1. SERVICE AGREEMENT

1.1 This Service Agreement constitutes an agreement between you and BITSO SAPI de CV (from now on BITSO) and hereby you agree to be bound by it, therefore, by entering BITSO’s website, using it, or any service provided by BITSO you accept the following agreement. The constant use of BITSO’s website implies the acceptance of the terms established down below. If these terms of use are not acceptable, please suspend the use of BITSO, cease the access to the website and to any service provided by BITSO or any of its affiliates.

1.2 Throughout the following terms of service, BITSO, its applications or diverse services provided by BITSO as well as https://bitso.com can be referred as “we”, “us”, “our”, “ours”, “website” and “BITSO”. This terms apply to BITSO users, not limited to registered users, but as well as to any visitor who enters our website one way or another. The digital currency or virtual currency terms can be used to describe any form of digital or virtual currencies that are currently listed in our orderbooks.

1.3 In any case, the USER won’t be authorized to use any of the services provided by BITSO unless the present agreement is accepted. The most likely is that you have already clicked on a button which contains the word or words “I agree” or similar. You must understand that this has the same legal effect as signing any other legally binding contract. By using any part of our Site or the Services, including the Exchange, you understand and agree that this use constitutes your full and unconditional consent and agreement of every term contained in this agreement.

2. GENERAL TERMS OF SERVICE

2.1 For an adequate use of the exchange and wallet functions or any other services provided by BITSO, the USER must be registered according to the requirements established for each type of account. In order to register as a USER you must be at least 18 years old and have the legal capacity to accept these Terms of Services. If you're under 18 years old, you can create a support ticket at https://help.bitso.com/es-LA/support/tickets/new by selecting the option that better fits your request, in order to have your legal guardian open the account on your behalf.

2.2 The USER accepts and acknowledges that we reserve the right to change these Terms of Service at any time. With respect to any modification, you may, without BITSO being obliged to do so, be notified of any substantial changes thereto. You can always find the latest version of these Terms of Service on this page. Your continued use of our services after any update to these Terms of Service will be deemed to imply acceptance of such changes. It is recommended, therefore, that you read these Terms of Service frequently. If you do not agree to the Terms of Service or any modifications thereto, you must stop using our website or our services.

2.3 The user or visitor acknowledges that, in case of not understanding the entirety of the terms in this Agreement, it must contact a lawyer before any use of our site, the use of the Exchange or the use of any service provided by BITSO. If you can’t review periodically this Agreement in order to determine if any of these terms have changed, you assume the responsibility for not doing so and you expressly renounce to the right to review the modified terms. BITSO will try to let you know any major modification. Any modified version is intended to supercede all the former versions. We’re not responsible if you decide to neglect your legal rights.

2.4 The user or visitor acknowledges that, in case of not understanding the entirety of the terms in this Agreement, it must contact a lawyer before any use of our site, the use of the Exchange or the use of any service provided by BITSO. If you can’t review periodically this Agreement in order to determine if any of these terms have changed, you assume the responsibility for not doing so and you expressly renounce to the right to review the modified terms. BITSO will try to let you know any major modification. Any modified version is intended to supercede all the former versions. We’re not responsible if you decide to neglect your legal rights.

2.5 Use and access to our site or our services is void as whenever it is carried out from anywhere where this activity is prohibited or restricted by applicable local laws. In particular, residents of New York and Washington in the United States, Democratic Republic of Korea, Iran, Afghanistan, Syria, Yemen, Ethiopia, Bosnia and Herzegovina, Iraq, Laos, Uganda, Venezuela, Ecuador, Iceland, Vanuatu and any jurisdictions in which the use of Digital Currencies is not allowed. BITSO is not responsible for the actions taken by users in disregard of this provision and we reserve the right to terminate our operations with such users.

2.6 BY THE USE OF OUR WEBSITE AND THE ACCEPTANCE OF THESE TERMS OF USE, YOU ACKNOWLEDGE AND AGREE THAT (I) BITSO DOES NOT PROPOSE TO COLLECT PUBLIC RESOURCES, OR TO PROVIDE THEM TO ANY THIRD PARTY, OUR WEBSITE IS A MEDIUM TO ACQUIRE OR TO SELL DIGITAL CURRENCIES, WITHOUT BITSO BEING OBLIGATED TO BUY THEM OR SELL THEM, TO ASSURE OR WARRANT THAT THEY MAY BE PURCHASED OR SOLD, OR TO MAINTAIN A MEANS TO PURCHASE OR SELL THEM, (II) WITH RESPECT TO ANY RESOURCES OR QUANTITIES RECEIVED BY BITSO, BITSO WILL NOT PAY INTEREST, RETURN OR ANY PREMIUM, OF ANY NATURE TO WHICH THE USER ACKNOWLEDGES AND AGREES, WAIVING ANY RIGHTS TO CLAIM OR ARGUE THAT THEY EXIST AND RELEASES BITSO OF ANY RESPONSIBILITY, (III) BITSO, OR A THIRD PARTY ACTING BY BITSO, SHALL MAINTAIN THE RESOURCES RECEIVED FROM THE USERS, WITHOUT BITSO HAVING: THE INTENTION TO USE THEM FOR ANY PURPOSE, THE CHARACTER OF DEPOSITARY, OR BE LIABLE FOR THE ACTS PERFORMED BY ANY THIRD PARTY THAT KEEPS THE RESOURCES THAT USERS DELIVER TO BITSO (IV) BITSO IS NOT REGULATED OR SUBJECT TO THE AUTHORIZATION OF ANY GOVERNMENT, AUTHORITY OR ENTITY (DEFINED AS AN "AUTHORITY"), IS NOT SUPERVISED BY ANY AUTHORITY, IS NOT REQUIRED TO REPORT ANY AUTHORITY AND IS NOT REQUIRED TO MAINTAIN A MINIMUM AMOUNT OF CAPITAL, AND (V) OUR OBLIGATIONS RESULTING FROM THESE TERMS OF USE ARE NOT GUARANTEED BY ANY SUBSIDIARY, AFFILIATED OR THIRD PARTY, INCLUDING ANY AUTHORITY.

