permission permits otherwise or Bitso International obtains an exemption.
4.34 In regard to the possibility of the Account Holders to hold U.S. Dollars in their Accounts, it should be with the sole purpose of acquiring Virtual Currencies. Transfer to other Account Holders or third parties is forbidden, unless the applicable laws and DLT Permission permits otherwise or Bitso International obtains an exemption.
Conversions
4.35. Intermediary Virtual Currency and Fiat Currency Conversion. In specific Services that we will expressly identify in the Applications, You can convert Fiat Currency in Virtual Currency (and vice versa) through the intermediary service provided by us, in which Bitso International executes the order to purchase or sell Virtual Currency or Fiat Currency for another Virtual Currency or Fiat Currency on behalf of you after receiving such Order from You and transferring Your Fiat Currency/Virtual Currency from Your Account to such networks so that one type of Fiat Currency/Virtual Currency is converted into another. You accept all consequences of this Transaction and acknowledge that once an Order is sent in the Exchange Platform it is not reversible.
4.36 When you perform a Conversion, we will provide you with an approximate quote (as accurate as possible) indicating the amount of Virtual Currency or Fiat Currency You will receive as a result of the Conversion; all Conversion quotes are based on the size of the order and the current market conditions, additionally, Conversion quotes will be updated automatically every 20 seconds until you accept the quote and consequently give us the Order to execute the Conversion.
4.37 You acknowledge and accept that due to the volatility and speed of the markets, all Conversion quotes may present a variation of up to 1.5% between the amount of Virtual Currency or Fiat Currency presented as in the Conversion quote.
4.38. Some services related to the Conversion of Fiat Currency to Virtual Currency and/or to other Fiat Currency, or vice-versa may require the execution of Automated Conversions. You hereby understand and agree that Bitso International may use Automated Conversions to carry out certain transactions as may be determined by Bitso International from time to time, and certain Automated Conversions may or may not be specifically disclosed by Bitso International.
4.39. Since the Conversion may require integration with other Virtual Currencies networks, we are subject to their terms and certain limitations to maintain the price equivalent of Fiat Currency i.e. U.S. Dollar and Virtual Currency in the ratio 1:1. Therefore, we cannot guarantee that at all times the ratio will be 1:1, as slight differences might occur.
4.40. Legislative and regulatory changes or actions may adversely affect the tokenization of Fiat Currency e.g. U.S. Dollars into Virtual Currency, and the use, transfer, redemption and/or value of Virtual Currency.
5. Misquotes / Mispricing
5.1. In the rare event that a Transaction may be performed at the incorrect price through an unexpected technical fault, delays due to internet connection or occasions where a position is opened or closed, based on latent prices that do not reflect the correct market prices at the time of transaction, resulting in an inaccurate profit or inaccurate loss, Bitso International reserves the right, but not the obligation, to take any measures at its discretion, to remedy and rectify any inaccuracies. Remedies include correcting deal entry prices or exit prices according to the correct market rates at the time of Transaction. Bitso International may need to cancel any Transaction(s) which were executed wrongly due to the "price misquote", for example from present Limit Orders being triggered due to mispricing. Bitso International will make best efforts to contact and inform You of such actions, by telephone or by email or by our Applications.
6. Abusive Trading Techniques
6.1. Internet, connectivity delays, and price feed errors sometimes create a situation where the price(s) displayed through the Services does not accurately reflect the market rates. Bitso International reserves the right, at our sole discretion, not to permit the abusive exploitation of Arbitrage (the concept of using trading strategies aimed at exploiting errors in prices and/or concluding trades at off-market prices and/or by taking advantage of internet delays commonly known as "arbitrage", "sniping" or "scalping" hereinafter, collectively, referred to as "Arbitrage") through our Services/or in connection with our Services; any Transactions that rely on price latency Arbitrage opportunities may be revoked, at our sole discretion and without prior notice being required.
6.2. If Bitso International suspects You might have incurred market manipulation, we will contact You and discuss Your strategy. If we do not feel comfortable with the explanation of the strategy, we will give You a notice of the suspension of the trading permissions in the following 24 hours. Your Account will then be terminated, and you will have 30 days to Withdraw Your funds.
6.3. Any indication or suspicion, determined at our sole discretion, of any form of abusive trading techniques including without limitation Arbitrage (including but not limited to participant's trading activity patterns that indicate a wilful intent to benefit from abusive exploitation), fraud, money laundering, manipulation, or any other forms of deceitful or fraudulent activity, will render all Transactions carried out and/or profits or losses garnered as invalid. In these circumstances, we reserve the right at our sole discretion at any time with or without notice to:
6.4. We have and will continue to develop any tools necessary to identify fraudulent and/or unlawful access and use of our Services; any dispute arising from such fraudulent and/or unlawful trading activity will be resolved by us in our sole and absolute discretion, in the manner we deem to be the fairest to all concerned.
7. Supported Virtual Currencies
7.1 The Virtual Currencies supported through the Services and available on the Exchange Platform are identified on the Applications and may be updated, modified, added or removed by Bitso International from time to time, at its sole discretion. The availability of any Virtual Currency does not guarantee its continued support for Deposits, Trades, Withdrawals, Transfers, storage or any other Services.
7.2 Certain Virtual Currencies may not be available for all Services or in all jurisdictions due to Applicable Law, regulatory requirements, network limitations, liquidity considerations, risk assessments or operational constraints. You are solely responsible for monitoring which Virtual Currencies are supported and for taking any actions required in response to changes in such support.
Discontinuation and delisting of Virtual Currencies
7.3 Bitso International reserves the right, at any time and in its sole discretion, to suspend, restrict or discontinue support for any Virtual Currency, including by delisting it from the Exchange Platform. Unless immediate action is required due to Applicable Law, a regulatory requirement, a reasonable concern over a particular Virtual Currency, or an order or direction of a competent authority, Bitso International will provide reasonable notice (no less than two weeks) of such suspension, restriction or discontinuation through the Applications and/or via email.
7.4 In connection with any such suspension or discontinuation, Bitso International may take any action it deems necessary or appropriate, including suspending or cancelling open Orders or other Transaction instructions, restricting or disabling Deposits, Trades, Transfers or Withdrawals, requiring You to Withdraw the affected Virtual Currency within a reasonable period of time, or liquidating or converting such Virtual Currency into a different Virtual Currency and crediting your Virtual Currency Wallet if it is not Withdrawn within the provided time frame.
7.5 Bitso International shall not be liable for any losses, damages, costs or expenses (whether direct, indirect, incidental or consequential) arising from any suspension, restriction, delisting or discontinuation of support for a Virtual Currency, including in time-sensitive or adverse market conditions. Nothing in these Terms obliges Bitso International to continue supporting any Virtual Currency or to maintain any particular market, trading pair, functionality, liquidity level or Service.
7.6 You acknowledge that Bitso International may receive direct or indirect benefits in connection with the support of certain Virtual Currencies through arrangements with issuers or related third parties. All Virtual Currencies remain subject to Bitso International’s internal review processes, risk assessments and compliance standards, and such arrangements do not limit Bitso International’s right to suspend or discontinue support at any time in accordance with these Terms.
8. Provisional Balance Adjustment
8.1 From time to time, Bitso International may, at its sole discretion, reflect in your Account an anticipated increase in balance before Bitso International has actually received the corresponding funds from the relevant counterparty (“Provisional Balance Adjustment”). This may occur, for example, when you sell, redeem and/or liquidate certain financial assets, or otherwise become entitled to receive proceeds from a third party, including but not limited to Alpaca Securities LLC or any other broker-dealer or financial institution partnered with any Bitso entity. In such cases, Bitso International may provisionally credit your Account with an amount equal to the funds expected to be received from the applicable counterparty.
8.2 Any funds subsequently received by Bitso International in connection with the same underlying transaction will be applied solely to reconcile and settle the Provisional Balance Adjustment already reflected in your Account. You acknowledge and agree that such incoming funds will not result in an additional or duplicate credit to your Account balance and Bitso International may retain and apply those funds to fully offset the provisional credit previously recorded.
8.3 A Provisional Balance Adjustment is conditional, temporary, and revocable. It does not constitute a payment, final settlement, or confirmation that Bitso International has received funds on your behalf, nor does it create any right or expectation that the credited amount will be final, available for withdrawal, or usable to support subsequent transactions. Bitso International may reduce, reverse, or cancel a Provisional Balance Adjustment, in whole or in part, at any time if the corresponding funds are not received, are delayed, are received in an amount less than anticipated, or if the underlying transaction is reversed, disputed, rejected, cancelled, or otherwise fails to settle for any reason.
8.4 You remain fully responsible for any negative balance, overdraft, or shortfall that may arise if the corresponding funds are not received from the relevant counterparty in the expected amount or within the expected timeframe. To the extent permitted by applicable law, Bitso International may recover such amounts from your Account, including by offsetting them against any balances, assets, or future credits held with any Bitso entity.
8.5 The Provisional Balance Adjustment is offered strictly on a voluntary and discretionary basis. Bitso International is under no obligation to offer, maintain, or to make available a Provisional Balance Adjustment for any transaction or category of transactions. Without limitation, various operational constraints, market conditions, counterparty performance, or third-party factors may limit or prevent the availability of this feature.
8.6 Bitso International may suspend, delay, modify, restrict, discontinue, or permanently terminate the Provisional Balance Adjustment feature, in whole or in part, at any time and without prior notice and may impose additional conditions, limits, or eligibility requirements at its sole discretion.
8.7 To the maximum extent permitted by applicable law, Bitso International shall not be liable for any losses, delays, unavailability of funds, failed or delayed withdrawals, or other consequences arising from the granting, use, suspension, reversal, modification, or termination of any Provisional Balance Adjustment.
9. Eligibility
To be eligible to use the Services, each Account Holder must meet the following requirements:
Natural Person:
1. Be an individual over eighteen years old, with an Account registered in the Applications and verified, at least, at level 1, in accordance with the Terms.
2. Be a resident of a country other than the Prohibited Jurisdictions as defined under the Schedule A of these Terms of Service.
3. Be a resident of a country other than a jurisdiction where the Services cannot be offered due to regulatory or other restrictions.
4. Have read and accepted the Terms.
5. To not be considered not eligible by Bitso International, under the applicable internal processes and policies of Bitso International.
Entity:
1. Be an entity duly incorporated in accordance with the laws applicable to its jurisdiction, with an Account registered in the Applications and verified, at least, at level 1, in accordance with the Terms.
2. Be incorporated and a resident of a country other than the Prohibited Jurisdictions as defined under the Schedule A of the Terms of Service.
3. Be incorporated and a resident of a country other than a jurisdiction where the Services cannot be offered due to regulatory or other restrictions;
4. Have read and accepted the Terms.
5. To not be considered not eligible by Bitso International, under the applicable internal processes and policies of Bitso International.
10. Fees
10.1. Transaction Fees are applied to certain Services as set out in the fees page. By placing an Order, You agree to pay the relevant Transaction Fee.
10.2. Upon completion of a Transaction, You agree that the applicable (If applicable to a certain Order) Transaction Fee will be automatically deducted from the Order, within the next five minutes following the completion of a Transaction, at a rate to be calculated by the Exchange Platform. This will result in You receiving the net amount of the Order which represents the original amount minus the Transaction Fee. In the event that You elect to withdraw Your funds into a Fiat Currency, You hereby authorise the deduction of an applicable conversion fee from Your Order. This deduction will be processed by one of Bitso International’s affiliates or business partners.
10.3. We reserve the right, and You agree to give us the right to unilaterally change, from time to time, any Transactions Fees. Where a Transaction Fee is changed by us it shall become immediately effective upon it being published on the Applications.
10.4 Sending Virtual Currency to an incompatible or wrong network address is considered a cross-chain Transaction. Recovering cross-chain Transactions is an inherently complicated and time-consuming process and not all deposits can be recovered. On a case by case analysis, we will determine if a cross-chain recovery is feasible and an applicable fee will apply. You must inform Bitso International about the occurrence of cross-chain Transaction by creating a new support ticket at https://help.bitso.com/.
11. Your Representations and Warranties
11.1. By becoming an Account Holder, You hereby agree, represent and warrant that:
12. Suspension or Termination
12.1. We reserve the right to suspend or terminate Your Account if we have reason to believe or suspect that you are in breach of these Terms or other legal obligation (including fraudulent activity) without prior notice or liability. We also reserve the right to change, suspend, or discontinue all or any part of the Services at any time without prior notice or liability.
12.2. If we suspend or terminate Your Account, we will notify You by sending an email to the email address registered to Your Account unless we have a reason to believe that you are in breach of any legal obligation (including fraudulent activity) and in any event, only to the fullest extent permissible by Applicable Law.
12.3. Further, should Your Account be suspended or terminated You will lose access to Your Account and will not be able to undertake any Transaction.
12.4. You understand and agree that You may not be able to access any Fiat Currency or Virtual Currency in Your Account if Your Account is suspended. In case the cause of the suspension is resolved by us, we shall restore Your Account and restore Your access to Your Account. We shall not be liable to You for any consequential or indirect loss (such as loss of profits or opportunity) You may incur as a result of Your Account being suspended.
12.5. Subject to Clause 12.7, if Your Account is terminated you will be able to recover any such funds held in Your account, in 30 days from the notification of termination of Your Account is sent to you via email.
12.6. Upon receiving a withdrawal request in accordance with Clause 10.5, we shall transfer any Virtual Currency and/or Fiat Currency held in Your Account to the bank account and/or Virtual Currency Wallet registered in Your Account.
12.7. We further reserve the right in our sole discretion, to refuse or cancel any of our Services and/or access to the Applications for legitimate reasons, including, without limitation:
12.7.1. if we have reason to believe that Your activities or use of the Services may be illegal;
12.7.2. if we may be harmed by any fiscal or pecuniary damage due to Your activities on or through the Services; or
12.7.3 if we consider that you have used the Services in a manner which contravenes any of these Terms at our sole discretion.
12.8. If You decide to terminate Your Account with us, we will deem the Account terminated after Your request once all funds have been withdrawn from Your Account. You may not terminate Your Account if Bitso International believes, in its sole discretion, that such closure is being performed in an effort to evade a court order or legal or regulatory investigation or to avoid paying any amounts otherwise due to Bitso International.
12.9. In any termination event, we reserve the right to maintain Your account registration information after Your Account is closed due to compliance and regulatory requirements. For additional information about this, please revise our Privacy Policy.
13. Intellectual Property
13.1. In this Clause 12, “Bitso International IP Rights” means in relation to Bitso International, the Applications and Services, all: (i) patents, inventions, designs, software, copyright and related rights, database rights, know-how and confidential information, trademarks and related goodwill, trade names (whether registered or unregistered), and the rights to apply for registration; (ii) all other rights of a similar nature or having an equivalent effect anywhere in the world which currently exist or are recognised in the future; and (iii) all applications, extensions and renewals in relation to any such rights.
13.2. Except as expressly set out in these Terms, You are not entitled, for any purpose, to any Bitso International IP Rights. We shall at all times retain ownership, including all rights, title and interests in and to the Bitso International IP Rights and you understand and accept that by using the Services pursuant to these Terms You shall not:
14. Indemnity
14.1. To the fullest extent permitted by applicable law, You will indemnify, defend and hold harmless Bitso International and our respective past, present and future employees, officers, directors, contractors, consultants, equity holders, suppliers, vendors, service providers, parent companies, subsidiaries, affiliates, agents, representatives, predecessors, successors and assigns (“Bitso International Parties”) from and against any and all claims, demands, actions, damages, losses, costs and expenses (including reasonable professional and legal fees) that arise from or relate to:
14.2. Bitso International reserves the right to exercise sole control over the defence, at Your sole cost and expense, of any claim subject to an indemnity set out in Clause 13.1.
14.3. The indemnity set out in this Clause 11 is in addition to, and not in lieu of, any other remedies that may be available to Bitso International under applicable law.
15. Disclaimers
To the fullest extent permitted by applicable law and except as otherwise specified in writing by us:
16. Limitation of Liability
16.1. To the fullest extent permitted by Applicable Law, in no circumstances shall:
16.2 We shall not bear any liability for any damage or interruptions caused by any computer viruses, spyware, or other malware that may affect Your computer or other equipment, or any phishing, spoofing, or other attack. We advise the regular use of a reliable anti-virus and malware screening and prevention software. If You question the authenticity of a communication purporting to be from Bitso International, You shall not click on any link. You shall access the Applications through a secure method.
17. Taxation
17.1. You are solely responsible for determining whether any Transaction contemplated by these Terms or related to the Services will give rise to any tax implications on Your part.
17.2. You are also solely responsible for withholding, collecting, reporting, paying, settling and/or remitting any/or all other taxes to which You may become liable to the appropriate tax authorities in such jurisdiction(s) in which You may be liable to pay tax. Bitso International shall not be responsible for withholding, collecting, reporting, paying, settling and/or remitting any taxes (including, but not limited to, any income, capital gains, sales, value added or similar tax) which may arise from any action or transaction contemplated by these Terms or related to the Services.
18. Dispute Resolution by Arbitration
PLEASE READ THE FOLLOWING CLAUSE CAREFULLY BECAUSE IT CONTAINS CERTAIN PROVISIONS, SUCH AS A BINDING ARBITRATION CLAUSE WHICH AFFECTS YOUR LEGAL RIGHTS. THIS CLAUSE REQUIRES YOU TO ARBITRATE CERTAIN DISPUTES AND CLAIMS WITH BADGER AND LIMITS THE MANNER IN WHICH YOU CAN SEEK RELIEF FROM US.
18.1. For the purposes of this Clause 18:
“Retail Client” means any natural person or legal entity that uses the services provided under these Terms primarily for personal purposes and does not meet the definition of an Institutional Client.
“Institutional Client” means any legal entity (or individual acting in a professional capacity) that uses the services provided under these Terms in connection with a business, trade or professional activity.
18.2. Agreement to Arbitrate
(a) Institutional Clients (Mandatory Arbitration).
To the fullest extent permissible by applicable law and except for any Dispute in which either Party seeks injunctive or other equitable relief for the alleged unlawful use of intellectual property rights, all Disputes between Badger and an Institutional Client arising from or relating to these Terms shall be finally resolved by binding arbitration in accordance with Clause 17.4 below. Institutional Clients irrevocably waive any right to bring proceedings in a court of law except for the enforcement of an arbitral award or the pursuit of equitable relief as permitted herein.
(b) Retail Clients (Optional Arbitration).
For Retail Clients, arbitration shall be optional. A Retail Client may elect to resolve any Dispute through arbitration pursuant to Clause 18.4 or, alternatively, through the courts of Gibraltar. If the Retail Client does not elect arbitration, the courts of Gibraltar shall have exclusive jurisdiction over the Dispute and the Governing law will be that of Gibraltar.
18.3. Notice and Informal Resolution
Before commencing arbitration or court proceedings, each Party shall provide written notice of the Dispute to the other within thirty (30) days of its arising and shall attempt in good faith to resolve the matter informally. Notice to Bitso International shall be done through https://help.bitso.com/. Notices to you shall be sent to the email address registered with your account.
18.4. Arbitration Rules and Process
Any arbitration commenced under this Clause shall be referred to and finally resolved by arbitration under the London Court of International Arbitration Rules (“LCIA Rules”), which can be found here. The seat (legal place) of arbitration shall be Gibraltar. The arbitration shall be conducted confidentially by a single arbitrator appointed in accordance with the LCIA Rules.
The language of the arbitration shall be English, and the governing law of these Terms shall be the substantive law of Gibraltar. The Gibraltar courts shall have exclusive jurisdiction over any appeals and enforcement of an arbitration decision.
18.5. Authority of Arbitrator
The arbitrator shall have the authority to grant any remedy that would otherwise be available in court.
18.6. Severability
If any part of this Clause 17 is held invalid or unenforceable, it shall be enforced to the maximum extent permissible, and the remainder shall continue in full force and effect.
19. Force Majeure
19.1. Neither Bitso International nor any of the Bitso International Parties shall be liable or responsible to You, or be deemed to have breached these Terms, for any failure or delay in fulfilling or performing its obligations under these Terms, if and to the extent such failure or delay is caused by, results from or is otherwise connected to acts beyond its reasonable control, including, without limitation: (a) acts of God; (b) flood, fire, earthquake or explosion; (c) war, invasion, hostilities (whether war is declared or not), terrorist, hacking or cyber threats, attacks or acts, or other civil unrest; (d) any laws, statutes, ordinances, rules, regulations, judgments, injunctions, orders and decrees; or (e) action by any nation or government, state or other political subdivision thereof, any entity exercising legislative, regulatory, judicial or administrative functions of or pertaining to government, including, without limitation, any government authority,agency, department, board, commission or council.
20. Financial or Legal Advice
20.1. Bitso International does not provide any financial, investment or legal advice in connection with the Services. Bitso International may provide information on the price, range, volatility of Virtual Currency and events that have affected the price of Virtual Currency, but it should not be considered as investment or financial advice and should not be construed as such. Any decision to buy and sell Virtual Currency is an Account Holder’s decision and Bitso International will not be liable for any loss suffered.
21. External Links
21.1. Bitso International may offer a link to other web applications and mobile applications that are provided or controlled by third parties. Such links are neither an endorsement or an approval nor a sponsorship or affiliation to such applications, its owners or its suppliers. Bitso International recommends You make sure You understand the risks associated with the use of such applications before retrieving, using or purchasing via the internet.
21.2. Links to these applications are provided solely for Your convenience and You agree not to hold Bitso International responsible for any loss or damage due to the use or reliance on any content, products or services available on other applications.
21.3. You may be asked to register or subscribe before viewing the content of external links; it is upon Your discretion to do so. Bitso International does not hold itself liable for the material of those links, and/or any exposure Your data may be subject to if You decide to disclose personal information.
21.4. Your use of each of those third-party applications is subject to the conditions, if any, that each of those applications has posted. We have no control over those applications that are not ours, and Bitso International Parties are not responsible for any changes to or content on them.
22. Security
22.1. You are solely responsible for maintaining the confidentiality of Your Account, including, but not limited to a password, email, wallet address, Account credentials, API keys, balance and all activity including Transactions made through Your Account. Bitso International personnel will never ask You to disclose Your password. Any message You receive or website You visit that asks for the password, other than on the Application, should be reported to Bitso International.
22.2. It is advisable to change Your password regularly (at least every 3 to 6 months) and to use unique and alphanumeric passwords in order to reduce the risk of a security breach in relation to Your Account. Bitso International also advises you not to choose a password that is easily guessed from information someone might know or gather about You or a password that has a meaning. You must never allow anyone to access Your Account or watch You accessing Your account and / or using Your Account credentials.
22.3. You must take reasonable care to ensure that Your e-mail account(s) are secure and only accessed by You, as Your e-mail address may be used to reset passwords or to communicate with You about the security of Your Account, and to enable two factor authentication login systems in Your Account.
22.4. Bitso International will exercise reasonable endeavours to have the Exchange Platform audited and approved by technical experts with regard to both accuracy and security of the underlying code. Notwithstanding, the Exchange Platform, general cryptocurrency technology ecosystem is still in an early stage of development and its application is currently of an experimental nature, which carries significant operational, technological, financial, regulatory and reputational risks. Accordingly, while any audit conducted may raise the level of security and accuracy of the Exchange Platform, You acknowledge, understand and accept that the audit does not amount to any form of warranty, representation or assurance (in each case whether express or implied) that Exchange Platform is fit for a particular purpose or that it is free from any defects, weaknesses, vulnerabilities, viruses or bugs which could cause, inter alia, the complete loss of Your Account funds.
23. Unclaimed Property and Account Holder Decease
23.1 If we hold any kind of Fiat Currency or Virtual Currency on Your behalf, and we are unable to contact You and have no record of Your use of the Account or any of the Services for several years, Applicable Law may require us to report the Fiat Currency or the Virtual Currency as unclaimed property to the authorities depending on the Applicable Law. We will try to locate You at the email address provided to us at the time of Your register in our records, but if we are unable to, we may be required, depending on the Applicable Law to deliver any such Virtual Currency or Fiat Currency to the authorities in certain jurisdictions as unclaimed funds. In addition, we might charge or deduct from Your Account a dormancy fee or any other administrative charges as we consider necessary from such unclaimed funds, as permitted by Applicable Law.
23.2. For security reasons, if we receive legal documentation confirming Your decease or other information leading us to believe You have died or have been declared incapable by a competent authority, for Your protection, we will freeze Your Account and during this time, no transactions may be completed until: (i) any of Your designated beneficiaries opens a new Account, as further described below, and the entirety of Your Account has been transferred to such new account, or (ii) we have received sufficient proof that You can still operate Your account. If we have reason to believe You may have died or have been declared incapable by a competent authority, but do not have the reasonable proof according to the Applicable Laws, You authorize us to make inquiries, whether directly or through third parties, that we consider necessary to determine Your current legal status.
23.3. In the event You have named beneficiaries in Your Account and upon receipt by us of proof satisfactory to us of Your decease or that You have been declared incapable by a competent authority, we will require Your beneficiaries or designated administrators to open a new Account and all those available Fiat Currency and Virtual Currency will be transferred to such Accounts in the same percentage as established by You, or as required by a competent authority. If you have not designated a beneficiary, we will follow all those legal procedures as defined by the Applicable Law to transfer the funds available in Your Account to those persons entitled to inherit Your Account, or designated administrators, as determined by us upon receipt and review of the documentation, including but not limited to a will or similar document.