3. DEFINITIONS

3.1 Account:

Account: BITSO accounts are exclusively opened in order to store your transactions. BITSO does not perform banking activities and only receives funds with the intention of ensuring that there are enough funds available to procure successful trades. Users can’t hold Mexican pesos in their accounts for periods over 24 hours. BITSO reserves the right to request that you to withdraw your funds from the exchange whenever they’re not being actively used for the purposes of our exchange platform. We reserve the right to close any account that actively ignores our withdrawal requests.

3.2 Bitso-Bucks and Wallet:

BITSO allows you to fund Mexican Pesos M.N. in your BITSO Wallet for future purchases of Digital Currencies, in accordance with the procedure described in clause 14 of these Terms of Service. The value in pesos that you fund in your Bitso Wallet is intended to cover the purchase or sale position you wish to make within the exchange, as well as to pay at affiliated merchants.

3.2 Digital Currencies:

3.2.aDigital currency: is a representation of digital value that is not issued by a central bank, public authority or Authority, not necessarily linked to a currency, but that is accepted by physical and/or moral persons as a method of payment and can be transferred, saved, or exchanged electronically, without necessarily having legal tender or be considered to be guaranteed by any Authority.

3.2.b At this moment, the only digital currencies that can be bought and sold at BITSO are any virtual currencies that are currently listed in our orderbooks. The only fiduciary currency accepted as a payment for those who have sales bids of digital currencies are Mexican Pesos. BITSO does not directly sell any kind of digital currency to its USERS,nor it maintains a segregated private keys for each user, if a USER wishes to control their own private keys each user needs to withdraw their virtual currencies to a different wallet from BITSO where they have full control over. Every digital currency exchanged or traded by and between our USERS are their property, therefore, BITSO only provides the digital platform (Exchange) to enable the operation.

3.3 Services:

The services provided BITSO, BITSO API, BITSO APP, BITSO EXCHANGE, BITSO PAGOS, BITSO PRICE, BITSO TRADING and BITSO WALLET among others, are intended to provide an interface through which users can access a free market exchange Digital Currency to Mexican Pesos and vice versa.

3.4 User:

A User is any individual or entity who has completed the registration and identification process according to the different account-level requirements in BITSO or according to their profiles and using the services provided by BITSO. All BITSO USERS must be at least 18 years old. In that sense, the USERS hereby give authorization to have their identities verified, whether through third parties or through official government databases or by any mean considered by BITSO as the indicated for the compliance of our duties with Laundering Laundering Anti Money Laundering, Counter Terrorism Financing (AML/CFT) and Fraud Prevention policies and any kind of requirement enforced by applicable laws.

3.4.a After being considered a USER, you state that you are acting by your own accord and not in representation of third parties and you also acknowledge that, according to this agreement, it is forbidden to allow third parties to use your account or to access your credentials. You acknowledge that, in case of any violation of any term provided in this agreement, you will be subject to an investigation and when applicable to a reporting process, during which you won’t have access to any service provided by BITSO.

3.4.b Through these terms, You may be refered to as You, yourself, yours and/or USER, among other similar terms.

3.5 Visitor:

For the purposes of this Agreement, every USER is a Visitor, but not every Visitor is a USER. The present agreement applies to every Visitor, whether they are USERS or not. You become a Visitor by visiting this Site or any of our services. You don’t have to become a USER of this site for this agreement to apply to you . You will become a USER after registering on the site in order to obtain a USER ID and a password, as explained in the next definition. Only registered USERS are authorized to exchange or trade virtual currency through the Exchange or any of the services provided by BITSO

4.- COMPLIANCE

4.1 BITSO’s AML/CFT policies are voluntarily applied, guided by the Mexican Anti-money regulations for financial institutions issued by the Mexican Ministry of Finance and Public Credit (Secretaría de Hacienda y Crédito Público); the Law for the Illegally-Sourced Funds Prevention and in accordance with the international criteria issued by the Financial Action Task Force.

4.2 Our program on AML/CFT is designed to avoid the use of BITSO for Money Laundering Laundering or Terrorism Financing. It is our policy to prevent and report any suspicious activity by any means available. We participate actively preventing any kind of action in which Money Laundering, terrorism financing and financial felonies are engaged.

4.3 Our AML/CFT policy is also focused on detecting and preventing fraudulent activities and implementing procedures that help us prevent risks through surveillance and control mechanisms.

4.4 In the event that we suspect that your BITSO account is in breach of any provision of AML/CFT you agree that we have the right to review and audit any activity that we deem necessary or convenient, to request and receive any information or necessary documentation or convenient, to report your activities to any Authority and to take any other action or carry out any act implicitly or explicitly contemplated in these Terms of Use, to suspend your BITSO account and, even,your access to BITSO. In the event that your USER account or any other account registered or associated with it is in breach of BITSO's AML/CFT policy, you accept that we have the right to cancel your rights as a USER and suspend all Services, in at any time, with notice or even in the absence of any notice.

4.5 In the event that it is legally or judicially proven that your account or an associated account is in violation of our AML/CFT policy, the USER agrees to waive any and all of its funds in favor of what the competent authorities determine.

4.6 As a part of our AML/CFT policies. BITSO has the right to require any further information in order to determine the user’s identity, their transactional profile as well as the origin and destination of funds in the operations performed in our platform.

4.7 If you seek information for or intend to perform any illegal or fraudulent financial activity, please leave this site immediately and refrain from the use of any service provided by BITSO. You acknowledge and accept your awareness of the legality of our service in your local jurisdiction. You also acknowledge that you won’t use the services provided by BITSO if the use of our platform is forbidden by or if it violates your local laws, the law from your state, country or any other jurisdiction. Please refrain from using or accessing any service provided by BITSO if this is the case.

5.- ACCOUNT SECURITY

5.1 In order to better ensure the USER’s security and the security of its account, it is required that you use an authentication method based on multiple factors. The USER must always use at least two (2) forms of identification to gain access to their account and perform any operations. BITSO will not assume any responsibility in case of violation of the site’s security.

5.2 Among the multiple factors forms of identification, besides the credentials or passwords, the USER’s security methods may include codes delivered through short message service (SMS) or a specified two-factor authentication supported by an application (2FA), for which BITSO suggests the use and download of Google authenticator for Android or iOS.

5.3 If the USER decides to install a 2FA application in an electronic device (for instance a smartphone or a tablet) in which the OS has been tampered with in any form, he does so under its own risk and forfeits any action against BITSO in the case of loss of funds. BITSO won’t assume responsibility in case of loss of information or funds, as a result of using our services in an electronic device with or without a tampered OS, for instance Jailbreak (iOS) or Root (Android).

5.4 We reserve the right to forbid the access to our services from any kind of electronic device with a tampered OS.

5.5 Likewise, BITSO reserves the right, in any case and without any communication or explanation, to prohibit access to its website to any person.

5.6 It is the USER’S responsibility not to share or provide their identification data or credentials to third-parties, as well as making sure that he only enters its data in the secure site https://bitso.com/. Our site has an EV certificate which the user can use to verify your identity by looking at the left of the address bar where he will see a green button with the name Bitso SAPI de CV. We strongly recommend to keep confidential and store in different places its multiple-factors methods and passwords. Also, the USER accepts that it is their responsibility to keep the confidentiality of their credentials, passwords and authentication methods. BITSO won’t be able to assume any responsibility in the loss of information or the loss of funds as a result of a confidentiality malpractice by the USER.

5.7 The process of recovery of a username or a password will only be performed through the process designed by BITSO taking into account the highest security standards. That process, must always be initiated by the USER and never will be initiated by BITSO. BITSO WILL NEVER ask, under any circumstances, via mail, e-mail, telephone or any other means to reveal your account credentials. Please, never provide your account credentials to third-parties.

5.8 BITSO takes as valid every operation done in a USER’s account after he logs in, for instance, this may include but is not limited to: bids in purchase and sale, transferring funds or any use of the services provided by us. Through this Agreement, you accept your responsibility in the charges or losses as a consequence or related to a bid or transfer performed in BITSO, through the use of your credentials as well as the authentication processes, related to your BITSO account.

5.9 Consequently, it is the USER’s responsibility to notify BITSO if he thinks or suspects that its account or its credentials are being compromised, he must reset its passwords and create a support ticket at https://help.bitso.com/es-LA/support/tickets/new by selecting the option that better fits your request.

6.- CONTACT WITH THE USER

6.1 The USER accepts that BITSO will take as a primary contact method, the e-mail used to log into the Exchange. Your e-mail address will be also used to send you any kind of notification related to your account. This e-mail address could also be used for any kind of notifications, including information related to this Agreement, your USER account and/or your operations. In order to ensure that you receive all of our notifications, you commit to to keep your e-mail address up to date and to notify us of any change immediately. We consider as valid any kind of information delivered to the registered e-mail address. If an e-mail is returned as failed-to-deliver, we reserve the right to block the access to your USER account until you provide and confirm a new e-mail address.

7.- BITSO EXCHANGE DETAILS

7.1 Every Visitor can access the site’s public areas, however, only the USERS can use the Exchange or any other service provided by BITSO. You understand that through this gateway BITSO only offers access to its Exchange services or related services.

7.2 You acknowledge that the Exchange has not been approved by any Authority, is not regulated, BITSO is not required to maintain minimum levels of capitalization and it does not result in liability for BITSO if there are no USERS who intend to acquire Electronic Currencies , so BITSO will not be responsible, so the USER releases it, renouncing any action against BITSO for this concept.

7.3 BITSO will have no obligation, nor any responsibility, of any nature, with respect to the Exchange or in accordance with these Terms of Use, except for those obligations expressly contemplated in these Terms of Use.

7.4 Privacy in sales operations; the entries on the BITSO’s bid book are not publicly divulgated in Blockchain. For our users’ security we try to keep in private the addresses associated to BITSO. Only the transferences between your wallet in BITSO and the private wallet of the USER or the Bitcoin funding in your private wallet, are confirmed and visible in the Blockchain.

7.5 Only the USERS who have created an account, according their profile, will be able to put purchase and sale orders in the bid book. Once BITSO has linked a sale bid started by a USER with other bid sale started by another USER, BITSO will perform the operation and assign the corresponding funds to each USER.