23.4. We reserve the right to require an order resolving any issue that may arise from a court of competent jurisdiction before taking any action relating to Your Account. We reserve the right to carry out any compliance and due diligence process and require all the information as we may deem necessary to open or not the Account of Your beneficiaries in the event they do not comply with the AML/CFT requirements established herein.
23.5. You may name beneficiaries at any time in the edit profile section available at Your profile page in the Exchange Platform. In relation to Your Account, You may designate multiple beneficiaries or a single beneficiary and substitute them at any time, as well as modify the percentage corresponding to each one of them and up to the amount that, if applicable, determines the Applicable Law. Beneficiaries must at all times be natural persons and for all beneficiaries named, the percentage must total up 100%.
24. Miscellaneous
24.1. These Terms may be revised at any time and without prior notice. Updates may occur to: (1) reflect changes to our services or Platforms, or adjustments in how we operate; (2) incorporate new services, features, technologies, or promotions; (3) respond to legal, regulatory, or security requirements; or (4) protect our Services and Platforms, or those who use them, from potential harm. Any modifications to these Terms must be made in writing, and will become effective as of the “Last Updated” date shown above. You are encouraged to review these Terms regularly. By continuing to access or use our Platforms or services after such changes, you accept and agree to all updates.
24.2. If any term, clause or provision of these Terms is found to be illegal, void or unenforceable (in whole or in part), then such term, clause or provision shall be severable from these Terms without affecting the validity or enforceability of any remaining part of that term, clause or provision, which shall remain in full force and effect.
24.3. These Terms and the Agreement constitute the entire agreement between the Parties in relation to its subject matter. These Terms replace and extinguish any and all prior agreements, draft agreements, arrangements, warranties, statements, assurances, representations and undertakings of any nature made by, or on behalf of the Parties, whether oral or written, public or private, in relation to that subject matter.
24.4. In the event that Badger is acquired by or merged with a third-party entity, we reserve the right, in any of these circumstances, to transfer or assign, either the information we have collected from You, the Agreement, and our relationship with You as part of such merger, acquisition, sale or any other.
24.5. You may not transfer or assign or sell any rights or obligations You have under these Terms or the Agreement or otherwise grant any third party a legal or equitable interest over Your Account without our prior written consent. Badger reserves the right to transfer or assign our rights licenses, interests and / or our obligations at any time, including as part of a merger, acquisition or other corporate reorganisation involving Badger.
24.6. Access to the Services may become partially or totally unavailable during periods of significant volatility or volume, as a consequence limitations on access to Your Account may occur, including the inability to initiate or complete transactions and may also lead to support response time delays. We do not guarantee that the Exchange Platform will be available without interruption and we do not guarantee that any order will be executed, accepted, recorded, or remain open or that Your Account.
24.7 Under no circumstances shall Badger be liable for any alleged damages arising from service interruptions, delays in processing transactions, or lack of timely response from Badger customer support.
24.8. You acknowledge that by accepting these Terms, You have not relied on any oral or written statements, warranties, assurances, representations or undertakings which were or may have been made by or on behalf of Bitso International in relation to the subject matter of these Terms at any time before Your acceptance of them (“Pre-Contractual Statements”), other than those set out in these Terms. You hereby waive any and all rights and remedies which might otherwise be available in relation to such Pre-Contractual Statements.
24.9. Nothing in these Terms shall be deemed to create any form of partnership, joint venture or any other similar relationship between you and Bitso International and/or other individuals or entities involved with the development and deployment of the Services.
25. Contact Us
You can communicate for any reason, whether a complaint or not, with us by live chat or by creating a support ticket in the following address https://help.bitso.com or in any of our official social media. Please note that our communications may be recorded so as to safeguard and protect Your interests and for us to ensure the quality of our services. Bitso International may, but is not obligated to, retain any communication with you.
Schedule A – Prohibited jurisdictions
Afghanistan
Albania
Belarus
Bosnia and Herzegovina
Central African Republic
China
Cuba
Democratic People''s Republic of Korea (DPRK)
Democratic Republic of Congo
Ethiopia
Guinea
Guinea Bissau
Hong Kong
Iran
Iraq
Kosovo
Lebanon
Libya
Mali
Montenegro
Myanmar (Burma)
Nicaragua
Republic of North Macedonia
Russia
Serbia
Somalia
South Sudan
Sudan
Syria
Ukraine
United Kingdom
United States of America
Venezuela
Yemen
Zimbabwe
The above jurisdictions are deemed (by Bitso International) as jurisdictions that we reserve the right to serve, and either are high-risk jurisdictions or with weak measures to combat money laundering and terrorist financing (AML/CFT) and jurisdictions that have strategic AML/CFT deficiencies according to the AML/CFT national or international regulations, resulting in Bitso International being unable to provide its services.
The list of Prohibited Jurisdictions is subject to change at any time.
Annex A - Risk Disclosure
This disclosure sets out the risks to an Account Holder associated with using the Services.
Unless otherwise defined in this Annex A, all capitalized terms shall have the meanings assigned to them throughout the Terms.
THE RISKS DESCRIBED BELOW ARE NOT NOR ARE THEY INTENDED TO BE A COMPREHENSIVE OR EXHAUSTIVE LIST OF RISK FACTORS. YOU REMAIN RESPONSIBLE FOR TAKING CARE TO UNDERSTAND THE TECHNOLOGICAL, ECONOMIC AND LEGAL NATURE OF VIRTUAL CURRENCIES AND FOR CAREFULLY MANAGING Your EXPOSURE IN ACCORDANCE WITH THAT UNDERSTANDING AND Your RISK APPETITE FOR INNOVATIVE, VOLATILE AND SPECULATIVE NEW TECHNOLOGIES AND VIRTUAL CURRENCIES.
By becoming an Account Holder and/or using the Services you expressly acknowledge, accept and assume the following risks and agree that Badger International shall not be responsible for or otherwise liable for any direct or indirect loss or damage of any kind whatsoever arising directly or indirectly from the occurrence in full or in part of any of the following risk events:
Account security risk
Unauthorized access by third parties of Your login credentials to gain access to Your Account, including through carelessness or forgetfulness by You, or the third-party obtaining control over another device or account used by you in connection with any enhanced security measures enabled for Your Account.
Investment Risks
Investment in cryptocurrency involves significant risks and it is possible that You may lose a substantial proportion or all of its investment in cryptocurrency. The value of cryptocurrency may fall as well as rise. Performance of cryptocurrency is subject to various factors. You should carefully consider whether you can afford to bear the risks of investing in cryptocurrency.
Risk of software weaknesses
Because the Services are based on Blockchains or distributed ledgers, any malfunction, breakdown or abandonment of any Blockchain may have a material adverse effect on the Services. Moreover, advances in cryptography, or technology could present risks to the Services, by rendering ineffective the cryptographic consensus or other technological components mechanisms that underpins Blockchains.
Regulatory risk
Blockchain technology allows new forms of interaction and it is possible that certain jurisdictions will apply existing regulations on, or introduce new regulations addressing, blockchain technology-based applications, and which may, inter alia, result in substantial modifications to the Services, including its termination.
Risks associated with uncertain regulations and enforcement actions
We may cease operations in a jurisdiction in the event that regulatory actions, or changes to law or regulation, make it illegal to operate in such jurisdiction, or commercially undesirable to obtain the necessary regulatory approval(s) to operate in such jurisdiction. This may result in you losing access to Your Account and may further result in the loss of any Virtual Currency stored or held on Your Account.
Risk of mining attacks
Blockchains are susceptible to mining attacks, including but not limited to double-spend attacks, majority mining power attacks, “selfish-mining” attacks, and rare condition attacks. Any successful attacks present a risk to the Services, and the expected proper execution and sequencing of transactions carried out through the Services. You understand and accept that the network of miners will ultimately be in control of the delivery of cryptocurrency via the Blockchain, and that a majority of miners could agree at any point to make changes, updates, modifications to, or effect a deletion or destruction of the Blockchain.
Risks arising from taxation
The tax characterization of cryptocurrency is uncertain. You must seek Your own tax advice in connection with acquisition, storage, transfer and use of any cryptocurrency, which may result in adverse tax consequences to you, including, without limitation, withholding taxes, transfer taxes, value added taxes, income taxes and similar taxes, levies, duties or other charges and tax reporting requirements.
Risk of dissolution of the Company or network
It is possible that, due to any number of reasons, including, but not limited to, the negative adoption of the Services, the failure of commercial relationships, or intellectual property ownership challenges, the Services may no longer be viable to operate and we may dissolve which may result in any cryptocurrency stored or held on Your Account becoming irrecoverable and/or permanently lost.
Cryptocurrency and blockchain technology are new technology. In addition to these risks, there are other risks associated with Your acquisition, storage, transfer and use of any cryptocurrency via Your Account, including those that we may not be able to anticipate. Such risks may further materialize as unanticipated variations or combinations of these risks.
Volatility Risk
The prices of Bitcoin and other cryptocurrencies are very highly volatile. It is common for prices to increase or decrease significantly in a single day. Although this could result in profits, this could also result in huge losses. You should carefully consider whether you can afford to bear the risks of investing in cryptocurrency.
Project Risk
Cryptocurrencies and other virtual assets might be created and sustained by teams or entities that might fail for non-technological reasons. Even though we make a very sound analysis to list a particular project, projects might still fail. Moreover, any cryptocurrencies and other virtual assets may be cancelled, lost or double spend, or otherwise lose all or most of the value, due to forks, rollbacks, attacks or failure of the cryptocurrency to operate as intended.
Liquidity Slippage Risk
We make proper efforts and works to monitor and maintain liquid orderbooks. Nevertheless, market conditions might create a lack of liquidity that might create a severe devaluation of the asset or a strong slippage on price when creating a market order.
Delisting, Suspension of Support and Liquidity Risk
Virtual Currencies supported on the Exchange Platform may be suspended, restricted or discontinued by Bitso International at any time, including through delisting, in accordance with these Terms. The availability of a Virtual Currency does not guarantee its continued support for Deposits, Trades, Withdrawals, Transfers, storage or any other Services.
Where support for a Virtual Currency is suspended or discontinued, Bitso International may, unless immediate action is required due to Applicable Law, a regulatory requirement, a reasonable concern over a particular Virtual Currency or an order or direction of a competent authority, provide reasonable notice through the Applications and/or via email. However, such notice may be limited or unavailable in certain circumstances, including where immediate action is required.
A suspension or discontinuation of support may result in reduced or eliminated liquidity for the affected Virtual Currency. You may be unable to Deposit, Trade, Transfer or Withdraw the affected Virtual Currency, open Orders may be cancelled, and you may be required to Withdraw the Virtual Currency within a specified period of time. If the Virtual Currency is not Withdrawn within the applicable timeframe, Bitso International may liquidate or convert it in accordance with the Terms.
Delisting or loss of liquidity may lead to adverse price movements, increased volatility, difficulty converting the Virtual Currency into other Virtual Currencies, or the inability to exit a position at a desired time or price. In some circumstances, this may result in partial or total loss of value of the affected Virtual Currency.
You acknowledge and accept that decisions to suspend or discontinue support for a Virtual Currency may be based on regulatory, legal, technical, liquidity, business, risk management or operational considerations, and may occur during periods of market stress. You are solely responsible for monitoring the Virtual Currencies supported on the Exchange Platform and for managing your exposure to the risks associated with any Virtual Currency.
Annex B – Bitso Earnings
This Annex B governs Your use of the Bitso Earnings product (“Earnings”) and forms part of the agreement between you and Bitso as set out throughout the Terms. In the event of any conflict between any of the Terms and Annex B, the terms and conditions set out in Annex B will prevail solely to the extent of that conflict and to the subject matter as it relates to Annex B. All capitalised terms not defined herein shall have the meanings assigned to them in the Terms.
Earnings is a product offered by Bitso International that allows Account Holders to earn rewards on eligible Virtual Currencies held in their Account, as set out in this Annex B.
Automatic Enrollment
By holding or acquiring eligible Virtual Currencies in Your Account, You will be automatically enrolled in Earnings, and the eligible portion of Your balance (the “Earnings Balance”) will begin to accrue Rewards in accordance with this Annex B. This will take place unless You or Bitso have deactivated Earnings on Your Account.
Bitso will notify you through the Applications when your Earnings Balance has been enrolled in Earnings. You may opt out or unenroll at any time by following the process outlined in Sections 4(g) and 7 below.
Your acceptance of the Terms together with this Annex B and associated risk disclosures (Annexes A and C) constitutes acknowledgment and consent to this automatic enrollment.
The eligible Virtual Currencies for Earnings are set out at Schedule B and C which may change from time to time without notice. Once enrolled in Earnings, Your Earnings Balance will begin to earn a specified amount of Virtual Currency (the “Rewards”).
The Rewards, the applicable Method to generate them, their amount, distribution, and any other related characteristics may vary from time to time without prior notice, as determined solely by Bitso International and communicated to you through Bitso International’s Application.
Such variations may arise from factors beyond Bitso International’s control, including third parties actions, changes in fund allocation, fluctuations in reward rates across platforms, protocols, or partners, or any other reason Bitso International deems relevant.
Rewards may also differ based on the Method used and other circumstances, such as the amount of eligible Virtual Currencies held in your account.
You expressly acknowledge and agree that Earnings and corresponding Rewards may be modified, limited, or discontinued at any time. These changes may include, without limitation, adjustments to minimum balance requirements or to any other conditions relating to the legality, issuance, distribution, calculation, tax treatment, risk profile, assignability, or any other feature of the Rewards or related assets.
The process for redeeming earned Rewards is the following:
Accrual: every day Bitso International calculates the accrued Rewards on Your Account, using Your average Earnings Balance for the day and the applicable rate.
Disbursement: Rewards will be disbursed at the cadence or term communicated in Bitso International’s Application (e.g. Weekly on Mondays).
Specific conditions for each Method (e.g., minimum/maximum balances, type of Virtual Currencies, rates, time of generation, compounding, jurisdiction restrictions) will be communicated to you. You acknowledge that such conditions may vary over time due to market conditions, third-party determinations, regulatory events, or Bitso International’s risk assessment.
All the information related to Earnings will be available to every Account Holders via the Terms, this Annex B, the relevant Risk Disclosures as set out at Annexes A and C and the Applications.
Rewards are designed to be sourced by Bitso International for the Product by:
(i) own funds;
(ii) third party providers;
(iii) DeFi platforms and on-chain interactions or protocols together, “Staking Sources”, which apply solely to Staking); and/or
(v) a combination of any or all of the above.
Your authorization for use of the Product implies that Bitso International, (without limitation to the sections below) may:
(1) allocate a portion of, or the whole position of Your Staking Virtual Currencies (defined at Section 4(a) and set out at Schedule B) with third party providers and/or Staking Sources, and Bitso International will not be liable for any event that may affect any of the Staking Virtual Currencies, those parties and/or platforms, or their actions (or the lack of) that is not under Bitso International’s control. This Method relates to Staking (defined at Section 4 below) or
(2) may receive ownership and legal title from Your transfer of eligible Virtual Currency (as set out at Schedule C, hereafter referred to as (“Stablecoins”)) with the right to receive such and the corresponding Rewards under the terms specified in the Terms and Bitso International’s Application, and Bitso International being entitled on its own name and behalf, to allocate those funds with third party providers and/or other third parties that have business relationships with Bitso International, convert, trade, withdraw and generally dispose of those Stablecoins on its own name and behalf. In this case, Bitso International could be responsible to you in the event that the materialization of any loss or event with such third parties occurs. This Method relates to Stablecoin Earnings.
When reviewing this Annex B, you will see that some sections apply to certain Methods alone (i.e. some apply to Staking and some apply to Stablecoin Earnings). Reference is made in the applicable case. For the avoidance of doubt, when you use one Method, provisions or other Methods shall not apply to you unless you use them too.
2. Power of Attorney/Operations to Generate Rewards
You understand, agree and acknowledge that to generate the Rewards under the Method described under Section 1(1) above (which applies to Staking and the Staking Virtual Currencies set out at Schedule B), this Section 2 will apply as follows:
Bitso International may need to perform several operations in relation to the Staking Virtual Currencies in Your Account, including without limitation, transferring, delegating, moving, reallocating, sending, accruing the Staking Virtual Currencies in Your account to third parties including without limitation Staking Sources. Because of this you grant us an unconditional special power of attorney to operate without limitation with the Staking Virtual Currencies on Your Account in Bitso International, to perform all the operations mentioned above and all the operations necessary to generate the Rewards and subject only to Earnings.
You expressly authorize us to generate the Rewards through Staking Sources and third-party platforms, to allocate, when applicable, the Staking Virtual Currencies of Your Account to Staking Sources and/or third-party platform and you accept and acknowledge all the risks involved, including without limiting the risks mentioned in our Earnings Risk Disclosure.
3. Assignment of Virtual Currencies
You understand, agree and acknowledge that to generate the Rewards under the Method described under Section 1(2) above (which applies to Stablecoin Earnings and Stablecoins as set out at Schedule C) this Section 3 will apply as follows:
Under this Method, you agree to transfer full rights and ownership of the Stablecoins held in Your Account to Bitso International, and grant Bitso International title, ownership and all rights and title to such Stablecoins for as long as You are a participant of Earnings. Therefore, Bitso International will have all rights over the Stablecoins and will be free to use or dispose of them. Thus, you agree and acknowledge that the terms and conditions contained in this Annex B constitute acceptance of such assignment of rights and title to the Stablecoins between you and Bitso International.
Once you are enrolled in Earnings, Your Stablecoins are received by Bitso International, they shall be Bitso International’s property, in every sense and for all purposes, and you will immediately start accruing Rewards on such Stablecoins in accordance with the terms hereof. We reserve the right to reject entry into any transaction, to terminate it at any moment or to request from you any further action required to provide further legal form to the transfer of property over the Stablecoins if required.
You recognize that despite the use of Bitso International of the assigned Stablecoins, Bitso International could be responsible to you under these Terms and you shall have no right over directing, seeking relief, injunction or other measures against Bitso International or any third party regarding such Stablecoins as long as said relationship is existent.
You agree and acknowledge that in the event of any breach of this Annex B, or any specific transaction under this Method, Your remedies are set out at Section 16 of the Terms (Dispute Resolution).
Bitso International may need to perform several operations in relation to the Stablecoins received, including without limitation, transferring, delegating, moving, reallocating, converting, withdrawing, sending, accruing said Stablecoins to third parties.
4. Staking
4(a) General
The way of generating Rewards under the Method set out at Section 1(1) is through staking ("Staking"). The terms outlined in Sections 4(a) - (i) apply specifically to Staking. In the event of a conflict between the provisions of Section 4 and any other sections in this Annex B regarding Staking, this Section 4 will take precedence.
If you hold virtual currencies eligible for Staking (as listed in Schedule B, the “Staking Virtual Currencies”), you will be automatically enrolled in Staking (unless this feature has been deactivated by You or Us). . Bitso will stake Your assets on Your behalf using the protocol staking mechanism of each Staking Virtual Currency. Bitso may use third-party technology providers to access the protocol staking mechanism. For ETH, Bitso International will also utilize an additional liquid staking service to enhance liquidity and access to Your assets. You may choose to opt out of staking at any time by following the procedures set out at 4(g) below.
4(b) Asset Allocation
Bitso International’s asset allocation allocates staked assets across cash, liquid staking, and validator staking to ensure liquidity while generating a return. Bitso International uses multiple staking operators to reduce operational risks. The base allocation is 15% cash, 21% liquid staking (when available) and 64% validator staking. These percentages may be adjusted based on market conditions and Bitso International’s liquidity model.
4(d) You can unenroll from Staking at any time
You can unenroll all or any of Your Staking Virtual Currencies at any time by adhering to the procedures specified in Section 4(g). Please note that you will have access to Your assets immediately after unenrolling ((subject to the liquidity exceptions set out at Section 4(i) below).
4(e) How does Staking affect ownership of Eligible Virtual Currencies
Bitso International will stake Your Staking Virtual Currencies by acting as an agent on Your behalf. By electing to stake any of Your Staking Virtual Currencies you consent to Bitso International staking the enrolled assets, in whole or in part, on Your behalf. You will retain full ownership rights over any Staking Virtual Currencies enrolled in Staking and these will remain Your property for the duration of the staking period. The Staking Virtual Currencies remain fully owned by you but in the custody of Bitso International. Although the assets remain Your property, should you wish to access them you will need to unenroll from Staking as set out at Section 4(g) below.
4(f) Staking Rewards
Rewards for Staking are generated and calculated in a manner that is closely tied to the specific conditions and mechanisms of each protocol. Upon enrollment in Staking, Rewards will begin to accumulate immediately. The way Rewards are generated is primarily through staking, which involves holding funds in a cryptocurrency wallet to support the operations of a blockchain network. For the majority of the protocols, Rewards are accumulated at the end of every epoch, a defined period that varies depending on the blockchain in question. For instance, Solana epochs typically last around two days, while Ethereum epochs are much shorter, approximately 6.4 minutes.
The technical aspects of how Rewards are generated can be more complex, especially for Ethereum, where rewards come from several sources. These include block rewards, which are newly minted coins awarded to validators for adding a block to the blockchain; transaction fees, paid by users to have their transactions processed; and
MEV (Maximum Extractable Value), which refers to the maximum value that can be extracted from block production in excess of the standard block reward and gas fees by including, excluding, and re-ordering transactions.
It is important to note that while these rewards are generated through these mechanisms, the actual amount you receive may be subject to Bitso International's staking fees, which means that a portion of the rewards may be retained as a service fee for facilitating the staking process. The Rewards for staking each of the Staking Virtual Currencies will be communicated to you through the Applications. Bitso International may change Rewards at any time, including after Your Staking Virtual Currencies have been staked and these will be communicated to you through the Applications. Bitso International does not guarantee that you will receive any Rewards over time.
4(g) Unenrolling from Staking
If you wish to unenroll from Staking, you may do so by following the steps provided to you in the Applications. You can choose whether to unenroll one, multiple or all of Your enrolled Staking Virtual Currencies. Unenrolling from one or more of Your Staking Virtual Currencies does not necessitate complete withdrawal from Staking, allowing users to continue staking other Staking Virtual Currencies.
Upon acceptance of the confirmation prompt, the process is completed. Users will no longer be considered a participant in Staking for the specific Staking Virtual Currencies chosen for unenrolment.
Once you have unenrolled you waive Your rights over any accrued, non-deposited Rewards. Users will cease earning any future Rewards for the unenrolled Staking Virtual Currencies. You also recognize that the fact you had access to Earnings before does not mean that you will have access to it again and that if Your access to Earnings is granted again, the conditions, terms, Rewards and in general the characteristics of Earnings may be materially different from the ones you had before unenrolling.
As soon as you unenroll any of Your Staking Virtual Currencies, they will become available immediately (subject to the liquidity exceptions set out at Section 4(i) below).
4(h) Unstaking
Upon a User’s request to unenroll from Staking, based on changes to enrolled balances, Bitso International will start the unstaking process.
For assets staked with a liquid staking pool, Bitso International will request withdrawal of assets and the withdrawal process will depend on network conditions. The withdrawal time is immediate but could extend up to a few days (see liquidity exceptions set out at Section 4(i) below).
Bitso International will request unstaking, withdrawal or unbonding of staked Staking Virtual Currencies from Your asset’s native protocol. This withdrawal will depend on the network conditions of Your asset’s protocol. The unstaking request is forwarded and processed through our staking validator operated by providers.
4(i) Unstaking - Liquidity Exceptions
Bitso International will only stake a portion of the Staking Virtual Currencies which you choose to stake on-chain, and will hold the rest as a reserve to ensure you can access Your assets at all time.
If you choose to unenroll any of Your Staking Virtual Currencies from Staking and the reserve is insufficient for a particular asset, Bitso International reserves the right to delay the release of any remaining unstaked assets that are staked through Staking until the relevant unbonding period has elapsed according to the blockchain protocol. The unbonding period for each of the Staking Virtual Assets (“Staking Unbonding Period”) is set out at Schedule D below and it is subject to change at short notice.
In the event that Bitso International’s reserve on any Staking Virtual Currency is insufficient to enable Users to withdraw their assets immediately, Users will be queued and funds will made available to those users on a first come first served basis, depending on when the withdrawal was requested.
5. Eligibility
To be eligible to use Earnings each Account Holder must have read and collectively accepted this Annex B and the EARNINGS risk disclosure, which are found at Annexes A and C of these Terms.
If Your use of Earnings or the accrual of the Rewards (including any particular Method) becomes unlawful to you, you must immediately suspend and terminate the use of the Earnings and you must unenroll from the Earnings following the procedure established in Section 4(g and/or Section 7 ) of this Annex B.
Bitso International reserves the right to choose, enable, suspend, restrict, or deny any number of Account Holders from using Earnings or any available Method. Bitso International reserves the right to withdraw, void or cancel any invitation or enrollment of an Account Holder in Earnings, at Bitso International’s own discretion and/or based on any risk or regulatory restrictions imposed on us by the Applicable Law or by our own assessment.
You acknowledge and agree that Earnings is only intended to serve as a rewards program established by Bitso International for the benefit of users, and therefore Earnings, the Rewards or any part of them, or any of Bitso International’s efforts or determination towards those are not and shall not be deemed under any circumstance to be offered as part of a banking service, depositary institution, investment fund or activity, including but not limited to any deposit, loan, credit, investment and/or interest account activities, products, or services.