7.6 When a USER starts a purchase or sale order, BITSO retains the available funds corresponding to that purchase or sale order of bitcoins, in such a way that the funds are available to complete the operation once this is linked to another one complementary offer. BITSO will retain the funds until the sale order be completed, expired or cancelled. The funds offered for purchasing or selling won’t be available for any other purpose, including other sale orders or withdrawals.

7.7 In some cases, it may be possible that the purchase or sale orders are not completed in only one operation, but completed in several fractioned operations. In that sense, the funds will remain retained until the order expires, gets completed or gets cancelled. The USER recognizes that it is its duty to retire those offers which are not subject to be completed.

7.8 The Digital Currency wallets are created and supported by open source code. BITSO does not guarantee the stability, availability or any of the functions of the Digital Currency networks that support the Digital Currencies that are exchanged in BITSO. You can lose access to your portfolio and all your funds if the network stops working for any reason, of which BITSO will not be liable, and in relation to such terminations, the USER acknowledges and accepts that it can lose any related amounts in the wallet or any pending operations. The operations carried out by you or generated automatically by the network can change the balance or cancel it or they may have other adverse consequences for you, of which only you, and in no case BITSO, will be responsible. You are responsible for protecting the credentials of your wallet, any unauthorized access is your responsibility. You use this technology at your own risk.

8.- ACCOUNT LEVELS AND LIMITS

8.1 We have three types of account limits in BITSO that are aligned with the PLD provisions in the Mexican Institutions of Credit Law. The cash inflow to the platform is limited to $ 5,300 MXN daily and $ 32,000 MXN monthly regardless of the level of the USER's account

8.2 Level 1: Daily limit of $5,300 MXN and monthly limit $32,000 MXN.

  • Full name
  • Gender
  • Date of birth
  • Country
  • E-mail
  • Cellphone number verification
  • CURP
  • Validation in sanctions lists

8.3 Level 2: Daily limit of $150,000 MXN and monthly limit of $480,000 MXN. Apart of the foregoing, we require:

  • Copy of your passport or your ID
  • Utility bill
  • Having traded $5000 MXN

8.4 Level 3: Daily limit of $1,000,000 MXN, no monthly limit. On top of of the aforementioned, we require:

  • That user is already level 2
  • Service Agreement signed and sent to BITSO.
  • Information about employment and source of funds.
  • Any other information that we consider to be necesary to properly ID our customers
  • Historical transactionality that reasonably justifies the increase
  • We reserve the right to deny or delay access to level 3 trading

9.- OPERATIONAL RULES

9.1 The market purchase or sale orders are instantly executed through a direct purchase to the lowest available sale bid or a sale to the highest available purchase bid; the rest of the purchase or sale bids are executed when it is possible to link a complementary sale. We don’t guarantee that your order be filled even if the market price is equal to the amount offered in your order.

9.2 The orders may be subject of delay, setback and/or another conditions which may affect their execution or transmission. BITSO does not have any control over hardware failures, software, electronics or the market congestion, so in these cases we don’t assume responsibility for the delays or conditions which may adversely affect the transmission or the execution of the orders.

9.3 We reserve the right to implement mechanisms to control the purchase and sale orders through automatized systems. If your order generates alerts, checks or fulfills some defined criteria, it may require manual revision and approval. BITSO will take care of manual authorizations as soon as possible, but don’t take responsibilities on any kind of delay.

9.4 We may require you to confirm your request via telephone or another authentication source before the execution if this is considered suspicious.

10.- STATEMENTS AND INVOICES

10.1 You can find a record of all BITSO Bucks and Digital Currency fundings, trades and withdrawals on https://bitso.com/history after login. We reserve the right to adjust, correct or modify your records.

10.2 In BITSO, we make efforts to provide precise and true information, however, it is possible to find some mistakes in your records. In case of any mistake detected, you have 30 natural days to contact us and let us know, after this period it will be understood that you have agreed with th status of your account.

10.3 If you require an invoice, you can generate your own invoice at href="https://bitso.com/user/overview">https://bitso.com/user/overview. We remind you that the exchanged funds as a result of a purchase or sale operation go straight to whoever sells the digital currencies through our site, so BITSO only obtains funds arising from the charge of commissions of being an intermediate on every successful purchase or sale bid. As a result of the previous, BITSO only can provide a digital invoice for the amount charged as commission as established on clause 11 and at https://bitso.com/fees.

10.4 It is the responsibility of the user to register its RFC correctly in order to generate the automatic invoice for commissions on a daily basis, in case of not registering a valid RFC, the invoice will be generated with the generic RFC XAXX010101000 in accordance with the legal provisions in place. The USER may update the Billing RFC at any time. However, invoices issued prior to said update can not be reissued because they have been included in the global billing of the day and stamped to the SAT. For this reason we require the USER to be aware of their fiscal situation, to capture their correct RFC"

10.5 Also, you are notified that, currently there is no fiscal regulation on Digital Currencies, so we cannot advice you on tax questions. It is your responsibility to contact a qualified professional person and find out how to do the tax treatment of your currencies.

11.- COMMISSIONS

11.1 Each purchase or sale order placed in BITSO is subject to a fee ("Commission") that generally adjusts as the transactionality of the USER grows, that is, the amount of Digital Currencies exchanged during the last 30 days of operation. The initial commission rate is determined according to each of the markets and starts with the highest percentage available and is reduced as the transactionalliity increases, however, BITSO reserves the right to change, modify or increase this fee at any time, may or may not notify the USER in advance of any modification.BITSO reserves the right to raise, change or modify these fees at any time. For further information about commissions, the USER can check https://bitso.com/fees

11.2 Every purchase or sale order done in the BITSO’s exchange is subject to every regulation and applicable law, including but not limited to regulations on Money Laundering, Federal Laws and the rest of applicable rules and regulations which may affect the use, transference or exchange of digital currencies and any operation at BITSO.