Bitso International reserves its right to grant preferential Rewards on other terms to certain Account Holders as part of marketing campaigns, market analysis, or otherwise, upon its sole and absolute discretion.
6. Special Representations and Warranties
You acknowledge and agree that you are solely responsible for determining and paying any taxes you may owe as a result of Your enrollment in and use of Earnings and to report Your own taxes to the competent authorities.
You acknowledge and agree that Bitso International does not offer, intend to offer, purport to offer, and is not required to provide any legal, investment, financial or any other similar service or advice, including tax advice.
You acknowledge and agree that you should consult Your own legal, financial, tax or other professional advisor for any information regarding Earnings and/or any of the available Methods.
You acknowledge and agree that Bitso International may be required to share any or all information relating to Earnings, the Rewards, and its use by you, including their amount type, in accordance with Applicable Law or in connection with the request from any authority.
In the case of the Method described under Section 1(1) above, you acknowledge and agree that Bitso International is not responsible for any third-party actions (or the lack of them); therefore, Bitso International will not be liable in any manner whatsoever for any loss, suspension, limitation, termination or otherwise, when caused by any actions or omissions of any third party.
In the case of the Method described under Section 1(2) above, you acknowledge and agree that Bitso International could be responsible to you for the applicable Stablecoins and Rewards.
You acknowledge, understand and agree to the risks associated with the use of the Product, including the potential loss of Virtual Currency, including those referred to at Annexes A and C.
7. Unenroll from the Product
If you wish to unenroll from the Product you may do so from the Application by following the steps provided to you. Once the confirmation prompt has been accepted, the process will be completed and you will be deemed no longer a user of Earnings.
You waive Your rights over any accrued, non-deposited Rewards and will stop earning any future Rewards.
You recognize that once this process is completed you will not have any right to earn any Rewards on Your Earnings Balance or to use or participate in the Earnings in any way. You also recognize that the fact you had access to Earnings before does not mean that you will have access to it again and that if Your access to Earnings is granted again, the conditions, terms, Rewards and in general the characteristics of Earnings may be materially different from those before unenrolling.
8. Suspension or Termination
In case of termination of Your Account, termination will be performed in accordance with the “Suspension or Termination” section of the Terms. Any asset not accrued and sent as Rewards to Your Account at the moment of termination will cease to exist and any and all instructions or dealings related to the Earnings will be considered void.
You expressly acknowledge and agree that in addition to the reasons contained in the Terms, Your Account may be suspended or terminated if we have reason to believe or suspect that you are in breach of this Annex B or other legal obligations.
9. Risk Disclosure
Using the Earnings Product involves certain risks. For detailed information, please refer to Bitso International’s General Risk Disclosure set out in Annex A and the specific Earnings Risk Disclosure set out in Annex C.
By using the Earnings Product or being deemed eligible to do so, you acknowledge that you have read, understood, and accepted the terms of Annexes A and C, which may be updated or amended from time to time.
Additionally, the use of the Earnings Product may require the participation of third-party providers or other entities. Such involvement may expose you to additional risks that are distinct from, and not attributable to, Bitso International.
10. Consent to Transfer Personal Data
You hereby explicitly consent to the transfer, in electronic or other form, of any personal data that Bitso International may have of you to third parties, including without limiting to DeFi protocols, so that Bitso International may operate the Product and perform the operations to generate the Reward.
11. AML/CFT/CPF
You expressly acknowledge and recognize that any funds in Your Account, used to generate the Rewards or the funds which you have used or will use to acquire Virtual Currencies to be sent into Your Account , are not derived from money laundering, terrorist financing, proliferation financing, fraud or any other illegal or criminal activity under any Applicable Law.
12. Indemnification
You shall defend, indemnify, and hold harmless Bitso International and/or its affiliates, employees, directors, officers, and representatives from and against any claims, damages, losses, liabilities, costs and expenses (including reasonable attorney’s fees), arising out of or relating to any third-party claim that arises out of Your use of Earnings in violation of this Annex B or any Applicable Law.
13. Miscellaneous
You acknowledge and agree that the resources allocated in the Earnings Balance, in respect of which Rewards may accrue from Your use of Earnings, are not protected under any policy of insurance or financial compensation scheme from any governmental authority, office or dependence.
All references in this Annex B to a specific time shall be understood to refer to the Universal Time Coordinated (UTC) +0 time zone.
We reserve the right, and you agree to give us the right to unilaterally change the Rewards rate, the eligibility criteria, the minimum and/or maximum number of Virtual Currencies and Staking Virtual currencies eligible for Earnings, and/or to cancel, suspend, modify or terminate Earnings with or without cause (including a governmental order), at any time, following the procedure as set forth in the “Miscellaneous” section of the Terms.
You agree and accept that you fully understand all the contents of this Annex B to earn Rewards, the different set of operations that Bitso International may need to perform in relation to the Virtual Currencies in Your Account, to generate the Reward; and that in no case will Bitso International have the obligation to disperse a Reward to you by the sole acceptance of this Annex B, no Rewards are guaranteed by Bitso International under Earnings.
Bitso International does not provide legal, or any other similar advice, including tax advice, or investment advice. You are responsible for determining and paying any taxes you may owe as a result of Your use of the Earnings.
Schedule B
Below are the Staking Virtual Currencies as set out at Section 2 and Section 4:
Ethereum (ETH) |
Solana (SOL) |
Cardano (ADA) |
Polkadot (DOT) |
Cosmos (ATOM) |
Schedule C
Below are the eligible Virtual Currencies for earning yields on Stablecoins as set out at Section 3:
USDT |
USDC |
Schedule D
Below we set out the Staking Unbonding Periods as defined at Section 4(i) above:
Protocol | Unbonding Period |
Ethereum | As of the 27 September 2024: Queue ( 1 hour) Withdrawal (9.3 days) |
Solana | 1 epoch (2-3 days) |
Cardano | None |
Polkadot | 28 days |
Cosmos | 21 days |
Annex C - Earnings Risk Disclosure
This Annex C, together with our Terms and any other documents referred to in those documents, is given by Bitso International and sets out the risks to an Account Holder associated with using Earnings.
Unless otherwise defined in this Annex C, all capitalized terms shall have the meanings assigned to them throughout the Terms.
The following are some of the risks associated with Earnings, if you do not accept these risks you must refrain from using, or immediately stop using Earnings.
This Annex C, Earnings Risk Disclosure and the Annex A, Risk Disclosure of Bitso International must be read jointly. The content of Annex A also applies and is inserted by reference to this Annex C.
As set out in Annex B, the two Methods currently available to generate Rewards under Earnings currently comprise of Stablecoin Earnings and Staking.
For sourcing Rewards, Earnings may rely on third parties. Such third parties may utilize strategies to source Rewards. Bitso International may not be able to control or influence the Reward sourcing strategies by third parties or their policies. As further explained, for cases of Staking of Staking Virtual Currencies, if losses are incurred by any reason other than Bitso’s international control, they will be borne by you.
Additional risks and uncertainties that we are unaware of or that we deem immaterial may also become important factors that adversely affect Earnings. If any of the following risks occur, any feature offered by us regarding Earnings, Your ability to access the product, obtain Rewards, and/or enjoy its benefits could be materially and adversely affected.
When reviewing these risks, you will see that some sections apply to Stablecoin Earnings or Staking alone and reference is made in the applicable cases. For the avoidance of doubt, when you use one Method (e.g. Stablecoin Earnings), provisions of the other Method (e.g. Staking) shall not apply to you unless you do use both. When not expressly indicated, the risks set out below will apply to both Methods.
By accepting the Terms and/or using Earnings, you make the following declarations, accept and assume the inherent and following risks, acknowledge the following statements and agree that Bitso International shall not be responsible for or otherwise liable for any direct or indirect loss, damage or liability of any kind whatsoever arising from such events. Your VIRTUAL CURRENCIES ARE AT RISK.
(i) own funds; and/or
(ii) third party providers (including regulated financial institutions); and/or
(iii) DeFi platforms and on-chain interactions or protocols together, “Staking Sources”, which apply solely to Staking); and/or
(iv) a mix of those.
Once submitted, we will issue you a temporary Quote sourced internally by Bitso International based on market conditions. You will have 6 seconds to accept the Quote. If you accept the Quote within this period, Bitso International will execute the transaction as your counterparty (“Transaction”). If the Quote expires, it will automatically renew and provide you with a revised Quote.
3. Broker-Dealer Model
When you complete a Transaction using Bitso Quotes, Bitso International will act as the sole counterparty, buying from you, selling to you or converting on your behalf the Bitso Quotes Virtual Currencies. When executing a Transaction:
Bitso International will price Quotes using internal pricing models that may incorporate market data, liquidity sources, and other proprietary pricing mechanisms.
To the maximum extent permitted under applicable law, Bitso International does not guarantee uninterrupted access, market conditions, liquidity availability, or Quote pricing. You acknowledge and agree to assume the market risk associated with buying or selling Bitso Quotes Virtual Currencies.
Bitso International acts solely as a liquidity facilitator and does not intermediate, promote, advise on, or custody securities.
4. Custody of Bitso Quotes Virtual Currencies
Since Bitso Quotes operates under the Broker-Dealer Model, Bitso International does not hold Bitso Quotes Virtual Currencies in custody on your behalf. Instead, all Bitso Quotes Virtual Currency balances in your Bitso Wallet reflect contractual entitlements owed by Bitso International to you.
You may use the Applications to transfer Bitso Quotes Virtual Currency balances to another Bitso Account, subject to the restrictions in section 5. Transfers outside Bitso International’s infrastructure or on-chain transfers are not supported for Bitso Quotes Virtual Currencies.
5. Restrictions
You acknowledge and agree that Bitso Quotes Virtual Currencies have limitations that differ from other Virtual Currencies in the Applications. These limitations may include, but are not limited to:
Restrictions may change at Bitso International’s discretion and will be communicated through the Applications.
6. Bitso xStockS
6.1 Overview
Bitso xStocks enable eligible Account Holders to obtain synthetic price-referenced exposure (for informational and calculation purposes only) to certain tokenised reference instruments (“xStocks”) through Bitso Quotes. xStocks are digital tokens issued by https://backed.fi/ and designed to track, on a one-to-one price basis, the economic performance of specified underlying listed equities. Bitso International does not issue xStocks.
For the avoidance of doubt, Bitso xStocks does not constitute the purchase, sale, custody or delivery of xStocks or of any underlying equity or transferable security. Instead, Bitso International provides you with contractual economic exposure to the reference price of the relevant xStock.
6.2 Regulatory Characterisation and Non-Investment Nature
Bitso xStocks are not intended to constitute, and shall not be interpreted as, a security, financial instrument, investment contract, collective investment scheme, or any equivalent regulated product under the laws of Gibraltar. The characterisation of Bitso xStocks under the laws of other jurisdictions may differ. Bitso International makes Bitso xStocks available only in jurisdictions where it has determined it is permitted to do so.
Bitso xStocks do not constitute an offer of securities to the public, nor an invitation to invest or participate in any investment activity.
Any exposure obtained through Bitso xStocks is purely contractual in nature and is provided for synthetic price-referencing purposes only.
Users acknowledge and agree that their participation does not involve any contribution to a common enterprise, pooled investment vehicle, or managed investment scheme, and that the regulatory treatment of products of this nature may vary by jurisdiction and may evolve over time.
6.3 Nature of Your Rights
To enter into a Bitso xStocks transaction, you must submit a request through the Quotation System.
Your request must specify:
Once a request is submitted, Bitso International will provide you with a temporary quote (“xStock Quote”), determined internally based on prevailing market conditions. You will have six (6) seconds to accept the xStock Quote.
If you accept the xStock Quote within this period, Bitso International will execute the transaction as principal and counterparty to you (a “xStock Transaction”). If the xStock Quote expires, it will automatically refresh and a revised xStock Quote will be provided.
By entering into a Bitso xStock Transaction:
(a) you do not acquire legal or beneficial ownership of any xStock token;
(b) you do not acquire ownership of any underlying equity, share or transferable security;
(c) you do not obtain any voting rights, shareholder rights, governance rights, redemption rights or similar rights;
(d) you do not obtain any right against the issuer of the xStocks or against the issuer of any underlying securities;
(e) you do not acquire any entitlement to receive dividends or other distributions in fiat currency or otherwise; and
(f) you acknowledge that the Synthetic Token Balance represents a purely contractual price-tracking instrument and does not constitute a security, negotiable instrument, credit instrument, or financial instrument under applicable capital markets regulations.
Your position will be recorded in your Account as a notional balance (the “Synthetic Token Balance”). The Synthetic Token Balance:
(i) is recorded solely within Bitso International’s internal ledger systems;
(ii) is for representational and calculation purposes only;
(iii) does not correspond to tokens allocated, segregated or held on your behalf;
(iv) does not constitute an on-chain asset; and
(v) represents solely an unsecured contractual claim against Bitso International. In the event of insolvency, administration, or any equivalent proceeding affecting Bitso International, users will not hold any priority, privilege, or preferential right over the assets of Bitso International. Users bear the full counterparty risk associated with their exposure to Bitso International.
Bitso xStocks confer economic exposure only and do not confer proprietary rights.
For the avoidance of doubt, Bitso xStocks do not provide exposure to, participation in, or access to any capital markets, securities markets, or regulated financial markets, and do not constitute participation in any offering of transferable securities.
6.4 Broker-Dealer Structure
All xStock Transactions are entered into on a principal basis, with Bitso International acting as sole counterparty.
Bitso International may, in its sole discretion, acquire and hold xStocks on its own account for hedging or risk management purposes. Any such holdings:
(a) are held in wallets owned or controlled by Bitso International;
(b) are not held on your behalf;
(c) are not allocated or earmarked to you; and
(d) do not give rise to any trust, custody or fiduciary relationship.
Client exposures are recorded off-chain within Bitso International’s internal systems only.
Each Bitso xStocks Transaction is an independent bilateral contractual arrangement between you and Bitso International. No pooling of funds, collective management, or common enterprise exists between users.
6.5 Non-Transferability and Restrictions
Bitso xStocks are strictly non-transferable.
You may not:
(a) withdraw Bitso xStocks;
(b) transfer Bitso xStocks to any external wallet;
(c) transfer Bitso xStocks to another Bitso Account;
(d) deposit xStocks into your Account; or
(e) pledge, assign or otherwise encumber your Synthetic Token Balance.
Your exposure may only be reduced or extinguished by entering into a closing xStock Transaction with Bitso International through the Quotation System.
These restrictions are fundamental to the structure and regulatory positioning of Bitso xStocks.
6.6 Settlement
All Bitso xStocks Transactions:
(a) are quoted through the Quotation System;
(b) are entered into on a principal-to-principal basis; and
(c) are funded and settled exclusively in digital assets supported by Bitso International.
Settlement shall not occur in fiat currency and shall not involve delivery of xStocks or of any underlying securities.
The economic outcome of closing an xStock Transaction shall be determined by reference to the difference between the opening and closing reference price of the relevant xStock and shall be settled solely in supported digital assets.
Bitso xStocks are not margin products and are not leveraged products. You must fund the full quoted value at the time of entering into an xStock Transaction.
Any reference to underlying xStocks or securities is used solely as a pricing benchmark. Such reference does not imply ownership, access, participation, or any legal relationship with the underlying assets or their respective issuers or markets.
6.7 Corporate Actions
If any corporate action (including, without limitation, stock splits, reverse splits, mergers, consolidations, spin-offs or similar events) affects the underlying securities referenced by an xStock, Bitso International may apply proportional adjustments to your Synthetic Token Balance.
Such adjustments may include modifications to quantity or to the reference price and are intended solely to preserve economic equivalence. Dividends or distributions relating to underlying securities shall not be paid to you in fiat currency. Where appropriate, economic adjustments may instead be reflected through modifications to the Synthetic Token Balance.
Bitso International shall determine the method and timing of any such adjustment in its reasonable discretion.
6.8 Fractional Exposure
xStock exposures may be held in fractional amounts. Fractional balances:
6.9 Risk Acknowledgement
By entering into xStock Transactions, you acknowledge and agree that:
(a) you are entering into a contractual exposure arrangement with Bitso International;
(b) you bear the full market risk associated with the reference instrument;
(c) Bitso International’s hedging arrangements (if any) do not create any entitlement in your favour;
(d) your Synthetic Token Balance constitutes an unsecured contractual claim; and
(e) the regulatory treatment of crypto-asset settled exposure products may evolve or change.
Bitso International may suspend, restrict or discontinue Bitso xStocks at any time, including in response to regulatory developments. In the event this happens Bitso will endeavour to provide reasonable notice where possible, and your account will be credited with the equivalent of your Synthetic Token Balance in USDC at the prevailing Quote rate issued by Bitso International.
7. Enrollment
In order to be enrolled in Bitso Quotes, you will need to follow these steps:
Following completion of the above, you will be successfully enrolled and able to use Bitso Quotes.
Prior to accessing Bitso xStocks, you acknowledge that you have reviewed the relevant product disclosures, including any risk summaries or informational materials made available through the Application, which describe the nature, structure, and risks of Bitso xStocks.
8. Term
You will only be able to access and begin to use Bitso Quotes after you have been enrolled in accordance with Section 7 of this Annex D. By accepting this Annex D, you agree to be bound by all provisions outlined herein. If at any point you no longer agree to this Annex D or any of the Policies, you will no longer be eligible to use Bitso Quotes.
9. Responsibility of the User
You acknowledge and agree that you are solely responsible for the management of Your Bitso Quotes Virtual Currencies and xStocks. This responsibility includes, but is not limited to, making informed decisions regarding trading, investment, and all financial transactions executed when using Bitso Quotes through the Applications. You agree to assume full responsibility for any and all financial outcomes resulting from Your decisions, and Bitso International shall not be held liable for any losses, damages, or adverse consequences arising from such decisions.
10. Fees
Bitso International may charge a fee in connection with your purchase, sale, or conversion of Bitso Quotes Virtual Currencies and xStocks. Any such fee will be charged in addition to the price quoted to you for the relevant Transaction.
Where a fee applies, the amount of the fee and the total price payable will be clearly communicated to you before you complete the Transaction. No fee will be charged unless you have been informed of it in advance and proceed to complete the Transaction.
11. Suspension and Termination
If Your Account is suspended or terminated:
Annex E - Bitso Quotes Risk Disclosure
This Annex E, together with our Terms is given by Bitso International and sets out the risks to an Account Holder associated with using Bitso Quotes, including Bitso Quotes Virtual Currencies and Bitso xStocks (together, the "Bitso Quotes Products").
Unless otherwise defined in this Annex E,, all capitalized terms shall have the meanings assigned to them throughout the Terms.
THE RISKS DESCRIBED BELOW DO NOT CONSTITUTE, AND ARE NOT INTENDED TO BE A COMPREHENSIVE OR EXHAUSTIVE LIST OF RISK FACTORS. YOU REMAIN RESPONSIBLE FOR TAKING CARE TO UNDERSTAND THE TECHNOLOGICAL, ECONOMIC, LEGAL AND FINANCIAL NATURE OF THE BITSO QUOTES PRODUCTS AND FOR CAREFULLY MANAGING YOUR EXPOSURE IN ACCORDANCE WITH THAT UNDERSTANDING AND YOUR RISK APPETITE.
This Annex E, Bitso Quotes Risk Disclosure, and Annex A, Risk Disclosure of Bitso International, must be read jointly. The content of Annex A also applies and is incorporated by reference into this Annex E.
Additional risks and uncertainties that we are unaware of, or that we deem immaterial at this time, may also become important factors that adversely affect the Bitso Quotes Products. If any of the following risks occur, your ability to access the product, execute Transactions, or recover the value of your positions could be materially and adversely affected.
By accepting the Terms and/or using Bitso Quotes, you make the following declarations, accept and assume the following inherent risks, acknowledge the following statements and agree that Bitso International shall not be responsible for or otherwise liable for any direct or indirect loss, damage or liability of any kind whatsoever arising from such events. YOUR BITSO QUOTES VIRTUAL CURRENCIES AND xStock POSITIONS ARE AT RISK.
Counterparty Risk — Broker-Dealer Model
When you complete a Transaction using Bitso Quotes, Bitso International acts as the sole counterparty on a principal-to-principal basis. Your balance in respect of Bitso Quotes Virtual Currencies and your Synthetic Token Balance in respect of xStocks represent unsecured contractual claims against Bitso International. You do not hold legal or beneficial ownership of any virtual currency or underlying asset. In the event that Bitso International becomes insolvent, is placed into administration, or is otherwise unable to meet its obligations, you would be an unsecured creditor of Bitso International. There is a risk that you could lose part or all of the value of your positions regardless of the performance of the underlying reference instrument.
Counterparty and Third-Party Execution Risk
Although Bitso International acts as sole counterparty to you, the availability of quoting, trading, and portfolio access is subject to the operational stability of external systems and third-party providers. Bitso International has no control over, and makes no warranties regarding, the availability, sufficiency, security or capacity of any system or infrastructure operated by third parties. Failures, outages, security breaches, or other disruptions affecting these third-party providers could result in operational disruptions, the temporary or permanent unavailability of the Bitso Quotes Products. Bitso International shall not be responsible for any loss, damage or liability arising from the acts or omissions of third-party providers that are outside Bitso International's reasonable control.
Quote Pricing and Expiry Risk
Quotes are valid for six (6) seconds from the time of issuance. Quotes are priced using Bitso International's internal pricing models, which may incorporate market data from external providers, liquidity sources, and other proprietary pricing mechanisms. Bitso International does not guarantee that Quotes will reflect the best available market price. Prices may move materially between the time a Quote is generated and the time it is accepted. If a Quote expires, a revised Quote will be issued, which may be at a materially different price.
Pricing Inaccuracies and Manifest Error
Errors in price feeds from external providers may occasionally result in incorrect Quotes. Where a Quote has been executed based on a manifest error that a reasonable user would have recognised as such at the time, Bitso International reserves the right to void or adjust the relevant Transaction. Where a Transaction is voided, Bitso International will restore you to the position you held immediately prior to that Transaction. Bitso International may temporarily suspend the Quotation System to investigate or correct material pricing inaccuracies and will endeavour to resolve any such suspension promptly.
Foreign Exchange and Settlement Risk
Where Transactions are funded in local currencies (including, without limitation, Mexican Peso (MXN), Argentine Peso (ARS), Brazilian Real (BRL) or Colombian Peso (COP)), you are exposed to foreign exchange rate movements between the time a Transaction is initiated and the time it is settled. Exchange rate fluctuations during this period may result in you receiving less value than anticipated at the time of initiation, or may affect the economic outcome of your Transaction. Bitso International does not guarantee any particular settlement rate and shall not be liable for losses arising from currency movements occurring between initiation and settlement of a Transaction.
Service Availability and Capacity Risk
During periods of high transaction volume, market stress, or system maintenance, the capacity of the Quotation System and the Applications may be limited. This could result in an inability to request Quotes, execute Transactions, open or close positions, or access your account balances. Bitso International does not guarantee uninterrupted or error-free access to the Bitso Quotes Products and shall not be liable for losses arising from any interruption, delay or unavailability of the service, whether caused by Bitso International's own systems or those of third-party providers.
xStocks— Synthetic Exposure and No Ownership Rights
Bitso xStocks provide contractual economic exposure to the reference price of specified underlying listed equities and do not constitute the purchase, sale, custody or delivery of any xStock token or underlying asset. By entering into an xStock Transaction, you do not acquire legal or beneficial ownership of any underlying asset. You have no direct recourse against the issuer of the xStocks (Backed Finance) or against the issuer of any underlying assets. Your rights are solely contractual rights against Bitso International.
xStocks— Reference Instrument and Market Risk
The economic outcome of an xStock Transaction is determined by reference to the performance of the underlying asset. The price of the underlying asset may be affected by factors including, without limitation, the issuing company's financial performance, macroeconomic conditions, geopolitical events, sector-specific developments, and market sentiment. The price of the underlying asset may decline significantly, resulting in a material reduction in the value of your position, or a total loss. You bear the full market risk associated with the reference instrument.
xStocks— Market Hours and Liquidity Gapping
xStocks may be available for trading through the Quotation System during hours when the underlying asset markets are closed. During periods when the underlying market is closed, Quotes may be based on stale or estimated reference prices. When the underlying market reopens, the reference price of the relevant xStock may experience significant 'gapping', meaning large and sudden price movements that reflect the difference between the last traded price and the new market-opening price. Executed Quotes may differ materially from the last displayed price. Bitso International does not guarantee that Quotes provided during off-market hours will reflect the price at which the underlying security subsequently opens.
xStocks— Corporate Actions and Economic Equivalence
In the event that a corporate action occurs in respect of the underlying assets referenced by an xStock (including, without limitation, stock splits, reverse splits, mergers, consolidations, spin-offs, demergers or similar events), Bitso International may apply adjustments to your Synthetic Token Balance in its sole discretion, intended to preserve economic equivalence. You acknowledge and agree that: (i) such adjustments are determined solely by Bitso International and may not perfectly replicate the tax treatment, timing benefits or economic outcome of directly owning the underlying security; (ii) adjustments for complex corporate events such as mergers or spin-offs may involve significant uncertainty and may not track real-world outcomes precisely; (iii) dividends and distributions shall not be paid to you in fiat currency, and any economic adjustment, if made, shall be at Bitso International's discretion; and (iv) Bitso International's determination of economic equivalence shall be final and binding.
Insurance and Investor Protection Limitations
Bitso Quotes Products are not deposits and are not protected by any deposit guarantee scheme. Your positions in Bitso Quotes Virtual Currencies and xStocks represent unsecured contractual claims against Bitso International. Bitso International and its partners (including, without limitation, any broker or custodial partners used for internal hedging purposes) may or may not maintain insurance coverage in respect of assets held by them. In certain arrangements, assets held by broker-dealer partners for their own hedging purposes may be subject to investor protection schemes; however, such protections apply to the broker-dealer's own customers and do not extend to you as a counterparty to Bitso International. You are not a customer of any third-party broker for the purposes of investor protection, and you should not rely on any such protections in respect of your positions with Bitso International. Bitso International makes no commitment to obtain or maintain insurance for the benefit of users of Bitso Quotes.
Suspension, Discontinuation and Automatic Liquidation Risk
Bitso International may, at any time and for any reason (including in response to regulatory developments, low liquidity, market disruption, or operational considerations), suspend, restrict or discontinue the Bitso Quotes Products. This may result in the immediate termination of the relevant product and the compulsory liquidation of all open positions. Such liquidation may occur without your prior consent and may be executed at the prevailing market rate at the time of liquidation, which may be materially adverse to you. Any Bitso Quotes Virtual Currencies or xStock positions not closed within applicable notice periods may be automatically liquidated into USDC at the prevailing Quote issued by Bitso International. Bitso International shall not be liable for any losses resulting from any such suspension, termination or liquidation.
Regulatory Risk
The regulatory treatment of virtual currencies, synthetic instruments and crypto-asset settled exposure products is uncertain and subject to change. Different jurisdictions may classify Bitso Quotes Products differently, and regulatory changes may occur with little or no prior notice. Bitso International may be required to cease offering or to materially modify the Bitso Quotes Products in one or more jurisdictions as a result of regulatory action, changes to law or regulation, or orders issued by a competent authority. Such regulatory action may result in you losing access to the Bitso Quotes offerings and may adversely affect the value of your positions as set out above.
Risks Arising from Taxation
The tax characterization of Bitso Quotes Virtual Currencies and xStocks may vary across jurisdictions. You must seek your own tax advice in connection with your use of the Bitso Quotes Products, which may result in adverse tax consequences to you, including, without limitation, withholding taxes, transfer taxes, capital gains taxes, income taxes, value added taxes and similar taxes, levies, duties and reporting obligations. Bitso International does not provide tax advice and shall not be responsible for any tax liabilities arising from your use of the Bitso Quotes Products.
Unanticipated Risks
The Bitso Quotes Products involve novel technology, contractual structures, and market arrangements that are continuing to evolve. In addition to the risks set out in this Annex E, there are other risks associated with your use of the Bitso Quotes Products, including risks that Bitso International may not be able to anticipate at the time of publication of this disclosure. Such risks may materialize as unanticipated variations or combinations of the risks described herein. You accept that this disclosure may not capture all risks and that you remain responsible for your own assessment of the risks associated with the Bitso Quotes Products.
Annex F - Cookie Policy
Bitso International is committed to protecting the privacy of our customers and stakeholders, and we take our data protection responsibilities with the utmost seriousness.
We have designed our website so that you may navigate and use our website without having to provide Personal Data, subject only to certain data that may be collected via the use of cookies. This Policy sets out how our website uses cookies and similar technologies on our website and the purposes for which we do so. This Cookie Policy also applies to you together with our Privacy Policy to the extent you use our website; if you do not accept these policies, you should immediately discontinue Your use of our website. Our Privacy Policy can be accessed at www.bitso.com.
Terms defined in our Privacy Policy shall have the same meaning in this Cookie Policy or as otherwise set out throughout the Terms.
As described in our Privacy Policy for general web-browsing of this website, Your personal data is not revealed to us, although certain statistical information is available to us via our internet service provider as well as through the use of special tracking technologies. Such information tells us about the pages you are clicking on or the hardware you are using, but not Your name, age, address or anything we can use to identify you personally.
By using our website, you consent to storage and access to cookies and other technologies on Your device, in accordance with this Cookie Policy. If you do not agree to this, you can update the preferences on Your web browsing software and/or Your web browsing device in order to block or remove cookies, but please note that doing so may affect the manner in which this website and other websites display on Your device(s), as well as certain functionalities of such websites.
1. What are cookies
Cookies are a feature of web browser software that allows web servers to recognise the computer or device used to access a website. A cookie is a small text file that a website saves on Your computer or mobile device when you visit the site. It enables the website to remember Your actions and preferences (such as login, language, font size and other display preferences) over a period of time, so you don't have to keep re-entering them whenever you come back to the site or browse from one page to another. What are the different types of cookies? A cookie can be classified by its lifespan and the domain to which it belongs.
By lifespan, a cookie is either a:
As for the domain to which it belongs, cookies are either:
2. What cookies do we use
We use cookies set by ourselves via our web developers (first-party cookies). We only have those set by others (third-party cookies). Cookies are also sometimes classified by reference to their purpose. We use the following cookies for the following purposes:
Analytical/performance cookies
They allow us to recognise and count the number of visitors and to see how visitors move around our website when they are using it, as well as dates and times they visit. This helps us to improve the way our website works, for example, by ensuring that users are finding what they are looking for easily.
Targeting cookies
These cookies record Your visit to our website, the pages you have visited and the links you have followed, as well as time spent on our website, and the websites visited just before and just after our website. We will use this information to make our website and the advertising displayed on it more relevant to Your interests. We may also share this information with third parties for this purpose.
Other technologies
In general, we use cookies and other technologies (such as web server logs) on our website to enhance Your experience and to collect information about how our website is used. This information is put together (‘aggregated’) and provides general and not individually specific information. None of this information is therefore associated with you as an individual and the cookie-related information is not used to identify you personally. It is therefore anonymised and ‘de-identified’. The pattern data is fully under our control and these cookies are not used for any purpose other than those described here.
Pixels tags
Pixel tags (which are also called clear GIFs, web beacons, or pixels) are small pieces of code that can be embedded on websites and emails. Pixels tags may be used to learn how you interact with our website pages and emails, and this information helps us, and our partners provide you with a more tailored experience.
Device Identifiers
A device identifier is a unique label can be used to identify a mobile device. Device identifiers may be used to track, analyse and improve the performance of the website and ads delivered.
Third party services
We may allow others to provide analytics services on our behalf. In addition to the uses of cookies described above, these entities may use other methods, such as the technologies described below, to collect information about Your use of our website and other websites and online services.
We may also use other services, such as Google Analytics (described below) or other third-party cookies, to assist with analysing performance on our website.
3. What data is collected and why do we do it?
We, as well as third parties (as part of providing their services to us) may use cookies and the technologies described in this Cookie Policy to collect and store information about Your device, such as:
We will retain and evaluate information on Your recent visits to our website and how you move around different sections of our website for analytics purposes to understand how people use our website so that we can make it more intuitive. The information also helps us to understand which parts of our website is most popular and generally to assess user behaviour and characteristics to measure interest in and use of the various areas of our website. This then allows us to improve our website and the way we market our business.
This information may also be used to help us to improve, administer and diagnose problems with our server and website, helps us monitor traffic on our website so that we can manage capacity and efficiency.
Generally, this website also uses cookies to:
We may also work with advertisers, and advertising service providers to serve ads that may be relevant to you based on Your inferred interests, location or other information collected about you, which may use cookies or the technologies described below, placed by us or the third party (although we would not share any other information that identifies you with an advertiser) on our website, or on a third party website or online service. The placing of these technologies on Your device may enable you to be identified across multiple websites and online services.
4. What if you do not agree to us monitoring Your use of our website (even if we do not collect Your personal data)?
Enabling these cookies is not strictly necessary for our website to work but it will provide you with a better browsing experience. You can delete or block the cookies we set, however, some features of this website may not work as intended.
Most browsers are initially set to accept cookies. If you prefer, you can set Your browser to refuse cookies and control and/or delete cookies as you wish – for details, see aboutcookies.org. You can delete all cookies that are already on Your device and you can set most browsers to prevent them from being placed. You should be aware that if you do this, you may have to manually adjust some preferences every time you visit an Internet site and some services and functionalities may not work if you do not accept the cookies they send.
Advertisers and business partners that you access on or through our website may also send you cookies. We do not control any cookies outside of our website.
If you have any further questions regarding disabling cookies you should consult with Your preferred browser’s provider or manufacturer.
In order to implement Your objection, it may be necessary to install an opt-out cookie on Your browser. This cookie will only indicate that you have opted out. It is important to note, that for technical reasons, the opt-out cookie will only affect the browser from which you actively object from. If you delete the cookies in Your browser or use a different end device or browser, you will need to opt out again.
To opt out of being tracked by Google Analytics across all websites, Google have developed the Google Analytics opt-out browser add-on. If you would like to opt out of Google Analytics, you have the option of downloading and installing this browser add-on which can be found under the link: http://tools.google.com/dlpage/gaoptout.
","type":"terms","type_name":"Terms of Service"},{"comment":"Update","last_updated":1565029034688,"text":"
Bitso International is committed to protecting the privacy of our customers and stakeholders, and we take our data protection responsibilities with the utmost seriousness.
\nWe have designed our website so that you may navigate and use our website without having to provide Personal Data, subject only to certain data that may be collected via the use of cookies. This Policy sets out how our website uses cookies and similar technologies on our website and the purposes for which we do so. This Cookie Policy also applies to you together with our Privacy Policy to the extent you use our website; if you do not accept these policies, you should immediately discontinue your use of our website. Our Privacy Policy can be accessed at www.bitso.com.
\nIn this Policy, \"we\", \"us\" and \"our\" refers The Badger Technology Company Limited (“Company” or “Bitso International”, indistinctly) is a company incorporated and registered in Gibraltar under the registration number 117775, having its registered address at Suite 23, Portland House, Glacis Road, GX11 1AA, Gibraltar.
\nTerms defined in our Privacy Policy shall have the same meaning in this Cookie Policy.
\nAs described in our Privacy Policy for general web-browsing of this website, your personal data is not revealed to us, although certain statistical information is available to us via our internet service provider as well as through the use of special tracking technologies. Such information tells us about the pages you are clicking on or the hardware you are using, but not your name, age, address or anything we can use to identify you personally.
\nBy using our website, you consent to storage and access to cookies and other technologies on your device, in accordance with this Cookie Policy. If you do not agree to this, you can update the preferences on your web browsing software and/or your web browsing device in order to block or remove cookies, but please note that doing so may affect the manner in which this website and other websites display on your device(s), as well as certain functionalities of such websites.
\nCookies are a feature of web browser software that allows web servers to recognise the computer or device used to access a website. A cookie is a small text file that a website saves on your computer or mobile device when you visit the site. It enables the website to remember your actions and preferences (such as login, language, font size and other display preferences) over a period of time, so you don't have to keep re-entering them whenever you come back to the site or browse from one page to another. What are the different types of cookies? A cookie can be classified by its lifespan and the domain to which it belongs.
\nBy lifespan, a cookie is either a:
\n\n
As for the domain to which it belongs, cookies are either:
\n\n
We use cookies set by ourselves via our web developers (first-party cookies). We only have those set by others (third-party cookies). Cookies are also sometimes classified by reference to their purpose. We use the following cookies for the following purposes:
\nAnalytical/performance cookies
\nThey allow us to recognise and count the number of visitors and to see how visitors move around our website when they are using it, as well as dates and times they visit. This helps us to improve the way our website works, for example, by ensuring that users are finding what they are looking for easily.
\nTargeting cookies
\nThese cookies record your visit to our website, the pages you have visited and the links you have followed, as well as time spent on our website, and the websites visited just before and just after our website. We will use this information to make our website and the advertising displayed on it more relevant to your interests. We may also share this information with third parties for this purpose.
\nOther technologies
\nIn general, we use cookies and other technologies (such as web server logs) on our website to enhance your experience and to collect information about how our website is used. This information is put together (‘aggregated’) and provides general and not individually specific information. None of this information is therefore associated with you as an individual and the cookie-related information is not used to identify you personally. It is therefore anonymised and ‘de-identified’. The pattern data is fully under our control and these cookies are not used for any purpose other than those described here.
\nPixels tags
\nPixel tags (which are also called clear GIFs, web beacons, or pixels) are small pieces of code that can be embedded on websites and emails. Pixels tags may be used to learn how you interact with our website pages and emails, and this information helps us, and our partners provide you with a more tailored experience.
\nDevice Identifiers
\nA device identifier is a unique label can be used to identify a mobile device. Device identifiers may be used to track, analyse and improve the performance of the website and ads delivered.
\nThird party services
\nWe may allow others to provide analytics services on our behalf. In addition to the uses of cookies described above, these entities may use other methods, such as the technologies described below, to collect information about your use of our website and other websites and online services.
\nWe may also use other services, such as Google Analytics (described below) or other third-party cookies, to assist with analysing performance on our website.
\nWe, as well as third parties (as part of providing their services to us) may use cookies and the technologies described in this Cookie Policy to collect and store information about your device, such as:
\n\n
We will retain and evaluate information on your recent visits to our website and how you move around different sections of our website for analytics purposes to understand how people use our website so that we can make it more intuitive. The information also helps us to understand which parts of our website is most popular and generally to assess user behaviour and characteristics to measure interest in and use of the various areas of our website. This then allows us to improve our website and the way we market our business.
\nThis information may also be used to help us to improve, administer and diagnose problems with our server and website, helps us monitor traffic on our website so that we can manage capacity and efficiency.
\nGenerally, this website also uses cookies to:
\n\n
We may also work with advertisers, and advertising service providers to serve ads that may be relevant to you based on your inferred interests, location or other information collected about you, which may use cookies or the technologies described below, placed by us or the third party (although we would not share any other information that identifies you with an advertiser) on our website, or on a third party website or online service. The placing of these technologies on your device may enable you to be identified across multiple websites and online services.
\nEnabling these cookies is not strictly necessary for our website to work but it will provide you with a better browsing experience. You can delete or block the cookies we set, however, some features of this website may not work as intended.
\nMost browsers are initially set to accept cookies. If you prefer, you can set your browser to refuse cookies and control and/or delete cookies as you wish – for details, see aboutcookies.org. You can delete all cookies that are already on your device and you can set most browsers to prevent them from being placed. You should be aware that if you do this, you may have to manually adjust some preferences every time you visit an Internet site and some services and functionalities may not work if you do not accept the cookies they send.
\nAdvertisers and business partners that you access on or through our website may also send you cookies. We do not control any cookies outside of our website.
\nIf you have any further questions regarding disabling cookies you should consult with your preferred browser’s provider or manufacturer.
\nIn order to implement your objection, it may be necessary to install an opt-out cookie on your browser. This cookie will only indicate that you have opted out. It is important to note, that for technical reasons, the opt-out cookie will only affect the browser from which you actively object from. If you delete the cookies in your browser or use a different end device or browser, you will need to opt out again.
\nTo opt out of being tracked by Google Analytics across all websites, Google have developed the Google Analytics opt-out browser add-on. If you would like to opt out of Google Analytics, you have the option of downloading and installing this browser add-on which can be found under the link: http://tools.google.com/dlpage/gaoptout.
\nFrom time to time, we may make changes to our privacy practices, including our Privacy Policy and this Cookie Policy. Where we do so, we will notify those who have a business relationship with us or who are subscribed to our emailing lists directly of the changes and change the ‘Last Updated’ dates on such policies. Any amended policy will be effective immediately after the date it is posted. We encourage you to review this Cookie Policy whenever you access or use our website to stay informed about our information practices and the choices available to you. If you do not agree to the revised Privacy and/or Cookie Policy, you should discontinue your use of this website. By continuing to access or use our website after the effective date, you confirm your acceptance of the revised policy and all of the terms incorporated therein by reference.
\nIf you do not accept changes which are made to this Cookie Policy, or take any measures described above to opt-out by removing or rejecting cookies, you may continue to use this website but accept that it may not display and/or function as intended by us. Any social media channels connected to us and third-party applications will be subject to the privacy and cookie policies and practices of the relevant platform providers which, unless otherwise indicated, are not affiliated or associated with us. Your exercise of any rights to opt-out may also impact how our information and content is displayed and/or accessible to you on this website and on other websites.
\n \n\n
\n
","type":"cookie_policy","type_name":"Cookie Policy"},{"comment":"Rewards Terms - provided by David Alvarez","last_updated":1628544883524,"text":"
PLEASE READ CAREFULLY THE FOLLOWING TERMS & CONDITIONS OF BITSO REWARDS ("PRODUCT TERMS"). BY ACCEPTING THEM, OR BY ACCESSING OR USING THE PRODUCT, YOU WILL BE DEEMED TO HAVE FULLY READ, UNDERSTOOD AND ACCEPTED ALL CONTENT WITHIN THESE SPECIFIC PRODUCT TERMS; IN ADDITION, BY ACCEPTING THESE PRODUCT TERMS YOU AGREE TO ACCEPT BY REFERENCE THE TERMS OF SERVICE, PRIVACY POLICY, RISK DISCLOSURE AND COOKIE POLICY (THE "POLICIES") OF THE BADGER TECHNOLOGY COMPANY LIMITED ("BITSO INTERNATIONAL", "WE", "OUR", "US") AS AVAILABLE IN https://bitso.com/legal/GI/terms ("TERMS").
\nThese Product Terms apply to the use of the Product (as such term is defined below) available in the domain www.bitso.com which includes our web and mobile applications (jointly or severally) (the "Applications").
\nThese Product Terms together with the Terms, as well as the Policies published on the Applications are jointly the Agreement between you and Bitso International and shall govern any interaction or operations you may have with the Product.
\nReferences in these Product Terms to the words "your", "you" or "yours" refer to the user who accepts these Product Terms and agrees to use the Product as set out in and under these Product Terms. You and Bitso International shall together be referred to as the "Parties" and references to a "Party" shall be to the relevant one of them as the context requires.
\nAll capitalized terms used in these Product Terms will have the meaning assigned to them herein, provided that any other capitalized terms used but not defined herein shall have the meanings assigned to them in the Terms.
\n1. THE PRODUCT
\nBitso Rewards is a product designed by Bitso International that allows certain Account Holders, selected from time to time and at the sole discretion of Bitso International, to earn rewards in units of the stablecoin token named DAI ("DAI") for their idle units of DAI that they hold in their Account (the "Product").
\nFor the calculation of the rewards accruing to each of the Account Holders who use the Product, a variable rewards rate will apply and such rate may be modified by Bitso International from time to time in our sole discretion, provided however that such annual rate will not exceed 2% per annum of the total amount of DAI tokens held in each eligible Account Holder's Account and will be paid in DAIs or its applicable minimal units (the "Rewards").
\nFor the calculation of Rewards, the following terms and conditions shall apply:
\na) The applicable rate at which Rewards will accrue will be updated daily at 06:00 hrs. and published on our Applications. Please consult the Application for details of the Rewards rate that applies at any given time;
\nb) Rewards will accrue on a separate portfolio on a daily basis during weekly periods starting every Monday at 6:01 hrs. to next Monday at 6:00 hrs.;
\nc) Rewards from every weekly period as accrued on the Account Holder's disregarded portfolio as provided under letter sub-section b) above will be disbursed to Account Holders who use the Product on every Monday starting at 14:00 hrs. and no later than 48 hours thereafter.
\nd) Rewards will be calculated on a daily basis based on the current DAI token balance of the Account Holder during the period between 03:00 hrs. and 06:00 hrs. Any DAI locked in Orders which have not executed are also eligible to be considered in the snapshot for the purposes of calculating Rewards; and
\n2. ELIGIBILITY
\nTo be eligible to use the Product, each Account Holder must meet the following requirements:
\na) Be invited to use the Product by Bitso International, selection to be made from time to time and at Bitso International's sole discretion;
\nb) Be an individual over eighteen years old, with an Account registered in the Applications and verified, at least, at level 1, in accordance with the Terms;
\nc) Have a minimum balance of 200 DAI tokens, which must be maintained at all times within the Virtual Currency Wallet in order to be eligible to accrue Rewards. Only the first 100,000 DAI tokens on an Account Holder's balance are eligible to accrue Rewards;
\nd) Be a resident of a country other than the Prohibited Jurisdictions as defined under the Schedule A of the Terms; and
\ne) Have read and accepted the Product Terms, and by reference the Terms of Bitso International.
\nBitso International reserves the right to choose the Account Holders who will be invited to use the Product in accordance with these Product Terms. Bitso International reserves the right to withdraw, void or cancel the invitation or, once accepted, the participation of an Account Holder to use the Product, at our own discretion and/or based on regulatory restrictions imposed on us by the Applicable Law.
\nBy accepting the Product Terms all users accept and agree that Bitso Rewards is only intended to serve as a rewards program in benefit of certain users as provided under this section 2 – eligibility, and therefore all eligible users accept and agree that the Product shall not be deemed under any circumstance as a banking service, depositary institution or activity, including but not limited to deposit, loan, credit and/or interest account activities, products, or services.
\n3. MISCELLANEOUS
\n3.1 By accepting these Product Terms you agree and accept to abide by the applicable terms and conditions as provided in the Terms, which shall be incorporated herein by reference. In particular, we draw your attention to the content of the following Clauses of the Terms, as if they were reproduced in these Product Terms herein: 4.5 (Risk Disclosure), 9 (Suspension or Termination), 12 (Disclaimers), 14 (Taxation), 15 (Dispute Resolution by Arbitration) and 21 (Miscellaneous) of the Terms.
\n3.2 By accepting these Product Terms, you agree and accept that the idle DAI units available in your Account and, in respect of which Rewards may accrue from your use of the Product, are not protected under any policy of insurance or financial compensation scheme from any governmental authority, office or dependence.
\n3.3 In the event of any conflict between the provisions of these Product Terms and the ones contained in the Terms, the provisions of the Terms shall prevail.
\n3.4 All references in these Product Terms to a specific time shall be understood to refer to the Universal Time Coordinated (UTC) +0 time zone.
\n3.5 We reserve the right, and you agree to give us the right to unilaterally change the Rewards rate at any time, following the procedure as set forth in section 21.1 of the Terms.
\n3.6 By accepting these Product Terms, you agree and accept that you fully understand all its contents including the eligibility requirements to participate in the Product and earn Rewards; and that in no case will Bitso International have the obligation to disperse a reward to you by the sole acceptance of these Product Terms.
\n4. CONTACT US
\nIf at any time you wish to stop using the Product or have any questions, complaints or concerns, you can communicate for any reason, whether a complaint or not, with us by live chat or by creating a support ticket in the following address https://help.bitso.com/ or in any of our official social media. Please note that our communications may be recorded so as to safeguard and protect your interests and for us to ensure the quality of our services. Bitso International may, but is not obligated to, retain any communication with you.
\n","type":"rewards_terms","type_name":"Terms & Conditions"},{"comment":"Bitso Shift Terms - first version (no PT)","last_updated":1635283486150,"text":"\n PLEASE READ CAREFULLY THE FOLLOWING TERMS & CONDITIONS FOR BITSO SHIFT (“PRODUCT TERMS”). BY ACCEPTING\n THEM, OR BY ACCESSING OR USING THE PRODUCT, YOU WILL BE DEEMED TO HAVE FULLY READ, UNDERSTOOD AND ACCEPTED ALL CONTENT\n WITHIN THESE SPECIFIC PRODUCT TERMS; IN ADDITION, BY ACCEPTING THESE PRODUCT TERMS YOU AGREE TO ACCEPT BY REFERENCE\n THE TERMS OF SERVICE (THE “TERMS”), PRIVACY POLICY, RISK DISCLOSURE AND COOKIE POLICY (THE\n “POLICIES”) OF THE BADGER TECHNOLOGY COMPANY LIMITED (“BITSO INTERNATIONAL”, “WE”,\n “OUR”, “US”) AS AVAILABLE IN\n https://bitso.com/legal/GI/terms.\n
\n\n These Product Terms apply to the use of the Product (as such term is defined below) available in the domain\n www.bitso.com which includes our web and mobile applications (jointly or severally)\n (the “Applications”). \n
\n\n These Product Terms together with the Terms, as well as the Policies published on the Applications are jointly the\n Agreement between you and Bitso International and shall govern any interaction or operations you may have with the\n Product.\n
\n\n References in these Product Terms to the words “your”, “you” or “yours” refer to\n the user who is an Account Holder of Bitso, have accepted Bitso’s Terms and Policies, is eligible to use this\n Product (in accordance with the provisions of Section 3), accepts these Product Terms and agrees to use the Product as\n set out in and under these Product Terms. You and Bitso International shall together be referred to as the\n “Parties” and references to a “Party” shall be to the relevant one of them as the context\n requires. \n
\n\n All capitalized terms used in these Product Terms will have the meaning assigned to them herein, provided that any\n other capitalized terms used but not defined herein shall have the meanings assigned to them in the Terms.