11.3 BITSO charges the following commissions for account management:

  • In the event that funds are sent to an address linked to an account that has been closed we will charge a fee. For further information about thids fee, the USER can check https://bitso.com/fees In the event that the Fee to which BITSO is entitled is subject to Value Added Tax Law, or any other federal or local tax that may be incurred, the Fee that is caused will be deemed to include the corresponding tax.
  • In the event that any account remains with inactive funds and the USER ignores the requirements for a time superior to the one allowed to store funds with us, we will charge a fee deducted from the amount of inactive funds. For further information about thids fee, the USER can check https://bitso.com/fees In the event that the Fee to which BITSO is entitled is subject to Value Added Tax Law, or any other federal or local tax that may be incurred, the Fee that is caused will be deemed to include the corresponding tax.
  • The USER shall cover all expenses incurred by BITSO to re-activate Digital Currencies that have not been claimed in the times and conditions referred to in clause 13.3 or in the communication that BITSO publishes according to said clause.

11.4 Cross-Chain Recovery Fees: A deposit of one digital currency to a different or incompatible coin address is considered a cross-chain deposit. We will analuze and only attempt to recover deposits on a case by case basis. The recovery shall be requested within 10 days of said cross-chain deposit and will incurr in a reocvery fee. The User must pay to BITSO the applicable fees before we can process the recovery request. For further information about thids fee, the USER can check https://bitso.com/fees

11.4.a Recovering coins cross chain is an inherently dangerous and time-consuming process. Recovery success depends on which currency has been mistakenly sent to which address. Specific cross-chain deposit characteristics can influence difficulty, time and security risk involved.

11.4.b This policy does apply to any deposits sent to an address of another coin on another network. We will not recover coins or tokens we do not support on our site. Any attempted recovery will require the payment of a non-refundable fee, regardless of recovery efforts success.

11.4.c Payment of the cross-chain recovery fee does not guarantee in any way the success of said recovery attemtp. Regardless of whether it is a withdrawal or a funding, the origin or inprocedence of the recovery will be analyzed on a case-by-case basis. All cross-chain recovery fees are non-refundable. Not all deposits can be recovered. The time frame of recovery is at our entire discretion, according to our availability, although we will perform our best commercially reasonable efforts to perform the recovery.

11.5 In the event that the Fee to which BITSO is entitled is subject to Value Added Tax Law, or any other federal or local tax that may be incurred, the Fee that is caused will be deemed to include the corresponding tax.

12.- DISCLAIMERS

12.1 BITSO is not a financial institution and therefore the funding of resources, whether be a fiat currency or a digital currency, are not protected by any kind of deposit insurance. BITSO does not store its customer’s funds, so it may be required to you to transfer your funds to any to any other account in an authorized financial institution.

12.2 BITSO is not a financial institution, a bank, a money transmitter, a cooperative, a trust or any other kind of institution considered as a financial entity. We do NOT receive deposits. BITSO is only a means to enable the purchase and sale of digital currencies, so your account with us (and any available currency here) is not a bank account, a credit or a debit card. Our services are not financial tools and we won’t pay interests for the funds used to purchase bitcoins or any other digital currency. BITSO only keeps a record of the amount of digital currencies contained in each USER’s account and every transaction among the members are based in that record.

12.3 USERS must request prior approval if they intend to use BITSO as a money transmitter. To receive approval, USERS must provide proof of license or registration with the National Banking and Securities Commission and/or the Ministry of Finance and Public Credit, or any equivalent entity in the country where the company is located, as applicable , Proof of internal anti-money laundering policies and procedures. USERS may request approval under this policy by sending contact information to [email protected].

12.4 BITSO does not carry out fundraising operations. In this regard, USER accounts in BITSO serve for the sole purpose of having the necessary amount of resources to cover the positions of sale or purchase of digital currency that you make in the exchange. Customer resources are kept in independent bank accounts to the commercial operation of BITSO and BITSO does not use them in any financial intermediation operation.

13.- INVESTMENT ADVICE

13.1 The USER acknowledges that all the decisions of purchasing are made only by themselves. BITSO does not take any responsibility for these kinds of decisions. By operating in BITSO's exchange, you also accept that it does not create an investment advice relationship.

13.2 The USER acknowledges the following:

  • The risk of acquiring digital currencies is its, which may have big fluctuations on its price so the user acknowledges that this may cause them to incur substantial losses in a short period.
  • Digital currencies have no legal tender in any jurisdiction, nor any governmental support of any kind, so we offer no guarantee on the Digital Currencies' liquidity.
  • The wallets in BITSO have no kind of deposit insurance.
  • Digital Currencies are not liquid and there could be no buyer or means to buy or sell them.
  • The law can change in any moment, which may have consequences on the use or storage of digital currencies, and this may also be forbidden.
  • Operation of the Exchange by BITSO could be prohibited at any time, which could result in pending transactions not being concluded, which could result in losses for the USER, withour any liability to BITSO.
  • The value of digital currency is determined by supply and demand, so BITSO has nothing to do with its price.
  • A transaction is considered as executed when they are confirmed on the Blockchain and not necessarily when the USER has initiated it.
  • Transactions in digital currencies can be irreversible and, consequently, the losses result of a fraudulent transaction or accidental may not be recoverable.
  • The price and liquidity of digital currencies has been subject of big fluctuations in the past and may be subject of big fluctuations in the future.
  • The underlying operating protocols of the Digital Currencies are subject to sudden changes in the rules of operation known as "Soft Forks", "Hard Forks", "Chain Splits" or any other substantial changes to the protocol and/or its consensus rules. Hard Forks or any other type of change in the protocol can substantially affect the value, functionality or operability of digital currencies

13.3 BITSO is not responsible for the operation and underlying protocols related to a network of digital currency and we do not guarantee their functionality or availability

In the event of any substantial change to the protocol (such as a Hard Fork), the USER agrees that we may temporarily suspend operations (with or without prior notice) and that we reserve the right to: (i) change the configuration of our systems, (ii) decide not to support one or more of the chains derived from the changed protocol. The USER acknowledges and accepts that we assume absolutely no responsibility with respect to an unsupported branch of a protocol that has been modified or forked.