\n
\n Bitso Shift is a product designed by Bitso International but provided by Circle Internet Financial, LLC, Circle UK\n Trading Limited, and/or other third party that Bitso International may select from time to time (such person, the\n “Provider”) that allows certain eligible Account Holders, selected from time to time and at the sole\n discretion of Bitso International, among others to receive payments/deposits via wire transfer denominated in dollars,\n currency of the United States of America (“Dollars”) from bank accounts based in the United States of\n America (\"USA”) and/or any other eligible jurisdictions that may be enabled or included at our sole discretion;\n as well as generate payouts via wire transfer in Dollars to Dollar denominated bank accounts based in the United\n States of America (the “Product”).\n
\n\n You expressly agree and recognize that the Product, although designed by Bitso International, is or can be provided by\n the Provider and not Bitso International, in accordance with applicable regulation to Bitso International and its\n Provider, including without limitation, the reception and issuance of wire transfers denominated in Dollars to\n accounts denominated in Dollars in the USA. Derived from the foregoing, the use of the Product by you will also be\n subject to the terms and conditions, privacy policy, user agreement, cookies policy and other applicable legal\n documents, as set out by the Provider (the “Provider Documentation”), and that such may vary from time to\n time at the business needs or discretion of the Provider. For ease of reference, the links to the Provider\n Documentation are included under Schedule 1 of these Product Terms. It will be your responsibility to learn and be\n informed regarding any changes to the Provider Documentation that may affect you.\n
\n\n Derived from the foregoing, Bitso International will not be responsible for any action taken by the Provider regarding\n your use or interactions (or lack of) with the Product; likewise, Bitso International may be required to take actions\n regarding your Account, as derived from your use (or lack of) the Product and other reasons, including without\n limitation, regulatory changes, new laws, judicial or administrative orders or stays, etc.\n
\n\n You understand and agree that in order to use the Product you (or Bitso International) may be required to share\n certain information necessary for using the Product; and that information may be shared with and/or stored by third\n parties only for the purposes related to the Product.
\n
\n In order for you to use the Product, you may be required to provide and share with us and/or the Provider, the\n information of each of the accounts you desire the Product to interact with. Providing the account information as\n stated before shall be known as an “Account Authorization”, and once the relevant account is duly\n authorized, will be known as an “Authorized Account”. You agree that in order to use the Product you will\n need to provide all the information that is required for the use of the Product; you also agree to provide only real,\n updated and relevant information.\n
\n\n You agree and accept that you may be legally responsible before Bitso International, the Provider, other third parties\n and/or before authorities for any consequences arising from information that you provide that is not real or updated.\n
\n\n Any information related to Account Authorizations may be shared with Provider or third parties by Bitso International\n as long as it is necessary for executing the Product. You agree and authorize us to share said information and any\n other related information in order for you to use the Product.\n
\n\n You agree and understand that in order to use the Product, one or more conversions and/or transactions from fiat to\n virtual currencies (or vice-versa), or between virtual currencies may be required. Terms and/or Provider Documentation\n could be applicable to such conversions and/or transactions.\n
\n\n When you intend to receive a payment in Dollars via wire transfer from a Dollar denominated account opened in an\n institution in the USA and/or any other eligible jurisdictions that may be restricted, enabled or included from time\n to time, you must authorize that account. Every Authorized Account will be identified by a unique tracking reference\n code.\n
\n\n Once the Account Authorization is completed, Bitso International will provide you with the wire transfer instructions\n that need to be shared with your paying third party. For payments via wire transfer, the person paying you must follow\n all the steps and include all the information as stated on the instructions provided by us. Please consider that the\n payer should also comply with legal, regulatory and policies standards for a valid processing of the payment, and in\n the event that it does not, the payment may not be processed by the Provider or any involved third party, or may not\n be reflected by Bitso International (for example, in cases of payments performed by sanctioned persons).\n
\n\n When a successful deposit/payment is performed; Bitso International may instantly perform the necessary Automated\n Conversions and reflect the received balance in Dollars (that is, considering any fee or charge that is deducted by\n the sending institution, any involved entity or other person in the process) in “USD stablecoins” or other\n virtual asset on your Account.
\n
\n When you intend to make a payment in Dollars via wire transfer to a valid Dollar denominated account based in the USA,\n you must in advance, authorize the Authorized Account and provide all required information. Every Authorized Account\n will be identified by a unique tracking reference code.\n
\n\n In order to perform a payment as described in the preceding paragraph, you must first count with a sufficient balance\n of “USD stablecoins” or other virtual assets, as required by Bitso International. If not, Bitso\n International may perform Automated Conversions in order to carry out the payment. Once the Account Authorization is\n completed and you instruct us the payout, together with the indication of fees, charges, other deductions or concepts\n that may be applied for the payment execution, Bitso International will deduct the indicated amount your selected from\n your “USD stablecoins” wallet and relay your payment instruction to the Provider . The receiving\n Authorized Account will receive a payout in Dollars equivalent to the amount sent, net of any applicable transaction\n fees, taxes or charges deducted. Please consider that the destination account should clear any legal, regulatory and\n policies standards and checks for a valid processing of the payment, and if not, the payment may not be processed by\n the Provider or any involved third party, or may not be reflected by Bitso International (for example, in cases of\n payments performed to sanctioned persons).
\n
\n The usage of the Product may be subject to taxes, charges, costs, specific transaction fees or others; that may change\n from time to time and can be imposed or collected by Bitso International, the Provider, any third party involved in\n the process or required to do so or any governmental authority. You understand and agree that such concepts could be\n applied to the relevant transaction, and if applicable, may be deducted or imposed without the involvement or\n knowledge of Bitso International, and that such are not under the control or may not be informed to Bitso\n International or you. You agree to pay any such taxes, charges, costs, specific transaction fees or others that are\n generated due to the usage of the Product, and that Bitso International is not responsible for such.\n
\n\n Notwithstanding the aforementioned, Bitso International may implement from time to time, measures to absorb certain\n costs or fees, in whole or in part, for the Product. You agree that such measures are exceptional measures implemented\n by Bitso International and that such may be implemented, amended or cancelled at any time by Bitso International, and\n that such measures will be implemented to the sole discretion of Bitso, and that enjoying any benefit derived from\n such does not grant you any right whatsoever.
\n
\n As a necessary requisite to be eligible to use the Product, each Account Holder must meet each and all of the\n following requirements: \n
\n\n Bitso International reserves the right to confirm in its own discretion, whether a User meets the eligibility criteria\n and to choose the Account Holders who will be invited to use the Product. Meeting the eligibility requirements does\n not create any obligation from Bitso, or right for any third party to use the Product, or if the Account Holder was\n selected and is using the Product, to continue using it. Bitso International reserves the right to suspend, terminate\n and reject any application for the use of the Product to any User or Account Holder to use the Product, at Bitso\n International’s own discretion and/or based on regulatory restrictions imposed by the Applicable Law, with or\n without providing any notification in advance.\n
\n\n 4.1 By accepting these Product Terms you agree and accept to abide by: (i) these Product Terms, (ii)\n the Provider Documentation (when applicable); (iii) the Terms and Policies (when and where applicable); in the\n understanding that for any matters not specifically regulated under these Product Terms, the relevant Terms will\n apply. For avoidance of doubt, the content of the following Clauses of Bitso International’s terms and\n conditions shall be included by reference, as if they were reproduced herein: 4.5 (Risk Disclosure), 9 (
\n 4.2 In the event of any conflict between the provisions of these Product Terms and the ones contained\n in the Terms, the provisions of the Terms shall prevail.\n
\n\n
\n If at any time you wish to stop using the Product or have any questions or concerns, you can communicate for any\n reason, whether a complaint or not, with us by live chat or by creating a support ticket in the following address\n https://help.bitso.com/ or in any of our official social media. Please note that\n our communications may be recorded so as to safeguard and protect your interests and for us to ensure the quality of\n our services. Bitso International may, but is not obligated to, retain any communication with you.
\n
General bases of the promotion called
“Invite and win” (the “Promotion”)
The Promotion is valid within the United Mexican States (hereinafter \"Mexico\").
The person responsible for the Promotion is The Badger Technology Company Limited (together with its subsidiaries, affiliates and entities of the same business group, hereinafter \"Bitso\") with address at 1st Floor - Unit 1.02, World Trade Center, 6 Bayside Road, Gibraltar, GX11 1AA, Gibraltar.
To participate in the Promotion, it is necessary: (i) to be a natural person over eighteen years of age residing in Mexico, (ii) to have a registered and verified Bitso® account at least level 1, and, (iii) to have received the invitation email from Bitso.
You must participate individually and not together (two or more people). Participation in the Promotion and obtaining the Benefit (as said term is defined below) is free of charge for those who participate.
The Promotion will be valid from 00:00 hours (GMT -5 central Mexico time) on July 12 and until 23:59 hours (GMT -5 central Mexico time) on August 11, both from the year 2022 (the “Validity Period”).
At no time will it be understood that obtaining the Benefit is subject to the intervention of chance.
The probability of awarding the Benefit is inestimable, as there is no clear number of customers who can participate in the Promotion. However, only the Benefit will be delivered to the Winners (as such term is defined below).
The Promotion will consist of the following dynamic, which will have the benefits and rules specified below:
Mechanism: | The participants (the “Participant(s)”) will receive an email from Bitso (from the email address no-reply@e.bitso.com) inviting them to go to the page that will have their referral link for purposes of this Promotion, which will be linked to your email registered in your Bitso account. With the referral link, the Participants will be able to invite other people (the “Referrals”) to carry out the actions detailed below. In order to view the referral code through the Bitso application, los Participantes deberán tener la última versión de la aplicación descargada on your device. Only one referral link will be assigned per Participant. People who have not received the email mentioned above will not be able to participate in this. The Participants, during the Validity Period, must invite their Referrals in order to obtain the Benefits according to the corresponding action:
The actions carried out through the Bitso Alpha application or platform will not be taken into account to obtain the Benefits. All the actions of the Participant and the Referred must be carried out within the Validity Period so that they can be considered for obtaining the Benefit. |
Beneficio: | Bitso will grant the following amounts (the \"Benefit(s)\") to the Winners (term defined below) of this Promotion according to the type of action:
Participants may refer up to ten (10) Referrals. The winners of this Promotion, and therefore the only creditors of the Benefit, will be those who comply with the provisions of the Mechanism of these rules (the \"Winners\").
|
Medio de difusión de la Promoción: |
|
Fecha de realización: | The dynamic will be communicated on July 12, 2022. |
The resolutions adopted by Bitso are irremovable and unappealable.
Bitso will deliver the Benefit to the Winners within 10 (ten) calendar days following the Validity Period through Bitso Transfer to the addresses they have registered with Bitso.
Bitso Transfer® is the platform owned by Bitso that allows you to send digital resources instantly, through an email address, cell phone or Bitso customer number.
\"Effective Transfer\" will be understood as that which is deducted from the sender's wallet and claimed and paid to the recipient's wallet, therefore, it will be understood that the Benefit has been delivered once the Effective Transfer of the same is made.
All publicity related to this Promotion will be carried out solely and exclusively through electronic means.
Any participant who tries, by any means, to defraud or manipulate the dynamics of the Promotion, as well as to behave in an unethical manner, will be immediately disqualified from the Promotion and will not be able to participate in any future promotion carried out by Bitso. The criteria to define the above will be at the sole discretion of Bitso.
Bitso reserves the right to disqualify participants who do not meet the requirements set forth in these rules and/or who fail to comply with any PLD/FT requirement. Likewise, the participants renounce any legal action of any kind or nature that they claim against Bitso, for the reason and occasion of this Promotion.
If for any reason the Promotion cannot be executed as planned, including, without limitation, cyber-attacks or unavailability of computer systems, force majeure or acts of God that may cause or affect the administration, security, equity, integrity of Bitso, its team and the conduct of the Promotion, Bitso reserves the right at its sole discretion to cancel, delay, modify or terminate the Promotion without prior notice.
The sole participation in this Promotion implies for the participants the knowledge and acceptance of each and every one of the provisions described in these bases, in accordance with the law and applicable provisions, as well as with the terms and conditions of the platform owned by Bitso available in https://bitso.com/terms.
Bitso reserves the right to modify the bases of the Promotion and inform the participants of any change in it.
All product and/or service names, trademarks, registered names, logos or rights of any kind set forth herein are the property of their respective owners in terms of their respective trademark registrations and titles. They are only stated by Bitso for the purpose of determining the corresponding benefits and contests to which the Promotion will be limited, without this implying any commercialization or obtaining any profit derived from the use of said brands.
Notwithstanding the foregoing, by way of example but not limited, Bitso is the legitimate owner of the Bitso Transfer® and Bitso® trademarks, which are listed in the Promotion.
Bitso will not be responsible at any time for the tax consequences that the delivery of the Benefit implies for the Winners, nor the tax regime that they determine, nor for their eventual tax declarations.
Users, by simply participating in this Promotion, accept that they know and understand the risks inherent to cryptocurrencies, the impossibility of reversing operations with cryptocurrencies once executed and the volatility that their value may have, which is detailed in the Bitso Risk Notice. Therefore, the participant accepts and acknowledges being aware of and has read the content of the Risk Notice published on https://bitso.com/legal/GI/risk_warning.
Likewise, the participants acknowledge that cryptocurrencies are not legal tender currencies and that they are not backed by any government or central bank.
For everything related to the interpretation, effects, compliance and execution of the Promotion, the regulations and legislation of Mexico will be applicable, being applicable in particular the Federal Consumer Protection Law. For all purposes of the treatment and operations with cryptocurrencies, the legislation of Gibraltar will be applicable.
MXN Yields promotion Terms and Conditions
The MXN Yields MVP promotion (the "Promotion") is valid within Mexico for users selected by Bitso who have received an express communication through the Bitso app, being invited to participate in said Promotion, and who comply with the conditions established below (the "Users").
The Promotion will be valid from the date users are notified, which will take place on [*] 2023, until 11:59 p.m. (GMT-6) on February 1, 2024 ("Duration Period"). In the event that a User wishes to deactivate the Benefit (as this term is defined below), the Promotion will remain available to be activated again for the remainder of the Duration Period.
Benefit:
Selected Users who agree to participate in the Promotion will receive in their Bitso wallet -on a weekly basis during the validity of the promotion- up to a 9% APY on the Mexican pesos balance they hold in their wallet, with a maximum amount of up to $23,000.00 (twenty-three thousand pesos 00/100 MN) (the "Benefit"). The rewards corresponding to said Balance will be computed by Bitso and credited to the users' wallets by Bitso at its sole discretion, in accordance with what is established below.
The Bnefit, the method used to generate it, as well as the amount, may vary, be put on hold, be suspended or unilaterally terminated (in part or full) from time to time as determined exclusively by Bitso, and communicated to Users. Users may unsubscribe from the Promotion and therefore may stop receiving the Benefit through the Bitso app at any time.
The Benefit will be deposited in Mexican pesos via Bitso Transfer in the participants' Bitso accounts on the day of delivery of the Benefit. The calculation made by Bitso will be considered final and will not be subject to review.
Requirements to participate:
How can I receive the Benefit?
If you meet the requirements and rules of this Promotion, during the Duration Period you will be able to obtain the Benefit.
In order to receive the Benefit you need to not have reached the balance limit corresponding to your account level, as explained in the following link.
When will I receive the Benefit?
Bitso will deliver the corresponding Benefit on a weekly basis during the Duration Period, with the possibility of delivery before the aforementioned time. Remember that only the first $23,000.00 (Twenty-three thousand pesos 00/100 M.N.) that you keep in your Bitso wallet will participate for the purposes of the Promotion, not counting any other Digital Asset that you have.
Promotion Terms and Conditions:
Notwithstanding the foregoing, by way of example but not limitation, Bitso is the legitimate owner of the Bitso® trademark, which is stated in the Promotion.
","type":"fiat_yields_terms","type_name":"Rewards | Terms of Service"},{"comment":"BRFQ TCs / Automated OTC for Businesses","last_updated":1759179672400,"text":"
Conversion Services | Terms and Conditions
PLEASE READ CAREFULLY THE FOLLOWING TERMS OF CONVERSION SERVICES (“CONVERSION SERVICES”) (“PRODUCT TERMS”). BY ACCEPTING THEM, OR BY ACCESSING OR USING THE PRODUCT, YOU WILL BE DEEMED TO HAVE FULLY READ, UNDERSTOOD AND ACCEPTED ALL CONTENT WITHIN THESE SPECIFIC PRODUCT TERMS.
These Product Terms apply to the use of the Conversion Services (as such term is defined below) available in the domain www.bitso.com which includes our web and mobile applications (jointly or severally) (the “Applications”).
References in these Product Terms to the words “User”, “your”, “you” or “yours” refer to the user who accepts these Product Terms and agrees to use the Product as set out in and under these Product Terms. You and Bitso International shall together be referred to as the “Parties” and references to a “Party” shall be to the relevant one of them as the context requires.
All capitalised terms used in these Product Terms will have the meaning assigned to them herein, provided that any other capitalised terms used but not defined herein shall have the meanings assigned to them in the Terms.
.
Accelerate all outstanding obligations, making them immediately due and payable.
Schedule 1
Product Terms
Definitions and Interpretation
"Applicable Law" means Gibraltar law or regulation or any other laws, rules or regulations of other territories or jurisdictions (as the case may be) and as may be amended from time to time.
“Accepted Order” has the meaning given to it in clause 2.4.2.
“Authorised Channel” means such methods of communication as approved by Bitso and agreed between Customer and Bitso from time to time, which may include (without limitation) telephone, email (as provided by Customer to Bitso), and the OTC Application.
“Bitso Account” means an account created by the Customer in order to use Bitso’s Services.
“Bitso Group” means Bitso and Nvio Pagos Mexico, S.A.P.I. de C.V., Institución de Fondos de Pago Electrónico (with its registered office being Calle Río Lerma 232, piso 24, Colonia Cuauhtémoc, Alcaldía Cuauhtémoc, Ciudad de México, México C.P. 06500 office), Nvio Brasil Instituição de Pagamento Ltda. (with its registered office being City of Osasco, State of São Paulo, Avenida dos Autonomistas, No. 2561, Room 117, 1st Floor, Centro, Zip Code: 06090-020), Nvio Pagos Colombia SAS (with its registered office being Calle 70 Bis # 4 - 41, Bogota D.C., Bogota, 110231, Colombia) and Nvio Pagos Argentina SAS (with its registered office being Martínez de Rosas 86, C.P. M5502AWB, Ciudad de Mendoza, Mendoza, República Argentina).
"Confidential Information" means any information or materials disclosed by one Party to the other Party that: (i) if disclosed in writing or in the form of tangible materials, is or was marked “confidential” or “proprietary” at the time of such disclosure; (ii) if disclosed orally or by visual presentation, is or was identified as “confidential” or “proprietary” at the time of such disclosure; and/or (iii) due to its nature or the circumstances of its disclosure, a person exercising reasonable business judgment would understand to be confidential or proprietary. The terms of this Agreement, he Prices, Trade Instructions, Orders and the Conversion Transactions shall be considered the Confidential Information of the Parties.
“Conversion Transaction” has the meaning given to it in clause 2.1.2.
“Customer Balance” means the total value of the Customer’s assets and balances held with Bitso and the relevant Nvio entities, excluding locked Collateral and any Unsettled Line Usage.
“Expiry Time” has the meaning given to it in clause 2.4.3.
“Manifest Error” means any clear and obvious error, omission, or misquote (whether made by Bitso or any third party), including, for example, a misquote by a Bitso representative relative to the current market or advertised quotes, or any factual error, ambiguity, or lack of clarity in information provided by any source, commentator, or official result. In determining whether a situation constitutes a Manifest Error, Bitso will consider the nature of the error itself, but reasonable reliance by the Customer on the relevant information or transaction may be taken into account. Bitso will take reasonable steps to correct Manifest Errors promptly once identified. Except in cases of fraud or intentional wrongdoing, Bitso is not liable for losses directly or indirectly arising from Manifest Errors, but will act in good faith to mitigate material Customer harm where practicable.
“Nvio Account” means any Customer account in any of the entities that conform the Bitso Group, excluding Bitso.
“OTC Application” means the online platform where Customers can access the Conversion Services.
“OTC Wallet” has the meaning given to it in clause given to it in clause 2.6.1
“Order” means an instruction issued by Customer to Bitso through an Authorized Channel in such form as specified by Bitso from time to time, which shall constitute a request to enter into a Conversion Transaction on the basis of the parameters as set out in the Order.
“Addendum” means the business Addendum (including any schedule thereto) proposed to the Customer setting the Customer-specific commercial terms for the provision of the Conversion Services and/or, where applicable, the Settlement Line.
“Conversion Transaction” has the meaning given to it in clause 2.1.2.
“Quote” has the meaning given to it in clause 2.2.1.
"Regulatory Authority" means any governmental, regulatory authority or law enforcement department, court, agency, commission, board, tribunal, crown corporation or other law, rule or regulation that any of the Parties thereof submits to or is subject to the jurisdiction of in respect of these Product Terms , and any successor or replacement of any of the foregoing.
“Related Persons” has the meaning given to it in clause 12.2(A).
“RFQ” has the meaning given to it in clause 2.1.1(A).
“Required Collateral” means the minimum value of Collateral that the Customer must maintain at all times, as set in the applicable Addendum and/or as notified by Bitso.
"Settlement Line" means a non-withdrawable, asset-specific balance granted to a Customer by Bitso at its sole discretion for the sole purpose of facilitating the settlement of Conversion Transaction; any amounts used under a Settlement Line are not funds available for withdrawal until fully settled pursuant to these Product Terms and the Addendum.
"Supplemental Agreements" has the meaning given to it in clause 1.2.
“Trade Confirmation” has the meaning given to it in clause 2.3.3.
“Trade Instruction” has the meaning given to it in clause 2.1.1(A).
“Trading Limits” has the meaning given to it in clause 2.5.2(E).
“Virtual Currency Wallet” means the main software application or other mechanism for holding, storing and transferring the Customer’s Virtual Currency.
","type":"business_rfq_terms","type_name":"OTC (Conversion Services) | Terms of Service"},{"comment":"New Earnings terms and conditions ","last_updated":1772744452828,"text":"
This Annex B governs Your use of the Bitso Earnings product (“Earnings”) and forms part of the agreement between you and Bitso as set out throughout the Terms. In the event of any conflict between any of the Terms and Annex B, the terms and conditions set out in Annex B will prevail solely to the extent of that conflict and to the subject matter as it relates to Annex B. All capitalised terms not defined herein shall have the meanings assigned to them in the Terms.
Earnings is a product offered by Bitso International that allows Account Holders to earn rewards on eligible Virtual Currencies held in their Account, as set out in this Annex B.
Automatic Enrollment
By holding or acquiring eligible Virtual Currencies in Your Account, You will be automatically enrolled in Earnings, and the eligible portion of Your balance (the “Earnings Balance”) will begin to accrue Rewards in accordance with this Annex B. This will take place unless You or Bitso have deactivated Earnings on Your Account.
Bitso will notify you through the Applications when your Earnings Balance has been enrolled in Earnings. You may opt out or unenroll at any time by following the process outlined in Sections 4(g) and 7 below.
Your acceptance of the Terms together with this Annex B and associated risk disclosures (Annexes A and C) constitutes acknowledgment and consent to this automatic enrollment.
The eligible Virtual Currencies for Earnings are set out at Schedule B and C which may change from time to time without notice. Once enrolled in Earnings, Your Earnings Balance will begin to earn a specified amount of Virtual Currency (the “Rewards”).
The Rewards, the applicable Method to generate them, their amount, distribution, and any other related characteristics may vary from time to time without prior notice, as determined solely by Bitso International and communicated to you through Bitso International’s Application.
Such variations may arise from factors beyond Bitso International’s control, including third parties actions, changes in fund allocation, fluctuations in reward rates across platforms, protocols, or partners, or any other reason Bitso International deems relevant.
Rewards may also differ based on the Method used and other circumstances, such as the amount of eligible Virtual Currencies held in your account.
You expressly acknowledge and agree that Earnings and corresponding Rewards may be modified, limited, or discontinued at any time. These changes may include, without limitation, adjustments to minimum balance requirements or to any other conditions relating to the legality, issuance, distribution, calculation, tax treatment, risk profile, assignability, or any other feature of the Rewards or related assets.
The process for redeeming earned Rewards is the following:
Accrual: every day Bitso International calculates the accrued Rewards on Your Account, using Your average Earnings Balance for the day and the applicable rate.
Disbursement: Rewards will be disbursed at the cadence or term communicated in Bitso International’s Application (e.g. Weekly on Mondays).
Specific conditions for each Method (e.g., minimum/maximum balances, type of Virtual Currencies, rates, time of generation, compounding, jurisdiction restrictions) will be communicated to you. You acknowledge that such conditions may vary over time due to market conditions, third-party determinations, regulatory events, or Bitso International’s risk assessment.
All the information related to Earnings will be available to every Account Holders via the Terms, this Annex B, the relevant Risk Disclosures as set out at Annexes A and C and the Applications.
Rewards are designed to be sourced by Bitso International for the Product by:
(i) own funds;
(ii) third party providers;
(iii) DeFi platforms and on-chain interactions or protocols together, “Staking Sources”, which apply solely to Staking); and/or
(v) a combination of any or all of the above.
Your authorization for use of the Product implies that Bitso International, (without limitation to the sections below) may:
(1) allocate a portion of, or the whole position of Your Staking Virtual Currencies (defined at Section 4(a) and set out at Schedule B) with third party providers and/or Staking Sources, and Bitso International will not be liable for any event that may affect any of the Staking Virtual Currencies, those parties and/or platforms, or their actions (or the lack of) that is not under Bitso International’s control. This Method relates to Staking (defined at Section 4 below) or
(2) may receive ownership and legal title from Your transfer of eligible Virtual Currency (as set out at Schedule C, hereafter referred to as (“Stablecoins”)) with the right to receive such and the corresponding Rewards under the terms specified in the Terms and Bitso International’s Application, and Bitso International being entitled on its own name and behalf, to allocate those funds with third party providers and/or other third parties that have business relationships with Bitso International, convert, trade, withdraw and generally dispose of those Stablecoins on its own name and behalf. In this case, Bitso International could be responsible to you in the event that the materialization of any loss or event with such third parties occurs. This Method relates to Stablecoin Earnings.
When reviewing this Annex B, you will see that some sections apply to certain Methods alone (i.e. some apply to Staking and some apply to Stablecoin Earnings). Reference is made in the applicable case. For the avoidance of doubt, when you use one Method, provisions or other Methods shall not apply to you unless you use them too.
2. POWER OF ATTORNEY/OPERATIONS TO GENERATE REWARDS
You understand, agree and acknowledge that to generate the Rewards under the Method described under Section 1(1) above (which applies to Staking and the Staking Virtual Currencies set out at Schedule B), this Section 2 will apply as follows:
Bitso International may need to perform several operations in relation to the Staking Virtual Currencies in Your Account, including without limitation, transferring, delegating, moving, reallocating, sending, accruing the Staking Virtual Currencies in Your account to third parties including without limitation Staking Sources. Because of this you grant us an unconditional special power of attorney to operate without limitation with the Staking Virtual Currencies on Your Account in Bitso International, to perform all the operations mentioned above and all the operations necessary to generate the Rewards and subject only to Earnings.
You expressly authorize us to generate the Rewards through Staking Sources and third-party platforms, to allocate, when applicable, the Staking Virtual Currencies of Your Account to Staking Sources and/or third-party platform and you accept and acknowledge all the risks involved, including without limiting the risks mentioned in our Earnings Risk Disclosure.
3. ASSIGNMENT OF VIRTUAL CURRENCIES
You understand, agree and acknowledge that to generate the Rewards under the Method described under Section 1(2) above (which applies to Stablecoin Earnings and Stablecoins as set out at Schedule C) this Section 3 will apply as follows:
Under this Method, you agree to transfer full rights and ownership of the Stablecoins held in Your Account to Bitso International, and grant Bitso International title, ownership and all rights and title to such Stablecoins for as long as You are a participant of Earnings. Therefore, Bitso International will have all rights over the Stablecoins and will be free to use or dispose of them. Thus, you agree and acknowledge that the terms and conditions contained in this Annex B constitute acceptance of such assignment of rights and title to the Stablecoins between you and Bitso International.
Once you are enrolled in Earnings, Your Stablecoins are received by Bitso International, they shall be Bitso International’s property, in every sense and for all purposes, and you will immediately start accruing Rewards on such Stablecoins in accordance with the terms hereof. We reserve the right to reject entry into any transaction, to terminate it at any moment or to request from you any further action required to provide further legal form to the transfer of property over the Stablecoins if required.
You recognize that despite the use of Bitso International of the assigned Stablecoins, Bitso International could be responsible to you under these Terms and you shall have no right over directing, seeking relief, injunction or other measures against Bitso International or any third party regarding such Stablecoins as long as said relationship is existent.
You agree and acknowledge that in the event of any breach of this Annex B, or any specific transaction under this Method, Your remedies are set out at Section 16 of the Terms (Dispute Resolution).
Bitso International may need to perform several operations in relation to the Stablecoins received, including without limitation, transferring, delegating, moving, reallocating, converting, withdrawing, sending, accruing said Stablecoins to third parties.
4. STAKING
4(a) General
The way of generating Rewards under the Method set out at Section 1(1) is through staking ("Staking"). The terms outlined in Sections 4(a) - (i) apply specifically to Staking. In the event of a conflict between the provisions of Section 4 and any other sections in this Annex B regarding Staking, this Section 4 will take precedence.
If you hold virtual currencies eligible for Staking (as listed in Schedule B, the “Staking Virtual Currencies”), you will be automatically enrolled in Staking (unless this feature has been deactivated by You or Us). . Bitso will stake Your assets on Your behalf using the protocol staking mechanism of each Staking Virtual Currency. Bitso may use third-party technology providers to access the protocol staking mechanism. For ETH, Bitso International will also utilize an additional liquid staking service to enhance liquidity and access to Your assets. You may choose to opt out of staking at any time by following the procedures set out at 4(g) below.
4(b) Asset Allocation
Bitso International’s asset allocation allocates staked assets across cash, liquid staking, and validator staking to ensure liquidity while generating a return. Bitso International uses multiple staking operators to reduce operational risks. The base allocation is 15% cash, 21% liquid staking (when available) and 64% validator staking. These percentages may be adjusted based on market conditions and Bitso International’s liquidity model.
4(d) You can unenroll from Staking at any time
You can unenroll all or any of Your Staking Virtual Currencies at any time by adhering to the procedures specified in Section 4(g). Please note that you will have access to Your assets immediately after unenrolling ((subject to the liquidity exceptions set out at Section 4(i) below).
4(e) How does Staking affect ownership of Eligible Virtual Currencies
Bitso International will stake Your Staking Virtual Currencies by acting as an agent on Your behalf. By electing to stake any of Your Staking Virtual Currencies you consent to Bitso International staking the enrolled assets, in whole or in part, on Your behalf. You will retain full ownership rights over any Staking Virtual Currencies enrolled in Staking and these will remain Your property for the duration of the staking period. The Staking Virtual Currencies remain fully owned by you but in the custody of Bitso International. Although the assets remain Your property, should you wish to access them you will need to unenroll from Staking as set out at Section 4(g) below.
4(f) Staking Rewards
Rewards for Staking are generated and calculated in a manner that is closely tied to the specific conditions and mechanisms of each protocol. Upon enrollment in Staking, Rewards will begin to accumulate immediately. The way Rewards are generated is primarily through staking, which involves holding funds in a cryptocurrency wallet to support the operations of a blockchain network. For the majority of the protocols, Rewards are accumulated at the end of every epoch, a defined period that varies depending on the blockchain in question. For instance, Solana epochs typically last around two days, while Ethereum epochs are much shorter, approximately 6.4 minutes.
The technical aspects of how Rewards are generated can be more complex, especially for Ethereum, where rewards come from several sources. These include block rewards, which are newly minted coins awarded to validators for adding a block to the blockchain; transaction fees, paid by users to have their transactions processed; and
MEV (Maximum Extractable Value), which refers to the maximum value that can be extracted from block production in excess of the standard block reward and gas fees by including, excluding, and re-ordering transactions.
It is important to note that while these rewards are generated through these mechanisms, the actual amount you receive may be subject to Bitso International's staking fees, which means that a portion of the rewards may be retained as a service fee for facilitating the staking process. The Rewards for staking each of the Staking Virtual Currencies will be communicated to you through the Applications. Bitso International may change Rewards at any time, including after Your Staking Virtual Currencies have been staked and these will be communicated to you through the Applications. Bitso International does not guarantee that you will receive any Rewards over time.
4(g) Unenrolling from Staking
If you wish to unenroll from Staking, you may do so by following the steps provided to you in the Applications. You can choose whether to unenroll one, multiple or all of Your enrolled Staking Virtual Currencies. Unenrolling from one or more of Your Staking Virtual Currencies does not necessitate complete withdrawal from Staking, allowing users to continue staking other Staking Virtual Currencies.
Upon acceptance of the confirmation prompt, the process is completed. Users will no longer be considered a participant in Staking for the specific Staking Virtual Currencies chosen for unenrolment.
Once you have unenrolled you waive Your rights over any accrued, non-deposited Rewards. Users will cease earning any future Rewards for the unenrolled Staking Virtual Currencies. You also recognize that the fact you had access to Earnings before does not mean that you will have access to it again and that if Your access to Earnings is granted again, the conditions, terms, Rewards and in general the characteristics of Earnings may be materially different from the ones you had before unenrolling.
As soon as you unenroll any of Your Staking Virtual Currencies, they will become available immediately (subject to the liquidity exceptions set out at Section 4(i) below).
4(h) Unstaking
Upon a User’s request to unenroll from Staking, based on changes to enrolled balances, Bitso International will start the unstaking process.
For assets staked with a liquid staking pool, Bitso International will request withdrawal of assets and the withdrawal process will depend on network conditions. The withdrawal time is immediate but could extend up to a few days (see liquidity exceptions set out at Section 4(i) below).
Bitso International will request unstaking, withdrawal or unbonding of staked Staking Virtual Currencies from Your asset’s native protocol. This withdrawal will depend on the network conditions of Your asset’s protocol. The unstaking request is forwarded and processed through our staking validator operated by providers.
4(i) Unstaking - Liquidity Exceptions
Bitso International will only stake a portion of the Staking Virtual Currencies which you choose to stake on-chain, and will hold the rest as a reserve to ensure you can access Your assets at all time.
If you choose to unenroll any of Your Staking Virtual Currencies from Staking and the reserve is insufficient for a particular asset, Bitso International reserves the right to delay the release of any remaining unstaked assets that are staked through Staking until the relevant unbonding period has elapsed according to the blockchain protocol. The unbonding period for each of the Staking Virtual Assets (“Staking Unbonding Period”) is set out at Schedule D below and it is subject to change at short notice.
In the event that Bitso International’s reserve on any Staking Virtual Currency is insufficient to enable Users to withdraw their assets immediately, Users will be queued and funds will made available to those users on a first come first served basis, depending on when the withdrawal was requested.
5. ELIGIBILITY
To be eligible to use Earnings each Account Holder must have read and collectively accepted this Annex B and the EARNINGS risk disclosure, which are found at Annexes A and C of these Terms.
If Your use of Earnings or the accrual of the Rewards (including any particular Method) becomes unlawful to you, you must immediately suspend and terminate the use of the Earnings and you must unenroll from the Earnings following the procedure established in Section 4(g and/or Section 7 ) of this Annex B.
Bitso International reserves the right to choose, enable, suspend, restrict, or deny any number of Account Holders from using Earnings or any available Method. Bitso International reserves the right to withdraw, void or cancel any invitation or enrollment of an Account Holder in Earnings, at Bitso International’s own discretion and/or based
on any risk or regulatory restrictions imposed on us by the Applicable Law or by our own assessment.
You acknowledge and agree that Earnings is only intended to serve as a rewards program established by Bitso International for the benefit of users, and therefore Earnings, the Rewards or any part of them, or any of Bitso International’s efforts or determination towards those are not and shall not be deemed under any circumstance to be offered as part of a banking service, depositary institution, investment fund or activity, including but not limited to any deposit, loan, credit, investment and/or interest account activities, products, or services.
Bitso International reserves its right to grant preferential Rewards on other terms to certain Account Holders as part of marketing campaigns, market analysis, or otherwise, upon its sole and absolute discretion.
6. SPECIAL REPRESENTATIONS AND WARRANTIES
You acknowledge and agree that you are solely responsible for determining and paying any taxes you may owe as a result of Your enrollment in and use of Earnings and to report Your own taxes to the competent authorities.
You acknowledge and agree that Bitso International does not offer, intend to offer, purport to offer, and is not required to provide any legal, investment, financial or any other similar service or advice, including tax advice.
You acknowledge and agree that you should consult Your own legal, financial, tax or other professional advisor for any information regarding Earnings and/or any of the available Methods.
You acknowledge and agree that Bitso International may be required to share any or all information relating to Earnings, the Rewards, and its use by you, including their amount type, in accordance with Applicable Law or in connection with the request from any authority.
In the case of the Method described under Section 1(1) above, you acknowledge and agree that Bitso International is not responsible for any third-party actions (or the lack of them); therefore, Bitso International will not be liable in any manner whatsoever for any loss, suspension, limitation, termination or otherwise, when caused by any actions or omissions of any third party.
In the case of the Method described under Section 1(2) above, you acknowledge and agree that Bitso International could be responsible to you for the applicable Stablecoins and Rewards.
You acknowledge, understand and agree to the risks associated with the use of the Product, including the potential loss of Virtual Currency, including those referred to at Annexes A and C.
7. UNENROLL FROM THE PRODUCT
If you wish to unenroll from the Product you may do so from the Application by following the steps provided to you. Once the confirmation prompt has been accepted, the process will be completed and you will be deemed no longer a user of Earnings.
You waive Your rights over any accrued, non-deposited Rewards and will stop earning any future Rewards.
You recognize that once this process is completed you will not have any right to earn any Rewards on Your Earnings Balance or to use or participate in the Earnings in any way. You also recognize that the fact you had access to Earnings before does not mean that you will have access to it again and that if Your access to Earnings is granted again, the conditions, terms, Rewards and in general the characteristics of Earnings may be materially different from those before unenrolling.
8. SUSPENSION OR TERMINATION
In case of termination of Your Account, termination will be performed in accordance with the “Suspension or Termination” section of the Terms. Any asset not accrued and sent as Rewards to Your Account at the moment of termination will cease to exist and any and all instructions or dealings related to the Earnings will be considered void.
You expressly acknowledge and agree that in addition to the reasons contained in the Terms, Your Account may be suspended or terminated if we have reason to believe or suspect that you are in breach of this Annex B or other legal obligations.
9. RISK DISCLOSURE
Using the Earnings Product involves certain risks. For detailed information, please refer to Bitso International’s General Risk Disclosure set out in Annex A and the specific Earnings Risk Disclosure set out in Annex C.
By using the Earnings Product or being deemed eligible to do so, you acknowledge that you have read, understood, and accepted the terms of Annexes A and C, which may be updated or amended from time to time.
Additionally, the use of the Earnings Product may require the participation of third-party providers or other entities. Such involvement may expose you to additional risks that are distinct from, and not attributable to, Bitso International.
10. CONSENT TO TRANSFER PERSONAL DATA
You hereby explicitly consent to the transfer, in electronic or other form, of any personal data that Bitso International may have of you to third parties, including without limiting to DeFi protocols, so that Bitso International may operate the Product and perform the operations to generate the Reward.
11. AML/CFT/CPF
You expressly acknowledge and recognize that any funds in Your Account, used to generate the Rewards or the funds which you have used or will use to acquire Virtual Currencies to be sent into Your Account , are not derived from money laundering, terrorist financing, proliferation financing, fraud or any other illegal or criminal activity under any Applicable Law.
12. INDEMNIFICATION
You shall defend, indemnify, and hold harmless Bitso International and/or its affiliates, employees, directors, officers, and representatives from and against any claims, damages, losses, liabilities, costs and expenses (including reasonable attorney’s fees), arising out of or relating to any third-party claim that arises out of Your use of Earnings in violation of this Annex B or any Applicable Law.
13. MISCELLANEOUS
You acknowledge and agree that the resources allocated in the Earnings Balance, in respect of which Rewards may accrue from Your use of Earnings, are not protected under any policy of insurance or financial compensation scheme from any governmental authority, office or dependence.
All references in this Annex B to a specific time shall be understood to refer to the Universal Time Coordinated (UTC) +0 time zone.
We reserve the right, and you agree to give us the right to unilaterally change the Rewards rate, the eligibility criteria, the minimum and/or maximum number of Virtual Currencies and Staking Virtual currencies eligible for Earnings, and/or to cancel, suspend, modify or terminate Earnings with or without cause (including a governmental order), at any time, following the procedure as set forth in the “Miscellaneous” section of the Terms.
You agree and accept that you fully understand all the contents of this Annex B to earn Rewards, the different set of operations that Bitso International may need to perform in relation to the Virtual Currencies in Your Account, to generate the Reward; and that in no case will Bitso International have the obligation to disperse a Reward to you by the sole acceptance of this Annex B, no Rewards are guaranteed by Bitso International under Earnings.
Bitso International does not provide legal, or any other similar advice, including tax advice, or investment advice. You are responsible for determining and paying any taxes you may owe as a result of Your use of the Earnings.
Schedule B
Below are the Staking Virtual Currencies as set out at Section 2 and Section 4:
Ethereum (ETH) |
Solana (SOL) |
Cardano (ADA) |
Polkadot (DOT) |
Cosmos (ATOM) |
Schedule C
Below are the eligible Virtual Currencies for earning yields on Stablecoins as set out at Section 3:
USDT |
USDC |
Schedule D
Below we set out the Staking Unbonding Periods as defined at Section 4(i) above:
Protocol | Unbonding Period |
Ethereum | As of the 27 September 2024: Queue ( 1 hour) Withdrawal (9.3 days) |
Solana | 1 epoch (2-3 days) |
Cardano | None |
Polkadot | 28 days |
Cosmos | 21 days |
Annex C - Earnings Risk Disclosure
This Annex C, together with our Terms and any other documents referred to in those documents, is given by Bitso International and sets out the risks to an Account Holder associated with using Earnings.
Unless otherwise defined in this Annex C, all capitalized terms shall have the meanings assigned to them throughout the Terms.
The following are some of the risks associated with Earnings, if you do not accept these risks you must refrain from using, or immediately stop using Earnings.
This Annex C, Earnings Risk Disclosure and the Annex A, Risk Disclosure of Bitso International must be read jointly. The content of Annex A also applies and is inserted by reference to this Annex C.
As set out in Annex B, the two Methods currently available to generate Rewards under Earnings currently comprise of Stablecoin Earnings and Staking.
For sourcing Rewards, Earnings may rely on third parties. Such third parties may utilize strategies to source Rewards. Bitso International may not be able to control or influence the Reward sourcing strategies by third parties or their policies. As further explained, for cases of Staking of Staking Virtual Currencies, if losses are incurred by any reason other than Bitso’s international control, they will be borne by you.
Additional risks and uncertainties that we are unaware of or that we deem immaterial may also become important factors that adversely affect Earnings. If any of the following risks occur, any feature offered by us regarding Earnings, Your ability to access the product, obtain Rewards, and/or enjoy its benefits could be materially and adversely affected.
When reviewing these risks, you will see that some sections apply to Stablecoin Earnings or Staking alone and reference is made in the applicable cases. For the avoidance of doubt, when you use one Method (e.g. Stablecoin Earnings), provisions of the other Method (e.g. Staking) shall not apply to you unless you do use both. When not expressly indicated, the risks set out below will apply to both Methods.
By accepting the Terms and/or using Earnings, you make the following declarations, accept and assume the inherent and following risks, acknowledge the following statements and agree that Bitso International shall not be responsible for or otherwise liable for any direct or indirect loss, damage or liability of any kind whatsoever arising from such events. Your VIRTUAL CURRENCIES ARE AT RISK.
(i) own funds; and/or
(ii) third party providers (including regulated financial institutions); and/or
(iii) DeFi platforms and on-chain interactions or protocols together, “Staking Sources”, which apply solely to Staking); and/or
(iv) a mix of those.
","type":"bitso_plus_terms","type_name":"Earnings | Terms of Service"},{"comment":"New General Risk Disclosure","last_updated":1772820822036,"text":"
This disclosure sets out the risks to an Account Holder associated with using the Services.
Unless otherwise defined in this Annex A, all capitalized terms shall have the meanings assigned to them throughout the Terms.
THE RISKS DESCRIBED BELOW ARE NOT NOR ARE THEY INTENDED TO BE A COMPREHENSIVE OR EXHAUSTIVE LIST OF RISK FACTORS. YOU REMAIN RESPONSIBLE FOR TAKING CARE TO UNDERSTAND THE TECHNOLOGICAL, ECONOMIC AND LEGAL NATURE OF VIRTUAL CURRENCIES AND FOR CAREFULLY MANAGING Your EXPOSURE IN ACCORDANCE WITH THAT UNDERSTANDING AND Your RISK APPETITE FOR INNOVATIVE, VOLATILE AND SPECULATIVE NEW TECHNOLOGIES AND VIRTUAL CURRENCIES.
By becoming an Account Holder and/or using the Services you expressly acknowledge, accept and assume the following risks and agree that Badger International shall not be responsible for or otherwise liable for any direct or indirect loss or damage of any kind whatsoever arising directly or indirectly from the occurrence in full or in part of any of the following risk events:
Unauthorized access by third parties of Your login credentials to gain access to Your Account, including through carelessness or forgetfulness by You, or the third-party obtaining control over another device or account used by you in connection with any enhanced security measures enabled for Your Account.
Investment in cryptocurrency involves significant risks and it is possible that You may lose a substantial proportion or all of its investment in cryptocurrency. The value of cryptocurrency may fall as well as rise. Performance of cryptocurrency is subject to various factors. You should carefully consider whether you can afford to bear the risks of investing in cryptocurrency.
Because the Services are based on Blockchains or distributed ledgers, any malfunction, breakdown or abandonment of any Blockchain may have a material adverse effect on the Services. Moreover, advances in cryptography, or technology could present risks to the Services, by rendering ineffective the cryptographic consensus or other technological components mechanisms that underpins Blockchains.
Blockchain technology allows new forms of interaction and it is possible that certain jurisdictions will apply existing regulations on, or introduce new regulations addressing, blockchain technology-based applications, and which may, inter alia, result in substantial modifications to the Services, including its termination.
We may cease operations in a jurisdiction in the event that regulatory actions, or changes to law or regulation, make it illegal to operate in such jurisdiction, or commercially undesirable to obtain the necessary regulatory approval(s) to operate in such jurisdiction. This may result in you losing access to Your Account and may further result in the loss of any Virtual Currency stored or held on Your Account.
Blockchains are susceptible to mining attacks, including but not limited to double-spend attacks, majority mining power attacks, “selfish-mining” attacks, and rare condition attacks. Any successful attacks present a risk to the Services, and the expected proper execution and sequencing of transactions carried out through the Services. You understand and accept that the network of miners will ultimately be in control of the delivery of cryptocurrency via the Blockchain, and that a majority of miners could agree at any point to make changes, updates, modifications to, or effect a deletion or destruction of the Blockchain.
The tax characterization of cryptocurrency is uncertain. You must seek Your own tax advice in connection with acquisition, storage, transfer and use of any cryptocurrency, which may result in adverse tax consequences to you, including, without limitation, withholding taxes, transfer taxes, value added taxes, income taxes and similar taxes, levies, duties or other charges and tax reporting requirements.
It is possible that, due to any number of reasons, including, but not limited to, the negative adoption of the Services, the failure of commercial relationships, or intellectual property ownership challenges, the Services may no longer be viable to operate and we may dissolve which may result in any cryptocurrency stored or held on Your Account becoming irrecoverable and/or permanently lost.
Cryptocurrency and blockchain technology are new technology. In addition to these risks, there are other risks associated with Your acquisition, storage, transfer and use of any cryptocurrency via Your Account, including those that we may not be able to anticipate. Such risks may further materialize as unanticipated variations or combinations of these risks.
The prices of Bitcoin and other cryptocurrencies are very highly volatile. It is common for prices to increase or decrease significantly in a single day. Although this could result in profits, this could also result in huge losses. You should carefully consider whether you can afford to bear the risks of investing in cryptocurrency.
Cryptocurrencies and other virtual assets might be created and sustained by teams or entities that might fail for non-technological reasons. Even though we make a very sound analysis to list a particular project, projects might still fail. Moreover, any cryptocurrencies and other virtual assets may be cancelled, lost or double spend, or otherwise lose all or most of the value, due to forks, rollbacks, attacks or failure of the cryptocurrency to operate as intended.
We make proper efforts and works to monitor and maintain liquid orderbooks. Nevertheless, market conditions might create a lack of liquidity that might create a severe devaluation of the asset or a strong slippage on price when creating a market order.
Virtual Currencies supported on the Exchange Platform may be suspended, restricted or discontinued by Bitso International at any time, including through delisting, in accordance with these Terms. The availability of a Virtual Currency does not guarantee its continued support for Deposits, Trades, Withdrawals, Transfers, storage or any other Services.
Where support for a Virtual Currency is suspended or discontinued, Bitso International may, unless immediate action is required due to Applicable Law, a regulatory requirement, a reasonable concern over a particular Virtual Currency or an order or direction of a competent authority, provide reasonable notice through the Applications and/or via email. However, such notice may be limited or unavailable in certain circumstances, including where immediate action is required.
A suspension or discontinuation of support may result in reduced or eliminated liquidity for the affected Virtual Currency. You may be unable to Deposit, Trade, Transfer or Withdraw the affected Virtual Currency, open Orders may be cancelled, and you may be required to Withdraw the Virtual Currency within a specified period of time. If the Virtual Currency is not Withdrawn within the applicable timeframe, Bitso International may liquidate or convert it in accordance with the Terms.
Delisting or loss of liquidity may lead to adverse price movements, increased volatility, difficulty converting the Virtual Currency into other Virtual Currencies, or the inability to exit a position at a desired time or price. In some circumstances, this may result in partial or total loss of value of the affected Virtual Currency.
You acknowledge and accept that decisions to suspend or discontinue support for a Virtual Currency may be based on regulatory, legal, technical, liquidity, business, risk management or operational considerations, and may occur during periods of market stress. You are solely responsible for monitoring the Virtual Currencies supported on the Exchange Platform and for managing your exposure to the risks associated with any Virtual Currency.
","type":"risk_warning","type_name":"Risk Disclosure"},{"comment":"New Terms requested by Leo de Geus ","last_updated":1776191329085,"text":"
This Annex D governs Your use of the Bitso Quotes product and forms part of the agreement between you and Bitso International as set out throughout the Bitso International Terms of Service (“Terms”). In the event of any conflict between any of the Terms and Annex D, the terms and conditions set out in this Annex D will prevail solely to the extent of that conflict and to the subject matter as it relates to this Annex D. Unless otherwise defined in Annex D, all capitalized terms shall have the meanings assigned to them throughout the Terms.