In the event of a Hard Fork, Chain Split or any other substantial change to the protocol and/or its consensus rules, BITSO will take the following actions:

  • In case BITSO decides to support both versions of the protocol, we will try to maintain the availability of both Digital Currencies, which will referred to in this case as "split tokens".
  • In case BITSO decides not to support any of the protocol chains or protocols, Bitso is not liable for maintaining the availability of the digital currencies in the unsupported chain.
  • In any case, BITSO may decide not to support any version of any chain or protocol. This decision may be temporary or permanent.

In any of the aforementioned cases, BITSO reserves the right, but will not be obliged, to publish on its page a statement with the specific description of the measures to be taken on a case-by-case basis.

13.4 Due to the above, through this Agreement you recognize yourself as the only one responsible to determine the nature, the potential value, suitability and adequacy of risks for you, and that BITSO does not give any advice or recommendations related to digital currency, including suitability or convenience of operating with Digital Currency. You acknowledge and accept your duty on accessing and using our Services and our Site at your own risk.

13.5 For more information, please check the press release issued by Banco de México on the following link: http://www.banxico.org.mx/informacion-para-la-prensa/comunicados/miscelaneos/boletines/{5D9E200E-2316-A4B8-92A9-3A5F74938B87}.pdf

14.- USER ACCOUNTS:

14.1 BITSO is not a credit institution, multiple purpose financial company or any other regulated entity, and therefore resource funding, whether in a national currency or in Digital Currency, does not accrue interest, nor is it protected by no deposit insurance. BITSO does not store customer funds, so customers are not allowed to keep funds denominated in pesos for more than 24 hours. You may be required to withdraw the funds stored in your BITSO account if, within three (3) days, you can not purchase Digital Currencies or within a period of three (3) days from any sale of the funds. Digital Currency.

14.2 In case you ignore the requirements of BITSO to withdraw the inactive funds that remain in your account, BITSO is authorized, through these Terms of Use to return the funds to the bank account from which you made your initial transfer or to the last Digital Currency address you have used. You will also be subject to an account management fee pursuant to clause 11.3. In the exceptional case that BITSO does not have the necessary data to make a transfer to the USER's account, the operation of the BITSO account will be suspended until the USER has withdrawn the inactive funds or BITSO may keep the funds in a segregated account, for the benefit of the USER, without any responsibility for BITSO.

14.3 BITSO is NOT a financial institution, bank, money transmitter, cooperative, trust, or any other entity that can be considered a financial institution. We DO NOT receive deposits. We exist only to facilitate the purchase and sale of Digital Currencies, without being obliged to buy or sell them, as it is exclusively an Exchange operator.

14.4 BITSO does not request or require our USERS to maintain resources in their accounts. The funding of the accounts is necessary exclusively to cover the purchase or sale position that the USER wishes to make. If you are not going to perform any exchange operations, we ask you to refrain from using our platform to store your money. BITSO will not pay interest or any other accessory for the resources that it keeps in its possession on behalf of its clients. If you have questions about the risks involved in operating with Bitcoin or other Digital Currencies, please refer to section 13 of these Terms of Service.

14.5 When opening a USER’s account in BITSO, the USER must provide some registration data and information in order to verify its identity. Some of this information may contain personal, private or sensitive data. When completing the on-line registration form, you are affirming that the information provided by you is truthful, precise and up to date and you must complete what you are asked for in the registration form. You also accept to keep your Registration Data updated in order to maintain your information as verified, precise, updated and completed as long as you are a USER of BITSO.

14.6 In every funding, by any means, the USER must indicate its own name in the field in which it must be established the beneficiary’s name in a transference or a funding.

14.7 The USER acknowledges that by the time he opens an account in BITSO, it is its responsibility to inform us of each change made in its information, including but not being limited to, changes in its address, telephone numbers, or any changes in another associated accounts to the Exchange and the Services provided by BITSO. If you provide any information which happens to be false, inaccurate, outdated or incomplete, or if any of our authorized agents suspect that the information provided by you is false, inaccurate, outdated or incomplete, BITSO has the right to suspend or cancel your account and deny you present or future use of the site and the Services provided by BITSO. We are also authorized to require a compensation for the damages resulting from that omission and we can even forward you to the appropriate authorities in order to determine your legal responsibility.

14.8 Funding from third-parties, that is, those originating from an account from a financial institution registered with a different name to the one registered in BITSO, ARE FORBIDDEN. The transfers must always come from an account registered with the USER’s name, otherwise it will be immediately returned to the originator.

14.9 Funding from third-parties, will be only authorized in those cases in which the USERS have a business profile account or a natural person with business activity account, which requires an additional verification process. Only those accounts that were approved through the authorization process done by BITSO will be able to receive these deposits from third-parties.

14.10 BITSO only accepts funds through national electronic bank transfer, cash funding through convenience stores (limited to 5,000 pesos), Bitso COUPONS, BITSO Transfers or Digital Currencies, this may change at any time. For an updated list of funding methods, you can click on the following link: href="https://bitso.com/fund/mxn">https://bitso.com/fund/mxn BITSO may refuse to accept any other transfer by any other means

14.11 BITSO will use your personal data in order to fulfill those obligations necessary for legal and commercial relationship derived from the use of our services, as well as to provide the best possible USER experience. For more information about the treatment and the rights you can assert, you can check the integral privacy policy in href="https://bitso.com/privacy">https://bitso.com/privacy .

14.12 Finally, the USER acknowledges that he is responsible of any and every activity performed through its account. You commit to notify us immediately in case of a non-authorized use of your password or USER identification, as well as any other kind of violation of your security. We do not take any responsibility on non-authorized uses of your account and you accept that you are the only responsible person for any actions performed on your account.

15.- ACCOUNT CLOSURE

15.1 The USER can close its BITSO account at any moment, for which you must create a support ticket at https://help.bitso.com/es-LA/support/tickets/new by selecting the option that better fits your request . The account will be closed once the USER has cancelled all the pending purchase and sale orders and retired all its funds from BITSO. Also, the USER must complete a security protocol in order to protect the USER’s account.

15.2 BITSO reserves the right to suspend, cancel or modify any aspect of the account. We may also change its availability at any moment with no prior notice. Besides we can suspend, modify, deactivate or cancel your account immediately and with no prior notice in these cases: (i) violation of any of the provisions contained in this Agreement; (ii) funding your account from another account which is not your property (iii) a judicial order is issued to freeze your funds (iv) you or your accounts have some pending dispute, investigation or governmental procedure (v) we have a reasonable suspicion that you have violated our PLD policy (vi) if your account remains inactive for at least two years (vii) funding your account through fraudulent techniques or procedures (viii) if we get to know that your funds come from crime; (ix) If, in BITSO's reasonable opinion, your account interacts with fraudulent investment services or services offering unsustainable returns; (x) For any other reason for which BITSO considers that your account or your operations represent a risk to our business (xi) for any other cause on a reasonable basis under BITSO's discretion.

15.3 If your account has been closed, we will send a notification to the e-mail address associated to your USER account, when the applicable laws permits it, as the case may be.

In the event that we close your account, you will have a period of up to 48 hours to withdraw your funds to another account or address of your preference. In case that your account still has funds after that period, BITSO reserves the right to carry Any of these actions: (i) send your Digital Currencies to an address that you have provided for that purpose; (ii) send your Digital Currencies to the most recent address that you have used; (iii) sell the Digital Currencies in your account at market price and send them to any CLABE account in your name that you have registered with us; (iv) sell the Digital Currencies in your account at market price and send them to the most recent CLABE account you have used. You may also be subject to an account management fee pursuant to clause 11.3.

16.- UNCLAIMED FUNDS

16.1 In the case of closure of your account in BITSO, any remaining funds in your BITSO Buck account, as well as any digital currency will stay in your account as unclaimed property. If this happens, BITSO will make every reasonable effort to notify you of the situation in the registered e-mail address. If you don’t respond that notification within the next 48 hours, or as required by law, BITSO will dispose of the unclaimed funds according to the process described in clause 15.4. In case the USER did not register any account, it is probable that following the law, BITSO must give those funds to the competent authorities or to a charitable organization.

16.2 You should note that the Digital Currency addresses to which you have access by being a BITSO user are property of BITSO and can not be used as your own once you terminate your relationship with BITSO. It is not possible for BITSO to determine the ownership of funds deposited in these addresses once they are no longer associated with a user.

16.3 In the event that you make a deposit to BITSO addresses after the termination of your relationship with BITSO, you will have 72 business hours to claim such funds. The claim has a processing fee of 5% of the value of the claimed funds or 500 pesos, whichever is greater. In the event that you do not claim the funds within the allotted time, BITSO will carry out the process described in item 16.1 above.

16.4 You can designate a beneficiary in the “edit profile” section after login in your personal BITSO account. You can designate multiple beneficiaries or a single beneficiary. In case of deceasing of the USER, BITSO will deliver the remaining funds to the designated beneficiary, up to the amount allowed by law.

16.5 In every case, we require that the USER withdraw its funds when an account is closed, happens to be inactive, goes beyond the limits or the contractual relationship between BITSO and the USER has ended by any reason. In the event that the user does not withdraw their funds, BITSO will carry out any of the actions described in clause 15.4 above.

17.- SYSTEM ERRORS

17.1 Due to technological factors, scheduled maintenance or any other factors, out of or within our control, the Exchange or other services may be temporarily interrupted. You accept that we are not responsible for the damages resulting of that interruption.

17.2 The USER accepts that the right of reversing any operation done during an interruption on the service or an operational failure in the electronic communications, commercial facilities, storage facilities, recording mechanisms or any other components of the Exchange, is reserved by BITSO. Under these circumstances the operations will be reviewed case-by-case and BITSO will inform the USER through the e-mail address provided by the USER if any of its operations are in this situation

17.3 In no case, we will be responsible for any direct or indirect damage, including and not limiting to all loses, costs, expenses, profit losses, income losses or expectation of profit as a consequence of failure in the BITSO’s service. We are not responsible of any loss, damage or injuries suffered by anybody as a consequence of the access to our site.