Bitso Quotes is a product of Bitso International that allows eligible Account Holders, enrolled in accordance with the procedure set out in section 7, to buy, sell or convert a series of virtual currencies (“Bitso Quotes Virtual Currencies”) and xStocks (as described in more detail and with additional restrictions as set out in section 6 below) directly from or to Bitso International acting as principal (the “Broker-Dealer Model”).
For the avoidance of doubt, Bitso Quotes and Bitso xStocks do not provide access to any exchange, trading venue, or market infrastructure, and all transactions are conducted on a principal-to-principal basis only.
Unlike other Virtual Currencies available through the Applications, Bitso Quotes Virtual Currencies and xStocks are provided exclusively through Bitso International as the primary counterparty.
At all times, the Bitso Quotes Virtual Currencies and xStocks available to you will be clearly distinguished from other Virtual Currencies in the Applications prior to confirming your Transaction at checkout.
2. BITSO QUOTES VIRTUAL CURRENCIES, QUOTATION SYSTEM AND QUOTES
By using the Quotation system made available through Bitso Quotes (“Quotation System”), you may buy, sell or convert Bitso Quotes Virtual Currencies by requesting a quote from Bitso International (the “Quote”).
A Quote request must include:
Once submitted, we will issue you a temporary Quote sourced internally by Bitso International based on market conditions. You will have 6 seconds to accept the Quote. If you accept the Quote within this period, Bitso International will execute the transaction as your counterparty (“Transaction”). If the Quote expires, it will automatically renew and provide you with a revised Quote.
When you complete a Transaction using Bitso Quotes, Bitso International will act as the sole counterparty, buying from you, selling to you or converting on your behalf the Bitso Quotes Virtual Currencies. When executing a Transaction:
Bitso International will price Quotes using internal pricing models that may incorporate market data, liquidity sources, and other proprietary pricing mechanisms.
To the maximum extent permitted under applicable law, Bitso International does not guarantee uninterrupted access, market conditions, liquidity availability, or Quote pricing. You acknowledge and agree to assume the market risk associated with buying or selling Bitso Quotes Virtual Currencies.
Bitso International acts solely as a liquidity facilitator and does not intermediate, promote, advise on, or custody securities.
Since Bitso Quotes operates under the Broker-Dealer Model, Bitso International does not hold Bitso Quotes Virtual Currencies in custody on your behalf. Instead, all Bitso Quotes Virtual Currency balances in your Bitso Wallet reflect contractual entitlements owed by Bitso International to you.
You may use the Applications to transfer Bitso Quotes Virtual Currency balances to another Bitso Account, subject to the restrictions in section 5. Transfers outside Bitso International’s infrastructure or on-chain transfers are not supported for Bitso Quotes Virtual Currencies.
You acknowledge and agree that Bitso Quotes Virtual Currencies have limitations that differ from other Virtual Currencies in the Applications. These limitations may include, but are not limited to:
Restrictions may change at Bitso International’s discretion and will be communicated through the Applications.
Bitso xStocks enable eligible Account Holders to obtain synthetic price-referenced exposure (for informational and calculation purposes only) to certain tokenised reference instruments (“xStocks”) through Bitso Quotes. xStocks are digital tokens issued by https://backed.fi/ and designed to track, on a one-to-one price basis, the economic performance of specified underlying listed equities. Bitso International does not issue xStocks.
For the avoidance of doubt, Bitso xStocks does not constitute the purchase, sale, custody or delivery of xStocks or of any underlying equity or transferable security. Instead, Bitso International provides you with contractual economic exposure to the reference price of the relevant xStock.
To enter into a Bitso xStocks transaction, you must submit a request through the Quotation System.
Your request must specify:
Once a request is submitted, Bitso International will provide you with a temporary quote (“xStock Quote”), determined internally based on prevailing market conditions. You will have six (6) seconds to accept the xStock Quote.
If you accept the xStock Quote within this period, Bitso International will execute the transaction as principal and counterparty to you (a “xStock Transaction”). If the xStock Quote expires, it will automatically refresh and a revised xStock Quote will be provided.
By entering into a Bitso xStock Transaction:
(a) you do not acquire legal or beneficial ownership of any xStock token;
(b) you do not acquire ownership of any underlying equity, share or transferable security;
(c) you do not obtain any voting rights, shareholder rights, governance rights, redemption rights or similar rights;
(d) you do not obtain any right against the issuer of the xStocks or against the issuer of any underlying securities;
(e) you do not acquire any entitlement to receive dividends or other distributions in fiat currency or otherwise; and
(f) you acknowledge that the Synthetic Token Balance represents a purely contractual price-tracking instrument and does not constitute a security, negotiable instrument, credit instrument, or financial instrument under applicable capital markets regulations.
Your position will be recorded in your Account as a notional balance (the “Synthetic Token Balance”). The Synthetic Token Balance:
(i) is recorded solely within Bitso International’s internal ledger systems;
(ii) is for representational and calculation purposes only;
(iii) does not correspond to tokens allocated, segregated or held on your behalf;
(iv) does not constitute an on-chain asset; and
(v) represents solely an unsecured contractual claim against Bitso International. In the event of insolvency, administration, or any equivalent proceeding affecting Bitso International, users will not hold any priority, privilege, or preferential right over the assets of Bitso International. Users bear the full counterparty risk associated with their exposure to Bitso International.
Bitso xStocks confer economic exposure only and do not confer proprietary rights.
For the avoidance of doubt, Bitso xStocks do not provide exposure to, participation in, or access to any capital markets, securities markets, or regulated financial markets, and do not constitute participation in any offering of transferable securities.
All xStock Transactions are entered into on a principal-to-principal basis, with Bitso International acting as sole counterparty.
Bitso International may, in its sole discretion, acquire and hold xStocks on its own account for hedging or risk management purposes. Any such holdings:
(a) are held in wallets owned or controlled by Bitso International;
(b) are not held on your behalf;
(c) are not allocated or earmarked to you; and
(d) do not give rise to any trust, custody or fiduciary relationship.
Client exposures are recorded off-chain within Bitso International’s internal systems only.
Each Bitso xStocks Transaction is an independent bilateral contractual arrangement between you and Bitso International. No pooling of funds, collective management, or common enterprise exists between users.
Bitso xStocks are strictly non-transferable.
You may not:
(a) withdraw Bitso xStocks;
(b) transfer Bitso xStocks to any external wallet;
(c) transfer Bitso xStocks to another Bitso Account;
(d) deposit xStocks into your Account; or
(e) pledge, assign or otherwise encumber your Synthetic Token Balance.
Your exposure may only be reduced or extinguished by entering into a closing xStock Transaction with Bitso International through the Quotation System.
These restrictions are fundamental to the structure and regulatory positioning of Bitso xStocks.
All Bitso xStocks Transactions:
(a) are quoted through the Quotation System;
(b) are entered into on a principal-to-principal basis; and
(c) are funded and settled exclusively in digital assets supported by Bitso International.
Settlement shall not occur in fiat currency and shall not involve delivery of xStocks or of any underlying securities.
The economic outcome of closing an xStock Transaction shall be determined by reference to the difference between the opening and closing reference price of the relevant xStock and shall be settled solely in supported digital assets.
Bitso xStocks are not margin products and are not leveraged products. You must fund the full quoted value at the time of entering into an xStock Transaction.
Any reference to underlying xStocks or securities is used solely as a pricing benchmark. Such reference does not imply ownership, access, participation, or any legal relationship with the underlying assets or their respective issuers or markets.
If any corporate action (including, without limitation, stock splits, reverse splits, mergers, consolidations, spin-offs or similar events) affects the underlying securities referenced by an xStock, Bitso International may apply proportional adjustments to your Synthetic Token Balance.
Such adjustments may include modifications to quantity or to the reference price and are intended solely to preserve economic equivalence. Dividends or distributions relating to underlying securities shall not be paid to you in fiat currency. Where appropriate, economic adjustments may instead be reflected through modifications to the Synthetic Token Balance.
Bitso International shall determine the method and timing of any such adjustment in its reasonable discretion.
xStock exposures may be held in fractional amounts. Fractional balances:
By entering into xStock Transactions, you acknowledge and agree that:
(a) you are entering into a contractual exposure arrangement with Bitso International;
(b) you bear the full market risk associated with the reference instrument;
(c) Bitso International’s hedging arrangements (if any) do not create any entitlement in your favour;
(d) your Synthetic Token Balance constitutes an unsecured contractual claim; and
(e) the regulatory treatment of crypto-asset settled exposure products may evolve or change.
Bitso International may suspend, restrict or discontinue Bitso xStocks at any time, including in response to regulatory developments. In the event this happens Bitso will endeavour to provide reasonable notice where possible, and your account will be credited with the equivalent of your Synthetic Token Balance in USDC at the prevailing Quote rate issued by Bitso International.
Following completion of the above, you will be successfully enrolled and able to use Bitso Quotes.
Prior to accessing Bitso xStocks, you acknowledge that you have reviewed the relevant product disclosures, including any risk summaries or informational materials made available through the Application, which describe the nature, structure, and risks of Bitso xStocks.
You will only be able to access and begin to use Bitso Quotes after you have been enrolled in accordance with Section 7 of this Annex D. By accepting this Annex D, you agree to be bound by all provisions outlined herein. If at any point you no longer agree to this Annex D or any of the Policies, you will no longer be eligible to use Bitso Quotes.
You acknowledge and agree that you are solely responsible for the management of Your Bitso Quotes Virtual Currencies and xStocks. This responsibility includes, but is not limited to, making informed decisions regarding trading, investment, and all financial transactions executed when using Bitso Quotes through the Applications. You agree to assume full responsibility for any and all financial outcomes resulting from Your decisions, and Bitso International shall not be held liable for any losses, damages, or adverse consequences arising from such decisions.
Bitso International may charge a fee in connection with your purchase, sale, or conversion of Bitso Quotes Virtual Currencies and xStocks. Any such fee will be charged in addition to the price quoted to you for the relevant Transaction.
Where a fee applies, the amount of the fee and the total price payable will be clearly communicated to you before you complete the Transaction. No fee will be charged unless you have been informed of it in advance and proceed to complete the Transaction.
If Your Account is suspended or terminated:
Annex E — BITSO QUOTES RISK DISCLOSURE
This Annex E, together with our Terms is given by Bitso International and sets out the risks to an Account Holder associated with using Bitso Quotes, including Bitso Quotes Virtual Currencies and Bitso xStocks (together, the "Bitso Quotes Products").
Unless otherwise defined in this Annex E,, all capitalized terms shall have the meanings assigned to them throughout the Terms.
THE RISKS DESCRIBED BELOW DO NOT CONSTITUTE, AND ARE NOT INTENDED TO BE A COMPREHENSIVE OR EXHAUSTIVE LIST OF RISK FACTORS. YOU REMAIN RESPONSIBLE FOR TAKING CARE TO UNDERSTAND THE TECHNOLOGICAL, ECONOMIC, LEGAL AND FINANCIAL NATURE OF THE BITSO QUOTES PRODUCTS AND FOR CAREFULLY MANAGING YOUR EXPOSURE IN ACCORDANCE WITH THAT UNDERSTANDING AND YOUR RISK APPETITE.
This Annex E, Bitso Quotes Risk Disclosure, and Annex A, Risk Disclosure of Bitso International, must be read jointly. The content of Annex A also applies and is incorporated by reference into this Annex E.
Additional risks and uncertainties that we are unaware of, or that we deem immaterial at this time, may also become important factors that adversely affect the Bitso Quotes Products. If any of the following risks occur, your ability to access the product, execute Transactions, or recover the value of your positions could be materially and adversely affected.
By accepting the Terms and/or using Bitso Quotes, you make the following declarations, accept and assume the following inherent risks, acknowledge the following statements and agree that Bitso International shall not be responsible for or otherwise liable for any direct or indirect loss, damage or liability of any kind whatsoever arising from such events. YOUR BITSO QUOTES VIRTUAL CURRENCIES AND xStock POSITIONS ARE AT RISK.
Counterparty Risk — Broker-Dealer Model
When you complete a Transaction using Bitso Quotes, Bitso International acts as the sole counterparty on a principal-to-principal basis. Your balance in respect of Bitso Quotes Virtual Currencies and your Synthetic Token Balance in respect of xStocks represent unsecured contractual claims against Bitso International. You do not hold legal or beneficial ownership of any virtual currency or underlying asset. In the event that Bitso International becomes insolvent, is placed into administration, or is otherwise unable to meet its obligations, you would be an unsecured creditor of Bitso International. There is a risk that you could lose part or all of the value of your positions regardless of the performance of the underlying reference instrument.
Counterparty and Third-Party Execution Risk
Although Bitso International acts as sole counterparty to you, the availability of quoting, trading, and portfolio access is subject to the operational stability of external systems and third-party providers. Bitso International has no control over, and makes no warranties regarding, the availability, sufficiency, security or capacity of any system or infrastructure operated by third parties. Failures, outages, security breaches, or other disruptions affecting these third-party providers could result in operational disruptions, the temporary or permanent unavailability of the Bitso Quotes Products. Bitso International shall not be responsible for any loss, damage or liability arising from the acts or omissions of third-party providers that are outside Bitso International's reasonable control.
Quote Pricing and Expiry Risk
Quotes are valid for six (6) seconds from the time of issuance. Quotes are priced using Bitso International's internal pricing models, which may incorporate market data from external providers, liquidity sources, and other proprietary pricing mechanisms. Bitso International does not guarantee that Quotes will reflect the best available market price. Prices may move materially between the time a Quote is generated and the time it is accepted. If a Quote expires, a revised Quote will be issued, which may be at a materially different price.
Pricing Inaccuracies and Manifest Error
Errors in price feeds from external providers may occasionally result in incorrect Quotes. Where a Quote has been executed based on a manifest error that a reasonable user would have recognised as such at the time, Bitso International reserves the right to void or adjust the relevant Transaction. Where a Transaction is voided, Bitso International will restore you to the position you held immediately prior to that Transaction. Bitso International may temporarily suspend the Quotation System to investigate or correct material pricing inaccuracies and will endeavour to resolve any such suspension promptly.
Foreign Exchange and Settlement Risk
Where Transactions are funded in local currencies (including, without limitation, Mexican Peso (MXN), Argentine Peso (ARS), Brazilian Real (BRL) or Colombian Peso (COP)), you are exposed to foreign exchange rate movements between the time a Transaction is initiated and the time it is settled. Exchange rate fluctuations during this period may result in you receiving less value than anticipated at the time of initiation, or may affect the economic outcome of your Transaction. Bitso International does not guarantee any particular settlement rate and shall not be liable for losses arising from currency movements occurring between initiation and settlement of a Transaction.
Service Availability and Capacity Risk
During periods of high transaction volume, market stress, or system maintenance, the capacity of the Quotation System and the Applications may be limited. This could result in an inability to request Quotes, execute Transactions, open or close positions, or access your account balances. Bitso International does not guarantee uninterrupted or error-free access to the Bitso Quotes Products and shall not be liable for losses arising from any interruption, delay or unavailability of the service, whether caused by Bitso International's own systems or those of third-party providers.
xStocks— Synthetic Exposure and No Ownership Rights
Bitso xStocks provide contractual economic exposure to the reference price of specified underlying listed equities and do not constitute the purchase, sale, custody or delivery of any xStock token or underlying asset. By entering into an xStock Transaction, you do not acquire legal or beneficial ownership of any underlying asset. You have no direct recourse against the issuer of the xStocks (Backed Finance) or against the issuer of any underlying assets. Your rights are solely contractual rights against Bitso International.
xStocks— Reference Instrument and Market Risk
The economic outcome of an xStock Transaction is determined by reference to the performance of the underlying asset. The price of the underlying asset may be affected by factors including, without limitation, the issuing company's financial performance, macroeconomic conditions, geopolitical events, sector-specific developments, and market sentiment. The price of the underlying asset may decline significantly, resulting in a material reduction in the value of your position, or a total loss. You bear the full market risk associated with the reference instrument.
xStocks— Market Hours and Liquidity Gapping
xStocks may be available for trading through the Quotation System during hours when the underlying asset markets are closed. During periods when the underlying market is closed, Quotes may be based on stale or estimated reference prices. When the underlying market reopens, the reference price of the relevant xStock may experience significant 'gapping', meaning large and sudden price movements that reflect the difference between the last traded price and the new market-opening price. Executed Quotes may differ materially from the last displayed price. Bitso International does not guarantee that Quotes provided during off-market hours will reflect the price at which the underlying security subsequently opens.
xStocks— Corporate Actions and Economic Equivalence
In the event that a corporate action occurs in respect of the underlying assets referenced by an xStock (including, without limitation, stock splits, reverse splits, mergers, consolidations, spin-offs, demergers or similar events), Bitso International may apply adjustments to your Synthetic Token Balance in its sole discretion, intended to preserve economic equivalence. You acknowledge and agree that: (i) such adjustments are determined solely by Bitso International and may not perfectly replicate the tax treatment, timing benefits or economic outcome of directly owning the underlying security; (ii) adjustments for complex corporate events such as mergers or spin-offs may involve significant uncertainty and may not track real-world outcomes precisely; (iii) dividends and distributions shall not be paid to you in fiat currency, and any economic adjustment, if made, shall be at Bitso International's discretion; and (iv) Bitso International's determination of economic equivalence shall be final and binding.
Insurance and Investor Protection Limitations
Bitso Quotes Products are not deposits and are not protected by any deposit guarantee scheme. Your positions in Bitso Quotes Virtual Currencies and xStocks represent unsecured contractual claims against Bitso International. Bitso International and its partners (including, without limitation, any broker or custodial partners used for internal hedging purposes) may or may not maintain insurance coverage in respect of assets held by them. In certain arrangements, assets held by broker-dealer partners for their own hedging purposes may be subject to investor protection schemes; however, such protections apply to the broker-dealer's own customers and do not extend to you as a counterparty to Bitso International. You are not a customer of any third-party broker for the purposes of investor protection, and you should not rely on any such protections in respect of your positions with Bitso International. Bitso International makes no commitment to obtain or maintain insurance for the benefit of users of Bitso Quotes.
Suspension, Discontinuation and Automatic Liquidation Risk
Bitso International may, at any time and for any reason (including in response to regulatory developments, low liquidity, market disruption, or operational considerations), suspend, restrict or discontinue the Bitso Quotes Products. This may result in the immediate termination of the relevant product and the compulsory liquidation of all open positions. Such liquidation may occur without your prior consent and may be executed at the prevailing market rate at the time of liquidation, which may be materially adverse to you. Any Bitso Quotes Virtual Currencies or xStock positions not closed within applicable notice periods may be automatically liquidated into USDC at the prevailing Quote issued by Bitso International. Bitso International shall not be liable for any losses resulting from any such suspension, termination or liquidation.
Regulatory Risk
The regulatory treatment of virtual currencies, synthetic instruments and crypto-asset settled exposure products is uncertain and subject to change. Different jurisdictions may classify Bitso Quotes Products differently, and regulatory changes may occur with little or no prior notice. Bitso International may be required to cease offering or to materially modify the Bitso Quotes Products in one or more jurisdictions as a result of regulatory action, changes to law or regulation, or orders issued by a competent authority. Such regulatory action may result in you losing access to the Bitso Quotes offerings and may adversely affect the value of your positions as set out above.
Risks Arising from Taxation
The tax characterization of Bitso Quotes Virtual Currencies and xStocks may vary across jurisdictions. You must seek your own tax advice in connection with your use of the Bitso Quotes Products, which may result in adverse tax consequences to you, including, without limitation, withholding taxes, transfer taxes, capital gains taxes, income taxes, value added taxes and similar taxes, levies, duties and reporting obligations. Bitso International does not provide tax advice and shall not be responsible for any tax liabilities arising from your use of the Bitso Quotes Products.
Unanticipated Risks
The Bitso Quotes Products involve novel technology, contractual structures, and market arrangements that are continuing to evolve. In addition to the risks set out in this Annex E, there are other risks associated with your use of the Bitso Quotes Products, including risks that Bitso International may not be able to anticipate at the time of publication of this disclosure. Such risks may materialize as unanticipated variations or combinations of the risks described herein. You accept that this disclosure may not capture all risks and that you remain responsible for your own assessment of the risks associated with the Bitso Quotes Products.
","type":"retail_rfq_terms","type_name":"Bitso Quotes | Terms of Service"},{"comment":"Global Privacy Policy Updated -Requested by Camila Gamez (final) ","last_updated":1771618276636,"text":"
We value your privacy.
This Privacy Notice explains how and why we collect, store, use, disclose, share, or generally transfer, protect, and overall process your personal data and what personal data we process about you when you interact with us for any reason, in compliance with applicable privacy laws. This Privacy Notice further explains your rights and how you can exercise them.
2. Why Do You Need To Read This Privacy Notice?
3. What Personal Data Do We Collect About You and Where it Comes From?
4. What Are The Lawful Grounds That We Rely On To Process Your Personal Data?
5. For What Purposes We May Process Your Personal Data?
6. Do We Make Automated Decisions About You?
7. How Do We Process Your Personal Data For Marketing?
9. How Do You Exercise Your Rights?
10. Do We Transfer Your Personal Data to Anyone Else?
11. How Do We Protect Your Personal Data?
12. How Long Do We Keep Your Personal Data?
13. How are You Impacted by Blockchain Technology?
14. How Will We Keep You Updated About Changes to this Privacy Notice?
15. Cookies and Similar Technologies
Through several companies, we offer leading platforms for investments and payments, and our Group comprises several companies operating across different countries (see companies in Annex I). For investments and payments, each company operates independently, and for processing your personal data we have unified operations and rules that you can find in the remaining sections of this Privacy Notice.
All companies within the Group jointly act as “data controllers” for the purposes of this Privacy Notice, meaning that they determine the purposes and means of processing your personal data.
All companies within the Group also act as “data processors” for the purposes of this Privacy Notice, meaning that each one processes personal data on behalf of another company within the Group.
Accordingly, your personal data may be processed by any company of the Group.
In summary, we process your personal data to offer and provide you with products and services through several channels, or to allow others to offer and provide you with their products and services within our channels, improve such products and services, and ensure compliance with obligations. We explain this in detail in the following sections.
When we refer to “personal data,” we mean any information relating to an identified or identifiable individual, like you. Data from which you cannot be identified is not personal data and is not covered by this Privacy Notice.
This Privacy Notice explains how we collect, store, use, disclose, transfer, protect, and generally process your personal data and what personal data we process about you, when you interact with us for any reason.
Therefore, this Privacy Notice explains what rights you have over your personal data. Let’s begin:
Some of this personal data is mandatory for us or third-parties to offer and provide products and services or comply with legal and regulatory obligations. If you do not provide such mandatory data, we may not be able to open your account or deliver certain products and services, nor allow others to do so. Other data is optional, and choosing not to provide it will not affect your access to core services.
We may collect your personal data when you access:
We may also collect your personal data from third-parties and we explain this in more detail below (see the personal data to be collected).
For certain products, services, and interactions, additional privacy notices may apply along with this Privacy Notice. These may provide more specific details and will always prevail in case of conflict with this general Privacy Notice.
To the extent that you have a relationship with us, this Privacy Notice applies together with any terms and conditions and other contractual documents we may have with you. If you do not accept these documents, you should immediately discontinue any interaction and end any relationship with us, if applicable.
If you have concerns about how we process your personal data, you can always contact our Data Protection Officer (contact details of our Data Protection Officer in Annex I).
We collect several categories and types of personal data in three ways:
1. Data you provide
This may include:
Data category | Data types |
Account data | Names, surnames, aliases or nicknames, residential addresses, emails, phone numbers, access credentials, account numbers, profile pictures, and settings and preferences, among others. |
Demographic data | Date of birth, nationality, location, tax residency, gender, and marital status, among others. |
Identity verification data | Government-issued IDs (passports, driver’s licenses, or national IDs) and any data contained therein, other identification numbers/photos/videos, other biometric samples, proof of addresses, and signatures, among others. Note: Please remember that biometric samples are sensitive data. |
Financial data | Payment methods, bank or other financial accounts details, wallet’s addresses, transactions’ instructions, and transactions’ purposes, among others. |
Compliance data | Self-declaration of politically exposed or publicly exposed person (PEP) status. |
Economic data | Employment or business activity, sources of funds, sources of wealth, income, expenses, and tax filings, among others. |
User content data | Names, surnames, aliases or nicknames, residential addresses, government-issued IDs (passports, driver’s licenses, or national IDs) and any data contained therein of legal representatives as well as of ultimate beneficial owners of legal entities; communications with customer support; information within uploaded documents; feedback, and complaints or inquiries; among others. |
2. Data you generate when you use our products and services
This may include:
Data category | Data types |
Financial data | Details and timpestamps of cash-ins, trades, transfers, withdrawals, counterparties, and balances, among others. |
Compliance data | Records relating to anti-money laundering (AML), counter-terrorist financing (CTF), anti-fraud (AF), politically exposed or publicly exposed persons (PEP) or sanctions status checks; and risk ratings; among others. |
Usage data | Access logs, pages visited, features used, error reports, and session durations, among others. |
Communications data | In-app / web messages, customer service calls or emails, and communications’ preferences, among others. |
Device and cookies data | IP address, MAC address, browser type, operating system, device identifiers, mobile network, geolocation, logs, cookies, and similar technologies, among others. |
3. Data from other sources
This may include:
Data category | Data types |
Financial data | Confirmation of details and timestamps of cash-ins, trades, transfers, withdrawals, counterparties, and balances, among others. |
Compliance data | Confirmation of identity, anti-money laundering (AML), counter-terrorist financing (CTF), anti-fraud (AF), politically exposed or publicly exposed persons (PEP) and sanctions status checks; among others. |
Authorities data | Criminal / tax / civil / commercial / labour / other investigations or proceedings related to you as informed by authorities, among others. |
Business partners and affiliates | Information from referral programs, joint promotions, and co-branded products and services, among others. |
Other users | Data provided by other users (e.g., if they send you funds, if they report you). |
When we collect your personal data from third parties, we request that they are authorized to transfer it to us and that it has been collected lawfully.