17.4 BITSO constantly strives to prevent breaches of our exchange security, but we may become victims of an infringement in which our clients' funds could be affected. In the event that BITSO is victim of any event in which user funds are lost or stolen, Bitso will act as if it were placed in liquidation and its property would be equally distributed to its creditors. The losses will be distributed in a proportional way among all users, which will be reflected in the balance of each of our USERS. In the event of an event such as that described in this paragraph, BITSO will publish a statement indicating the steps to follow.

18.- MARKET MAKERS

18.1 We can involve one or more Market Makers, who can also be affiliated with us as liquidity providers in the Exchange. You understand and accept that we can provide information related to the bids and other offers provided by you and other participants in our Exchange, to our Market Makers, even before being public. The Market Makers will have the opportunity, but not the obligation, to accept and cover that purchase or sale offers in a preferential way and in some cases that implies a better price for them than having sent the bids straight to the exchange.

19.- INTELLECTUAL PROPERTY RIGHTS

19.1 BITSO’s platform is a proprietary platform. We reserve all the rights over it and over any technology associated to it. Except for the dispensations stipulated in the usage agreement of our APIs, any creation, idea, invention, improvement, know-how, concept, algorithm, protocol, data, processes, procedures, methods, techniques, formula, systems, tools, composition, codes, software, prototypes, documents, components or any other information of BITSO’s authorship, be patentable or not, or susceptible of being under the protection of any copyright, or any kind of industrial or intellectual rights, are property of BITSO.

19.2 Likewise, any derived work, presented as a description and not as a restriction, such as a translation, modification, improvement, personalization, adaptation, compilation or any other kind of product whose origin be an element from our platform will be property of BITSO, so we do not grant any kind of license or permission to produce a derived work. In that case, any derived production will be also property of BITSO.

19.3 All materials on the site and any other website property, operated, licensed or controlled by us is private information and also intellectual property of BITSO or its associated companies, so we reserve all the rights over them. All materials included on the site, including but not limited to compilations of data and software are property of BITSO associated companies and subsidiaries and are protected by the copyright laws.

20.- ADDITIONAL PROVISIONS

20.1 By virtue of using the BITSO website or requesting or receiving the services of BITSO, each of the USERS declare that (i) is in full capacity to accept and comply with these Terms of Use, (ii) compliance with these Terms Use does not contravene any provision that is applicable to you or any contract or agreement of which you are a party, (iii) you have obtained and are in effect any necessary authorization to comply with these Terms of Use, (iv) you are not a party to any litigation or dispute that may have adverse effects with respect to its obligations under these Terms of Use,(v) these Terms of Use constitute valid and enforceable obligations against you, in accordance with these terms, and (vi)There is no law or regulation against using our services in the Jurisdiction, Country or State where you live or are located in.

20.2 Each user who accesses the BITSO website or who receives services from BITSO, is obliged to indemnify and relief BITSO from any loss or damage affecting BITSO, as a consequence of any act, act or omission of the BITSO USER related to accessing the BITSO website or with the services provided by BITSO and agrees that in order to recover from said damages BITSO may use any funds found in any USER account or exercise our rights against the USER in accordance with the applicable legislation.

20.3 The terms established in this Agreement govern the use of BITSO and the services provided by it. By clicking on “ACCEPT”, you accept that you shall be bound by the terms of this Agreement and you acknowledge that you have received and understood the provisions stablished in this document. If you don’t agree with the Terms of this Agreement, don’t click on “ACCEPT” and please, don’t visit, enter or use BITSO or the services provided on it.

20.4 If any provision of this article is not valid or not demandable under applicable law, the rest of provisions will remain in full force and effect.

20.5 This Agreement constitutes a full agreement between you and BITSO according to the use or the participation in our Exchange or any other services provided in this site. This Agreement replaces any other agreement, oral or written, according to that participation between you and BITSO.

20.6 If BITSO does not insist in the fulfillment of any term or provision in this agreement, that will not be interpreted as a renounciation of any posterior judgement in order to fulfill that term or provision.

20.7 The rights and obligations pursuant in this Agreement, cannot be transferred by you, but we reserve the right to transfer or assign the information collected about you as a part of a fusion, acquisition, sale or any other change in our management.

20.8 The provisions on this Agreement will survive the ending or termination of this Agreement.

20.9 In order to interpret, fulfill and execute this Agreement, both parties agree on applying the federal law from the United States of Mexico and they are submitted to the competence of the courts of the Mexican Federal District, renouncing in this proceeding to those that can correspond whether by law, jurisdiction or residence. The USER accepts that every purchase or sale order and every funding or withdrawals are considered as done in the United States of Mexico area and more specifically in Mexico City.

20.10 The USER acknowledges that a printed version of this Agreement will be valid as an evidence in legal or administrative procedures and the titles of the sections of this Agreement are redacted only for convenience and not in order to rule the meaning or interpretation of any provision of this agreement.

20.11 Even if this agreement is available in other languages, the meaning of the terms, conditions and representations in this document are still subject to its definitions in the Spanish language, which is the agreement that governs this relationship.

20.12 In order of both parties to agree, this Agreement will possibly be executed in electronic form or via facsimile; the copy owned by any party, whether be electronic, scanned, or via digital or facsimile will be considered as original, and the set of two will constitute a binding agreement for both parties.

20.13 The USER manifests that he has read the conditions and clauses of this contract signed by him and he also understands its obligations and rights resulting of it, assuming every responsibility with its acceptance.

21.- CONTACT US

You can contact by creating a support ticket at https://help.bitso.com/es-LA/support/tickets/new by selecting the option that better fits your request.



Last Update: March 9, 2018, 6:13 PM CST