We may collect your personal data running massive consultations from risk and background information bureaus; from anti-money laundering (AML), anti-terrorism financing (CFT), anti-fraud (AF), politically exposed or publicly exposed persons (PEP) and sanctions status lists; from operators involved in the liquidation of your social security contributions; from managers of pension and severance funds; from credit and depository taking institutions; from money remitters or transmitters; from associations of financial institutions and of other participants of the payments networks; from credit reference agencies; from administrative and judicial authorities; from marketplaces or third-parties’ channels where we offer and provide our products and services; from our Group companies; from entities with commercial alliances with our Group; and from other third-parties whom you have authorized or are otherwise authorized to transfer your personal data.
We process your personal data only when we have a valid legal ground to do so. Most commonly, we process your personal data where:
For example, to verify your identity, open your accounts, process your transactions, process your requests, etc. Without this personal data, we cannot provide our products and services and comply with our agreements with you.
For example, under anti-money laundering (AML), counter-terrorist financing (CTF), anti-fraud (AF), tax, and financial reporting laws and regulations, we must analyze certain information about our users and their transactions and allow authorities and agents of the payments system or the financial system to analyze it too. This may be to prevent or stop crime and for tax collection purposes.
For example, to collaborate with authorities in the fight against crime.
For example, to improve the platform security, or our products and services.
For example, when you agree to receive marketing communications, to the optional use of cookies in our apps and website, or likewise that others offer and provide their products and services to you through our channels. You may withdraw your consents at any time.
The exact legal basis for processing may vary depending on your location, the product or service you use, and the applicable legal and regulatory requirements. Sometimes, we provide additional privacy explanations at the time of data collection so that you understand the specific lawful basis we rely on.
We process your personal data for the following purposes:
To verify your identity, authenticate your access, and authorize your use of products and services | We process your account data, demographic data, identity verification data, financial data, economic data, compliance data, and device data, among others. Click here if you want to remember what types of data are included within each category. For example, this supports us to verify that you are not being impersonated, that you can access certain apps or websites, and use certain of our products and services, depending, for instance, on your location or nationality, or on whether you are an individual, merchant or institutional user. Legal basis: performance of a contract; legal and regulatory obligations and/or consent. |
To process transactions on our platform | We process your account data, financial data, compliance data, and device data, among others. Click here if you want to remember what types of data are included within each category. For example, this supports us in executing cash-ins, trades, transfers, and withdrawals. Legal basis: performance of a contract; legal and regulatory obligations and/or consent. |
To protect our business and ensure compliance with laws, regulations, and orders from authorities | We process your account data, demographic data, identity verification data, financial data, economic data, user content data, compliance data, usage data, communications data, device and cookies data, authorities data, business partners and affiliates data, and other users’ data, among others. Click here if you want to remember what types of data are included within each category. For example, this supports us to manage financial and operational risks that we face, and maintain platform integrity. This includes:
Legal basis: legal and regulatory obligations; substantial public interest; and legitimate interests. |
To submit mandatory reports, respond to investigations or proceedings, and collaborate with authorities | We process your account data, demographic data, identity verification data, financial data, economic data, user content data, compliance data, usage data, communications data, device data, authorities data, business partners and affiliates data, and other users’ data, among others. Click here if you want to remember what types of data are included within each category. For example, this supports us to respond or voluntarily cooperate with investigations or proceedings from or with authorities in jurisdictions where we operate, or where there has been a connection or derivative interaction with our products and services. This includes:
Legal basis: legal and regulatory obligations, substantial public interest, legitimate interest and/or consent. |
To manage our relationship with you | We process your account data, demographic data, identity verification data, financial data, economic data, user content data, compliance data, usage data, communications data, device and cookies data, authorities data, business partners and affiliates data, and other users’ data, among others. Click here if you want to remember what types of data are included within each category. For example, when you register on our apps or websites, subscribe to updates/blogs / other information, or when you contact us directly, we use your personal data to:
Legal basis: performance of a contract; legal and regulatory obligations, legitimate interests, and/or consent. |
To collect outstanding debts that you may have with us | We process your account data, among others. Click here if you want to remember what types of data are included within each category. For example, we may process your personal data to deliver you notices or contact you to collect outstanding debts that you may have with us. Legal basis: performance of a contract, legitimate interests and/or consent. |
To market our products and services, provide rewards or other benefits, or invite you to our events | We process your account data, demographic data, financial data, usage data, communications data, device and cookies data, and business partners and affiliates data, among others. Click here if you want to remember what types of data are included within each category. For example, we may process your personal data to tailor and send you marketing communications. You can opt out at any time if you don’t want to be contacted for this purpose. Legal basis: consent. |
To conduct research and build upon the findings | We process your account data, demographic data, financial data, user content data, usage data, communications data, and device and cookies data, among others. Click here if you want to remember what types of data are included within each category. For example, we may process your personal data to:
Legal basis: legitimate interests and/or consent. |
Yes. Depending on the product or service, we may use automated decision-making processes with our own decision models or with third-parties’ decision models, including profiling. Where such decisions produce legal effects or otherwise significantly affect you, we will:
We use automated systems to screen you and your transactions at onboarding and during any relationship you may have with us, to make automatic decisions regarding you and these transactions. This allows us to accept, reject, suspend or block you and these transactions and take similar actions that may impact you, pursuant to any agreement you may have with us. The purpose is to prevent and detect crime efficiently and effectively and you may refer to section 5 again to gain a deeper understanding of this purpose. You have the right to request human intervention, express your point of view, and contest the decision.
Where local laws and regulations require your consent to make automated decisions, accepting this Privacy Notice is equal to your consent, although we may ask for it again on a standalone basis.
If you sign up for our products and services through any channel, or to products and services offered by others within our channels, and where national laws and regulations allow, we and third-parties may process your personal data to contact you by email, push notification, in-app message, SMS, phone call, or post with information about us or such third-parties, and their respective products, services, offers, and promotions.
We also process your personal data to personalize marketing communications so that they are more relevant and useful for you. This may include analysing how you use our products and services, and your activity with us overall. You can object to profiling for direct marketing purposes at any time.
Where local laws and regulations require your consent to send marketing communications, accepting this Privacy Notice is equal to your consent, although we may ask for it again on a standalone basis.
You are always in control of your marketing preferences. You can:
If you opt out of profiled marketing, you will no longer receive tailored or direct marketing communications. However, you may still receive other direct communications not related to marketing purposes, as well as generic marketing information about our products and services within our own or third-parties’ apps or websites.
We do not sell your personal data.
You have several rights regarding how we process your personal data. Below, we explain what each right means and how it applies:
Your right | What it means |
Right to be informed | You have the right to know who does it, how, why, and what we process as your personal data. This Privacy Notice explains how and why we collect, store, use, disclose, transfer, protect, and generally process your personal data and what personal data we process about you when you interact with us for any reason. Please note: this comprises the right to be informed of the source of your personal data when it has not been obtained directly from you, as well as who is processing it. |
Right to object to direct marketing | You have the right to ask us to stop processing certain personal data we hold about you, for direct marketing, including profiling related to direct marketing. Please note: if you opt out of profiled direct marketing, you will no longer receive tailored or direct marketing communications. However, you may still receive other direct communications not related to marketing purposes, as well as generic marketing information about our products and services within our own or third-parties’ apps or websites. |
Right to object to processing based on legitimate interests | You have the right to object if we process the personal data we hold about you, relying on our legitimate interests, and you disagree. Please note: for instance, we may reject the request if we have overriding legal or business reasons to continue processing. In some cases, this may mean we cannot continue offering or providing our products or services, nor allowing others to offer or provide their products or services to you. |
Right of access | You have the right to ask us for a copy of the personal data we hold about you. Please note: for instance, we will not be able to grant access to personal data about other people that you are not entitled to represent, personal data linked to ongoing monitoring / investigations or proceedings (e.g. monitoring alerts, suspicions, potential or alleged criminal activity), legal advice, or other data that is not your personal data, which is therefore proprietary data. Before accessing your file, we may need to properly identify you. |
Right of rectification | You have the right to self-correct (where available) or ask us to correct incomplete or inaccurate personal data we hold about you. Please note: for instance, we will not be able to amend your file if you request us to change the amount or the date of a transaction that has been settled, nor if you request us to change internal assessments or conclusions, but only factual data. Before updating your file, we may need to properly identify you and verify the accuracy of the new information you provide. |
Right to erasure (“right to be forgotten”) | You have the right to ask us to erase certain personal data we hold about you, if: there is no lawful ground for us to process it, and if you withdraw consent or object to our processing; we used your data unlawfully; or the laws or regulations require us to erase it. Please note: for instance, according to the laws and regulations, we must retain certain personal data about you to meet legal and regulatory obligations (e.g. anti-money laundering (AML), counter-terrorist financing (CTF) and anti-fraud (AF) related obligations), and we can further retain certain personal data about you on other lawful grounds, like for the establishment or defense of legal claims. We will always tell you if we cannot delete your data. Before deleting any part of your file, we may need to properly identify you and verify that any erasure can actually be performed. |
Right to restrict processing | You have the right to ask us to temporarily stop processing the personal data we hold about you, if: you want us to check its accuracy (during the respective verification); our processing does not have a clear legal basis but you don’t request it to be deleted (with not predefined time limit until that reason persists); we no longer need it but you want us to keep it for a legal claim (with not predefined time limit until that reason persists); or you have objected to processing and we need to verify our grounds. Please note: for instance, to perform a contract with you or according to the laws and regulations, substantial public interests or legitimate interests, we still must or can process certain personal data about you to provide our products and services to you, meet legal and regulatory obligations (including, e.g. regulatory reporting requirements) or substantial public interests or legitimate interests. We will always tell you if we cannot restrict processing your data. Before restricting the processing of any part of your file, we may need to properly identify you and verify that any restriction can actually be applied. |
Right to data portability | You have the right to ask us to transfer the personal data we hold about you, to you or another company in a structured, commonly used, and machine-readable format, where this is technically possible and lawful. Please note: according to the laws and regulations, we can refrain from transferring certain personal data about you. We will always tell you if we cannot transfer your data. Before transferring any part of your file, we may need to properly identify you and verify that any transfer can actually be performed. |
Right to a human review of automated decisions | If we make an automated decision that produces legal effects or otherwise significantly affects you, you have the right to ask for a manual review, provide additional information, and challenge the outcome. Before reviewing any part of your file, we may need to properly identify you and verify that any review can actually be performed. |
Right to withdraw consent | If we rely on your consent to process the personal data we hold about you, you have the right to withdraw it at any time (for example, in the apps or websites' settings as available, or by contacting our DPO). This will not affect the lawfulness of processing carried out before withdrawal. Before withdrawing consent for any part of your file, we may need to properly identify you and verify that any marking can actually be performed. |
Right to complain to a Supervisory Authority | You also have the right to lodge a complaint with a Supervisory Authority (see Supervisory Authorities in Annex I) and to seek applicable remedies if you believe your rights have been violated. |
If a third-party exercises your rights on your behalf, we have to properly identify them and verify the legal title justifying this agent action.
To exercise any of the rights described in the previous section, you can contact us (see contact details in Annex I).
For security reasons, we cannot process your request unless we are sure of your identity. Depending on available channels, we may ask you to provide proof of identification once again or authenticate yourself by logging in. If you authorized a third-party, or if a third-party is otherwise entitled to act on your behalf, we may also request proof of their authorization or such entitlement.
tWhen you exercise one of your rights, we will respond within 10 days of receiving your request. In some cases, if your request is complex or you have submitted multiple requests, this period may be extended by up to 5 additional days. We will always inform you if we need more time.
We will not charge you a fee for exercising your rights. In some countries, we are allowed by law to charge a reasonable fee if not prohibited, or to refuse to act on your request, if it is manifestly unfounded or excessive.
If you are not satisfied with how we handle your request, you have the right to lodge a complaint with a Supervisory Authority (see Supervisory Authorities in Annex I) and to seek applicable remedies if you believe your rights have been violated.
Yes. We will transfer your personal data with third-parties for several purposes that we execute with, or through such third-parties (see for what purposes). Most commonly, we transfer your personal data to:
Other relevant aspects:
In exceptional and limited cases, where these safeguards are not available, we may rely on the derogations set out in Art. 49, GDPR (Art. 49, Gibraltar GDPR). These include, among others:
By accepting this Privacy Notice, you further provide your explicit consent to such transfers outside Gibraltar / EU / EEA when they are strictly required and no other safeguard is available. Before giving this consent, please note that in some countries the level of data protection may not be fully equivalent to that guaranteed within Gibraltar / EU / EEA, and your rights may not always be enforceable in the same way.
Nevertheless, we apply strict internal measures to minimise these risks and ensure that any such transfers are secure and proportionate to the purpose for which they are required.
We recognize the importance of protecting your personal data. Any personal data we process is treated with care and security.
We use a variety of organizational and technical measures to:
Some of the measures we apply include:
All third-party service providers or partners shall be bound by written agreements that include personal data protection obligations consistent with Art. 28 GDPR.
Please note: While we take reasonable steps to keep your personal data secure, no method of processing is 100% secure. You are also responsible for keeping your accounts and credentials secure by protecting your passwords, PINs, one-time passcodes, security questions, mailboxes, and devices. Remember: We will never ask you for these details by phone, email, social media or SMS.
We will keep your personal data only for as long as necessary to fulfil the purposes for which it was collected, and in line with legal and regulatory requirements.
In particular, as a Group of regulated and surveilled entities (financial services providers, payment services providers, virtual asset services providers, distributed ledger technology services providers, or similar), we are required to retain certain personal data for specific time periods, in accordance with financial, tax or other regular reporting obligations; with the fight against crime related obligations (crime prevention, crime detection, and crime prosecution), among others. These retention timeframes vary depending on the jurisdiction.
We may also retain your personal data for longer if:
We have detailed data retention and deletion policies and procedures to ensure compliance with these requirements.
Some of our Group companies allow you to interact with blockchain technology. Blockchains are distributed ledgers made up of digitally recorded data in a chain of packages called 'blocks'. The manner in which these blocks are linked is chronological, meaning that the data is very difficult to alter once recorded. In addition, since the ledger may be distributed all over the world (across several 'nodes' or participants), this means there is no single person making decisions or otherwise administering the system (such as an operator of an on-premise system or a cloud computing system), and that there is no centralized place where it is located either.
Accordingly, by design, blockchain's records cannot be changed or deleted and are said to be 'immutable'. This affects your, our ability and third-parties’ ability to exercise your rights with respect to data on any blockchain that can be linked to you (see your rights).
In most cases, ultimate decisions to (i) transact on any blockchain using your cryptocurrency wallet address, as well as (ii) share the public key relating to your cryptocurrency wallet address with anyone (including us) rests on you.
DATA WITHIN BLOCKCHAINS IS GENERALLY AVAILABLE TO THE PUBLIC, AND YOU CAN BE LINKED WITH SUCH DATA. IF YOU WANT TO ENSURE YOUR PRIVACY RIGHTS ARE NOT AFFECTED IN ANY WAY, YOU SHOULD NOT TRANSACT ON BLOCKCHAINS AS CERTAIN RIGHTS MAY NOT BE FULLY EXERCISABLE BY YOU, US, OR THIRD-PARTIES.
If we make changes to how we use your personal data, we will update this Privacy Notice.
Where appropriate, we will also notify you afterwards directly, for example, by:
We encourage you to review this Privacy Notice regularly to stay informed about how we protect your data.
Changes to contact details and Supervisory Authorities in Annex I or other formalities may be applied without notice.
We use cookies and similar tracking technologies on any of our apps and websites. Non-essential cookies (e.g., analytics, preference, or advertising cookies) are used only with your consent. You can manage your cookie preferences at any time through our cookie banner or settings.
Where local laws and regulations require your consent to use cookies, accepting this Privacy Notice is equal to your consent, although we may ask for it again on a standalone basis.
Bitso Company | Country | Data Protection Officer (DPO) | Contact details (phone, email and physical address) | Supervisory Authority |
The Badger Technology Company Holdings, Ltd. | Cayman Islands | Sebastian Zapata Veira | Physical address: The Badger Technology Company Holdings Ltd CO Services Cayman Limited, PO Box 10008, Pavilion East, Cricket Square Grand Cayman KY1-1001 Cayman Islands Email address: privacy@bitso.com | Name: Cayman Islands Ombudsman Website: https://ombudsman.ky/about Email address: info@ombudsman.ky |
Bitizenz, LLC. | United States | Physical address: 251 Little Falls Dr., Wilmington, DE, 19808, U.S.A. Email address: privacy@bitso.com | Name: Federal Trade Commission Website: ReportFraud.ftc.gov. *State agencies may have jurisdiction too. | |
The Badger Technology Company, LLC. | United States | Physical address: 251 Little Falls Drive, City of Wilmington, County of New Castle, 19808, U.S.A. Email address: privacy@bitso.com | Name: Federal Trade Commission Website: ReportFraud.ftc.gov. *State agencies may have jurisdiction too. | |
The Borsuk Technology Company, LLC. | United States | Physical address: 251 Little Falls Drive, City of Wilmington, County of New Castle, 19808, U.S.A. Email address: privacy@bitso.com | Name: Federal Trade Commission Website: ReportFraud.ftc.gov. *State agencies may have jurisdiction too. | |
Toshi & Sons Corp. | United States | Physical address: 251 Little Falls Drive, City of Wilmington, County of New Castle, 19808, U.S.A. Email address: privacy@bitso.com | Name: Federal Trade Commission Website: ReportFraud.ftc.gov. *State agencies may have jurisdiction too. | |
Bitso Sociedade Prestadora de Serviços de Ativos Virtuais Ltda. | Brazil | Physical address: Avenida Paulista, n. 509, room n. 1513, Vila Mariana, Zip Code 01311-910 Email address: privacy@bitso.com | Name: Agência Nacional de Proteção de Dados (ANPD) Website: https://www.gov.br/anpd/pt-br | |
Badger Technology Capital, LLC. | Bahamas | Physical address: Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box SS-19084, Nassau, Bahamas Email address: privacy@bitso.com | Name: Office of the Data Protection Commissioner Website: https://www.dataprotection.gov.bs/ Email address: | |
EM EX EN CI, S. de R.I. de C.V. | Mexico | Physical address: Jaime Balmes 11, Torre A Piso 1 Int B, Col. Polanco I Seccion, Alcaldía Miguel Hidalgo, Mexico City, Mexico, C.P. 11510 Email address: privacy@bitso.com | Name: Secretaría Anticorrupción y Buen Gobierno Website: https://www.gob.mx/buengobierno | |
Badger Brasil Technology Holding Ltda. | Brazil | Physical address: City of São Paulo, State of São Paulo, at Avenida Engenheiro Luiz Carlos Berrini, 1748, suite 2205, room 14, Cidade Monções, E. Office Design Building, ZIP 04571-000 Email address: privacy@bitso.com | Name: Agência Nacional de Proteção de Dados (ANPD) Website: https://www.gov.br/anpd/pt-br | |
Nvio Pagos Argentina S.A.U. | Argentina | Physical address: Martinez de Rosas 86, Mendoza, República Argentina Email address: privacy@nvio.ar | Name: Agencia de Acceso a la Información Pública Website: https://www.argentina.gob.ar/aaip Email address: info@aaip.gob.ar | |
The Badger Technology Company Argentina S.A.U. | Argentina | Physical address: Martinez de Rosas 86, Mendoza, República Argentina Email address: privacy@bitso.com | Name: Agencia de Acceso a la Información Pública Website: https://www.argentina.gob.ar/aaip Email address: info@aaip.gob.ar | |
The Mexico Badger Technology Company, S.A.P.I de C.V. | Mexico | Physical address: Calle Rio Lerma 232, piso 24, colonia Cuauhtémoc, alcaldia Cuauhtemoc, Ciudad de México, C.P. 06500 Email address: privacy@bitso.com | Name: Secretaría Anticorrupción y Buen Gobierno Website: https://www.gob.mx/buengobierno | |
Nvio Pagos El Salvador S.A. | El Salvador | Physical address: Edifício Avante, Local 313, Urbanización Madre Selva III, Calle Llama del Bosque Poniente, Antiguo Cuscatlán, La Libertad, El Salvador. Email address: privacy@nvio.io | Name: Agencia de Ciberseguridad del Estado (Gobierno de El Salvador) Website: https://ace.gob.sv/index.php Email address: contacto@ace.gob.sv | |
The Badger Technology Company Limited. | Gibraltar | Physical address: Unit 3.5, Madison Building, Midtown, Queensway, Gibraltar, GX11 1AA Email address: privacy@bitso.com | Name: Gibraltar Regulatory Authority Website: https://www.gra.gi/data-protection Email address: info@gra.gi | |
Nvio Brasil Bitso Instituição de Pagamento Ltda. | Brazil | Physical address: Rua Potiguar Medeiros, S/N, andar 2, sala 211, Pinheiros, São Paulo/SP, CEP: 05.422-100 Email address: privacy@nvio.com.br | Name: Agência Nacional de Proteção de Dados (ANPD) Website: https://www.gov.br/anpd/pt-br | |
Nvio Pagos México S.A. de C.V. IFPE. | Mexico | Physical address: Calle Rio Lerma 232, piso 24, colonia Cuauhtémoc, alcaldia Cuauhtemoc, Ciudad de México, C.P. 06500 Email address: privacy@nvio.mx | Name: Secretaría Anticorrupción y Buen Gobierno Website: https://www.gob.mx/buengobierno | |
Bitso S.A.P.I. de C.V. | Mexico | Physical address: Campos Elíseos 400 Piso 3 302 Int-B, Col. Polanco Chapultepec, Miguel Hidalgo CDMX, C.P. 11560 – CR -11591 Email address: privacy@bitso.com | Name: Secretaría Anticorrupción y Buen Gobierno Website: https://www.gob.mx/buengobierno | |
The Badger Management House Independiente S.A. de C.V. | Mexico | Physical address: Calle Rio Lerma 232, piso 24, colonia Cuauhtémoc, alcaldía Cuauhtémoc, Ciudad de México, C.P. 06500 Email address: privacy@bitso.com | Name: Secretaría Anticorrupción y Buen Gobierno Website: https://www.gob.mx/buengobierno | |
Nvio Pagos Colombia S.A.S. | Colombia | Physical address: Calle 70 Bis # 4 - 41, Bogotá D.C. | Bogotá | 110231 | Colombia Email address: privacy@nvio.co | Name: Superintendencia de Industria y Comercio Website: https://sedeelectronica.sic.gov.co/ Email address: |
Version | Date | Author | Main changes |
1 | January, 2026 | Sebastian Zapata Veira | Creation |
This Annex C, together with our Terms and any other documents referred to in those documents, is given by Bitso International and sets out the risks to an Account Holder associated with using Earnings.
Unless otherwise defined in this Annex C, all capitalized terms shall have the meanings assigned to them throughout the Terms.
The following are some of the risks associated with Earnings, if you do not accept these risks you must refrain from using, or immediately stop using Earnings.
This Annex C, Earnings Risk Disclosure and the Annex A, Risk Disclosure of Bitso International must be read jointly. The content of Annex A also applies and is inserted by reference to this Annex C.
As set out in Annex B, the two Methods currently available to generate Rewards under Earnings currently comprise of Stablecoin Earnings and Staking.
For sourcing Rewards, Earnings may rely on third parties. Such third parties may utilize strategies to source Rewards. Bitso International may not be able to control or influence the Reward sourcing strategies by third parties or their policies. As further explained, for cases of Staking of Staking Virtual Currencies, if losses are incurred by any reason other than Bitso’s international control, they will be borne by you.
Additional risks and uncertainties that we are unaware of or that we deem immaterial may also become important factors that adversely affect Earnings. If any of the following risks occur, any feature offered by us regarding Earnings, Your ability to access the product, obtain Rewards, and/or enjoy its benefits could be materially and adversely affected.
When reviewing these risks, you will see that some sections apply to Stablecoin Earnings or Staking alone and reference is made in the applicable cases. For the avoidance of doubt, when you use one Method (e.g. Stablecoin Earnings), provisions of the other Method (e.g. Staking) shall not apply to you unless you do use both. When not expressly indicated, the risks set out below will apply to both Methods.
By accepting the Terms and/or using Earnings, you make the following declarations, accept and assume the inherent and following risks, acknowledge the following statements and agree that Bitso International shall not be responsible for or otherwise liable for any direct or indirect loss, damage or liability of any kind whatsoever arising from such events. Your VIRTUAL CURRENCIES ARE AT RISK.
(i) own funds; and/or
(ii) third party providers (including regulated financial institutions); and/or
(iii) DeFi platforms and on-chain interactions or protocols together, “Staking Sources”, which apply solely to Staking); and/or
(iv) a mix of those.
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